Registered Cha rity N umber.. 110273 1 Registered Company Number.. 05092710 United st Saviour's Charity SouthwaTk Trustees Report and Financial Statements United St Saviour's Charity st For the Year Ended 31 March 2024 United St Saviour's Charity For the year ended 31 March 2024 Contents Page Reference and administratlve details of the charity.. Trustees, Report................................................................................................................................. Independent Auditor's Report To The Members of United St Saviouf s Charity............ 17 Statement of Financial Activities.................................................................................................21 Balance Sheet........................................................................................................................ .22 Statement of Cash Flows................................................................................................... .23 Notes to the Accounts........................................................................................................... .24 United St Saviour's Charity For the year ended 31 March 2024 Reference and administrative details of the charity Registered Charity Number- 1103731 Registered Company Number: 05092710 United St Saviour's Charity incorporates Hopton's Charity, Charity reg. no. 1103731-2 and Regulator of Social Housing reg. no. A2837 Trustees Stephen Burns {Chair) Claire Treanor (term of office ended 11th December 2023) Shane Holland Benjamin Johnson Izabela Szmidt Kathryn Ogunbona (Dowlath) Dwight Pile-Gray Cindy Glover Princess Bernard Rebecca Towers Jill McGregor Stephen McDonald Executlve Staff Team Matyn Craddock, Chief Executive Sarah Thuman. Head of Community Investments Jude Leighton, Head of Housing Alison Benzimra, Head of Research and Influence William Cole, Director of Programmes, One Southwark Registered Office 16 Crucifix Lane, London SE13JW Independent Auditor Moore Kingston Smith, 9 Appold Street, London EC2A 2AP Bankers HSBC UK Bank Plc, 28 Borough High Street, Southwark, London, SE1 1YB Solicitors Stone King LLP, 13 Queen Square, Bath BA12HJ Clyde & Co LLP, St Botolph Building, 138 Houndsditch, London EC3A 7AR Healys LLP, Atrium Court, 15-17 Jockey's Fields, London, WC1R 4QR Winckworth Sherwood LLP, Arbor, 255 Blackfriars Rd, London SE19AX Investment Managers and Property Advisors Investec Wealth & Investment, 30 Gresham Street, London EC2V 7QN CCLA Investment Management Limited, One Angel Lane, London EC4R 3AB Knight Frank, 33 Gutter Lane, London EC2V 8AS Colliers International, 95 Wigmore Street, London W1 U 1FF Charles Parish & Co, 29a High St, West Wickham, BR4 OLP Field and Sons, 54 Borough High St, London SE11XL United St Saviour's Charity For the year ended 31 March 2024 Trustees, Report United St Saviour's Charity For the year ended 31 March 2024 Our Place in Southwark United St. Saviour's Charity is a charity with a vision for a united and thriving Southwark with strong, inclusive, and equal communities. From the year our charity was founded in 1541, we have supported people and communities in Southwark. We are an important part of the local social and economic infrastructure of the London Borough of Southwark and the largest grant-making charity focused solely in the borough. Working in the same place over a long time enables us to understand its dynamics. We can keep pace with the challenges and opportunities for communities caused by the ongoing evolution, transformation and regeneration in Southwark. Our role helps ensure that the voluntary sector and the communities which are unsettled and at risk of being outpaced by the changes, remain part of Southwark's future. We foster strong, well-served and equal communities through our grant-making and associated activities. Through our community investment team, we help to build strong communities, tackle social needs and take advantage of opportunities to drive positive change. We provide social housing for older people of limited means in our three almshouses, with 132 dwellings in total. Hopton's almshouse. built in 1752. is in Bankside, while St Saviour's Court, originally endowed by Thomas Cure in 1584, now stands in Purley. Our newest almshouse Appleby Blue, provides a further 57 homes right in the heart of Soulhwark, and has now opened in July 2023. We are committed to learning and improvement, and sharing our knowledge and experience widely. Our recent entry into the world of research and influence is a key part of ensuring our woik has real impact. Above all, we have shown ourselves to be a dynamic and responsive charity in recentyears, acting swiftly and flexibly to sudden crises in our communities. Our Vision A united and thriving Southwark with strong, inclusive and equal communities Legal Objects, Strategy and Current Activities The legal objects of the charity are the relief to persons in need resident in our area of benefit by providing accommodation and by such other means as the trustees think fit. Our area of benefit is the London Borough of Southwark and such of the surrounding area as the trustees may detemiine. The Trustees adopted a new strategic plan in March 2020, a copy of which is freely available on the charity's website. The charity currently meets its objects through its main activities of providing almshouse accommodation, and grants and non-financial support to organisations. We underpin this through research and learning activities to inform our own practices and influence other organisations. The charity owns a number of valuable commercial investment properties which provide close to half the annual income. Maintaining these buildings. many of them historic and listed, and managing tenants is also a major activity of the Charity. United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) Almshouses United St Saviour's Charity has provided accommodation for Southwark residents since the 18th century. Our almshouses provide high quality, affordable and independent accommodation for residents of Southwark over the age of 60 who are in need. We offer a secure home, in an environment which combines independent living with enhanced elements of community activity and personal support. Residents pay a weekly maintenance contribution, usually covered in full by housing benefit. We have been building more almshouses, designed to respond to a growing and ageing population with different needs and expectations that much sheltered social housing stock fails to meet. We will continue to build locally, allowing more Southwark people the option to remain in the area they know and feel part of. Our vision is to make our new almshouses part of their community Wlth activities and spaces for that encourage everyone to mix. We intend to be pioneering in what we do in our communal spaces and through using research and shared learning, we hope to become an influential voice in the older persons housing sector. Communit Investments Our Cl Programme involves grant-making and a range of related activities which build communty cohesion, reduce inequalities and enhance local services. We support. strengthen and build partnerships within the community sector and work closely with other funders, businesses and public agencies to maximise our impact. Grants are provided to charities, social enterprises and community groups. Research and Influence We are committed to offering best practices to the people we work with. The charity's research and influencing team partners with academic and non-academic researchers to understand and learn from what we do, deliver robust evidence of what is most effective and best value. Wewill share this with others in the sector and help influence better practices elsewhere. Our assets Our historic pubs, shops and residential properties in Borough Market and beyond, produce a growing proportion of our income for our community investment and almshouse objectives. We also recognise their historic importance in Southwark, and the role they play in making Borough Market the attractive destination it ha5 become. We take our responsibility to look after these properties for present and future charity beneficiaries very seriously and are active in maintaining the building5 and sustaining positive relationships with our tenants, neighbouring landowners and the local council. Activities during the Financial Year: Community Investments Grant-makin Poli and Practice We award grants to groups whose work advances our Community Investment {Cl} aims. We operate 3 grants programmes.. small grants (up to £5,000}, large grants (over £5,000), and strategic grants which are invitation-only. We also run collaborative grants programmes when the need and opportunity arise. Our priorities respond to important local issues and population groups and our themes are.. 'Positive Ageing, which seeks to reduce isolation and increasewellbeing amongst older residents, 'Strong, Resilient Communities. which builds strong and inclusive communities, and 'Levelling the Playing Field, to promote equality in this very unequal borough. We also recognise the power dynamics of being a funder and the responsibilities that this brings so we put as much effort and thought into howwe fund as much as whatwe fund. We were a founder member of the Institute of Voluntary Action Research (IVAR) 'Open and Trusting Funderf initiative and have adopted all its principles to make life easier for applicants and funded partners. United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) Grant Makin and Related Activities in the Year In 2023-24, the size ofour overall Community Investment programme was £1,715,534, ofwhich £326,364 covered staff and other costs. The totals include a further contribution from the City Bridge Trust of £250,000. £1,389,170 was awarded in grants over the course of the year. A further £18,294 was spent on our 'funder plus, activities to build the organisational strength and financial resilience of important local partners. Grants Awarded Thanks tothe contribution from the City Bridge Foundation, we awarded our largest ever numberof grants in 2023-24- 30 large and 59 small. In addition, we awarded 7 grants to local organisations to deliver activities in our new Bermondsey almshouse, Appleby Blue. Lar e Grants Large grants (totalling £882,239) were awarded to Groundwork, London Southwark Travellers Action Group, Theatre Peckham, Time and Talents, Clear Community Web, Peckham Platform, Power2. The Bike Project, Diverse Creative, Southwark Day Centre forAsylum Seekers, Spring Communily Hub, XLP, Southside Young Leaders Academy, RIPE Learning. Entelechy Arts, Duckie, Communily TechAid, Southwark Kaleidoscope, Downside Fisher, Youth Club Bridge the Gap Inspire at St Peter's, Southwark Golden Oldies, Ignite Hubs, Dream Believe Achieve, The Mason Foundation, Sporting Recovery, School Food Matters, Autism Voice, Art in the Park and Excel Beyond Barriers. Small Grants 59 Small grants {totalling £131,184 were awarded to 56 different local groups. 20 were for projects benefiting young people, 20 for older people, 8 specifically for migrants and refugees, and 12 communty events. Strate ic Grants and Initiatives Southwark Change-makers - A £140,000 grant was awarded to Active Communities Network for this experimental devolved funding programme. 'Southwark Changemakers, aims to strengthen community infrastructure by providing small grants and organizational support to small and emerging groups. It is also exploring a community-based. devolved model for allocating resources. With the input of a learning partner, the lessons will be used to inform UStSC's funding approach moving forward. The Voluntary and Community Sector (VCS) Premises Project. A £35,524 grant was provided to Community Southwark in response to findings from the 2023 'State of the Sectorf survey which identified premises as a key challenge for charities in Southwark. Delivered and co-funded by the London Borough of Southwark, this project aims to increase access to, and supply of, affordable space for the VCS by setting up a matchmaking service and influencing local government and developers to increase supply. Funding Differently- Neighbourhood Health Grants This collaboration with Partnership Southwark and Community Southwark is a participatory grants programme where local groups take responsibility for deciding where the funding is allocated. The budget is provided by Partnership Southwark through its Tackling Inequalities programme, and UStSC supports the process and channels the finances. How We Fund Promoting Equality in grant-making. In the last few years, we have made a concerted effort to reach and support groups led and run by Black and BAME groups in Southwark, as all the research says that they tend to struggle to secure funding. As a result, we are really pleased that 55% of our open access grants were awarded to Black and BAME-led groups. Open and Trusting Grant-making. As noted, we continued to workwith the IVAR on a national campaign to make funders more accountable to, and supportive of, the charty sector. In line with these principles, a quarter of our large grants were awarded as unrestricted- providing important core, flexible funding for local organisations. United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) Partnershi One Southwark: With core funding from the City Bridge Foundation and contributions from local businesses, One Southwark seeks to harness local assets and push for changes in systems and behaviours to level the playing field for young people. In 2023, the cohort of 21 young people completed their second year of support which included grants, mentoring, training, and work placement opportunities. The One Southwark Asset Network reached 140, comprising of both local businesses and individuals offering to provide advice, support and work opportunities for the cohort of young people. Many of them benefitted significantly from these connections over the course of the year. The next phase of the programme will involve identification of barriers to progress for {under-represented) young people. It will then start influencing the practice and behaviours of those businesses and organisations who could make a positive (and long term) difference by removing those barriers. Activities durin the financial ear: Almshouses The activities of the Housing team were dominated by the completion and handover of the new Appleby Blue Almshouse in Southwark Park Road. This building was completed atthe end of June 2023 and the official handovertook place on 19 July 2023. During the lead up to handover, the Charity concluded the recruitment of a new resident support team and Centre Manager and held a weeklong induction course for staff to familiarise them with the building and the Charity's policies, procedures and processes. These sessions were attended by housing staff from Hopton's and St Saviourfs Court almshouses to ensure consistency of practices across the three almshouses. The Appleby Blue moves commenced in July and were broadly completed by the end of the calendar year. The majority of homes were occupied by the end of the autumn and the housing team were heavily focussed on assisting new residents with new home admin such as utility switches, new benefit claims and understanding their new properties. Furthermore, the team helped to develop the new community through the provision of resident activities and opportunities to meet regularly to discuss issues and concerns. Throughout the lettings pro￿$5. the Charity worked closely with the London Borough of Southwark's allocations team, who referred 50 /0 of the applicants to homes in Appleby Blue. Sadly, during the first year. two ofthe new residents died meaning that the Charity needed to re-offer their homes to applicants from the Charity's waiting list. During the year. the housing team received training to deliverthe Outcome Star Older Persons Wellbeing measurement tool. This system will be used by Resident Support Officers to develop individualised wellbeing plans for each resident through measuring all aspects of their daily lives and developing action plans for improvement. Wellbeing actions may relate to physical or mental health, social connectivity, financial or practical wellbeing. Use of the outcome stars wellbeing measurement tool was launched at Appleby Blue and will be rolled out across the other almshouses following a review. The Charity continued to remain alert to the increasing levels of vulnerability of residents in all three almshouses, and the additional pressures placed on residents by the cost-of-living crisis. We responded to these needs by providing wami hubs in all our almshouses and assisting residents to maximise their incomes through checking their benefit entitlement take up and looking for appropriate grants. The Charity delivered a comprehensive programme of activities and trips at all the almshouses. Appleby Blue residents further benefitted from the emerging programme of community activities delivered in the Community Centre and through the research-funded Lemonade Project. Activities arranged directly by the housing department included yoga, hip hop, coffee mornings. afternoon teas, bingo, themed parties, cinema trips and coach trips. United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) During the year it became necessary for the Charity to engage the services of CALMS mediation service at St Saviour's Court in Purley. This was due to a minority of residents displaying unacceptable and sometimes anti-social behaviour, which risked affecting the whole community. The Charity managed this by arranging individual appointments with residents to give them the opportunity to share their concerns about the block with the independent mediators. Sadly, the Charity had no option but to set aside the licence of one of the ASB perpetrators. However, this, in conjunction with the work done by CALMS, has led to a much more cohesive and happy community. The next steps will be to draw up individual Codes of Conduct for each of the almshouses. Performance in key result areas has been broadly maintained throughout the year and can be summarised as follows: Collection of Weekly Maintenance Charges (WMC)- 97.10 Void performance- average turnaround 52 days Landlord satisfaction- 98 /0 (survey completed in January 2022) Next Survey due 2024 The total number of properties becoming void at Hopton's and Purley during the year was 12. This represents 16% of this stock. The voids were mainly one bedroom properties, 8 of which were at St Saviour's Court and 4 at Hopton's Gardens. The Charty continued to find it challenging to find suitable nominees from Southwark for our homes in St Saviourfs Court. Purley. Under Charity Commission operation guidance, the Charity is able to consider people from oulside the area for homes where we had exhausted demand from Southwark applicants. The Charity facilitated one mutual exchange during the year. This was be￿een a resident from St Saviourfs Court and a Peabody Homes tenant from Southwark. Almshouse Building Management A programme of planned maintenance was successfully completed during the year. Much of this work had been delayed from 2021122 meaning we were able to complete some essential capital works projects in both the almshouses, ensuring that our homes are fit, safe and comfortable for current and future residents. The condition and quality of the almshouses remains of utmost importance to the charity and we have continued to invest in these valuable assets for the benefit of our beneficiaries. Works during the year included roofing and external electrical improvements at Hopton's and a programme of decoration and garden improvements at st Saviourfs Court. The charty completed the development of a new almshouse at 94-116 Southwark Park Road in June 2023. This provides 57 new homes for older persons in Southwark, 2 smaller dwellings for potential use by live-in carers, volunteers or researchers, and extensive communal rooms and gardens for activities and socialising. The development was funded by a private housing developer as part of a S106 planning agreement on a site elsewhere in Soulhwark. It was built to the charity's design specification under a development agreement. At handover, the charity was contracted to purchase the 999 year lease for £5m. Thecharity has raised finance from our own reserves and fundraising. Fit out costs are also met by the charity. The charity raised in excess of £2.3m capital grant. The majority of this was received from trustees of the Mary Feilding Guild charity who were spending down their endowment. The charity's vision for our new almshouse is to provide high quality affordable retirement housing which will provide beautiful gardens, community spaces and an exceptional place to live. The building includes a range of spaces for everyone locally to enjoy, thereby helping our residents living on-site to contribute to and remain a part of their local community. The Gharity continues to explore other potential sites for new almshouses and remains the preferred affordable housing operator on another site which has already received planning permission. United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) Activities durin the financial ear: Research and Influence With the opening of the Charity's new almshouse, Appleby Blue in July 2023 the charity's Research, and Influencing activities were amplified by the interest from the media and wider sector. The charty worked collaboratively with Witherford, Watson and Mann's architect practice with a PR campaign to promote the opening of the almshouse. Appleby Blue was featured in numerous published articles and received several architecture and development awards. As a result of this publicity, a programme was established to facilitate tours of the residential areas and community spaces of the building. Dr Sam Clarke, architecture lecturer at Cardiff University stayed several nights at Appleby Blue in the initial opening period. His experiences and observations of the new almshouse were featured in a book chapter - Architectures of Ageing in Place. LEMONADE - Bournemouth University's community-based food model project for people over the age of 60, funded by Dunhill Medical Trust started in July 2023. The researchers moved into Appleby's researchers-in-residence studios, which enabled an authentic ethnographic study. A Community Engagement Group (CEG) and Food Research Advisory Group (FRAG) were established to provide the research team with guidance throughout the project. Co-production was a key element of the project, resulting in three 10-week cycles of activities that were co-designed with the older research participants, with a focus on intergenerational engagement. The research team also gathered biometric data from the participants to demonstrate the health and well-being outcomes of participation. The UCL Almshouse Resilient Communities for the Future research project, funded by Dunhill Medical Trust was completed in 2024. The project explored three perspectives. community, built environment and organisational resilience. A 'Knowledge Hub, webpage was hosted on United Sl Saviour's Charity's website, which was a resource not only to other almshouses but also to the wider housing and ageing sectors. The charity joined the Inclusive Living Alliance of the Intersectional Stigma of Place-Based Ageing study led by Prof Vikki Mccall al Stirling University The project was a participatory mixed method study that explored and understood how the stigma attached to where people live can intersect with experiences of disability and ageing. The charity contributed expertise to the alliance as a housing provider to older people with low incomes. Partnering with Social Care Institute of Excellence (SCIE), Socialudo (social enterprise founded by Prof Vikki Mccall and Dr Alasdair Rutherford}, Housing LIN and Dunhill Medical Trust, the charity led the initiative to bring the Serious Game to the borough of Southwark. The Serious Game, played at Southwark Council's offices supported more effective planning and collaboration amongst health, housing, and social care sectors. A report was published from the findings of the game which provided insight for Southwark Council's strategy for housing for older people. UStSC benefitted from partnering in this project as it positioned the charity as a systems leader. UStSC continued its sponsorship of the Housing LIN. Appleby Blue was featured as an Inspirational Achievement and Alison Benzimra, Head of Research and Influence presented on several HAPPI Hour webinars to a large and engaged audience in housing and social care sectors. In 2023 the government created an Older Person's Housing Taskforce. The taskft)rce had a call for evidence, which the charity submitted to. Although the taskforce's focus was on middle income older people, the charity's innovative work with regards to building design and resident support model was valuable information for the taskforce's investigations. United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) In 2024, the One Southwark programme completed its final year for the first cohort and research carried out by IVAR continued to support the programme with its learning journey. IVAR wrote a report documenting the learnings from the first year of the programme. The second year of the programme's learning journey focused on the experiences ofthe One Southwark members and the organisations in the asset network which provided guidance and support for the young people. The findings from IVAR'S research informed the structure of the second cohort of the programme. The charity has embedded its research and influence activities into the charity's broader work. The research activities and findings inform the charity's practices and provide continual opportunities to collaborate with researchers and other organisations doing work in Southwark and the housing for older people sector. Governance Structures and Key Information Structure, governance and management Coojorate Structure United St Saviour's Charity is a company limited by guarantee {5092710) and a registered charity (1103731). The Charity's Scheme and Company Articles of Association were updated in July 2020. The company is the corporate trustee of United St Saviourfs Endowment Charity (reg charity 1103731-1) which holds the permanent endowment, and Hopton's Charity (1103731-2} registered provider ofsocial housing no. A2837). The directors of the company effectively act as charity trustees and are known as trustees. The Charity Commission has issued a uniting direction for the charities. Trustees appointed prior to July 2018 serve for a maximum of three terms of three years. Although the newArticles ofAssociation allow someflexibility, Trustees appointed since July 2018 now serve terms offouryears, with a possibility of an extra year. Trustees are usually expected to live orwork in Southwark at the time of being appointed. Govemance Structure The Board consists of a minimum of three and a maximum of twelve Trustees which meet four or more times a year. There are two committees of the Board". Community Investment Committee and Finance, Investments and Audit Committee. Each Committee meets four times per year. Working groups are also formed occasionally to deal with specific matters such as the new almshouse, and research and influencing matters. Truslees review strategy and priorities of the Charity at their meetings, taking into account community investments, almshouse management and building development programmes, research activities, investments and risk management. An annual strategy meeting is normally held by Trustees to plan priorities. The Trustees consider the Board of Trustees, the Chief Executive and the executive team as comprising the key management personnel of the Charity. The day-to-day management and control of the Charity is delegated to the Chief Executive. Trustees are required to disclose all relevant interests annually and register them with the Chief Executive and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. Trustees also sign a code of conduct agreement annually. Tnjstee training, recwitment, and remuneration Trustees regularly review the skills and perspectives felt essential to govern the charity effectively and undertake regular training. New Trustees are recruited through agencies. by word of mouth and public advertisement, and participate in an induction programme organised by the Chief Executive. During the year, the Board reviewed their own effectiveness and have made changes to address the results of the review. All Trustees give their time freely and no Trustee remuneration was paid in the year. io United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) History The charity today is modern and forward-looking, proud of our roots, but not restrained by them. The charity traces its earliest roots back to the fifteenth century. It was finally incorporated under a charter of Henry Vlll as the Corporation ofwardens ofthe Parish of St Saviour, Southwark, to manage parish affairs and local charities. Our archives are vast and mostly held in the National Archive at Kew, or London Metropolitan Archive. Vestiges of our past are preserved in the ancient Warden titles still given to each of our Trustees e.g. Warden ofthe GreatAccount, Bell Warden, Renter Warden. We also hold an annual service at Southwark cathedral to celebrate the lives of our original benefactors, including Thomas Cure MP, the founder of our first almshouses in 1588. Staff remuneration Staff salaries were independently evaluated in 2018 and levels were set in line with an agreed policy. Staff salaries are typically increased in line with inflation each year, subject to affordability. The Chief Executive received total emoluments (salary and pension payments) of £116,022 in the financial year. The charity is carrying out a salary evaluation and benchmarking exercise in 2024125. Equality. Diversity and Inclusion Working in Southwark, the trustees and staff of United St Saviour's Charity recognise that our diverse borough has one of London's largest population of Black and other minority ethnic citizens. The charity responds to the real injustices faced by these communities and has made a number of commitments to change the way we work. Much of our work today is deliberately positioned to meet these commitments. INhilst these commitments largely focus on tackling racism, the charity continues to address discrimination in all its forms. in particular that experienced by the LGB TQ+ and older population in Southwark. Inclusion forms part of our core values. We are committed to reflecting, celebrating and championing the diversity of Southwark. We strive to create equal access and opportunity for the most disadvantaged groups to achieve a better Southwark for everyone. Membership bodies and partnerships The Charity is a member of NCVO as well as the grant makers, umbrella body the Association of Charitable Foundations. We are also a member of London Funders, a group of investors and grant making organisations in London's civil society. We also work closely with other grant making trusts in Southwark and attend the Southwark Funders, meetings. In respect of our almshouse provision, the Charty is a member of the Almshouses Association, and part of the LargerAlmshouses Networking Group. Staff attend meetings and receive updates from the Housing Learning and Improvement Nthork. We are also members of the g320 group of small London housing associations, the Charities Property Group, and EROSH. Within Southwark, we are pleased to take an active part in many networks, community assemblies and neighbourhood meetings, and maintain a strong relationship with Southwark Council. We retain a close relationship to our historic parish responsibilities and remain active in the Borough Market Environs Group, which helps ensure that the character of the area is not harmed by developments and changes and influences the shape of new developments. Public Benefit Trustees have referred to the Charity Commission's general guidance on public benefrt including its guidance 'Public benefit- running a charity {PB2)' to ensure that activities meet the requirements. li United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) Risk mitigation Trustees review the major risks fa￿d by the Charity twice yearly. Trustees have examined key controls over financial and operational systems and other business risks which the Charity faces and confimi that systems are in place to mitigate the significant risks. The Charity's risk register addresses operational risk, financial risk, and reputational risk, which could arise through, for example, fraud or ineffective grant making. The principal risks that the Trustees have identified are reputational, operational, and financial. The inability to house our older residents in our almshouses, either temporarily or longer-term, as a result of disaster, health and safety failure or fire etc., is mitigated through control systems and insurance. The charty has appointed an external Health and Safety consultant as Responsible Person. Most of the almshouse residents are considered vulnerable persons, and this brings risk of an adult safeguarding failure. This is mitigated through control systems such as safeguarding procedures and staff training. The charity appointed an external Safeguarding consultant during the year for advice and support. The charity's financial position may be impacted by a downturn in central London commercial rents and a significant cost-over run on a major capital project. Exceptionally high rates of inflation seen in recent years could create significant cost pressures on maintaining the almshouses and investment properties, and recruiting and retaining high quality staff. Strong financial systems, regular reviews of the long-term cash and financial projections, professional management and external advice mitigate this. The charity took on a £5.5m debt with Lloyds Bank in 2020, using a fixed interest rate 25-year mortgage. The commercial investment properties provide loan security. Default on loan covenants is considered a low risk. The trustees acknowledge that although the community investment grants funding is important to the local voluntary sector in the area of benefrt, there is no legal obligation lo maintain this funding and the funds could be diverted towards loan commitments if necessary. Financial review The charity had an extraordinary year with the opening of the new Appleby Blue Almshouse and the sale of historic endowment land. The result of this was an 180/0 increase in totsl assets from £55m to £65m. The new almshouse cost the charity £5m in return for the building and 999 year leasehold interest. This amount was raised by disposing of investments. mostly held in cash deposits. The large one-off restricted capital grant donation of £2.3m received in 2022 and other smaller grants received in 2023 were used up. The charity disposed of the freehold of part of the land at Red Lion Court to the current leaseholder for £7m. The land was held under a peppercorn lease for a remainder of 109 years and was part of the historic pemianent endowment land. The charity has already received £3m, and the remaining £4m will be paid by 2027. The trustees are considering how to re-invest the sale proceeds for the long term and have invested in high yield cash deposit account temporarily. Income from charitable activities increased by 540/0 year on year, mostly due to the new income stream from residents at Appleby Blue. The first residents moved in during July 2023, and full occupancy took almost 6 months. This income stream will therefore increase in full years of operation. The trustees anticipate that the cost of operating Appleby Blue Almshouse will be neutral against the income received, and have included in these costs, an £60k transfer into an annual capital repairs and maintenance reserve fund to maintain the building in the long term The charity had a positive year with an unrestricted fund surplus of £225,396 (2023 - £426,744) before inveslment gains of £612,933. Investment gains resulted in a surplus on the unrestricted fund of £838,329 (2023 = _£50,695). 12 United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) Reserves policy The Trustees review the reserves policy annually. Trustees have maintained their risk-based approach to setting the appropriate level of unrestricted reserves. Having considered the significant risks the charity is exposed to,. Trustees consider that a prudent level of general reserves equates to approximately 8 months of budgeted unrestricted fund expenditure in a typical year. The current level of free reserves is £10.5m from a total of £12.5m in the Unrestricted Fund (Total Unrestricted Funds (Note 25a) less Tangible Fixed Assets (Unrestricted)) 31.03.2024 31.03.2023 Total Unrestricted Funds - General Funds (Note 25a) 12,254,849 5,379,707 Less: Tangible Fixed Assets (Note 26a) Investment Property (Note 18) less borrowings against investment propety (8,678,500) (2,083,954) (1,734,929) {1,496,895) Total free Liquid reserves £1,841,420 £1,798,858 Target level of free reserves 2,481,802 £2,323,723 The charty's reserves levels are below target at 8.9 months of budgeted unrestricted fund expenditure for 2023-24. The Trustees recognise that there is currently a shortfall of £0.64m in the reserves (or 260/0 of the target), however, the trustees will be reviewing the reseNes policy during the next financial year, in particular the historic decision to hold £3m in the new almshouse development designated fund, now thatthe new Appleby Blue Almshouse has been completed. Designated Funds The charity holds a number of designated funds within the unrestricted fund. Almshouse properties maintain and hold reserves {combined value £405,747) for future capital expenditure requirements which have been highlighted in a surveyor's quinquennial reports. Trustees have agreed a level of designated fund which must always be held in order to meet unforeseen costs at the almshouses. A designated fund (value £68,892) is held to build up adequate funds to maintain and refurbish the investment properties. The charity had historically held a £5m designated fund towards the future development of new almshouse. This has been held to give trustees flexibility in deciding whether the charity should take out loan finance or sell investments in order to meet the £5m cost of the new Appleby Blue almshouse at Southwark Park Road in 2023, and any future almshouse development opportunities. The donation of £2.3m from the Mary Feilding Guild in 2023 meant that the charity can un-designate £2m from this fund, leaving £3m for future almshouse development opportunities. The Sinking Fund has been established to provide for the building of St Saviouls Court at the end of its useful life. Investment policy and performance The overall objectives are to create sufficient income and capital growth to enable the Charity to cary out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of, and if possible, enhancement ofthe value ofthe invested funds while they are retained. The investment manager has a discretionary mandate to generate total returns which balance income and capital growth, whilst taking a medium to high-risk appetite reflecting the perpetual time-horizon of the charity. The asset allocation is broadly 75fj￿ equity to 25 /0 fixed income. 13 United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) During the financial year, the trustees agreed with the investment manager's recommendation to transition the charity's listed investments towards a global equity focus. This would enable the manager to meet the responsible investment requirements but would reduce the income yield to below 2.50 Upon the advice of the inveslment manager, trustees approve a minimum target level of income each year which represents approximately 2.2 % yield and considered a sustainable distribution level. The trustees set an annual budget which assumes a further 0.75Q/o to 10/0 income yield but manage this notional income from the charity's overall positive cashflows. The trustees have therefore not felt the need to adopt a 'Total Return Approach, but will continue to monitor the impact this will have on the total value of unrestricted fund. Some of the unrestricted fund capital and all the income may be used at any time for the furtherance of the Charity's aims. The investment portFolio is managed on a discretionary basis by Investec who provide quarterly performance reports to the Finance, Investments and Audit Committee for review. The Charity has been satisfied with the manager's performance in 2023124. The Charity's investment properties in Southwark provide a significant part of the Charity's income. They include four pubs, nine retail shop units, four offices, twelve flats and two houses. Many of these properties are historic properties built on land bequeathed to the Charity in the 16th Century. The Trustees use a range of expert valuers and lettings agents to advise them. Responsible Investment Policy The Trustees adopted a new Responsible Investment Policy in 2022. The charity favours investments in areas that demonstrate respect for the planet, respect for people and good corporate governance. Our investment principles will align with the UN Sustainable Development Goals. and in particular SDG 3 (Good Health and Wellbeing), SDG7 (Affordable Clean energy, SDG 9 (Industry, infrastructure and innovation), SDG11 (Sustainable Cities and communities), and SDG13 (Climate Action). We will avoid businesses that are either unsustainable orseek to exploit vulnerable people, and start to disinvestfrom companies that are not taking seriously their responsibilities to assist with the transition to a low carbon economy. We will continue to exclude companies involved in armaments, gambling, high pressure lending and tobacco. Our investment managers will be a signatory to the UN Principles for Responsible Investment and the UK Stewardship Code and will be supportive of our objectives and help to raise corporate standards through shareholder engagement and active stewardship. The Trustees monitor the performance of the investment manager against these criteria by scrutinising reports and face-to- face meetings. FUTURE PLANS The charity's 5 year strategic plan was adopted in March 2020. a Copy of which is published on our website. The Trustees reviewed the strategy in June 2022 to ensure it remained relevant after the impact of the global pandemic and the economic conditions and with exceptional inflation. The trustees agreed that the priority for the Charity in 2024125 was getting Appleby Blue Almshouse residents and staff settled into operations during its first year of opening. Trustees agreed that a review of the strategic plan could be held over for a year, and will be fully considered in 2025126. In 2024125, the charity will review the Community Investment programme, to ensure that it is having the most beneficial impact on the organisations we support. This review will primarily focus on grant-making and decision-making processes and styles. The charity's relatively recent development into research and influence has led to us being part of highly influential research papers and policies covering ageing in cities, almshouses, social housing and building design. We will continue to learn and grow this important part of what the charity does. 14 United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) We will continue to develop relationships and have active discussions with Southwark Council and property developers in Southwark to grow our almshouse offer in the borough. Trustees will consider strategic direction for housing growth in 2025, and this will include reviewing operations at the Purley almshouse, and potential mergers and takeovers. Following the disposal of Red Lion Court, Trustees will be developing a strategy for re-investing these funds, exploring a range of options, including those which blend social and financial outcomes. The charity will continue to develop the operation of the communty spaces at Appleby Blue, matching the needs of almshouse residents and the local community to meet our goals of intergenerational social cohesion. We will also explore how this Can be mirrored at Purley and Hopton's almshouses, where capital improvements into the common areas will be undertaken. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are the directors of United St Saviour's Charity for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP, make judgements and estimates that are reasonable and prudent, state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disc105e with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit infomation of which the charitable company's auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 15 United St Saviour's Charity For the year ended 31 March 2024 Trustees Report (continued) AUDITORS Moore Kingston Smith have indicated their willingness to continue in office and offer themselves for re- appointment as such, under Section 485 of the Companies Act 2006. PREPARATION OF THE REPORT This report has been prepared taking advantage of the small companies exception of section 415A of the Companies Act 2006. It was approved and authorised for issue by the Trustees on 30th September 2024 and signed on its behalf by.. Stephen Burns Chair of the Board of Trustees 30th September 2024 16 U nited St Saviour's Charity For the year ended 31 March 2024 Independent Auditor's Report To The Members of United St Saviour's Charity Opinion We have audited the financial statements of United St Saviourfs Charity ('the company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. Thefinancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded thatthetrustees, use ofthe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, 17 United St Saviour's Charity For the year ended 31 March 2024 Independent auditor's report to United St Saviour's Charity (continued) we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, annual report for the financial year for which the financial ststements are prepared is consistent with the financial statements., and the trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., [orl we have not received all the information and explanations we require for our audit.[ or] the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees, annual report and from preparing a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page Ixl, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and forsuch internal control as the trustees determine is necessaryto enablethe preparation offinancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 18 United St Saviour's Charity For the year ended 31 March 2024 Independent auditor's report to United St Saviour's Charity (continued) As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional s¢epticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial stalemenls, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal conlrol. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the approprialeness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the tiustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charttable company's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or Gonditions may cause the charitable ¢ornpany to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We Gommunicate with those charged with governance regarding, among other rnatters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identfy during our audit. Explanation as to what extent the audit was considered capable of detecting Irregularities, Including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due to fraud., to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibilrty for the prevention and detection of fraud rests with both management and those Gharged with governance of the charitable company. 19 United St Saviour's Charity For the year ended 31 March 2024 Independent auditor's report to United St Saviour's Charity (continued) Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are Ithe Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Councill We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those ¢harged wilh governance. We assessed the risk of material misstatement of the financial statements. including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with govemance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with law5 and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resultin9 from error. as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the ¢haritable company's members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the company's members those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. M••rf JA LL* Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 61h Floor 9 Appold Street London EC2A 2AP Date 24 October 2024 20 Statement of Financial Activities United St Saviour's Charity For the year ended 31 March 2024 Statement of Financial Activities Unrestrl¢tsd Funds Restrlct8d Fund$ Endowment Funds Notes 2024 2023 1£) Statement of Financial Activities In¢ome and endovrnants from: Donations and Legacies Investments 9,443 704,966 714,409 2,984,073 2,105,154 2.105,154 2.150,225 Charilable Activities 1,006.895 1,006,895 650.668 Other 179.670 17.642 197.312 16,559 Total 3,301.162 722.608 4.023,770 5.801.525 Expgndltura on- Raising Funds Charitable Activities 1426.3311 {33,0891 1459.4201 1347.7291 12,649.4351 1523,9281 {103.6601 13,277,023) 12,606,883) Total 13,075.7661 1$23,9281 {136.749) 13.736.443) 12.9546121 Net gainslllossesl on Investmen15 612.933 8.636,825 9,249.758 {36.2211 Ngt Incomel{Expgndltur81 838,329 198.680 8.500.076 9,537,085 2,810.692 Transfers betsyeen Funds 4,110,132 12,863,055} 11,247.0771 Not movomont In funds 4,948.461 12.664.375) 7,252,999 9,537.085 2.810.692 Recon¢lliation of Funds Total Funds at 1 Aprfl 12.548.735 2.798.185 40,465.915 55.812.835 53.002.143 Current year earnings 4,948.461 {2.664.3751 7,252,999 9,537.085 2.810.692 Total Funds at 31 March 17,497,196 133.810 47.718.914 65,349.920 55,812.835 All activitie5 relate to continuing operation5. The Statement of Financial Activities indude5 011 gain5 and losses recognised durfng the year. The notes on pages 24 to 41 fomi part of Ihese financial statements. 21 Balance Sheet Company Number: 05092710 United St Saviour's Charity For the year ended 31 March 2024 Notes 2024 2023 Balance Sheet Fixed As$gts: Tangible assets 15 15,123,033 9,879,203 Investments 16 46,918.078 46.815,175 Total Flxed Assets: 62,041,111 56,694.378 Current assets: Debtors 19 477.783 915,438 Cash al bank and in hand 21 5,385,223 4,547,412 Total Currant assets: 5,863,006 5.462.850 Creditors.. Amounts falling due within one year 22 {1,693.564) 11.515.044) Net Current Ass•ts 4.169.442 3.947,806 Debtors.. Amounts falling due over one year 20 4.000,000 Total As59ts less Currant Llabilities 70.210.553 60.642,184 Creditors.. Arnounts falling due after rnore than one year 23 {4,829,3491 14,860,633) Total Not Assots 65.349,920 55,812,835 Th8 funds of the charity: Endowment ftjnds 26 47.718,914 40.465,915 Restricted Incorr￿ funds 26 133,810 2.798,185 Unrestricted funds 26 17.497.196 12,548.735 Totsl fund$ of the charity: 6S,349.920 55,812.835 The financial statements were approved and aulhorised for iSSLSe by the Trustee$ on 30th September 2024 and signed on their behalf by.. Stephen Burns Kathryn Ogunbona Chair of the Board of Trustees Chair of Finance, Investments and Audit Committee The notes on pages 24 to 41 form part of these ￿nanCIal ststements 22 Statement of Cash Flows United St Saviour's Charity For the year ended 31 March 2024 Notes 2024 (£1 2023 (£1 Cash flow from opgratlng actlvltlgs Net cash flow from operating activities (see below) (666,1951 1,017,258 Cash flow from Inv8stlng activltles Dividends. interest and rents from investments 2,123.248 15,449,971) 2,150,225 Purchase of tangible assets Purchase of inveslmenl property Proceeds from sale of olher investments 15 {276.110) {17.5811 12.548.097 18 17 6,996,177 Purchase of other investments 17 {2,275.930) 112.362,5321 1.393,524 2.042.099 Cashflow from financing activities Repayments of borrowing {160.e4SI 1155.4821 {155,983) 1160.1491 InleTesl paid 316.12 316.132 Change in cash and ¢ash equlvalents In thg year 411,202 2.743,225 Cash and Cash equivalents brought fornard 5.119,157 2.375,932 Cash and cash equlvalents carrled forward 21 5 530 359 5.119,1 $7 2024 (£1 2023 (£) Reconclllation of net movement In funds to net cash flow from opgratlng activltl•s Net income for the year as per Statement of Financial Activities Adjuslment foT'. Deprecialion charges Finance Charges IGainsllLosses on investments Dividends. interest and rents from investments 9,537,085 2,810.692 205.545 126.626 155.487 160,149 (9,249.7591 {2,105.154} 595 36.221 {2.150.2251 Loss on disposal of fixed assets Ilncreaselldecrease in debtors Increasellde¢reasel in creditors 419,558 370,448 1521,654) 555.449 Net cash used In oporating activltles 666 195 1017258 23 Notes to the Accounts {Continued) United St Saviour's Charity For the year ended 31 March 2024 Notes to the Accounts 1. Accounting Policies General Infonnation and basis of preparation United St. Saviour's Charity is a charitable company registered in England & Wales (Registered Office'.16 Crucifix Lane, London, SE18JW). The company number is 05092710. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The nature of the Charity's operations and principal activities are the relief in need to persons resident in the area of benefrt by providing accommodation and such other means as the trustees think frt. The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to char5ties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) including update bulletin 2, (SORP IFRS102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, the Charities Act 2011. the Companies Act 2006 and UK Generally Accepted Practice. The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the Charity and rounded to the nearest pound. The significant accounting polices applied in the preparation of these accounts are set OLrt below. These policies have been consistently applied to all years unless othe￿iSe stated. Funds General funds are unrestricted funds which are available for the use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated Funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in note 25. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim of each restricted fund is set out in note 25. Endowment funds represent those assets which must be held permanently by the Charity. Income arising on the endowment can be used in accordance with the objeGts of the charity and is included in unrestricted income. Any capitsl gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. 1.3 Income All income is included in the Statement of Financial Activities when the Charty is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. For donations to be recognised, the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then the income is deferred until those conditions are fully met or the fulfilment of those 24 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 conditions is within the control of the Charity and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends. interest, and rent. Where it 15 not practicable to identify investment management costs incurred within a scheme with reasonable accuracy, the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income, dividend and rent income is recognised as the charity's right to receive payment is established. Interest on funds held on deposit is included when receivable and when the amount can be measured reliably by the Charity,. this is normally upon notification of the interest paid or payable by the bank. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is ¢ategorised under the following headings. Costs of raising funds include investment management costs & the direct costs of managing the Charity's investment properties., Expenditure on charitable activities includes all costs incurred on furthering the objects of the Charity.. and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties are within charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating the performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Support Costs Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to activities on the basis of staff involved in activities. (See note 10.) Tangible Fixed Assets All assets costing more than £500 are capitslised Tangible fixed assets are slated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less their estimated residual value, of each asset on a systematic basis over its useful life as follows. Freehold Property 30 - 70 years Leasehold properties 100 years being the anticipated useful life of the asset. 25 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 Fixtures and fittings 10-20 years from the date the assets are first put to use Office Equipment- So￿are depreciated over life of the licence Office Equipment- Other Office Equipment 3 years (Freehold land is not depreciated) Assets under Construction includes costs incurred in developing the new almshouse. As the new almshouse is now complete, the asset has been transferred to leasehold properties. 1.6 Investment properties Investment properties are measured at fair value at each reporting date with changes in fair value recognised in 'Net gainsl(losses) on Investments in the Statement of Financial Activities. 1.7 Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value using the closing quoted market price. All gains and losses are taken to the Statement of Financial Activities as they arise. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. As investments are revalued to fair value continuously, no realised gains or losses arise. 1.8 Debtors and Creditors receivablelpayable Debtor receivables are recognised at amortised cost less any provision for bad debt. A provision for bad debts is established when there is objective evidence that the debtor cannot be collected according to the original terms. All expenditure is accounted for on an accruals basis. Creditors are recognised when the Charity has present legal or constructive obligation resulting from a past event to make a payment to a third party, it is probable that settlement will be required and the amount due to settle the obligation can be measured or estimated reliably. 1.9 Cash and cash equivalents Cash and Cash equivalents include cash at bank and in hand and short term deposits with an original maturity date of three months or less and investments capable of immediate cash realisation. Investments capable of immediate cash realisation are included in Listed Investments (fixed assets) in the balance sheet. Financial Instruments 1.10 The charity only has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using effective interest method. 1.11 Tax The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 26 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 1.12 Leases Rental payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of financial activities in a straight-line basis over the minimum lease term including any lease incentives received. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. 1.13 Employee Benefits Employee Benefits The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Tennination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Retirement Benefits The Charity operates a money purchase scheme as described in more detail in note 28. Although contributions are variable as described in the note, the Charity is unable to identify its share of the underlying assets and liabilities of the scheme and it is therefore accounted for as if it were a defined contribution scheme. 1.14 Going Concern The financial statements have been prepared on a going concern basis which assumes the charitable company will continue in operational existence for the foreseeable future. The trustees have considered the level of funds held and the expected level of income and expenditure for a period of at least 12 months from the date of authorising these financial statements. The charity has taken steps to review the financial budget for 2025126 and Trustees regularly review cashflow forecasts and at present the trustees are satisfied that the charity remains a going concern. 1.15 Judgements and key sources of estimation uncertainty The following judgements have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements. Depreciation rates for tangible fixed assets Valuation of investment properties. The properties are included at valuation. These are considered to be critical accounting estimates in view of the amounts involved and the judgements applied in their valuation. Valuation of pension deficit liability The above also represent the key sources of estimation uncertainty. 2. Related Party Transactions There were no relaled party transactior￿ during the year12023.' Nil) 27 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 Unrestricted Restricted Endowmant 2024 2023 {£) 1£) {£} (£1 3. Income from Donations and Legacies Grants Received 703.969 703,969 2.981.245 Donations 9,443 10,440 2,828 Total Income from Donatlon$ and Legacl8S 9,443 704.966 714.409 2,984,073 Unrestrictsd R•strl¢tgd Endovnnent 2024 2023 1£) (£1 {£) 1£) 1£) 4. Income from Investments Rents and other income receivable from investment properties Income receivable from Listed Inveslments 1,682,653 1,682,653 1,664,263 371,243 51,258 2,IOS,154 371,243 51.258 465,043 20,919 2,1SO,225 Interest re￿1vable Total Income from Investments 2,105,154 Unrostrlcted Restrlcted Endowmgnt 2024 2023 1£) (£1 {£1 {£1 1£) 5. Income from Charitable Activities Almshouse5- Tesidenls maintenance Contributions and miscellaneous income 1.006.895 1.006.895 650,868 Totsl Ineomo from Charltable A¢tlvltles 1.006.895 1,006.895 650.668 Unrestrlctgd Rastrlcted Endowmont 2024 2023 {£1 (£) 1£) 6. Other Income Big Local South Bermondsey Partnership Administration fee Research Income 2.385 6.500 17,642 24,142 5.705 Miscellaneous income 173,170 173.170 8.469 Total Othpr Incomo 179.670 17,642 197.312 16.559 Unrestrlctgd Rastrlcted Endovmi¢nt 2024 2023 1£) 1£) (£1 (£1 i£} 7. Expenditure on Raising Funds- Investment Costs Investment Management Fees Direct costs of managiro investment properties 29.303 340,187 33.089 62.392 340.187 61,849 228,659 Raising Funds employment costs Support and governance costs Totsl Expandlture on Ralslng Funds - Invgstmgnt Costs 45.355 11.486 426,331 45.355 11,486 459,420 40.878 16,343 347,729 33,089 28 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 Included In direct costs of managing investment propertles is interest on financial liabilities as follov6 2024 1£) 2023 1£) Interest on financial liabilities measured al amortised cost.. Interest on bank loans 155,487 160,149 Unrastrlctod Restrlcted Endowment 2024 i£} 2023 1£) 1£) 1£) i£} 8. Expenditure on Charitable Activities Grant Glving Grants Payable (note 11) Direct grant givin9 employment cosls Support costs Total Grant Glvlng Dlrect Charitable Activitie5 Direct Charitable Aelivity costs Charitable Aclivty employment costs Support Costs Total Dlroct Charltablo ActFvltlos Total Expenditure on Charltable Actlvlties 1.021,106 119,386 368.064 97.423 1.389,170 216,809 1,310.401 180.433 109,555 1.250.047 109,555 1,715,534 105,598 1,596.432 465.487 726,402 439,740 58,441 103,660 888.503 439.740 233,246 1.$61.489 577,656 251,770 181.025 1.010.451 233,246 1,399,388 58.441 103.660 2,649.435 523,928 103,660 3.277.023 2,606,883 Unrestricted Restri¢tsd Endovdment 2024 (£1 2023 £1 1£) {£) (£1 9. Reconciliation of Grants Payable Grants payable al 1 April 645.849 645.849 448,787 Grants awarded during the year Inole 111 Grants paid during the year Grants payable at 31 March 1.021,106 1718.531) 948,424 368.(￿4 {368.C641 1,389.170 11.086,5951 {1.113,3391 948,424 645,849 1,310.401 29 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 Unrostrlct8d Rastrlctod Endovnnent 2024 1£) 2023 1£) 1£) {£1 1£) 10. Support Costs Support costsloxcludlng gov•man¢e ¢ostsl Computer Expenses Other Office Expenses Communication, branding, annual reports Bank charges Irreeoverable VAT Staff costs staff Benefits Training and recruitment Depreciation Total Support costs {excludlng govgrnance costs) 30,676 37,462 5,622 1,984 {1.Q841 97,836 1.810 19.627 17,373 211,306 30.876 37.462 5.622 1.984 11,0841 97,836 1.810 19,627 17.373 211.306 32,9 36,170 12,072 1.338 16 93,369 2,674 10.818 11,590 201.043 Governanc8 Costs staff costs Audilorfs remuneration- Audit costs A¢¢ounlan¢y fees Professional Fees Board meeting and governance expensès Total Gov8rnan¢e Co$ts Total Support Costs 36.931 25.452 17,920 61,729 949 142.981 354,287 36,931 25,452 17,920 61.729 949 142,981 354,287 35.305 22.825 10,808 31.754 1.231 101,923 302,966 30 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 11. Grants Pa able We award grants lo groups whose work advanees our Community Investment ICI) aims. We operate 3 grants programmes-. small grants lup lo £5,000), large granis lover £5.0001, and strategic grants which are invilallon-only. We also run collaborative grants programmes when the need and opportunity arise. Our priorities respond lo importanl local issues and populallon groups and our themes are.. 'Positwe Ageing, whlch seeks to reduce Isola￿On and increase wellbeing amongst older residents, 'Slrong, Resilient Communitles, whith builds strong and inclusive communities. and 'Levelling the Playing Field. to promote equality In Ihls very unequal borough. United Sl Savioufs Chaiity awards grants to charities, community groups and non-profit organlsallons that support people and communities in our area of benefit. We operale 3 grants programmes= small grants lup to £5,000), large grants lover £5.0001, and slrateglc grants which are invitation- only. We also run collaborative grants prograrnmes when the need and opportunity arise. Our priorities respond lo important local issues and population groups and our theme5 are. Positive Agein9' which seeks to reduce isolation and increase wellbeing amongst older residenls, 'Slrong. Resilient Communities, vthich builds strong and inclusive communitles, and 'Levelling the Playing Field, lo promote equality in this very unequal borough. Financial and in-kind support is also provided to key local partners through a 'Funder Plus programme which involves capaclty building, training, and connecting. Grants Analysis Unrestrlcted Restrlcted Endowment 2024 2023 i£} (£1 1£) Slraleglc Grants 180.524 180.524 184,602 Large Gran15 632.239 250,000 882.239 941.421 Medium Grants 29.331 29,331 Heallh Grants 100.000 100,000 Other Grants 67,500 One Southwark 1S.000 15.000 City Bridge Trust Small Grants lup lo £5.0001 3,064 3.064 131,184 131.184 116,878 Appleby Blue Activitie5 grants 47.828 47.828 Totsl Grants Awarded 1,021,106 368,064 1,389.170 1,310.401 12. Trustees. and Key Management Personnel Remuneratlon and Expenses The lolal amount of employee benefits received by key management personnel wa5 £400,84312023: £324.197). Pension contributions of £20,372 were paid on behalf of key management personnel12023'. £16.4021 The charity considers its key management personnel to comprise the trustees, CEO. Head of Community Investments. Head of Housing and Head of Research and Influence and Director of Programme5 (One Southwarkl la role which was not considered ithin key managemenl personnel in 2023 and therefore not i￿luded in the 2023 comparalive figure. No Trustee5 {2023'. Nil) are accruing pension arrangements. The Trustees neilher received norwaived any remuneT81ion during the year.12023.' Nil) No Iravel expenses We￿ paid to Tnjslees this year12023'. Nill. £180 was spent on leaving gifts for two Twslees in 2023. 31 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 2024 2023 {£) 13. Net Incomel(Expenditure) for the year - is stated after charging Depreclation of tangible fixed assets (note 15) 205.547 126.626 Audilorfs remuneration- audll of flnancial infomialion 25,453 22.825 Audilorfs remunerallon- other services 821 2024 2023 (£1 (£1 14. Staff Costs Wages and salaries 731,232 515.036 Soaal Security costs 74,342 53.656 Other pension costs {nole 26} 45,721 33,063 Totrl Stsff Costs 851.295 601.755 The average number of employees during the year was 18.6 {2023: 11.7) The number of employees who received employee benefts (excluding employer pension costs) for more than £60,000 is as followB= 2024 2023 In the band £60,000- £70,000 In the band £100.000- £110.000 15. Tangible Fixed Assets Assets under Constru¢tion 1£) Long Leas¢hold Flxturos and Fr￿h￿Id and Flttlngs Offlc• Equlpment Propgrt19s1£ i£} 1£) Total l£} Cost Al 1 April 2023 1,225,182 10,653.838 259,579 74,450 12,213.049 Addilior Di5P05als Transfer At 31 March 2024 Dgpreciation At 1 April 2023 Charge foT Ihe year Disposats Al 31 Maich 2024 Net Book Value 77.049 5.060.291 272,487 40,144 18251 5.449.971 1825) 11.302,231) 1.302,231 17.016,360 532,066 113,769 17.662.195 2.197,434 155.734 75,592 32.439 60.820 17,373 {2301 77,963 2.333,846 205.546 12301 2.539,162 2,353,168 108.031 At 31 March 2024 14,663,192 424.035 35,806 15.123.033 At 1 Aprll 2023 1.225.182 8,456,404 183.987 13,630 9.879.203 Freehold properties above includes freehold land al a cost of £3,470,000 (all relatlng lo Sl Saviours Courti. 32 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 There is no Tecord of the original cost of the Hoplon's Almshouse and therefore no value has been asslgned lo its original cost nor f(5 related freehold land. The cost of the property relates lo refurbishment work since 1983. The charity holds fijrther parcels of Inact￿e land which are nol valued and therefore nol included In the financial slalernents. On 1 August 2023 the new Almshouse, Appleby Blue, was handed over lo the charity by the develo1￿rs. The Ajmshouse is held by the charily under a 999 year lease. The value in the accounts consists of the development cost lo the charity. The cost Is lo be dep￿cIated over 100 years from 1" August 2023. Cost Of Frgghold Propgrtles Sl Saviourfs Court, Purley 9.122.128 Hopton's Almshouges, Soulhwark 851,160 nd Functlonal Property for use by Charity- 2 floor. 16 Crucffix Lane 680,550 10.653,838 Cost of Long Leasehold Properties Appleby Blue Ajmshouse 6,362.522 Unrestrlctgd Rostrlctgd Endowment 2024 2023 1£) {£) i£} {£) 16. Fixed Asset Investments Listed investments (including bank balance of a capital nature) {nole 171 7,415.058 8,373,359 15.788.417 16,910.234 Investment Property Inole 181 6.477.570 24,652.091 31.129.661 29.904,941 Total Flxed Asset Investments 13,892,628 33,025.450 46,918,078 46,815.175 Subsidiaries Hopton's Charlty The Charity holds the corporate trusteeship of Hopton'5 Charity. registered charity number 1103731-2 which holds the Hopton's pemanenl endowment and is Ilnked lo the main charity. The Hopton's endowment is shown sepaTalely in Note 24a. Unltgd St Savlouf s Endowmont Charlty United St Saviourf5 Charity 15 the Coipoiale Trustee of United Sl Saviourfs EndowTnent Charity. registered charity nurnber 1103731-1, which holds the Charity's permanent endowment. and is linked to the main Charity. Unrestrlcted Reytrictsd Endowmgnt 2024 2023 1£) {£1 (£1 1£) (£) 17. Listed Investments At 1 April Addiliorys Disposals Revaluations Total Llsted Investments sted investments capital account {ntste 211 7,659,243 1.068.894 {1.930.9441 535,545 7,332,738 82.320 8.679.246 1,207,036 12,180,497) 604,758 8,310,543 62.816 16,338,489 17,374.021 2.275,930 12,362.532 14,111.4411 {12,474,2221 1.140,303 1923,8421 15,643.281 16.338.489 145,136 571,745 At 31 March 7,415,058 8,373,359 15.788.417 16.910.234 33 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 Unrestrlctod Rostrletgd Endovdm8nt 2024 {£1 2023 {£1 1£) 1£) 1£) 18. Investment Prope Al 1 April Additions 6.400.181 23,504,760 29.904,941 29,073.614 17.581 173,8751 813,746 73,875 29,904,941 Disposals Unrealised gain Realised gain At 31 Mar¢h {6.884.736) 1,147,331 6.884,736 24.652.091 {6,884,7361 1.224.720 6.884,736 31,129,661 77,389 6.477.570 During the year the Charity disposed of a parcel of in-active land which had previously not been induded in Ihe financial statements due lo inherent uncertainty about ils valuation. The land disposed of has been deemed lo be part oflhe charity endowment anrl the proceeds have Iherefore been retsined ￿thIn the endowment. The sale pro¢ee(Is We￿ received partly before the year end with the remaining balance Isee note 201 due lat the latosll by 1BI December 2027. Unrestrlcted R8strlctsd Endowment 2024 2023 (£1 1£) {£) 1£) 1£) 19. Debtors Trade Debtors Other debtors Other prepayments and accrued Income Total Dabtors 238,652 62.882 176,249 477,783 238,652 62.882 176.249 477.783 442,492 472.946 91 5,438 Unr•strl¢t•d {£) Rgstrl¢tsd (£1 Endovmiont 2024 2023 {£1 {£1 1£) 20. Debtors due in more than one year Other debtors (see note 181 Total Debtors 4.000,000 4,000.000 4.000,000 4.000.000 Unrestrlctsd R•strl¢ted {£} End¢wment 2024 {£) 2023 (£1 {£1 {£1 21. Analysis of Cash and Cash Equivalents Cash al bank and in hand Cash held in investment portfolio and included in the investment valuation {note 171 Total Cash and Cash Equlvalents 247,360 713.764 4.424.099 5.385.223 4.547.412 82,320 329 680 62.816 4486915 145.136 5 S30 3S9 571.745 5 119 157 713 764 34 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 Unrestricted Re$trl¢ted 1£) Endowmonl 2024 1£) 2023 1£) (£1 (£1 22. Creditors - Amounts Falling Due Within One Year Trade Creditors 168,154 93,360 217,722 304,110 155 (431 16,807 168,309 93,317 294.414 304.110 139.167 106.996 218.283 324.428 Taxalitsn and social security Other Creditors 59.885 Accruals and deferred income Pension Deficit Liability- Due in less than one year (note 261 Grants Payable Bank Loan Total Creditors- Amounts Falllng Due Within One Year 2.982 2.982 3.648 664,135 166,297 1.616.760 664,135 166,297 59.885 1,693.564 561,877 160,645 1.515.IM4 16,919 Unrgstrlctsd Restrlcted Endowmont 2024 1£) 2023 1£) {£1 (£1 1£) 23. Creditors - Amount falling due after one year Pension Deficit Liabilty- Due in more than one year GTan15 payable Bank Loan 2,736 284,289 4,576,344 284,289 4,576,344 83,972 4,742,641 Totsl Credltors - Amount falllng du• after ¢n¢ year 860.633 4.860.633 4,829.349 Amounts Included abovè which fall duo after S years aro as ft+llows 2024 2023 i£} 3,855,558 Payable by Inslalmenls 4.044,595 Loans 2024 2023 Bank Loan Payable within one year Payable after one year Total 1£) 166.297 4,576,344 1£) 160,645 4,742,641 742.641 4903,286 The bank loan is secured by a legal charge over the investment properties in favour of Lloyds Bank plc. Interest is fixed at 3.089% per annum and repayment is over 25 years and final payment is due in September 2044. 2024 (£1 2023 1£) 24. Deferred Income At 1°, April 162.015 141.609 Resources deferTed during the year 177,263 162,015 Resources released from the prevlous year At 31" March (162.0151 {141.6091 177,263 182,015 Income has been defer￿d for rent received forlhe upcomir@ year. 35 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 At 1 April 2023 Transfers Inlout Gainsl lossos At31 March 2024 25a. Fund Reconciliation Deslgnatad Funds Almshouse Development Maintenance Reserve Fund.. St Saviours Court Maintenance Reserve Fund: Hopton's Almshouse Maintenance ReseNe- Appleby Almshouse Major Repaifs Fund = Park Street Incomo Ex endltur 5,000,000 12.000,000) 3,000,000 320,988 {102,070) 70,000 288.918 124.757 187,928) 80.000 116,829 60,000 60.000 101,575 1.621,708 7 169028 167.6831 35,000 86,000 1669 000 68.892 1.707.708 5 242 347 Sinking Fund Total Daslgnatad Funds 257 681 General Funds General Fund Total Unrostricted funds 5,379,707 3.301,162 12 548735 3 301 162 2.818,085 3 075 766 5,T19.132 4110 132 612.933 612933 12.254.849 17497 196 Endowment Funds USS ErKJowmenl 37.860,969 1107,2211 11,247.0771 29,528 136749 8,521,160 115.665 8 636 825 45.027,831 2.691.083 47718 914 Hoplon's Enclowmenl Total Endowrynent Funds 2.604,946 4046591S 1247 077 Rastrlcted Funds Almshouse Development One Souihwark Fund City Bridge Tiust Fund City Bridge Trust Partnership Health Grants Programme South Bermondsey Partnership small granls BU- Dunhill Medical Connected at Christmas & Warm Hubs Total Restricted Funds 2,402,809 125,575 17.934 250.000 467,747 997 119.840 13931 {2.863,0551 155,225} {100.488) 1250.0001 1100.0001 7,108 71,347 37,286 100.000 16.382 17.642 16,382 (1801 (17,8221 1,867 2798 185 1.867 133810 722 608 S23 928 2 863 055 Totsl of Funds 55 812 835 4 023 770 9 249 758 65 349 920 The Charitls investments are comprised of a number of designal&J. endowment and general funds. The associated investment gains and investment management costs have been apporboned between the funds in proportion to the value of the inveslmenls held in each fund al the start of the year. The investment gainlllos51 arising on fund5 in the year is shown above. DOSIgnat￿ Funds The Almshouse Development Fund was created to meet the contribution the ehadty will be requlred to make towards developirKJ the new almshouse in Bemondsey. The Trustees have agreed to use £2m of this lund towards the new almshouse. and leave £3m for future development opportunitie5. The Maintenance Reserve Funds for both St Saviours Court and Hoplon's were formed by merging the Cycllcal Repairs Fund and the Extraordinary Repairs Fun¢3 for each property. The Cyclical Repairs Funds were established to pay for cyclical repairs al the almshouses arising from the quinquennial Teview (including painting of the exterior and common parts). The Extraordinary repaiTS funds lor repair5 other than day-104day and wclical repairs. TransfeTS are made into the funds according lo guidance provided by the ￿mShoU$e Associalion. The Major Repairs Fund was established lo provlde fiJndirrfJ for a future programme of works for Park Street properties. The Sinking Fund has been established lo provide for the building of St Savioutrs Court at the end of ils uselul life. An annual transfer is made each year 50 that around £6.000,000 wll have been transferred by the end of the expected 70 year useful life to Provide for rebuilding. The fund is invested. and it is therefore anlicipaled that inflationary increases in building costs will be offset by capital appreciation. 36 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 Endowment Funds The Charity's permanent endowments is comprised of the Appleby Blue Almshouse and Hopton's Almshouse and all bul Ihree of the Investment properties. logelher wlh a balance of non-property inveslmenls. The percentage of inveslments that are represented by endowment funds al the start of the year was 53.0% (2023= 53.0%>. This percentage is applied lo investment gains and losses and investment management costs lo apportion these lo the Endowment Funds. The costs charged lo the endovKnent include investment management fees, depreclallon of properties within Ihe endwnenl. In 2020 the Charity Commission approved an alteration lo the pemanent endowment composilion of Ihe Charity meaning that the Appleby Blue Mmshouse lonce completed) could be added to Ihe charity's permanent endowment and St Saviour's Court Amshouse transferred fiom petmanenl endowment lo unieslricled funds. The transfer shown from Endowment Funds in note 25a represents Ihe differen￿ between the nel book value ofAppleby Blue Almshouse and Ihal of Sl Saviourfs Court. General Funds The Charity's general funds are unreslrfcied funds which are available for the use at the discretion of the Trustees In furtherance of the general objectives of the Charily and which have not been designated for other purposes. A(the end of the year this included Sl Savioufs Court Almshouse. Purfey. The percentage of investments that are represented by general funds at the start of the year was 47.0%12023 '. 47.0%). Rostrlctsd Funds Almshouse Development Fund The Almshouse Development Reslricled Fund rep￿sents grants received from the development partner towards the development of the new almshouse as detailed in the Trustees report. The transfer of £2,863,055 to general funds relates to the cost of the now completed Appleby Blue Almshouse. This has been released the restriction and therefore the costs have been transferred to general funds. One Soulhwark Fund This fund has been sel up lo Iransfom lives and opportunities for young people in the borough through collective action. Part of a wider'giving, movement. and with a core grant provided by the City Bridge Tru51 (see below). the progiamme ¥MII mobilise businesses. funders. community groups and local residents lo give Iheir time. money. neknrks and influence to level the playing field for disadvantaged young people. The scheme went live in 2021. £65,000 was conlribuled lo the fund by St Saviour's Charity previously and the Trustees prelerence i8 that il is shown in the reslricted fund rather than as an additional designated ftjnd. Clty Bridge Trust Fund This fund exists lo hold the CO￿ grant forthe One Soulhwark programme and will cover. primarily, staff Costs related lo the prcKJramme director. Clty Brldgo Trust Partnorship Fund The Cty Bridge Partnership fund is a grant of £500.000 overtwoyears frorn the City Bridge Trust. This is allocated by United Sl Savioufs in line wth its exisling grants programmes and priorities and is in response to the increasing local need and demand. 50% of this was deploye(I In 2022 and the 50% was spent in 2023. Hoalth Grants Programmè This collaboration wlh Partnership Souihwark and Community Soulhwark is a participatory grants programme where local groups take responsibility for deciding where the funding is allocated. The budget is prowded by Partnership Soulhwark 1£100.000} through ils Tackling Inequalities programme, and USISC supports the process and channels the finances. South Bermondsey Partnershlp United Sl Saviourfs Charity 15 the locally Injsled support organisalion for the Big Local South Bermondsey, a ten-year investment programme financed by a charity called Local Trust wlh Lottery funding. The programme commenced in 2012 and ended in 2022. The Charity held funds on behalf of the South Bermondsey parinership ISBPI, which delivered the fund progiamme and disbursed grants on ils behalf lo agreed projects and activities following receipt of finanrjal claims (see Note 291. The South Bermondsey Partnership agreed lo transfer the balan¢e of the remaining funds to USTSC and for il lo provide gTants lo the area previously supported by the SBP. Bournemouth Unlverslty- Dunhlll Medlcal Trust BouTnemoulh Univer5ty's community-based food model project for people overthe age of60 (LEMONADE), funded by Dunhill Medical Trust started in Juty 2023. The ￿SearCherS moved into Applebls researcheTS-in-residence studios, vthich enabled an authentic ethnographic study. A Community Engagement Group ICEGI and Food Research Advisory Group IFRAGI We￿ established to provide the research team with guidance throughout the project. Co-production wa5 8 key element of the project, resulling in three 10-week cycles of activities that were co-designed with the older research participants. wilh a focus on intergeneralional engagement. The Tesearch team also gathered biometric data from the participants to demonstrate the health and well-bein9 outcomes of partScipallon. Conngctgd at Chrlstmas This fund existed lo run a campaign and grants programme to ensure that as many older and vulnerable Soulhwark residents as possible (who were likely lo be spending Christma5 on their own) fell cared for and connected over the festive season. 37 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 25b. Fund Reconciliation (prior ear Designatèd Funds Atmshouse Development Maintenance Reserve Fund.. St Saviours Court Maintenance Reserve Fund.. Hoplon's Almshouse At 1 April 2022 Transfers inlout Galnsl loss&s At31 March 2023 Income Ex nditure 5.tNJo,000 5,000.000 288,265 {37.2771 70,000 320.988 138.075 {88.3181 {3.9521 75.000 124,575 Major Repairs Fund = Park Street Sinking Fund Totsl De$lgnatsd Funds General Fund$ General Fund Total Unrestricted funds 7S,527 30,0 86.000 261000 101,757 1,621,708 7 169028 1.535.708 7 037 575 5,561.855 12 599430 2,811.912 2811 912 2,263.989 2 393 536 261.000 469.071 469 071 5,379,707 12 $48 735 Endowment Funds USSC Endowment 37.463,139 11 C6.9701 29,492 136 462 504,800 37.860.969 Hopton's EndowTnent Totsl Endowm¢nt Funds 2,698,020 40 161159 63.582 2.604.946 40465915 Restricted Funds Almshouse Development One Southwark Fund ' City Bridge Fund City Bridge Trust Partnership Connected al Christmas 102,664 123.753 13,270 2,300,145 48,720 65.380 500,000 67,000 2.402.809 125,575 17,934 250.000 1,867 146.8981 160.7161 1250,0001 (67.0001 1,867 Totsl Reslrided Funds 2 981,245 424 614 2 798 185 Total of Funds 53 002 143 5793157 2 9S4612 55 812 835 Unrestri¢ted Restrlcted Endowment 2024 2023 (£1 (£1 (£1 {£1 26a. Analysis of Net Assets between Funds Tangible Assets Investments Cash Debtors Creditors due wilhin one year Ciedftors due In MO￿ than one year Total Analy$ls of Net Assets between Funds 8.678,500 13,892.628 925.678 477.783 11,616,760) 14.860.633) 17.497,196 21 6,444.512 33.025,450 4.308.837 4,000,000 159,8851 15.123.033 9,879.203 46,918,078 46,815,175 5,385,223 4,547,412 4.477.783 915,438 {1.693.5641 11.515,0441 {4,860.6331 14.829,3491 65.349.920 55.812.835 150.708 {16,9191 133.810 47,718,914 Unrestrlctsd R￿trIcted Endowment 2023 2022 1£) 26b. Analysls of Net Assets between Funds {Prlor Year) i£} {£) {£1 Tangible Assets Investments Cash Debtors Creditors due wiihin one year Creditors due In more than one year 2,083,954 14,342.101 1.801.216 65,438 11,514,625) 14,829,349) 7.795,249 32,473,074 197,592 9.879.203 46.815,175 4,547.412 915,438 11,515.044} 14,829,349) 9.729,719 46.970,396 1.853,171 393.784 11,035,275) (4,909.652) 2.548.604 250,000 1419) Total Analysis of Net Assets betwegn Funds 12.548.735 2.798.185 40.465,915 55,812,835 53,002,143 38 Notes to the Accounts {continued) United St Saviour's Charity For the year ended 31 March 2024 27a. Analysis of changes in net debt At 1st Aprll 2023 (£1 5,119,155 Cashflows At 31 March 2024 Cash and Cash equivalents Borrowlngs Bank loans Not Dobt 411.204 5,530.359 {4.903,286) 215.869 160.64$ 571,849 4,742,641) 787.718 27b. Analysis of changes in net debt (Prior Year At 1°, Aprll 2022 1£) 2,375,931 Cashflows At 31 March 2023 {£) 5.119,155 {£) 2.743.224 Cash and Cash equivalents Borrowlng$ Bank loans Net Debt 15.064.035 2.688.104) 160,749 2,903.973 {4,903,286} 215.869 28. Pension Commitments SCHEME: TPT Retirement Solutions-The Growth Plan The company parbcipales in the scheme. a multiemployer scheme which provides benefits to some 638 non-associated participatin9 employers. The scheme is a defined benefit scheme in the UK.11 is not possible for the company lo obiain suffiaent informalion to enable it to account for the scheme as a Llefined benefit scheme. The￿fOre il accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Ad 2004 which came into force on 30 December 2005. This. logelher with documenis issued by the Pensions Regulator and Technical Aduarial Standards issued by the Financial Reporting Council. set out Ihe framework for funding defined benerrt occupational pension schemes in the UK. The scheme is elassthed as a'la5t-man standing airangemenl.. Therefore the Company is potentially liable for other participating employers. obligations if those employers a￿ unable to meet Iheii shale of Ihe scheme deficil following withdrawal from the scheme. Parti¢ipaling employers are legally required to meet their share of the scheme deficil on an annuity purchase basis on wlhdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed asseis of £800.3m. liabililies of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers lo pay additional contributions to the scheme a5 follows.. D&fi¢lt ￿￿trIbUtIOnS From 1 Aprll 2022 to 31 January 2025: £3,312,000 per annum Ipayable monthly) Unless a concession has been a9reed with the Tru51ee the lem to 31 January 2025 applles. Note that the scheme's previous valuation was ¢arried out wlh an effectlve tJale of 30 September 2017. This valuation showed assets of £794.9m. liabilities of £926.4m and a defirAI of £131.5m. To eliminate this funding shortfall. the Trustee asked the participatin9 employers lo pay additional contribulions lo the scheme as follows.. D•fl¢lt contrlbutlon$ From 1 April 2019 to 30 Septgmber 2025: £11,243,000 por annum (payable monthly and Incrga$lng by 3% each on 1st April) The recovery ￿an contributions a￿ allocated lo each partiapaling employer in line with their estimated share of the Serfes 1 and Series 2 scheme Ilabilltles. 39 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 Vlhere the scheme is in deflcil and Whe￿ the company has agreed to a defirAI fundlng arrangement the company recognlses a Ilabllity for this obligation. The amount recogniged is the nel present value of Ihe deficit reduction contributions payable under the agreement that relates to the deficit. The present Value is calculated using the discount rale detailed in these disdosures. The unwinding of the discount fate is recognised as a finance cost. PRESETr￿ VALUES OF PROVISION RECONCILIATION OF OPENING AND CLOSING PROVISIONS Yaar Endlng 31 March 2024 l£s} Yèar Ending 31 March 2023 l£sl Provl$lon at start of pgrlod 6,384 10.014 Unwinding ol the dlscount factor (interest expens81 244 189 Deflclt contrlbutlon pald (3,6481 13.6481 Remeasur&ments - Impa¢t of any ehangg In assumptions 11711 Remeasuroments - am•ndments to the ¢ontrlbutlon schedule Provlslon at end of perlod 2.982 6,384 31 March 2024 l£s) 31 March 2023 (£sl 31 Mar¢h 2022 l£sl Pres¥nt value of provlsl¢n 2,982 6.384 10.014 INCOME AND EXPENDITURE IMPACT P¢rlod Endlng 31 March 2024 l£s) Perlod Endlng 31 March 2023 1£$) Interest expense 244 189 Romeasurem¢nts- Impact of any change In assumptlons 11711 Romeasurements- amendments to tho ¢orrtrlbutlon $¢hodule Costs recognised in income and expendlturg account 242 18 ASSUMPTIONS 31 Mar¢h 2024 er annum 31 March 2023 er annum 31 March 2022 8r annum Rate ol di$¢ount 5.31 5.52 2.35 The dS8counl rates shown above are the equivalent single discount rates whS¢h, %then used lo discountthe lulure recoveryplan contributions due, would give the same results as usin9 a full AA corporate bot)J yield curve to discount the same recovery plan contributions. 40 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2024 29. Funds held as an intermediary agent United Sl Sawoui's Charity is the locally InJ5ted support organisalion forthe Big Local South Bermondsey, a len-year investment programme financed by a charity called Local Trust with Lottery fundlng. The programme commenced in 2012 and was supposed to end in 2022, but li finished in Ihis financial year. The Charity held ftjnds on behalf of the Soulh Bermondsey partnership ISBPI, which delivered the fund programme and disbursed grants on its behalf to agreed projects and activities following receipt of flnaneial Claims. The Charity received funding from Local Trust to disburse on SBPS behalf. The financial statements do not include this fundlng. The summary of fund movements in the year is as follows.. 2024 1£) 48,133 2023 1£) 54,375 38,622 (44,8641 48.133 In 2023 the Charity also received a management fee from Local Trust for grant administration and running costs of £2,862 excluding VAT for the year12023= £2.385 excluding VAT). This income has been included in the Staternenl of Financial Activities in the 2023 and 2022 accounts respectively. Al 1 April Income Expenditure At 31 March 148.133} Mayflower 400 Fund A partnership between United Sl Saviourfs, Soulhwark Council and British Land, the Maynower 400 Fund Is supporting community-led events, activities, and projects lo mark and Celebrate the 400. anniversary of the Mayfiower sailing from Rolherhithe. Contributions from all 3 partners created a funding pol of £140.000 and the programme stsrted in 2018-19. wth Uniled St Saviour's Charity taking responsibility for grant administration. The financial slalements do not include this funding. The summary of fvnd movements in the year is as follows.. 2024 {£1 275 2023 1£) 1,775 At 1 April Income Expenditure At 31 March 11.5001 275 275 No grants were made in 202&24 {£1.500 were made in 2022-2023). 30. Contin ent Liabili ton's Chari The total Social Housing grant to help finance the refurbishment costs of the Hoptons Almshouse amounted to £455,077. The Social Housing Grant is ￿paYable under certain circumstances,. primarily following the sale of a property but ￿11 nom7ally be restricted lo the net pro￿edS ofthe sale. 31. Operating lease commitments- Lessee Al 31 March 2024 or 31 March 2023. the charity had no oulslanding commllmenis for ftjlure minimum lease payments under non- cancellable leases.. L05sor At 31 March 2024, Ihe charity hod conlracled wlh tenants for all the following minimum lease payThents. which fall due as follows.. 2024 1£) 1,867,055 3,989,437 4,671,218 10.327.710 2023 (£1 1,605,305 4.370.441 4.989,999 wthin one year Between two and five years In over five years 10.965,745 41 United St Saviour's Charity For the year ended 31 March 2024 Appendix 1: List of Grants Awarded in the year ended 31 March 2024 (Does not form part of the Financial Statements) Unrestrictod Restricted Endowment 2024 1£) 2023 (£1 1£) 1£) Strategic Grants Active Communities Nelwork Ltd - Grant lo Soulhwark Changernakers Peace Ballers CIC- Grant towards Funding Differenl Community Soulhwark- VCS engagement & decislon making Community Soulhwark- Grant towards the VCS Premises Project Walworth Golden Oldies- Grant towarils Walworih Golden Oldies Communty Care Project Southwark Citizens Advice Bureaux Service- Provision of outreach based IAG in foodbanks Soulhwark Refugee Communities Forum- UnTestricled core grant to support SCRF activities in Soulhwark East Dulwich Estale TRA- Food Grant for food and basic provisions Copleston Centre- Food Grant for food and basics provisions Love North Soulhwark- Food Grant for food and basScs provisions Pe¢an- Food Grant for food and basics provisions Spring Community Hub- Food Grant for food and basics provision5 Agape at St Matthews Church - Food Grant for food and basics provisions The Borough Food Cooperative- Food Grant for food and basics provisions 140,000 5.000 140,000 5,000 3,250 32.274 3.250 32,274 5,CKJO 99,602 40,000 5.000 5.000 5.CMJO 5,000 7.000 6,000 7.000 Total Strategic Grants 180.524 180.524 184602 Unr8strlcted Restrlctod Endowment 2024 2023 1£) (£1 1£) 1£) Large Grants Groundwork London- Funding towards Parent Carer Champion Network The Diverse Creative CIC Clear Community Web CIC- Funding towards digital skills training in Soulhwark Peckham Plattorm - Funding Iowdrds Memories of the Future The Bike Proje¢t - Funding towards The Bike Project- slren9thening partnerships and deepening our impad in Soulhwa Theatre Peckham - Funding towards Young Peckham Programme Power 2- Funding towards Powerf2 Rediscover programme Soulhwark Travellers, Action Group- Funding towards Soulhwark Travellers Action Group Youth Club Time and Talents Association Spring Community Hub - Grant fundin9 towards Spring Back.. An advice an¢J support seTvice lo BME communities Soulhwark Day Centre for Asylum Seekers- Operational fijnding Enlelechy Arts- Grant funding Iowdrd5 Walk Through Walls project Inspire Al St Pelerf5 Church- Grant fundlng towards YoLrth Group Aclivilies XLP- Gornmunity bu5 Bridge The Gap Studios Communily TechAid Downside Settlement- Grant funding towards Zero lo Helo- re¢realional paddle sport5 and mentorship Soulhwart Kalediscope- Grant funding towards Anlmaled Tales of Dlversfty project Duckie Ltd - Grant funding towards The Posh Club Soulhwark Dream Believe Achleve IDBAI CIC- Grant funding towards Youlh Engagement Project Southside Young Leaders, Academy- Grant fvnding towards Education and Leadership programmes Ripe Enterprises Ltd- Grant funding towards Digital skills for English PTogramrne Walworth Golden Oldies Ingnite Hubs 25.000 10,000 25,000 10,000 22.888 22,888 25.000 25.000 30,000 50.000 28.800 30.000 50.000 28.800 28,000 28.000 60,000 30,000 60,000 30.000 50.000 20.000 17,500 20,000 30.000 40,000 22.000 50,000 20.000 17.500 20,000 30,000 40,000 22,000 10.000 10.000 50,000 50,000 11,350 11,350 40.000 40.000 40.000 40.000 36.000 30.000 36,000 30,000 42 United St Saviour's Charity For the year ended 31 March 2024 The Mason Foundalion- Grants to Propel Soulhwarkl Sporting Recovery CIC- Grants towards Soulhwark wellness sessions School Food Matters - Grants towards Welcome sessions Autism Voice - Grants towards Autism Volce Support and Empowerment Project Art in the Parf(- Grants towards A Creative Year at Art in the Park. Excel Beyond Barriers - Grants towards Beyond Disabilty Group Blackfriars Settlement Power 2 - Grant towards a programme of support foryoung people In Southwark Future Men- Grant towards the Boys Development Programme for Southwark Indoamerican Refugee and Migrant Organisalion CAMBRIDGE HOUSE- Funding the RISE Youth Service Soulhwark Cillzens Advice Bureaux Service - Extended fundlng towards the Southwark Universal Credil Support projecl Southwark Day Centre for Asylum Seekers Silverfil Ltd - Grant towards continualion and expansion of its exercise and fitness sessions for Southwark's older people Fight For Change Foundation- Grant towards Box Buddy for Soulhwark residents around Ihe Brandon Estate Pembroke House Copleslon Cent Time and Talents Association Bridge The Gap Studios- Grant towards My Script Programme for young people Salmon Youth Cent The Movement Faclory Home-start Souihwark1 English For Action- Grant lo support the organi5ation's programme of ESOL and community organising for Soulhwark residents Step Now Global C.l.C. - Restricied funding towards Ihe Pattem Your Future Project Soulhwark Law Centre- Grant lo support the provision of legal and immigration advice for migrants arKI refugees in Soulhwark Link Age Soulhwark School-Home Support SeNce- Grant to deliver theirfamity support services ilhin primary s¢hools around the Brandon and elsewhere in Walworth Soulhside Young Leaders. Academy- Grant to support their education and altainmenl programme for boys and young men in Soulhwark London Bubble Theatre London Bubble Second Year Covered by City Bridge Partnership Total Large Grants 35.711 44,436 25,554 35.711 44,436 25.554 30,000 30,000 10.000 10,000 10.000 10.000 40,000 40,000 54,000 52,783 22,237 15.000 50.000 19.581 20.000 so.000 25.000 50,000 10,000 80,000 9.820 90.000 40,000 10,000 80,000 30.000 70.000 20.000 31.500 31,500 1250,0001 632.239 250.000 250.000 881239 941,421 43 United St Saviour's Charity For the year ended 31 March 2024 Unrestr]cted Rostrlctsd Endowmont 2024 2023 {£} (£1 1£) 1£) 1£) Medium Grants Flashy Wngs Ministry- Grant towards Health & Beauty B￿akfast Club Soulhwark Refugee Communilies Forum- Emergency funding for recentty e￿¢ted asylum seeketslrefugees from the IACS Soulhwark Day Centre for Asylum Seekers - EmeTgency fundlng for recentty evided asylum seekerslrefugees from Ihe IACS Blackfriar5 Settlement- Wam Spaces Programme Grant The Green Nunhead Community Centre- Vvarm Spaces Pfogramme Grant Soulhwark Carers - Warm Spaces Programme Grant 5.000 5.000 5.000 5,000 5.000 S,LX)O 4.281 4.300 5.750 29,331 4,281 4.300 5.750 29,331 Total Medium Grants Unrastrlct8d Restrlcted Endowm•nt 2024 2023 (£1 {£) 1£) (£1 Small Grants (up to £5,000) Small Grants 131.184 131,184 131.184 131,184 116.878 116,878 Total Small Grants Other Grants Health grants lup to £5,000) Connected at Christmas & Warm Hubs Total Other Grants 100.000 100,000 67.500 67,500 100.000 100,000 City Brfdge Trust Grants Merchant Taylors Foundation Grants Appleby Blue Activf(ies Grants 3,064 15,000 3,064 15,000 47,828 1,389,170 1,310,401 47,828 1,021,106 Total Grants Awarded 368.064 44 'United St Saviour's Charity For the year ended 31 March 2024 Appendix 2.. Value for Money metrics - Registered Provider of Social Housing status (Does not form part of the Financial Statements) Hoplon's Afmshouse Chartty forn￿ part of (he United Sl Saviourfs under a Charity Commission ￿nkIng Direction.11 is a Registered Provider {'RP'I of Soaal Housing Ino. A283n- In 2018. the Regulator of Social Housing introduced a new Value for Money Standard. Thig required RPS lo publish perfomance agabnsl a series of metrics (Vfm melrics'l lo measure economy. efficjency and effecliveness. Under a Direction published on 19 February 2019. the Regulator provided that all Almshouse Charitie$ which are RPS musl report their performance against seven mandatory metrics in their annual accounts. The Vfm meliics require RPS to use specific formulae to calculate their performance. for ease of comparison be￿en RPS. The Regulators, technical guidance note of June 2020 states-. We have selected the metrics that work for Ihe majority of providers. However. we acknoyAedge Ihal any metric, however calculated. will inevitably be more appropriate for some prowders than olhers. and Ihere may be a minority of cases where reporting on a partieular basis is difficult, or inappTopriate, given the unusual natuie of a given organisation's business" The majority of RPS are large houslng associations with thousands of wellings. The Trustees consider that, due lo the nature and scale of Ils almshouses operation, the Vfm metrics are less useful for the Charity than for a typical RP. The Trustee will monitor any future advice fiom the Almshouse Association or the Regulator itself on the VIM metrics and almshouse RPS. Mètrlc 1 Reinvestrnent %.' Investment in housing supply during 2023124 as a pèrcentage of lolal housing property held 3110312024 3110312023 Comment A5 Hopton's Amshouse is a Grade Il" listed building. no new unils have been built W7thln the Hoplon's Amshouse either in 2023124 or 2022123. Metrlc 2a: New Housing Supply %.. New soeial housing deliVe￿d as a percentage of housing stock held 3110312024 3110312023 Comment This ￿ffectS the fact that the Hoplon's Almshouse is a Grade Il. listed building and therefore no new units have been built in the AImshouse in 2023124 or 2022123_ Metric 2b: New Housing Supply %.' New non4ocial housing delivered as a percentage of housing stock held 3110312024 3110312023 0% Comment This reflects Ihe fact that the Hoplon's Almshouse only operates social houslng. Metrfc 3: Gearing.. Proportion of borrowing in relallon to housing assets. 3110312024 3110312023 -178% -138C Comment Hopton's Almshouse Charity has no short or long-tem borrowng and ils actlvilies are not dependent on debt finance. The gearing % is Iherefore negative as il is based on a positive cash balance only. Metr1¢ 4: EBITDA MRI.. Earnings before interest, lax, depreciation and amortisation. malor ￿paIrS included,. divided by interest payable, for Ihe financial period. The metric anticipate5 that the Charity wll express this as a percentage. in order to show Ihe surplus generated by the Charity compared lo interest payable. However, the metric is not applicable because the Charity has no short or long term borrowng and therefore the￿ Is no Interest payable. Comment Metrlc 5: Headline Social Housing Cost Per Unil= 3110312024 3110312023 11,687 11,206 45 United St Saviour's Charity For the year ended 31 March 2024 Comment The Cost per unit incIudes direct costs such as staff costs plus costs of malnlenance, direcl overheads and depreciation per almshouse dwelling. 11 takes no account of rental income received. The small increase of 4.3% is mosty due to increased slaff costs. No allocation of the charties overall support costs that relate to 11$ three almshouses have been induded In this calculation. Metric 6a.. Operating Margins or OM (Social Housing Lettings only).. Operating loss on soclal houslng lettings {ie. almshouse flats), divided by turnover from such lettings during the flnanclal perlod 3110312024 3110312023 -50% -49% Metrlc 6b: OM (Overall).. Operating surplus plu5 gains on disposal of17xed assets (housing properties), divided by overall lumover during the financial period 3110312024 3110312023 -50% 49% Comment This measure5 the profrt marginlfinancial efficiency of providing Ihe almshouse a¢¢ommorlalion, if focussing purely on operating costs versus accommodation chaiges receiveil by the Charity. As the charity onty piowdes social housing. the socia5 housing letting operaling margin and the overall operating margin are the same. Metrlc 7: Return on Capital Employed- Operating surplus compared lo lolal assets less current liabilllies 3110312024 3110312023 4.0% -2.8% 46