Registered Charity Number.. 1103731
Registered Company Number= 05092710
United
st Saviour's Charity
Southwark
Trustees Report and Financial Statements
United St Saviour's Charity
st
For the Year Ended 31 March 2025

United St Saviour's Charity
For the year ended 31 March 2025
Contents Page
Reference and administrative details of the charity......................
Trustees, Report...... . ......................................................................
Independent Auditor's Report To The Members of United St Saviour'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 2025
Reference and administrative details of the charity
Reg istered Charity Number.. 1103731
Registered Company Number.. 05092710
United St Saviourfs Charity also incorporates
Hopton's Charity, Reg Charity no.1103731-2, Regulator of Social Housing no. A2837
Helen Peele Memorial Almshouse, Reg Charity no. 1103731-3, Regulator of Social Housing no. A0379
Trustees
Stephen Bums (Chair and Trustee to resignation on 25th July 2025)
Shane Holland
Benjamin Johnson (Chair from 26th July 2025}
Izabela Szmidt
Kathryn Ogunbona <DO￿ath)
Dwight Pile-Gray
Cindy Glover
Princess Bemard
Rebecca Towers
Jill McGregor
Stephen McDonald
Rebecca Canning (appointed 9th December 2024)
Executive Staff Team
Martyn Craddock, Chief ExecLrtive
Sarah Thumian, Head of Community Investment (resigned 28th February 2025}
Jude Leighton, Head of Housing
Alison Benzimra, Head of Research and Influence
William Cole, Director of Programmes, One Southwark
Barbara Reichwein, Head of Community Investment (appointed 22nd April 2025)
Registered Office
16 Crucifix Lane. London SE13JW
Independent Auditor
Moore Kingston Smith. 9 Appold Street, London EC2A 2AP
Bankers
HSBC UK Bank Pl¢, 28 Borough High St￿et, Southwark, London, SE1 1YBUnity Trust Bank PO Box
7193. Planetary Rd, Wllenhall, VW1 9DG
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
Shakespeare Martineau LLP, Bridgeway House, Bridgeway, Stratford Upon Avon CV37 6YX
Invesknent 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 GLrtter Lane, London EC2V 8AS
Colliers Intemational, 95 Wigmore Street, London W1U 1FF
Chartes Parish & Co, 29a High St, West Wickham, BR4 OLP
Field and Sons, 54 Borough High St. London SE1 1XL

United St Saviour's Charity
For the year ended 31 March 2025
Trustees, Report
United St Saviourfs Charity
For the year ended 31 March 2025
Our Place in Southwark
United St. Saviour's Charity is a charity with a vision for a united and thriving Southwark wth strorg,
inclusive, and equal communities. From the year our charity was founded in 1541, we have support￿1
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 that funds only wthin Southwark. WoTking in the same
place over a long time enables us to understand its dynamics. We can keep pace with the Challenges,
needs and opportunities for communities caused by the ongoing evolution, transfomation 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-seNed and equal communities through our grant-making and a5$0ciated activittes.
Through our community investment team, we help to build strong communities, tackle social needs and
take advantage of opportunities lo drive positive change. We specifically support young people throuJh
our One Southwarf( programme.
We provide social housing for older people of limited means in our three almshouses, wth 139 dwellings
in total. Hopton's almshouse, built in 1752, is in Bankside. St Saviour's Court, originally endowed by
Thomas Cure in 1584, now stands in Pudey. Our newest almshouse Appleby Blue, provides a further 57
homes right in the heart of Southwark. During 2024, we tookcontrol of Helen Peele Memorial Almshouses
in Rotherhithe.
We are committed to leaming and improvement and sharing our kno￿edge and experience widely. Our
recent entry into the worfd of research and influence is a key part of ensuring our work has real impact.
The Custodianship and curation of our historic properties in Borough Market sustains our respect8J
position in the rich tapestry of Southwark.
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 benef it by providir
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 tnjstees may detemine. Trustees set the
strategy for the organisation, and a Copy of the strateg 1¢ plan is publicised on the charity's website.
The charity currently meets its objects through its main activities of provid ing almshouse accommodation,
and grants and non-financial support to organisations. We underpin this through research and leaming
activities to infom our own practices and inf luence other organisations.
The charity owns a number of valuable commercial investment properties which provide close to a third
of 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 2025
Trustees Report (continued)
Almshouses
United St Saviourfs Charity has provided accommodation for Southwark residents sin¢e the 16th 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 wth 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 wth
different needs and expectations that much sheltered so¢ial housing stock fails to meet. We will continue
to build locally, allowng more Southwark peoplethe option to remain in the area they know and feel part
of. Our vision is to make our new almshouses part of their community wth activities and spaces forthat
encourage everyone to mix. We intend to be pioneering in what we do in our communal spaces and
through using research and shared leaming, we hope to become an influential voice in the olderpersors
housing sector.
Communit Investments
and One Southwa
Our Cl Programme involves grant-making and a range of related activities thich build community
cohesion, reduce inequalities and enhance lo¢al seNices. 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.
We also deliver a programme supporting Southwark young persons through our One Southwarf(
programme. This pioneering work provides life transfomiing opportunities and support to young people,
through building networks and connections, social and business, to help them f ulf il their own stated
potential.
Research and Influence
We are committed to offering best practices to the people we Work with. The charity's research and
influencing team partners wth academic and non-academic researchers to understand and leam ftom
at we do, deliver robust evidence ofwhat is most effective and best value. Wewill sharethis with others
in the sector and help inf luence better practices elsewhere.
Our historic pubs, shops and residential properties in Borough Market and beyond, produce a growtYJ
proportion of our income forour community investment and almshouse objectives. We also recognise
their historic importance in Southwark. and the role they play in making Borough Market the attractive
destinalion it has become. We take our responsibility to look after these properties f or present and f uture
charity benef iciaries very seriously and are active in maintaining the buildings and sustaining positive
relationships with our tenants, neig hbouring landowners and the local council.
Activities during the Financial Year: Community Investments and One Southwarf(
rant-makin
Polic
nd Pra
ice
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 thich
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- 'Positwe
Ageing'thich seeks to reduce isolationand increase wellbeing amongstolderresident5, '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 how we fund as much as what we fund. We were a founder member
of the InstitLrte of Voluntary Action Research (IVAR) 'Open and Trusting Funderf initiative and have
adopted all its principles to make life easier f or applicants and f unded partners.

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
Grant Makin
and Related Activities in the Year
In 2024-25, the size of our overall Community Inveslment programme was £1,610,277 of thich £385,372
covered staff and other costs. £1,224,905 was a￿arded in grants over the ¢ourse of the year. A further
£31,333 was spent on our 'funder plus, activities to build the organisational strength and financia
resilience of important local partners.
Grants Awarded
Thanks to the contribution from the City Bridge Foundation, we awarded 17 large and 67 small grants in
2024-25. 2 strategi¢ grants were also awarded.
Lar
eGra
Large grants (totalling £727,312) were awarded to Copplestone Centre, Indoamerican Refugee and
Migrant Organisation, Blackfriars Settlement, Pembroke House, Burgess Sports, Groundwork London,
South London Gallery, Bounce Legacy CIC. Step Now Global CIC, The Wells Trust, Southwark Diocesan
Welcare, Camaval del Pueblo Association, Peckham Soup Kitchen, London Community BoxirvJ,
Southwark Black Parents Forum, The Advocacy Academy and Future Men.
Small Grant
67 small grants Itotalling £122,503 were awarded to local groups. 28 were f or projects benef iting yourKJ
people and f amilies, 17 for older people, 6 specif ically f or migrants and ref ugees, and 16 community
events.
Strate
ic Grants and Initiatives
Voluntary and Community Sector (VCS) Premises and Policy Officer. A £61,852 grant was provid￿ to
Community Southwarf( in response to a 2024 VCS pilot project, based on findings from the 2023 'State
of the Sectorf SUTvey, ￿lch identified premises as a key challenge for charities in Southwarf(. A new
officer role created in 2024, with the support of Uniled St Saviourfs and Southwark Council, is funded for
a further two years to increase access to, and supply of, affordable space for the VCS through a
matchmaking service and influencing local govemment and developers to increase supply.
Southwart Foodbank Advice Pmject. A £100,000 grant was provided, enabling Citizens AdvKe
Southwark to deliver targeted adviGe on debt, income maximisation, housing and benefits, to people
experiencing food insecurity through outreach sessions at partner premises and by ￿ferra1 from partners.
The partners wll comprise emergency food providers in Southwark, including the Borough Food
Cooperative. Community Fridge at the Albrighton Centre, Spring Community Hub, Paxton Green Time
Bank, Queensborough Community Centre and Redeemed Assemblies.
How We Fund
Community Investment Review. A strategic review of our community investment programme was
initiated in May 2024. This involved a listening eXe￿ISe ￿th partners and stakeholders, staff ref leCt￿)r
on successes and challenges, and workshops with trustees.
Feedback from stakeholders and partners is that we are present and locally kno￿edgeab1e, embedd8J,
influential, flexible and supportive of the VCS in Southwark. Based on requests and suggestions, we wll
chart the future direction of travel for our Community Investment programme as part of the organisation's
next 10-year strategic plan. We do not foresee radical changes, but plan to reinforce our role as an
enabler, connector and influencer wthin the local eco-system.
Promoting Equality in grant4naking. 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 stTuggle to secure funding. As a result. we are really pleased that 550A of o ur open access
grants were awarded to Black and BAME-led groups.

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
Open and Trusting Grant-making. As noted, we continued to work with the IVAR on a national campaign
to make funders more accountable to, and supportive of, the charity sector. In line with these principles,
a quarter of our large grants were awarded as unrestricted- providing important core. flexible funding for
local organisations.
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 Ne￿Ork 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.
In April 2024, a new cohort of 20 young people were recruited and are receiving the same package of
support.
The next phase of the programme will involve identification of barriers to progress for (under-represented)
young people around 3 key areas= employment, mental wellbeing and housing. Itwill 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 during the financial year: Almshouses
The activities of the housing team during this financial year were focussed on the bedding in of the new
team at Appleby Blue and the alignment of services across the almshouses to ensure consistence and
quality.
With a strategic focus on the wellbeing of residents. the Resident Support Team introduced a full
programme of Outcome Star assessments of all the individual residents living in Appleby Blue Almshouse.
This assessment gave the team the opportuntyto really getto know residents, ensure that all their support
needs were being met and helped them to obtain information which infomied the development of our
community and resident activity programmes.
By visiting each resident at regular intervals. the team were able to obtain baseline information about the
medical. social and economic needs of residents as well as observe their living environments and ability
to manage their homes.
This data has provided a useful insight into the wellbeing of individual residents but has also been used
to demonstrate a joumey of change, evidencing where the support provided by the housing team has
enhanced or improved the circumstances of residents.
Following a successful pilot at Appleby BlueAlmshouse, the outcome star measurement tool is now being
rolled out at the other almshouses.
The Charity delivered a comprehensive programme of resident activities and trips at all the almshouses.
Appleby Blue residents further benefitted from an extensive programme of community activities delivered
in the Community Centre.
Activities arranged directly by the housing team included birthday socials, various exercise classes, coffee
mornings, afternoon teas, festivals, themed parties, cinema trips and coach trips.

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
Helen Peele Memorial Almshouses
In November 2024, the Helen Peele Memorial Almshouses in Lower Road, Rotherhithe were transfe￿ed
to United St Saviourfs Charity. They had previously been run by their trustees and managed by The
Trust Partnership. These seven cottages We￿ brought under the management of the Appleby team,
o have developed good working relationships wth each of the residents living here. Since this
transfer, the Charity has completed a programme of improvement WOTks including re-landscaping and
garden
improvements, full extemal decorations, some electrical upgrades and boiler replacements there
reqUi￿d.
Perfomance da
The Charity commissioned an independent Resident Survey at the end of 2024, which was published at
the start of 2025. The f ind ings of this survey are complaint wth the requirements of the Regulator for
Social Housing. This is required at Hopton's Gardens and Helen Peele memorial Almshouses ￿1¢h are
both RPS.
A total of 79 residents responded and the findings are summarised below.
Code
Resident Satisfaction Data
Result
TP01
TP02
rall satisfaction
Satisfattion with repairs
95%
96%
TP03
Satisfaction with time taken to complete most recent repair
92%
Satisfaction that the horne is well maintained
91%
TP05
Satisfaction that the horne is safe
94%
TP06
Satisfaction that the landlord listens to tenant
iews and acts upon them
92%
TP07
Satisfaction that the landlord keeps tenants
informed about things that matter to them
Agreement that the landlord treats tenants
fairly and with respect
92¥0
TP08
94%
TP09
Satisfaction with the
landlord's approachto handling complaints
56%
TP10
Satisfaction that the landlord keeps communal areas clean and well
maintained
95%
TP11
Satisfaction that the landlord makes a positive
contribution to neighbourhoods
Satisfartion with the landlord's approach to handling anti-social
behawour
96%
TP12
87Y.
Other Perfornian￿ Data
Homes that do not meet the Decent Homes Standard
RP01
RP02
Repairs completed within target timescale
Gas safety checks
Fire safety checks
Asbestos safety checks
Water safety checks
ft safety checks
100%
BS01
100%
BS02
100%
BS03
100%
BS04
100%
BS05
100%

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
Voids t7nd WMC Performance
The total number of properties becoming void in the almshouses during the year was 6. This represents
4.4 % of this stock. The voids were mainly one bedroom properties, five of which were at St Saviourfs
Court, none at Hopton's Gardens or Helen Peele and one at Appleby Blue.
The average void tumaround time was 56 days.
A new partnership wth Southwark's Homeless persons Unit unlocked some new nominations for St
Saviourfs Court in Purfey. This included the nomination of some Ukrainian refugees have integrated
well into our community.
The collection rates of Weekly Maintenance Contributions remained high throughout year at 96.20/0 With
the majority of residents maintaining clear accounts. Where a￿earS have occurred, they have usually
related to residents in receipt of Universal Credit and experiencing delays to their housing element
payments.
Managing Communities
The Charity has noticed a decrease in anti-social behaviour during this financial year. This may be
partly attributed to the introduction of new Community Agreements, thich were developed at each
almshouse in conjunction with the residents. All residents were invited to attend workshops and
contribute to the agreeing the USTSC values, which sit alongside the Letters of Appointment and
Resident handbooks for all new residents.
Values are the foundation on thich the community agreements are based. They also came out of the
discussions in workshops wth residents and staff. These values are shared by all the United St
Saviourfs Charity's almshouses.
Welcoming & approachable.. We build trusting relationships by being friendly, welcoming and
neighboudy.
Safe & Caring." We show care for others wthin shared spaces and make our places feel safe.
Respeclful.. We show equal t￿atrnent to everyone.
Belonging.. We support everyone to feel at home and comfortable to be themselves.
Quality of communication.. We provide ¢onsistent and clear communication that respects
people's d iff erences.
Shared responsibilitr. We create community together.
Almshouse Property worts
A programme of planned maintenance was successfully completed during the year. We were able to
complete some essential capital wot1(s projects in both the almshouses, ensuring that our homes are ff(,
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 benef it of our benef iciaries.
Works during the year included a major refurbishment of the lounge, office and communal kitchen at St
Saviourfs Court and the upgrade of the telecare and entryGom system at Hopton's.
The charity continues to have development aspirations and has actively explored other potential sites for
new almshouses. We maintain good w)Tking relationships wth the Local Authority and developers in
Southwark to seek out suitable opportunities.

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
Activities durin
the financial
ear: Research and Influence
As a leaming organisation, research and influenGe played a key role during the year. The successf
opening of Appleby Blue in 2023 laid the foundation f or several research collaborations and initiatives
targeted at influencing wider housing and ageing practice and policy. In May 2024, Lord Best officiaty
opened Appleby Blue. The event was attended by local and national practitioners and policymakers, with
the VIP guests being the Appleby Blue residents. In November 2024, we published the Appleby Blue..
One Year On report, which detailed the insights and leamings from the first year of being open.
The LEMONADE project, in partnership wth Boumemouth University, was a community-based food
model for over-60s. This mixed-method research project collected a combination of quantitative health
and nutrition data wth qualitative inteNiews and photovoice. The research participants were Appleby BILE
residents and older people living in the sumunding community. Co-production was key to the suc¢ess of
the project, wth participants playing a Genlral role as advisors in the Community Engagement Group and
infoming the activity programme. The research project also involved an advisory group of profesSio￿S
from thefood and charity sectors. The LEMONADE toolkit was a key output of the project and provid
g uide f or organisations looking to ¢o-produ¢e similar community-f ood model projects.
We continued to support academic research into ageing and design. OLsr researcher-in-residence studios
enabled in-depth ethnographic studies of lif e at Appleby Blue. A PhD student stayed at Appleby Blue for
several weeks and conducted research into how residents a￿anged and personalised their new homes.
We also hosted student leaming days, giving architecture students the opportunity to engage wth the
building's design in use.
We worked closely with Southwark Council supporting their Older Persons Housing Strategy and we
joined the steering group to provide input into Southwark becoming a Worfd Health Organisation age-
friendly borough.
The scheme attracted signif icant attention f orits innovative design, resident support model, and integrated
community kitchen and centre. We welcomed a broad range of visitors throughout the year, includirvJ
local authorities. housing providers, architectural praGtices, and intemational delegations f rom Singapore
and Scandinavia. In January 2025, we partnered with the National Housing Federation's Older Persor
Housing Group and the Abbeyfield Society to host a Policymaker Roadshow at Appleby Blue. Attendees
included representatives from Homes England, the GLA, MHCLG, DHSC, and other housing provide￿.
ProfessorJulienne Meyer, Chair of the govemment's Older Persons Housing Taskforce, presented the
Taskforce's recommendations during the event.
Members of our leadership team presented our work at various conferences including Housing 2024,
Property Week, UKREiiF, and the British Society of Gerontology. We continued to sponsorthe Housir
LIN, there Appleby Blue showcased through HAPPI Hour presentations.
We were invited to provide evidence to the All-Party Padiamentary Group on Housing and Care forold
People and Appleby Bluewas highlighted as a best practice Case study in the Regeneration of Sheltera
Housing report.
To further contributeto public dialogue. we launched our Autumn Lecture Series. The three-part series of
panel discussions focused on age-inclusive design, place-making and community-based food projects.
Appleby Blue was also recognised with several awards. These included The Developerfs Pineapple
Award for Best Building and Inside Housing Award for Best Retirement Development. Most notable was
winning the Housing Design Award for HAPPI Principles and Wnner of Winners, ￿lch was presenled by
Minister of Housing Matthew Pennycook.
io

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
These achievements reflected the impact of Appleby Blue as a catalyst for research, kno￿edge
exchange, and policy engagement. Through our collaborations, events, and national presence, we
slrengthened our position as a leaming organisation committed to shaping the f uture of housing and
ageing.
By fostering partnerships wth academic institutions, policymakers, and practitioners, we active
contributed to the evidence base f or better housing in later lif e surrounded by supportive and thrivir
communities. The insights generated from our projects infomied design practices, seNice models, and
policy discussions across the sector.
Governance Structures and Key Information
Structure, governance and management
CopO￿te Stmctu
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 cotporatetrustee of United Sl Saviour's Endowment Charity (reg charity 1103731-1) which
holds the pemianent endO￿nent. Hopton's Charity (1103731-2) registerÈd providerof social housiro ro.
A2837} and Helen Peele Memorial Almshouses (1103731-3) Reg provider No. A0379. The directots 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 terns of three years. Although the
new Articles of Associationallowsomeflexibility, Trustees appointed since July 2018 now seNe two tems
of f ouryears, wth a possibility of an extra year. Trustees are usually expected to live or work in Southwark
at the time of being appointed. The Chair and Deputy Chair is elected for 3 years and may seNe 6 years.
Govemance Stmctu
The Board Consists of a minimum of three and a maximum of twelve Trustees which meet fouror mo
times a year. There are two committees of the Board: Community Investment Committee and Finance.
Investmenls and Audit Committee. Each Committee meets fourtimes per year. Working groups are also
fomed occasionally to deal wtth specific matters such as the new almshouse, and research and
inf luencing matters.
Trustee5 review strategy and priorities of the Charity at their meetings, taking into account community
investments, almshouse management and building development prog rammes, research activities,
investments and risk management. An annual strategy meeting is normally held by Trustees to plan
priorities.
The Trustees considerthe Board of Trustees, the Chief Executive and the executive team as comprisiro
the key management personnel of the Charity. The day-to-day management and control of the Charity
delegated to the Chief Executive.
Trustees are required to disclose all relevant interests annually and register them with the Chief Executive
and in a¢cordan¢e with the Trust's policy wthdraw from decisions Whe￿ a Conflict of interest arises.
Trustees also sign a code of conduct agreement annually.
Tnlstee trdining, recwitment, and remuneration
Trustees reg ulady review the skills and perspectives f elt essential to govem the Gharity eff eGtively aTh
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 appointed onetrustee from the Helen Peele almshouse charity upon taking ¢ontrol of trE
charity. All Trustees give their time f reely and no Trustee remuneration was paid in the year.
li

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
History
The charily today is modem and forward-looking, proud of our roots, but not restrained by them. The
charity traces its eadiest roots back to the f ifteenth century. It was f inally incorporated under a charter of
Henry Vlll as the Corporation of Wardens of the Parish of Stsaviour. Southwark, to manage parish affaitS
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 g iven to each of our Trustees e.g.
Warden of the Great Account, Bell Warden, Renter Warden. We also hold an annual service at Southwark
Cathedral to celebrate the lives of ouroriginal benefactors, including Thomas Cure MP, the founderof OLr
f irst almshouses in 1588.
Staff remunerdtion
Staff salaries were independently evaluated in 2024, and levels were set in line ￿th an agreed policy.
Staff salaries are typically increased in line with cost of living each year, subject to aff ordability. The Chief
Executive received total emoluments (salary and pension payments) of £122,984 in the financial year.
Equality, Diversity and Inclusion
Working in Southwark, the trustees and staff of United St Saviourfs Charity recognise that our diverse
borough has one of London's largest population of Black and other minority ethnic cilizens. The charity
responds to the real injustices faced by these co mmunities and has made a number of ¢ommitments to
change the way we work. Much of ourwork today is deliberately positioned to meet these commitments.
ilst these commitments largely f ocus on tackling racism, the charity continues to add ress discrimination
in all its f oms, in particular that experienced by the LGB TQ+ and older population in Southwark. Inclusion
fomis part of our core values. We are committed to reflecting. celebrating and Ghampioning Ihe diversty
of Southwark. We strive to create equal access and opportunity forthe 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 worf( closely wth other g rant making trusts in
Southwark and attend the Southwark Funders, meetings.
In respect of our almshouse provision, the Charity is a member of the Almshouses Association. Staff
attend meetings and receive updates from the Housing Leaming and Improvement Networf(. We are also
members of the g320 group of small London housing associations, the Charities Property Group, and
EROSH.
Within Southwath, we are pleased to take an active part in many networf(s, community assemblies and
neighbourhood meetings, and maintain a strong relationship wth Southwark Council. We retain a Glose
relationship to our historic parish responsibilities and remain active in the Borough Marf(et Environs Group,
ich helps ensure that the character of the a￿a is not hamied 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 benefit including its
guidance 'Public benef it.. Tunning a charity {PB2)' to ensure that activities meet the requirements.
Risk miligation
Trustees review the major risks faced by the Charity twice yearfy. Trustees have examined key controls
over financial and operational systems and other business risks which the Charity faces and confim tha
systems are in place to mitigate the significant risks. The Charity's risk register addresses operationa
risk, f inancial risk, and reputational risk, ￿1¢h Could arise through, f or example, f raud or ineff ective grant
making.
12

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
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-temi, as a result of
disaster, health and safety f allure or f ire etc., is mitigated through control systems and insurance. The
charity has appointed an extemal Health and Safety consultant as Responsible Person.
Most of the almshouse residents are considered vulnerable person5, and this brings risk of an adu
saf eguard ing f allure. This is mitigated through control systems such as saf eg uarding procedures and
staff training. The charity appointed an extemal Safeguarding consultant during the year foradvice and
support.
The charity's financial position may be impacted by a downtum in central London commercial rents and
a signif icant cost-over run on a major capital project. Exceptionally high rates of inf lation seen in recent
years could create signif icant cost pressures on maintaining the almshouses and investment properti
and recruiting and relaining high q uality staff. Strong f inancial systems, reg ular reviews of the long-term
cash and f inancial projections, prof essional management and extemal advice mitigate this.
The charity took on a £5.5m debt with Lloyds Bank in 2020, using a fixed Inte￿$t rate 25-year mortgag&
The commercial investment properties provide loan security. Default on loan covenants is Considered a
low risk. The trustees aCknO￿edge that although the community investment grants funding is importarrt
to the local voluntary sector in the area of benef it, there is no legal obligation to maintain this f unding aThJ
the funds could be diverted towards loan commitments if necessary.
Financial review
Followng 2 years of rapid gr0￿h in tumover and assets, the charity had a relatively stable year. Total
assets grew by 0.8°/o to £66.1m {2024= £65.6m}, and unrestri¢ted funds grew by 1.70/0 to £17.8m
(2024= £17.5m). Cash and cash equivalent holdings reduced by 2.70A but were still at high levels of
£5.6m, due to holding the first tranche of Red Lion Court 2024 disposal proceeds (£3m). The charity
remains in strong f inancial health.
Total in¢ome reached £4.19m {2024 £4.10m). Income from charitable activities increased by 32.5%
year on year, mostly due to the effect of a full yeals income from residents at Appleby Blue. The fI￿t
residents moved in during July 2023, and full occupancy took almost 6 months. Rental income from
investment properties grew to £1.8m (2024- £1.7m). Income from listed investments fell by 8.70/0 to
£0.34m as the continued eff ect of investing in lower yielding global equities was f elt.
Total expenditure increased to £4.19m 12024= £3.79m), with expenditure on charitable activity
increasing to ref lect the f ull years cost of running Appleby Blue almshouse. Total supportcosts of £547k
(2024= £357k) included some exceptional professional fees related to the first yearfs management of
Appleby Blue. Community Investment grants were less than in prior years as grants ￿CeIVed to
distribute on behalf of others were fully expended. The level of grant-making using the charity's own
funds stayed the same year on year.
Total net investment gains were £509k (2024 £9.3m) ref lecting typical listed investment gains in a
year.
13

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
Reserves policy
The Tnjstees review the reserves policy annually. Trustees have maintained their risk-based approach
to setting the appropriate level of unrestricted reseNes. Having considered the signif icant risks the
charity is exposed to- Trustees consider that £2.5m is a pNdent level of general reserves equating to
approximately 8 months of budgeted un￿stricted fund expenditure in a typical year.
The current level of free reserves is £4.76m from a total of £17.79m in the Unrestricted Fund (Total
Unrestricted Funds (Note 25a) less Tangible Fixed Assets (Unrestricted))
1.03.2025 31.03.2024
Total Unrestricted Funds not designated- General Funds (Note 25a)
14,224,980 12,254,849
Less.. Tangible Fixed Assets (Note 26a)
Investment Property (Note 181 less bomwrngs against
investment property (Note 23)
(7,369,799) (8,678,500)
(2,099,067) (1,734,929)
Total f ree Liquid reserves
£4,756,114 £1,841,420
Tawet level of free ￿seNeS
£2,500,000 Q,481,802
The charity's reserves levels are theref ore abovetarget, in the main due lo the decisionto undesignating
sinking fund at the Pudey almshouse in 2024. The charity is entering a new strategi¢ planning period
and will be reviewing its reserve levels and f o￿ard expenditure plans.
Designatsd Funds
The charity holds a number of designated funds wthin the unrestricted fund.
Almshouse properties maintain and hold reserves (combined value £411 k) f orf uture capital expenditure
requirements thich have been highlighted in a suNeyorfs 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 f und (value £155,515) is held to build up adequate f unds to maintain and ref urbish 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 f lexibility 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 undesignated £2m from this fu￿1,
leaving £3m for future almshouse development opportunities.
A Sinking Fund had been established to provide forthe building of St Saviouvs Court at the end of its
useful life. This was removed during the year as the building is kept in good Condition, maintained by
capital expenditure reserves.
Investment policy and performance
The overall objectives are to create sufficient income and Capital gr0￿h to enable the Charity lo cary
OLrt its purposes consistently year by year with due and proper consideration f or f uture needs and the
maintenance of. and if possible, enhancement ofthevalue ofthe invested fundswhile they are retained.
The investment manager has a discretionary mandate to generate total retums which balance income
and capital g ro￿h, whilst taking a medium to high-risk appetite ref lecting the perpetual time-horizon of
the charity. The asset allocation is broadly 750fi equity to 25 % fixed income.
14

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
In 2024. the trustees agreed wth the investment managels 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 2.5%.
Upon the advice of the investment manager, tNstees approve a minimum target level of income each
year which represents approximately 2.2 % yield and considered a sustainable distribLrtion level. The
trustees set an annual budget which assumes a further 0.750h to 1°/0 income yield but manage this
notional income f rom the charity's overall positive cashf lows. The trustees have therefore not f elt the
need to adopt a 'Total Retum Approach, but wll continue lo monitor the impact this will have on the
total value of unrestricted fund. Some of the un￿StriCted 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 Rathbones who provide quartedy
perfofftance reports to the Finance, Investments and Audit Committeeforreview. The Charity has been
satisfied with the manageff s performance in 2024125.
The Charity's investment properties in Southwark provide a significant part of the Charity's income.
They include fourpubs, nine retail shop units, fouroffices. 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 forthe planet, respect for people and good corporate govemance.
Our investment principles wll 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 avoKI
businesses that are either unsustainable or seek to exploit vulnerable people and start to d isinvest frDm
Companies that are not taking seriously their responsibilities to assist wth the tpnsition to a low carbon
economy. We wll continue to exclude companies involved in amiaments, 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 wll be supportive of our objectives and help to raise
corporate standards through shareholder engagement and active stewardship. The Trustees monitor
the perfomiance of the investment manager against these criteria by scrutinising reports and face-to-
face meetings.
FUTURE PLANS
The charity will publish its new strategic plan in Autumn 2025. After10 years of major transfornalion
and gr0￿h, with the significant achievement of Appleby Blue. Trustees have set a direction to build on
these suc¢e5ses and continue a growth trajectory over the next 10 years. We intend to develop more
almshouses in Southwark wth a target of 500 homes in total.
The strategic review of our community investments has shown that our place in SouthwaTk as a funder
of community groups is increasingly important. Trustees have set a direction to growthe impact of o
grantmaking.
To meet our long-temi strateg ic goals, the charity f irstly has to review at its intemal capacities to deliver
them. The Trustees wll therefore be Garying out a review of its operational, finance and staffi
stTUCtures. to ensure it can meet their ambitions.

United St Saviour's Charity
For the year ended 31 March 2025
Trustees Report (continued)
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees (tho are the directors of United St Saviourfs Charity forthe 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 Accept￿1
Accounting Practice).
Company law requires the Trustees to prepare financial stalements foreach financial year, thich 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 ¢haritable company for the year.
In preparing these f inancial 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
departure5 disclosed and explained in the f inancial statements,
prepare the financial statements on the going concem basis unless it is inappropriate to presume
that the charitable company wll continue in operation.
The Trustees are responsible forkeeping adequate accounting records that disclose with reasonable
accuracy at any time the f inancial position of the charilable company and enable them to ensure that
the financial statements comply wth the Companies Act 2006. They are also responsible for
safeguarding the assets of the ¢haritable company and hen¢e for taking reasonable steps for the
detection and prevention of f raud and other itTeg ularities.
In so f ar as the Trustees are awa￿..
there is no relevant audit infomiation of ￿lch the charitable company's auditor is una￿are., and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any
relevant audit infomation and to establish that the auditor is aware of that inf omation.
The Trustees are responsible for the maintenance and integrity of the corporate and financial
inf ormation included on the charitable company's website. Leg islation in the United Kingdom govemirKJ
the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
AUDITORS
Moore Kingston Smith have indicated their willingness to continue in off ice and offerthemselves 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 forissue bythe Trustees on 29th Septsmber
2025 and signed on its behalf by..
Chair of the Board of Trustees
29th September 2025
16

United St Saviour's Charity
Forthe year ended 31 March 2025
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,) forthe year
ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the
Cash Flow Statement and notes to the f inancial statements, includ ing signif icant accounting policies.
The f inancial reporting f ramework 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 f inancial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 March 2025
and of its incoming resources and application of resources, including its income and
expenditure, for the year then ended.,
have been propedy prepared in accordance with United Kingdom Generally Accept
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 Intemational Standards on Auditing (UK) (ISAS {UK)l and
applicable law. Our responsibilities under those standards are further described in the Auditorfs
Responsibilities f or the audit of the f inan¢ial 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 t
f inancial statements in the UK. including the FRC'S Ethical Standard. and we have f ulf illed our other
ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we
have obtained is suff icient and appropriate to provide a basis f or our opinion.
Conclusions relating to going ¢on¢ern
In auditing the f inancial statements, we have concluded that the trustees, use of the going concem basis
of accounting in the preparation of the f inancial statements is appropriate.
Based on the WOTk we have perfomied, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significanl doubt on the charitable
company's ability to continue as a going concem fora period of at least twelve months from when the
f inancial statements are authorised f or issue.
Our responsibilities and the responsibilities of the trustees wth respect to going concem are des¢rib
in the relevant sections of this report.
Other information
The other infomiation Comprises the infomiation included in the annual ￿pOrt, other than the financial
statements and our auditorfs report thereon. The tnjstees are responsible for the other information
contained within the annual report. Our opinion on the f inancial statements does not cover the other
information and, except to the extent otherwise explicitly stated in our report, we do not express any
fomi of assurance conclusion thereon.
Our responsibility is to read the other infomiation and. in doing so, consider whether the other
inf omation is materially inconsistent with the f inanGial Statements or our kno￿edge 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
matertal misstatement in the financial statements themselves. If, based on the work we have perfom6J,
17

United St Saviour's Charity
For the year ended 31 March 2025
Independent auditor's report to United St Saviour's Charity
(continued)
we ¢on¢lude that there is a material misstatement of this other infoTmation, we are required to report
that f a¢t.
We have nothing to report in this regard.
Opinions on other matterys prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of the audit..
the inf ormation given in the trustees. annual report for the f inancial year f or thich the f inancial
statements are prepared is consistent with the f inancial 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 knO￿edge and understanding of the company and its environment obtained in the
course of the audit, we have not identif led material misstatements in the trustees, annual report.
We have nothing to report in respect of the following matters there the Companies Act 2006 requires
us to report to you if, in our opinion-
adequate accounting records have not been kept, or retums adequate for our audit have not
been received from branches not visited by us; or
the financial statements are not in agreement wth the accounting records and retums., or
certain d isclosures of trustees, remuneration specif led by law are not made-,
we have not received all the infornation and explanations we require for our audit.
the trustees were not entitled to prepare the f inancial statements in accordance with the small
ompanies regime and take advantage of the small companies exemption in preparing the
trustees. annual report and from preparing a strategic report.
Responsibilities of trustses
As explained more f ully in the trustees, responsibilities statement set out on page 16, the trustees (who
are also the directors of the charitable company forthe purpose5 of company law) are responsible for
the preparation of the f inancial statements and f or being satisf led that they give a true and f air view,
and forsuch intemal control as the trustees determine is necessary to enable the preparation of f inancia
statements that are f ree 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 concem, disclosing, as applicable, matters related to goiro
concem and using the going concem basis of accounting unless the trustees either intend to liq uidate
the charitable company or to Cease operations, or have no realistic altemative but to do so.
Auditor's Responsibllltles for the audlt of the financlal statements
Our objectives are lo obtain reasonable assurance about ￿ether the financial statements as a whole
are freefrom material misstatement, whether due to fraud orerror, and to issue an auditorfs report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a g uarantee that an
audit conducted in accordancewith ISAS (UK) will always detect a material misstatement when it exists.
Misstatements Can arise f rom f raud 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 f inancial statements.
18

United St Saviour's Charity
Forthe year ended 31 March 2025
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 scepticism throughout the audil. We also..
Identify and assess the risks of material misstatement of the f inancial stalements, whether due
to fraud or error, design and perfom audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basi s for our opinion. The risk of
not detecting a material misstatement resulting f rom f raud is higher than f or one resulting f rom
error, as f pud may involve collusion, forgery, intentional omissions, misrepresentations, or the
ovemde of intemal control.
Obtain an understanding of intemal control relevant to the audit in order to design audit
procedures that are appropriate in the Circumstances, bLrt not forthe purposes of expressirg
an opinion on the effectiveness of the charitable company's intemal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and ￿lated disclosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going concem basis of accountirYJ
and, based on the audit evidence obtained. whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the charitable company's ability to
continue as a going concem. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditorfs report to the related d isclosures in the f inancial 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 auditorfs report. However, future events or
conditions may cause the charitable company to cease to continue as a going ¢oncem.
Evaluate the overall presentation, structure and content of the f inancial statements, includ ing
the disclosures, and whether the f inancial statements represent the underfying transactions and
events in a manner that achieves f air presentation.
We communicate wth those charged with govemance regarding, among other matters, the planned
scope and timing of the audit and signif icant audit f indings, including any signif icant deficiencies in
intemal control that we identify d uring our audit.
Explanation as to what extent the audit was considered capable of detecting Irregularities,
including fraud
Irregularities, including f raud, are instances of non<omplianGe 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 whiGh our procedures are ¢apable of detectirYJ
irregularities. including f raud is detailed below.
The objectives of our audit in respect of fraud, are., to identify and assess the risks of material
misstatement of the f inancial statements due to f raud,. to obtain suf f icient appropriate aud it evidence
regarding the assessed risks of material misslatement due to fraud, through designing and
implementing appropriate responsesto thoseassessed risks,. and to respond appropriately to instances
of fraud or suspected fraud identified during the audit. However, the primary responsibility for the
prevention and detection of fraud rests with both management and those charged wth govemance of
the charitable company.
19

United St Saviour's Charity
For the year ended 31 March 2025
Independent auditor's report to United St Saviour's Charity
(continued)
Our approach was as follows..
We obtained an underslanding 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 wth management and those charged with govemanGe.
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 wth
management and those charged wth govemance.
We inquired of management and those Charged wth govemance as to any kno￿ instances of
non-compliance or suspected non¥compliance wth laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identrfy
instances of non-compliance wth laws and regulations. This included making enquiries of
management and those charged with govemance and obtaining additional corroborative
evidence as req uired.
There are inherent limitations in the audit procedures described above. We are less likely to beconE
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 d ue to f raud is higher than the risk of not detecting one resulting f rom error, as f raud may
involve deliberate concealment by, f or example, f orgery 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 accordancewth Chapter
3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
the company's members those Matters we are required to state to them in an auditorfs report and for
no other purpose. To the fullest extent pemitted 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 fomied.
J_A LL*
Neil Finlayson (Senior Statutory Aud itor)
forand on behalf of Moore Kingston Smith LLP. Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Date 28 October 2025
20

Statement of Financial Activities
United St Saviour's Charity
For the year ended 31 March 2025
Statement of Financial Activities
Unrestrfcted
Funds
Restrlcted Endowment
Funds
Funds
Notes
2025
{£1
2024
(£1
Statement of Financial Activities
Income and endowmentsfrom..
Donations and
Legacies
Investments
7.178
345.908
353.086
715,734
2.364.329
6,581
2.370.910
2,111.146
Charitable
Activities
1.349.164
66.661
1.415,825
1,C68,130
Other
27.102
20.563
47.665
207.728
Total
3,747,773
439,713
4,187,486
4,102,738
Expenditure
on:
Raising Funds
Charitable
350.330
34,328
384.658
459,420
3.218.969
487.346
103.747
3.810.062
3.333,873
Total
3,569.299
487,346
138.075
4.194.720
3.793,293
Nel gainslllossesl on
Investments
98.114
3.978
407.224
S09,316
9.253.193
Net In¢omellExpenditure}
276,588
{43,6551
269,149
502,082
9.562,638
Transfers befv￿en Funds
18,249
118.2491
Net movement in funds
294,837
{61,9041
269,149
502,082
9,562,638
Reconciliation of Funds
Total Funds al 3 April
17,497,196
408.783
47.718,914
65.624.893
56.C62.255
Current year earnings
294,837
161,9041
269.149
502.082
9.562,638
Total Funds at 31 March
17.792,033
346.879
47,988,063
66,126,975
65.624.893
All activities relate lo continuing operations.
The Statement of Financial Activities includes all gains and 50sses reeognised during the year.
The notes on pages 2410 42 form part oflhese financial statements.
21

Balance Sheet
Company Number: 05092710
United St Saviour's Charity
For the year ended 31 March 2025
Notes
2025
2024
Balance Sheet
Flxed Assets:
Tangible assets
15
15,004.465
15,174,094
Investments
16
47,426,735
46,982.408
Total Fixed Assets:
62,431,200
62,156,502
Current assets..
Debtors
19
478.259
486,119
Cash atbank and in hand
21
5,498,844
5,589,567
Total Current ass9ts:
5.977,103
6.075.886
Cred itors.. Amounts falling due within one year
22
{1,641,259}
11,709,548)
Net Current Assets
4.335,844
4,366,138
Debtors= Amounts falling due over one year
20
4,000.000
4.000.000
Total Assets less Current Llabllltles
70,767.044
70.522,640
Cred itors.. Amounlsfalling due after more than one
year
23
14.640,0691
{4,897,7481
Total Net Assets
66.126.975
65.624.892
The funds ofthe charity-
Endowment funds
25
47,988.C63
47,718,914
Reslricled income funds
25
346.879
408.783
Unreslricled funds
25
17,792.033
17.497.196
Total funds of the charity..
66,126,975
65.624,893
Thefinaneial stalenEnls wereapproved and authorised forissue by IheTruslees on 29 September 2025 antj signed on their
behalf by..
Benjami
Johnson
Kathryn Ogunbona
Chair of the Board of Trustees
Chair of Finance. Investments and Audit Committee
The notes on pages 24 to 42 form part oflhese financial statements
22

Statement of Cash Flows
United St Saviour's Charity
For the year ended 31 March 2025
Notes
2025
2024
{£)
Cash flow from operating activities
Net cash flow fiom operating activities (see below)
12.190,3751
1650,542}
Cash flow from investing activities
Dividends, interest and rents from investment$
Purchase of tangible assets
Proceeds from sale of other investments
2.429.242
178.4461
2,129,240
15,449,971)
6,996,177
{2,275,9301
15
17
4,086.954
14,086.0871
Purchase of other investments
17
2 351663
1399516
Cashflow from financing activltles
Repayments of borrowing
Interest paid
1166.2971
1149.8361
1160,6451
1155,4821
316.133
316 127
Change in cash and cash equivalonts in the year
1154,8451
432,847
Cash and cash equivalents brought forward
5,734.703
5,301,856
Cash and cash equivalents carrled forward
21
5,579,858
5.734.703
2025
i£}
2024
(£1
Reconclllation of net movement in funds to net cash flow from operating activltles
Net income for the year as per Stslemenl of Financial Activities
Adjuslmenl for:
Depreci81ion Charges
Amortisation of eapilal grant
Finance Charges
IGainsllL055es on investments
Dividends. interest and rents from investments
Loss on d isposal of fixed assets
{In¢re8selldeerease in debtors
Increaselldecrease) in creditors
502.082
9.562.636
247,367
(1,3261
149.835
1509,3161
12.370,910}
710
212.668
11.326)
155.487
19.255.196)
12.111.146)
595
{50.472)
(158,345)
418,103
367,637
Net cash used In operating activitie5
2190375
23

Notes to the Accounts (Continued)
United St Saviour's Charity
For the year ended 31 March 2025
Notes to the Accounts
1. Accounting Policies
General Information and basis of preparation
United St. Saviouvs Charity is a charitable company registered in England & Wales
{Registered Qffi¢e'.16 Cru¢ifix Lane, London, SE1 8JW). 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 prin¢ipal activities are the relief in need to persons resident in the area of benef it by
providing a¢¢ommodation and such other means as the tNstees think fit.
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 charities preparlng their
accounts in accordance wth the Financial Reporting Standard applicable in the UK and
Republic of Ireland {FRS102} including update bulletin 2, {SORP (FRS102)), 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 con¢em basis under the historical cost
convention, modif led to include certain ilems at f air value. The f inancial statements are
prepared in sterting which is the f unctional currency of the Charity and rounded to the
nearest pound.
The signif icant accounting polices applied in the preparation of these accounts are set out
below. These policies have been consistently applied to all years unless otheNse stated.
Funds
General f unds are unrestricted f unds which are available f or the use at the d iscretion of the
Trustees in furtherance of the general objectives of the Chaiity and which have not been
designated for other purposes.
Designated Funds Comprise unrestricted f unds that have been set aside by the truslees
for particular purposes. The aim and use of each designated fund is set out in note 25.
Restricted funds are funds ￿lch are to be used in accordance with specific restrictions
imposed by donors or which have been raised by the Charity for particular purpose5. The
Cost of raising and administering such funds are charged against the specifi¢ f und. The aim
of eaGh restricted f und is set out in note 25.
Endowment funds represent those assets thich must be held pemanently by the Charity.
Income arising on the endowment can be used in accordance with the objects of the charity
and is included in unrestricted income. Any capital gains or losses arising on the
investment5 form part of the fund. Investment management charges and legal advice
relating to the f und are Charged against the f und.
1.3 Income
All income is included in the Statement of Financial Activities when the Charity 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 wll be received.
For donations to be recognised, the Charity wll 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 perfornance before entitlement Can be obtained, then the income is deferred until
those cond itions are f ully rnet or the f ulf ilment of those conditions is wthin the control of the
Charity and it is probable that they will be f ulf illed.
24

Notes to the Accounts (continued)
United St Saviour's Charity
For the year ended 31 March 2025
Investment income is eamed through holding assets for investment purposes such as
shares and property. It includes dividends, interest, and rent. Vthere it is not practicable to
identify investment management costs incurred within a scheme with reasonable accuracy,
the investrnent income is reported net of these costs. It is included when the amount ¢an be
measured reliably. Interest income, dividend and rent income is recognised as the charity's
rig ht 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 nomially upon notif ication of the interest paid or
payable by the bank.
Expenditure
All expend iture is accounted f or on an accruals basis and has been Classif led under
headings that aggregate all costs related to the category. Expenditure is recognised where
there is a legal or constru¢live obligalion to make payments to third parties, it is probable
that the settlement will be required, and the amount of the obligation can be measured
liably. It is categorised under the f ollowing headings.
Costs of raising funds include investment management costs & the dI￿¢t costs of
managing the Charity's inveslment properties.
Expenditure on charitable activities includes all costs incurred on f urthering the objects of
the Charity., and
Other expenditure represents those items not falling into the categories above.
Irrecovepble VAT is charged as an expense against the activity for which expenditure
arose.
Grants payable to third parties are within charitable objectives. ￿ere unconditional grants
are off ered, this is accrued as soon as the recipient is notif led o f the grant, as this gives rise
to a reasonable expectalion that the recipient wll receive the grants. Where grants are
conditional relating the perfomiance then the grant is only accrued when any unf ulf illed
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 govemance costs. They are incurred
directly in support of expenditure on the objects of the chatity. Where support costs cannot
be d irectly attributed to particular headings. they have been allocated to activities on the
ba515 of staff involved in activities. (See note 10.)
25

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe year ended 31 March 2025
Tangible Fixed Assets
All assets costing more than £500 are capitalised
Tangible f ixed assets are stated at cost less a¢¢umulated depreciation. Cost includes costs directly
attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible f ixed assets, at rates calculated to write of f the cost, less
their estimated residual value, of ea¢h asset on a systematic basis over its usef ul life as f ollows.
Freehold Property
30 - 70 years
Freehold Property - Helen Peele Memorial Almshouses
15-50years
Freehold Property - Helen Peele Memorial Almshouses
Fixtures and Fittings
4- 20 years
Leasehold properties
100 years being the
anticipated usef ul life of the
asset.
Fixtures and f ittings
10-20 years from the
date the assets are f irst
put to use
Office Equipment - SoftWdre
depreciated over lif e of
the licence
Office Equipment -
Other Office Equipment
3 years
(Freehold land is not depreciated)
Social Housing Grant - Helen Peele Memorial Almshouses
Social Housing Grant (SHG) is a Capital grant made to The Helen Peele Memorial Almshouses
charity towards the cost of acquiring, building or major alterations to housing properties. The SHG
was received from the Housing Corporation.
The SHG is included in creditors- amounts falling due wtthin one year and amounts falling due
after more than one year on the Balance Sheet. It is amortised annually to the Statement of
Financial Activities over the expected usef ul lif e of the assets to which it relates. The accumulated
amortised grant represents a contingent liability that may materialise when the relevant property to
which the amortised grant relates to ceases to be used forsocial housing purposes, usually due to
disposal of the housing asset.
Social Housing Grant - Hopton's Almshouse
The total Social Housing grant to help finance the refurbishment costs of the Hopton's Almshouse
amounted to £455,077. The Social Housing Grant is repayable under Certain Gircumstances;
primarily following the sale of a property but wll nornally be restricted to the net proceeds of the
sale. (Note 30)
1.7 Investment properties
Investment properties are measured at fair value at each reporting date wth changes in fair value
recognised in 'Net gainsl(losses) on Investments in the Statement of Financial Activities.
26

Notes to the Accounts (continued)
United St Saviourfs Charity
For the year ended 31 March 2025
1.7 Investments
Investments are a f omi of basic f inancial instrument and are initially recog nised at their transaction
value and subsequently measured at their f air 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 throug hout the year. As investments are revalued to f air value continuously, no realised
gains or losses arise.
Debtors and ¢￿dItorS receivablelpayable
Debtor receivables are recognised at amortised cost less any provision f or bad debt. A provision f or
bad debts is established ￿en there is objective evidence that the debtor cannot be collected
according to the original temis.
All expenditure is accounted for on an accruals basis. Creditors are recognised when the Charity has
present legal or constructive obligation resulting f rom a past event to make a payment to a third
party, it is probable that settlement will be req uired and the amourrt 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 (f ixed assets)
in the balance sheet.
Financial Instruments
1.10
The Charity only has f inancial assets and f inancial liabilities of a kind that qualify as basic f inancial
instruments. Basic f inancial instruments are initially re¢ognised at transaction value and
subsequently measured at their settlement value wth 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.
1.12 Leases
Rent payable under operating leases, where substantially all the risks and rewards of ownership
remain wth the lessor, are charged to the statement of f inancial activities in a straight-line basis over
the minimum lease tenn including any lease incentives ￿CeIved.
Rental income f rom operating leases is recog nised on a straight-line basis over the term of the
relevant lease.
1.13 Employee Benefits
Employee Benefits
The costs of short-tem 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.
27

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe yearended 31 March 2025
Temination benefits are recognised immediately as an expense when the charity is
demonstrably committed to terminate the employment of an employee or to provide temiination
benef its.
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 theref ore accounted f or as if it were a
defined Gontribution scheme.
1.14 Going Concern
The financial statements have been prepared on a going concem basis which assumes the
charitable company will continue in operational existence for the foreseeable f uture. 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 f inancial budget for 2026127 and Trustees regularly review cashf low
forecasts and at present the trustees are satisf led that the Gharity remains a going concem.
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 signif icant effect on amounts recognised in the f inancial
statements.
Depreciation rates f or tangible f ixed assets
Valuation of investment properties.
1.15
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 def icit liability
The above also represent the key sources of estimation uncertainty.
2. Related Party Transactions
There were no relale¢J party transactions duiing the year {2024'. Nil)
Unrestricted Restrict
Endowment
2025
2024
(£1
1£)
(£1
{£)
1£)
3. Income from Donations and Legacies
Grants Received
1.850
5.328
341,093
4.814
342,943
705,295
10,440
Donations
10,142
Total Income from Donations and Legacies
7.178
345,907
353.085
715,735
Unrestricted Restrlctwj
Endowmont
2025
2024
1£)
{£1
1£)
1£)
{£1
4. Income from Investments
Rents and other income receivable from
investment properties
Income receivable from Listed Investments
1.799,981
1,799,981
1,682,653
338.545
225,e03
5.628
953
344,173
377,235
51.258
Interest receivable
226.756
2,370,910
Total Income from investments
2,364.329
6.581
2,111,146
28

Notes to the Accounts (continued)
United St Saviour's Charity
For the year ended 31 March 2025
Unrestrfcted Restr]ct
Endowmgnt
2025
2024
{£)
{£)
(£1
1£)
1£)
5. Income from Charitsble Activities
Almshouses residents maintenanco
contributions and miscellaneous incorne
1,349,164
66.661
1,415,825
1,C68,130
Total Income from Charitsble Actlvltles
1.349.164
66.661
1.415,825
1,068.130
Unrestricted Restrictal
Endowment
2025
2024
{É}
(£1
{£1
6. Other Income
Research Income
24,142
183,586
207.728
Miscellaneous income
20,563
20.563
47.665
47,665
Total Other In¢omo
27.102
Unrestricted
Restricted
Endowment
202S
2024
1£)
(£1
(£1
1£>
{Éi
7. Expenditure on Raising Funds - Investment Costs
Investment Management Fees
Direct costs of managing investment Properties
Raising Funds employment costs
Support and governance costs
Total Expgnditure on Ralsing Funds - Investment
Costs
30,399
257,645
48,163
14.123
350.330
34.328
64.727
257.645
48.163
14,123
384,658
62.392
340.187
45.355
11,486
4S9.420
34,328
Included in d irect costs of managing investment properties is interest on financial liabilities as follows
2025
1£)
2024
1£)
Interest on financial liabilities measured al amortised ¢051..
Interest on bank loans
149,835
155,487
Unrestricted
Restrlcted
(£1
Endowment
1£)
2025
1£)
2024
1£)
1£)
8. Expenditure on Charitable Activities
Grant Givlng
Grants Payable Inole 11)
Direct grant g iving employment costs
Support costs
Total Grant Givlng
Direct Charitablg Artivitigs
Direct Charitable Activity costs
Charitable klivity employment costs
SupportC05ts
Total Dired Charitable Actlvltles
Total Expendlture on Charftable Actlvitles
1.011.667
131,591
213,238
118,605
1,224,905
250.196
1.389,170
216,809
134.716
1.277,974
460
135,176
1,610,27T
109,555
1,715,534
332.303
985,002
582.266
373,727
1.940,995
121.457
9,321
24.265
155,044
103.747
1.210.2C6
591.587
497.992
2.199.786
942,125
439.740
233.474
1.618.339
103,747
3.218,969
487.346
103.747
3,810.062
3.333.873
29

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe year ended 31 March 2025
Unr9Stricted
Restricted Endowment
2025
{£1
2024
1£)
1£)
(£1
{£1
9. Reconciliation of Grants Payable
Grants payable al 1 April
948,424
948.424
645.849
GTanls awarded during the year Inole 11}
Grants paid during the year
Grants payable at 31 March
1,011,667
11,165,777)
794,314
213,238
{213,2381
1,224.905
1.389,170
11.379,0151 11,086,595)
794.314
948,424
Unrestricted
Restricted
Endowment
2025
2024
1£)
{£)
1£)
(£1
10. Support Costs
Support costs (excluding govemance costs}
Computer Expenses
Other Office Expenses
Communication, branding, annual reports
Bank charges
Irrecoverable VAT
Staff costs
Agency Staff
Staff Travel
Staff Benefits
Train ing and recruilmenl
Depreciation
Total Support costs (excluding governance costs)
34.639
51.621
14,469
3.483
828
103.799
3,732
5.002
3,271
11,822
19,027
251.693
34.639
75,876
14.469
3.483
828
103.799
3.732
5,014
3,271
11,822
19,485
276.418
30.676
39.112
5,622
1,984
11.0841
97.836
24.255
12
325
1.810
19,627
17.373
213.281
458
24.725
Governance Costs
Staff costs
Auditor's remuneration Audit costs
Accountancy fees
Professional Fees
Board meeting and governance expenses
Total Governance Costs
Total Support costs
39,308
29,308
23.228
175.961
3.069
270,874
522,567
39.308
29,308
23,228
175.961
3,069
270.874
547.292
36,931
26.532
17.920
61.729
1,122
144.234
357.515
24,725

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe yearended 31 March 2025
11. Grants Pa
able
We award gr￿1$ lo groupswhosewotk adv&)ces our Communty Inveslment{Cll aims. We operate 3 grants programmes.. srnallgrsnls
(up lo £S.000}. largegranls lover£5.0001, and strate31cgr￿ls whith are invitath)n-only. Wealso run collaboralivegra]Is prograny
when the need and opportunity arise.
Our priorities respcnd to important local issues and pop￿allOn groups and ourlhemes are. Positive Ageing. which seeks lo r￿1￿8
isolation and increase wellbeing amongst older residents, 'Slrong, Resilient CommunitEs' wh ich builds strong and incI￿Ne
communities, and 'Levelling the Playing Field, lo promote equality in this very unequal borough.
Un iled St Saviour's Charty awards grants lo charh*s. communty group5 and non*)rofrt organisalions that support peop￿
communities in our area of benefit.
Finanaal and in4(ind support is also providedlo key local partners throug h a'Funder Plus programme which involves capacity
building, train ing. and connecting.
Grants Analysis
Unrestricted Restricted
Endowment
2025
2024
(£1
1£)
{£1
{£1
Slralegic Grants
Large Grants
Medium Grants
Health Granls
One Soulhwark
City Bridge Trust
Small Grants lup lo £5,000)
Appleby Blue Activities grants
Total Grants Awarded
161,852
727,312
161.852
727.312
180,524
882.239
29.331
100.000
15.000
200.000
8.720
4,518
200.000
8.720
4.518
122,503
122,503
131.184
47.828
12249(b 1389 170
1011667
213.238
12. Trustees, and Key Management Personnel Remuneration and Expenses
The lolal amount of employee benefits re￿iVed by key management personnel was £422.622 {2024.' £400,843). Pension
contributions of £21,476 were paid on behalf of key management person nel12024.' £20,372)
The charty consideTS ils key management person nel lo comprise the Iruslees. CEO, Head of Commun ity Inve51menls. Head of
Housing and Head of Research and Influence and Director of Prog rammes (One Southwarkl.
No Trustees {2024.' Nil) are accruing pension arrangements.
The Trustees neither re¢eivgJ nor waived any remuneration during the year. {2024.' Nil}
No travel expenses were paid to Trustees this year (2024.. Nil)
2025
2024
1£)
13. Net Incomel(Expenditure) for the year - is stated after charying
Depreciation of tangible fixed assets Inote 151
247.368
205,547
Auditor's remuneration audit of financial information
30.498
25,453
Auditor'5 remuneration other services
1.635
821
2025
2024
31

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe yearended 31 March 2025
{£1
(£1
14. Stsff Costs
Wages and salaries
883.033
731.232
Social Security costs
89.371
74.342
Other pension Costs Inole 261
60.648
45,721
Total Staff Costs
1,033,053
851.295
The average number of employees during the year was 24.612024= 18.61
The number of employees who received employee benefits (excluding employer pension costsl for more than £60,000 is as follows-
2025
2024
In the band £60,000- £70,000
In the band £110,000- £120,000
15. Tangible Fixed Assets
Long Leasehold and
Frnehold Properties{£l
Fixtures and Office Equlpment
Fittings 1£)
Totsl {£)
Cost
Al 1 April 2024
17.143,981
540,072
113,769
17.797.822
Additions
Disposals
Al 31 March 2025
Depreciation
Al 1 Aoril 2024
Charge for the year
Disposals
Al 31 March 2025
Net Book Value
61.584
2,597
12.8211
539,848
14.265
78.446
12.821}
17,873.447
17,205,565
128,034
2,430,291
181.413
115,471
46,470
{2,1111
159,830
77,963
19,485
2.623.725
247,368
12,1111
2.868,982
2,611.704
97,448
At 31 March 2025
14,593.861
380,018
30,$86
15.004.465
At 1 Aprfl 2024
14,713.688
424,600
35.806
15.174,094
32

Notes to the Accounts (Continued)
United St Saviour's Charity
Forthe yearended 31 March 2025
Freehold properties above includes freehold land al a cost of £3,470.000 (all relating to St Saviours Courtl.
There is no record of the orb3inal ¢ostof the Hoplon's Amshwse and IherefotE novaluehas been assKJned lo ils orwJinal co sl nor its
related freeholtj land. The cost of the property relates lo refurbishment work since 1983.
The charty holds further parcels of inactive land which are not valued and therefore not included in the financial slalemenls.
TheApplebyBlue Almshouse is hekj by the chartyunder a 999year lease. Thevalue in the accounts consists of the development
cost lo the charity. The cost is being depreciated over 100 years.
There is no record of the orb3inal coslof the Hden Peele Memotial Ajmshouses and no value has been assigned lo its original cost.
The Freehokl property value delailèj relate to improvements, some of which were funded by a social housing grant of £66.277.
Cost of Freehold Propgrties
St Saviour's Court. Purley
9,122,128
Hoplon's Almshouses, Soulhwark
851,160
DO
680.550
Functional Propety for useby charity - 2 floor. 16 Crucifix
Lane
Helen Peele ImpTovements
127,621
10,781459
Cost of Long Leasehold Properties
Appleby Blue Almshouse
6,424,106
Unrestricted
Restricted
Endowment
2025
2024
(Éi
{£)
1£)
(£1
1£)
16. Fixed Asset Invesbnents
Listed investments (including bank
balance of a capitsl nature) Inole 17)
7,34S.035
68,309
8,294,285
15.707,629
15.852.747
Inveslmenl Property Inole 18)
6.675.411
25,043.695
31.719.106
31,129,661
Total Flxed Asset Investment5
14.020,446
fj8,309
33,337,980
47.426,735
46,982,408
Subsidiaries
Hopton's Charity
The Charity hokds the corporaletrusleeship of Hoplon'scharity. register8J charTty numter 1103731-2which hok15 IheHoplon's permanent
endowment and is linked lo Ihe main charity. The Hoplon's endowment is shown separately in Note 24a.
United St Saviour's Endowment Charity
United StSavio￿s Charty is the CorpordleTruslee of United StSaviourfsEndowmenl Charty. registered charty number1103731-1,
holds th8 Charity's permanent endowment. ond is linked to the main Charity.
Helene Peele Memorfal Almshouses
United Sl Saviour's Charity is linked lo the Helen Peele Memofial Almshouses charity. reg islered charity number 1103731-3
33

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe year ended 31 March 2025
Unrestrlcted
Restrfcted
Endowm9nt
2025
2024
(Éi
1£)
{£}
1£)
(£1
17. Listed Investments
At 1 April
Additions
Disposals
Revaluations
Total Listed Investments
Listed investments capi(al account Inole
211
At 31 March
7,332,738
1.919,037
11,919,444)
139,5011
7,292,830
52,205
64,330
8.310,543
2.167,050
{2,167,5101
144,607}
8,265,476
28,809
15,707,611
4,086,087
14,086,954)
180.1291
15.626.615
81.014
16.397.382
2.275.930
14.111.441)
1.145.740
15.707.611
145.136
3,979
68,309
7.345.035
68.309
8,294,285
15.707.629
15.852.747
Unrestricted
Restricted Endowmgrt
(£1
1£)
2025
(£1
2024
1£>
(£1
18. Investment Property
Al 1 April
6,477,570
24,652,091
31,129.661
29.904,941
Additions
Disposals
16,884,736)
Realised & Unrealised gain
At 31 March
197.841
6675411
391.604
589,445
8,109,456
25 043 695
31719 106
31129661
During 2024 the Charty dispos￿1 of a parcel of in-adNe land which had prevrously not been induded in the financial statements due lo
inherent uncertainty aboLt ils valuation. The landdisposed ofhas been d￿Medl0 be partoflhe charity endowment and the pioceeds
have IherefoFe been retainedwilhin IheendownEnl. Thesa￿ proceedswere recewed partly in 2024 with the remaining balance (see
note 201 due lat the lalesll by 1, December 2027.
Unrestricted
Restricted
Endovmient
2025
2024
1£)
£1
(£1
19. Debtors
Trade Debtors
Other debtors
Other prepayments and accrued income
Total Debtor5
244.844
95,734
128,623
469,201
9,058
253,902
95,734
128,623
478,259
244,095
62,882
179,142
486.119
9.058
Unrestrict￿1
Restricted Endowment
2025
2024
(£1
1£)
(£1
1£)
20. Debtors due In more than one year
ther debtors (see note 18)
Total Debtors
4,000.000
4,000,000
4.000,000
4,000,000
4,000,000
4,000.000
UnrgStri¢ted
Restricted
Endowment
2025
1£)
2024
1£)
(£1
{£)
{£}
21. Analysls of Cash and Cash Equivalents
Cash albank and in hand
Cash held in investrnenl portfolio and indLxl8J in
the investment valuation (note 171
Total Cash and Cash Equivalents
2.071,554
52,205
268.036
3.159.2￿ 5,498.844
28.809
81,014
5.589,567
145.136
2123759
268 036
3188063 5 579 858
5 734 703

Notes to the Accounts (continued)
United St Saviour's Charity
For the yearended 31 March 2025
Unrestrlcted
{£1
Restrlcted
{£1
Endowment
2025
1£)
2024
1£)
{£)
22. Creditors - Amounts Falling Due Within One Year
Trade Creditors
185.878
Taxation and social security
109.975
Other CrediloTS
156.030
309.102
186,362
109,932
249,522
321.742
182,968
93,317
294,414
305.436
143}
7.707
1,326
85.785
11.314
Accruals and deferred income
Pension Deficit Liobilty- Due in les$than oneyearlnoÈ
261
Grants Payable
Bank Loan
Total Creditors- Amounts Falling Due Within One Year
2.613
2.613
2,982
599.374
171.714
1,534.686
599.374
171,714
1.641.2
664,135
166,297
1,709,548
9,474
97.099
Unrestrtcted
{£)
Restricted
1£)
Endowment
2025
2024
1£)
1£)
23. Creditors - Amount falling due after one year
Pension Deficit Liability- Due in more than one
year
Deferred income
Grants payable
Bank Loan
Total Creditor5 - Amount falling due after ong
year
4,710
4,710
35,789
35,789
194.940
4,404.630
37,115
284.289
4,576,344
194,940
4,404,630
4.604.280
35.789
4,640.069
4.897.748
Amounts included above which fall due after 5 years are as follow$
2025
2024
1£)
3,660.363
{£1
3.855.558
Payable by instalmenls
Loans
2025
2024
Bank Loan
Payable within one year
Payable within 2-5 years
Payable over 5 years
Total
{£}
171.714
744,267
3,660,363
4.576,344
(£1
166.297
720.786
3.855,558
4.742.641
The bank loan i5secured by a legal chargeoverlhe inveslmenl properties in favour of Lloyds Bank pl¢. Interest is fixed al 3.089/0 per
annum and repayment is over 25 years and final payment 15 d ue in September 2044.
2025
1£)
2024
{£)
24. Deferred Income
At 1. April
Resources deferred duTing the year
Resources released from the previous year
At 31" March
215.701
177.264
1187.3261
201,782
177.263
{163,3411
205.639
215,701
Income has been defe￿edfor rent receNed forlhe UPfp)ming year and soaal housing grant
Amounts due within one year
Amounts d ue in morelhan one year
169,853
35,786
205 639
378,589
37.115
35

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe year ended 31 March 2025
25a. Fund Reconciliation
Designated Funds
At 1 April
2024
Transfer5
inlout
Gainsl
losses
At31
March 2025
Income
Ex enditure
Almshouse Development
Mainlenanee Reserve Fund..
St Saviours Court
Maintenance Reserve Fund..
Hoplon's Almshouse
Maintenance Reserve-Appleby
Almshouse
3.000.000
3.000.¢X)O
288.918
(216,4051
70.000
142.513
116.829
167,8031
80.000
129.026
60.OOD
80.000
140.000
Major Repairs Fund Park Slreel
68.892
13,3771
90.000
155.515
Sinking Fund
1 707 708
1707 708
Total Designated Funds
5 242 347
287 585
1387 708
3 567 054
General Funds
General Fund
12 254 849 3.747 773
3281714
1405 957
14 224 980
Total Unrestrlcted funds
17497196 3747773
3 $69 299
17792033
Endowment Funds
USS Endowment
45,027,831
1108.3811
334,310
45,253,760
Hopton's Endowment
2 691083
2 734 303
Total Endowment Funds
47718914
138075
47 988 063
Restrfcted Funds
Almshouse Development Fund
7.108
1.745
{7,0001
1.853
One Soulhwark Fund
71.347
6,337
139,952)
37.732
City Bridge Trust Fund
37,286
126.500
1113.5811
50.205
Helen Peele Memorial Almshouses
South Bermondsey Partnership - small
grants
Health Grants
274.973
74,568
196,2931
3.978
257.227
16.382
116,3821
210.OtH]
(210.0001
BU- Dunhill Medical
Connected al Christmas & Warm Hubs
{1801
20.583
(20,5201
113n
1.867
Total Restricted Funds
408.783
439.713
487,3461
{18,2491
3,978
346,879
Total of Fund5
65 624 893 4 187 486
4194720
509316
66126975
The Charitys investments are comprised ofa number ofdesignaed. endowmentand generalfund5. The8Ss0aat￿ investmenlgans
inve51menl managementcosts h8Me been apportioned betweenthe funds in proportion lo the value oflhe investments held in eac h f￿d a
the start of the year. The investment gainllloss} arising on funds in the year is shown above.
Designated Funds
TheAlmshouse Developffenl Fund was creal8J to meetlhe contribulionthe charitywill be Tequired lo makelowards dwek)ping
the new almshouse in Bermondsey.
36

Notes to the Accounts (continued)
United St Saviour's Charity
For the year ended 31 March 2025
The maintenan￿ Reserve Fundsforbolh Sl Saviout5 Court and Hoplon's wereform&l by merging the Cy￿￿81 Repairs F￿d
the Extraordinary Repairs Fund for each property. Thecydical RepaiJ5 Funds were eslabli%hed lo payforcydical repairs a the
almshouses arising fr¢mthèquinwennia revTewlinduding painting oftheexleriorand comrmn parts). The Exlraordinaryrq)ars
funds forrepairs olherlhan day40-dayand cydicd repairs. Tran$fersare made into Ihefunds oethrding lo guidance pr0vij￿1 t¥
the Almshouse Association.
The hllajor Repairs Fund was established lo provide funding for a future programme of works for Park Street properties.
The Sinking Fundwas established lo promde forlhe bu1￿1ng ofSISaviour'sCourt atlhe end ofils useful lrfe. TheTruste& h*e
decided lo release the provision on the fund.
Endovmi8nt Funds
The Charitys permanentendowmenls is comprised oflheApplebyBlueAlmshouse and Hopton's AlMsho￿e and all but three of the
investment properties, logelherwilh a balan￿ of non-property invesbnenls. The perca)lageof investments that are represented by
end05￿nentfundS al the slartoflhe year was 53.0°A {2024'.- 53.OQAI. This perc￿lage is appl￿ lo inveslmenlgans and losses and
investment management costs lo apportion these to the Endowment Funds.
The costs charged lo Iheendowmenl include investment management fees. depreciation of properties within the endowment.
General Fund$
TheCharit¥s 9￿era1fUndS are untBslricled fundswhiG¥) areavallab￿forIhe usealthe d isCret￿n oftheTrusÈes in further￿￿ ofthe
general obie¢b"ves ofthechartyand which have not been desvJnaled forotherpLrposes. Al the end oflheye&lhis induded StSawoL¢s
CourtAmshous< Purley. The perc￿lage ofinvestmenlslhatare represented by generalfundsalthe start oftheyearwas47.00/ts (I
'. 47.0%).
Restricted Funds
Almshouse Development Fund
The Almshouse Development Reslrided Fund reprEsents gtsnls receNed forlhe purpose oflhe developmentof the new almshouse.
One Southwark Fund
This fund hasbeen set up to transform Iwes and oppcrtunitiesforyoLng petsp￿ in the borough through collective action. Part of a
wider'giving, movement. andwith a core g rantpromduj by the City BridgeTrusl (see below). the progranynewill mobilise businesses,
funders. commLnityg roups and local residents lo g ive their lime, money, ne￿orkS and influence lo level the playing field fo r
disadvanlag8J youngpeople. The schemewenl lThie in 2021 and £65,000 was contributed to the fund by St Saviour's Charity. The
Trustees preference was that the grant was shown in the reslricled fund rather than as an additional designated fund.
Clty BridggTrust Fund
This fund exisisto hokllhe coregTanlforlhe OneSouthwarf( prograrrme andwill cover, prim*ily, staff costsrelaled to the program
director.
Helen Peele Memorial Almshouses
Helen Peele MemorialAmshouse5 isan unincorporated trust sel upto provble accommodation lo kncal pwple inthe area ofRolhththe
in need over 60 years of age_ The regiskred Chartty number is 221317. On 6, March 2025 the Charty Commission direcled tha the
charitybe linked (link￿1 chatity nurt)er 1103731-3lwilh Un((ed Sl Saviourf5 Ch*ty Ilhe reporting charityl- As the object8 ofthe chJity
are narrower than those of United Sl Saviour5 Charty it has been Iiealed as a reslricled fvnd in the accounts and the fund t￿￿
represents the nel assets of the Charity.
South Bermondsey Partnership
United Sl SaVio￿'SChartyis the localtytrusled support organisalion for the Big Local South Bernondsey. a len-year investment
pr0gramMefinan￿d by a charty called Loeal Trustwilh Lottery fundlng.ThepTogramnE¢on￿enC￿ in 2012 and ended in 2022. The
Charity hekl fundson beha￿0fthe South BerrHondseypartner5hip ISBPI, whKh deliveredthefund programme and d isbursed gran Is
on ils behalftoagreed p￿Ie¢l$and aclwityès folbwing recepl offinancAal claims Isee Note 291. SBP have ag reed Ihal the remaining
ba18nce can be transferred lo unreslricled funds lo be used at the dis¢retion of United Sl Saviourfs Charity.
Health Grants Programmg
This collaboration with Partnership Soulhwarft and CommuntySoulhwarf( isa partiC4paory gTantsp￿graMn￿Wherel0ca1gr0UpSIthe
responsibilty fordeading wherelhe funding isallocated. The budget is pro￿day by Partnershp Soulhwark (£210.OOOlwhich indudes
£10,000 to cover St Saviour'5 running costs.
Boumgmouth University- Dunhlll fvledlcal Tnjst
Bournemouth Unwersivs coMM￿lty-ba$ed food model project for people over the age of 60 ILEMONADEI. funded by Dunhill
Medical Trust started in July2023. Thetwo researthets moved intoApp￿blS reSea￿her$-in-reSiden¢e studios, wh ich enabled an
authenlicethnographicsludy. Acommunty EngagementGroup (CEGI and Food Research Advi%oryGroup IFRAGI were established
to provklethe researth team with guidan￿thrOUgh0U1Ihe projed. Co-produclkjn was a key element ofthe PfDjed. re5ulling in three
10-week cycles ofaclThiitEs Ihalwere ¢04esigned wilh the olderresearch part￿1panIs. with afocus on inÈrgenerdlional engagernent.
The research team also gathered biometric data from the participants lo demonstrate the health and well-being outcomes of
parlicipalion.
37

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe yearended 31 March 2025
Connected at Chrlstmas
This fund existed to run a campapjn and grantsp[0gr￿me lo ensurelhatas manyolderand Vulnerab￿S0uts￿Wark resid￿lS aspossitrle
(who were likelylo bespending Ch rislmas on Iheirownl fell car￿f0rand conneded over Ihefeslive season. The originaldonors h
agreed Ihatlhe remaining balan￿ can be IransfetTed lo unrestridedfundslo be used al the discftlion of Unf(ed Sl Saviourfs Charity.
25b. Fund Reconciliation (prior
ear
Designated Funds
Almshouse Development
Maintenance Reserve Fund= Sl Saviouis
Court
Maintenance Reserve Fund= Hoplon's
Almshouse
At 1 April
2023
Transfers
inlout
Gainsl
losse5
At31
March 2024
Income
Ex
endlture
5,000,000
{2.000.0001
3,000,000
320,988
1102,070)
70.000
288.918
124,757
187,928)
80,000
116.829
Major Repairs Fund Park Street
Sinking Fund
Total Designated Funds
101,575
1.621,708
7,169.028
167.6831
35,000
86.000
1257.6811 11.669.000
68,892
1,707,708
5.242.347
General Funds
GeneTal Fund
Total Unrestricted tund$
5,379,707
12.548.735
3,301,162
3.301,162
12,818.0851
13.075.766)
5,779.132
4,110,132
612,933
612.933
12,254,849
17,497.196
Endowment Funds
USSC Endowment
37.860.969
2,604,946
40.465.915
{107,2211 {1,247.0771
{29.5281
{136,7491 {1,247,0771
8.521.160
115,665
8,636,825
45.027,831
2.691.083
47,718.914
Hoplon's Endowment
Total Endowment Funds
Restricted Funds
Almshouse Development
One Soulhwark Fund
2,402.809
125.575
17.934
467,747
997
119,840
(3931 12.863.055)
155,2251
1100,4881
7,108
71.347
37,286
City Bridge Fund
Helen Peele Memorial ATmshouses
City Bridge Trust Partnersh ip
Health Grants Programme
South Bermond5ey Partnership-small gr￿ts
BU- Dunhill Medical
Connected al Christmas & Warm Hubs
Total Restricted Funds
249.420
250,000
78.968
156,8501
(250,0001
(100,0001
3.435
274,973
100.OLK)
16.382
17.642
16.382
{1801
1.867
408 783
{17.822}
1.867
3 047 605
801577
580 778
2 863 055
Total of Funds
56 062 255
4102738
3 793 293
9253 193
65 624 893
38

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe yearended 31 March 2025
unrest￿Cted Restrict￿ Endowment
2025
2024
(£1
{£)
{£)
1£)
1£)
26a. Analysis of Net Assets be￿On Funds
Tangible Assets
Investments
Cash
Debtors
7.369.799
14.020.445
2,071,554
469.201
46,739
68,309
268,036
9.058
7,587,927
33,337.981
3,159,254
4.000.000
15,004.465 15,174.094
47,426.735
46,985.408
5,498.844
5,589,567
4.478.259
4,486,119
Creditors due within one year
(1,534.686)
19.4741
(97.0991
11.641.259) {1,709.5481
Creditors due in more than one year
Total Analysis of Net Assets between Funds
(4.604,280)
17,792.033
(35,7891
346,879
14.640,0691 {4.897,7481
66.126,975 65.624.893
47.988.063
Unrestricted Restricted Endowment
2024
1£)
2023
1£)
26b. Analysis of Net Assets between Funds (Prior Year)
(£1
{£1
1£)
Tang ible Assets
Investments
Cash
Debtors
Creditors due with in one year
Creditors due in more than one year
8,678.500
13.892,628
925.678
477.783
{1,616,7601
{4.860.6331
51.082
64.330
355.502
8.336
132.9031
137.1151
6,444,512
33,025,450
4.308,837
4,000,aOD
159.885}
15.174.094
46,985.408
5.589,567
4,486,119
11.709,5481
14.897,7481
9.937,389
46,876.070
4.728,107
922,319
11.553,8391
14,867,790}
Total Analysis of Net Assets between Funds
17.497,196
408.783
47.718,914
6S.624.893
56.062.256
27a. Analysis of changes in net debt
At 1"April 2024
(£1
5.734.703
Cashflows
1£)
1154.8451
At 31 March 2025
(£1
5.579.858
Cash and Cash equivalents
Borrowings
Bank loans
Net Debt
14.742.641)
992,062
166,297
11.452
{4,576.3441
1.003.514
27b. Analysis of changes in net debt (Prior Year)
At 1°, April 2023
(£1
5.301.855
Cashflows
{£1
432.848
At 31 March 2024
(£1
5,734,703
Cash and Cash equivalents
Borrowing$
Bank loans
Net Debt
{4.903,2861
396.569
160,645
593,493
{4,742.6411
992.062
28. Pension Commitments
SCHEME: TPT Retirement Solutions - Tho Grovrth Plan
The company p￿t￿paleS inthe scheme. a mUlti-￿pI0yerscheMeWhlch ptrJvKles tenefits lo some 521 non-associaled participating
employers. The scheme is a defin￿ benefrtscheme inthe UK.11 is not possibkforlhe corrpany lo obtain suffiaenl infornationto enable
ilto account forlhe scheme a5 a defined benefit scheme. Therefore, il accounts for the scheme as a defined contribution scheme.
The scheme is subjeetlo the funding legislatkjn outlined in the Pensions Act 2004 which came into force on 30 December 2005. This,
togelherwilh do¢)Jmenls issued by the PensionSReg￿8Ior8nd Technical Actuarial Standards issued by the Financ&41 Reporting Council,
Set out the framework for funding defined benefit o¢cupalional pension schemes in the UK.
The scheme is classrfEd as a'lasl-man standing arrangomenv. Therefore the company is potentially liable for other participating
employers, Obligat￿nS if Ihoseemployets are unable lo meellheir Sha￿ of the scheme deficit following withdrawal frorn the scheme.
39

Notes to the Accounts (continued)
United St Saviour's Charity
For the year ended 31 March 2025
Participating employersare legaty requiredlo meellheir share oflhe scheme deficit on an annutypurchase basison withdrawalfromlhe
scheme.
A full actuarial valuab'on forlhe schanewas carr￿d oulal 30 September2023. This valuation showed assets of £514.9m. liabilities of
£531.Om and a deficit of£16.1m. To elinninale Ihisfunding shortfall, IheTruslee hasasked the part￿ipating employers lo pay add ilional
ontribulions lo the scheme as follows..
Deficit ¢ontributions
From 1 April 2026 to 31 March 2028-
£2,100,000 per annum
(payable monthlyl
Unless a concession has been agreed with the Trustee the term lo 31 March 2028 applies.
Note th8lthe schemés previ)usvalualion was carried 0￿WIth an effective daleof 30 September 2020. Th1svaluat￿n showed assets of
£800.3m. liabiliti￿ of £831.9m and adefiatof £31.6m. Toeliminalelhi% funding shortfall. IheTrusteeask8J the partiCApaing employer5tD
pay additional contributions lo the scheme as follows..
Deflclt contrlbutlons
From 1 April 2022to 31 January 2025:
£3.312.000 per annum
(payable monthly)
31 March 2025
{£sl
31 March 2024
{£sl
31 March 2023
l£sl
Present value of provislon
7,323
2,982
6,384
The recovery pl￿ contributions are allO￿ted lo each partiapatingempkjyerin linewilh Iheireslimaled shareof the Series 1 and Series 2
scheme liabilities.
Wherelhe scheme isin defitstand Whe￿the¢0Mpanyhas agreedto adeficitfunding arrangemen1thec0mp￿Y recognisesa liabilty for
this obligatDn. The amount reCOgn￿ed is the net presenlvalueofthe deficit redLLth)n ¢ontribulions payable under the agreement Ihat
relates to Ihedefiat. The Presp￿t value is calcLlaled using the discount rale detai￿d in these disclosures. The unwinding of the discount
rale is recognised as a finance Cost.
PRESENT VALUES OF PROVISION
RECONCILIATION OF OPENING AND CLOSING PROVISIONS
Year Endlng
31 March 2025
l£sl
Year Ending
31 March 2024
1£$)
Provision at start of period
2,982
6,384
Unwlndlng of the dlscount factor {Interest expense)
79
244
Deficit contributlon paid
{3.040}
13.648)
Remeasurnments - impact of any change in assumptlons
46
Remeasurements- amondm9nt$ to thg contribution schedule
7,256

Notes to the Accounts (continued)
United St Saviour's Charity
Forthe year ended 31 March 2025
Provlslon at end of period
7.323
2,982
INCOME AND EXPENDITURE IMPACT
Year Ending
31 March 2025
l£sl
Year Ending
31 March 2024
l£s}
Interest expense
79
244
Remea$urements- Impact of any change in assumptions
Remeasurements- amendments to the contrlbutlon schedule
7,256
Costs recognisgd in Income and expenditure account
4,341
242
ASSUMPTIONS
31 March 2025
er annum
31 March 2024
rannum
31 March 2023
er annum
Rate of discount
4.84
5.31
5.52
The discount rates shown above are the equivalentsingle discount Tales which. when used to discountlhe future recovery plan
contributions due, would give the same results as using 8 full A4 corporate bond yield curve to discount the same recovery plan
conlribulions.
29. Funds held as an intermediary agent
United St SavioLr's Charty is the localtylrusled support organisalion for the Big Local South Bermondsey, a len-year investment
programme financEd by a charrtycal￿d Local Truslwilh Lottery funding.The PfDgramrr£ COfTYnencaJ in 2012 and was supposed to
end in 2022. bul il finished in Ihisfinane4al year. The Charty held funds on behawof the South Bemondsey partnersh￿1 ISBPI. which
delivered the fund programnpand disbursed granlson ilsbehalf lo ag reed projects and aclniities following receipt offinanaalclaims.
The Charityrecewoj fundingfrom LO￿lTruSt10 disburse on SBP'S behalf. Thefinanaal statements do nolindudelhts funding. The
summary of fund movements in the year is as follows..
2025
(£1
2024
1£)
48.133
At 1 April
Income
Expenditure
At 31 March
{48.1331
Mayflower 400 Fund
A partnership between United StSaviour's,SoulhwaTkCouncland British Land.Ihe Maytlfftr400 Fund is supporting comTNnity*
events, aclitrilies. and projec*slo mark and cekbralelhe400' an niversary ofthemayflowersailing from Rotherhilhe. Contributions
from all 3 partners¢realed a fundingpol of£140.000 andlheprowamme started in 2018-19, with unit￿ Sl Saviourfs Charity tsking
responsibility for grant administration.
The financial statements do not include this funding. The summary of fund movements in the yeaT is as follows=
2025
1£)
275
2024
Al 1 April
Income
Expenditure
At 31 March
275
275
275
41

Notes to the Accounts (continued)
United St Saviour's Charity
For the year ended 31 March 2025
30. Contingent Liability - Hopton's Charity
Thetotal Social Housing granlto help finan￿ the refurbishm￿1 coslsofthe Hoplon's Almshouse amounted lo £455.077. The Social
Housing Grant is repayable undercertain clrcurnstan￿S'. primarilyfollownglhe sale of a propety bulwill normally be restr icled lo the
nel proceeds of the sale.
31.0
eratin
lease commitments
Lessee
Al 31 March 2025 and al 31 March 2024. the charty had nooulstanding commitments for future minimum lease payments under
non-cancellable leases..
Lessor
Al 31 March 2025. the chartyhad eonlraded with lenanlsfor all the following minimum lease payments. which fall due as follows..
2025
[£1
1,608.359
4.2O9.L￿3
3,895,238
2024
{£1
1.667.055
3,989,437
4.671.218
Within oneyear
Between two and five years
In over five years
9712660
10,327,710
32. Helen Peele Memorial Almshouses
In March 2025 the Helen Peele Mernorial Amshouses Chanty Iregtslered charity numter 2213171 was to United Sl Saviolrfs
Charity. The Helen Peele Memorial Almshouseswas foundedto provideand maintain almshouses for peop￿ over 60years okj in the
ancient parish of Rolherhilhe. The linked charity numb&r is 1103731-3.
As a result of the linking of the charit￿S the accounting records of Helen Peele Memorkgl Almshouse have been induded in this sd of
financial slalemenls in both the current and prior year.
42

United St Saviour's Charity
For the year ended 31 March 2024
Appendix 1 . List of Grants Awarded in the year ended 31 March 2025
(Does not fomi part of the Financial Statements)
Unrestrithl Restrict￿ Endowmatt
2025
2024
{£)
1£)
1£)
1£)
Strategic Grants
SoulhwarkCilizensAdV1￿ Bureaux SerV￿e- ReslrKled funding towards
Soulhwark Foodbank Advice Project
Community Soulhwark Funding towards the VCS Premises Project
Aelive CommunilEs Ne￿Ork Ltd Grant to Soulhwark Changemakers
Peace Ballers CIC - Grant towards Funding Differently
Community Soulhwark - VCS engagement & decision making
Community Southwark - Grant towards the VCS Premises Project
Total Stratsgic Grants
100.000
100.000
61,852
61.852
140,000
5,000
3,250
32,274
161,852 180,524
161.852
Unrestricted Reytricted Endowment
2025
1£)
2024
1£)
1£)
(£1
(£1
Large Grants
Copleslon Cenlie
Indoamerican Refugee and Mig rant Organisalion
8lackfriars Selllemenl
Pembroke House
Burgess Sports
Groundwoik London
South London Gallery
Bounce Legacy CIC- Funding towards Bounce Film School
Slep Now Global C.l.C. Funding towards Inspire lo Aspire Soulhwark
The Wells Trust
Soulhwark Diocesan Welcare
Carnaval del Pueblo Association
Peckham Soup Kitchen Funding towards Be Active
London Community Boxing Funding towards Boxing for Better Futures
Southwark Black Parents Forum - Funding towards Capacity Building
The Advocacy Academy - Funding towards Soulhwark Outreach Project
Future Men Grant towards the Boys Development Programme {BDPI
Groundwork London
The Diverse Creative CIC
Clear Community Web CIC
Peckham Platform- Funding towards Memories of the Future
The Bike Proje¢l- Funding towards The Bike Project
Theatre Peckham - Funding towards Young Peckham Progromme
Power 2- Funding towards Power2 Rediscover programme
Soulhwark Traveller5' Action Group
Time and Talents Association
Spring Community Hub
Soulhwark Day Centre for Asylum Seekers
Enlelechy Art$
Inspire At Sl Peterfs Church
XLP- Communily bus
Bridge The Gap Studios
Community TeCh￿d
Downside Settlement
Southwark Kalediscope
Duckie Ltd
Dream 8elieve Achieve IDBAI CIC
Southside Young Leaders, Academy
Ripe Enterprises Ltd
Walworth Golden Oldies
Ingnile Hubs
The Mason Foundation
Sporting Recovery CIC
School Food Matters
Autism Voice
Art in the Park
Excel Beyond Barriers
Totsl Large Grants
50,000
75.062
90,OC)D
25.000
70.OLX)
40,0
40,000
40.000
29,250
18.OL)O
30.orjo
10.000
20,000
40,000
40,000
50,000
60,000
50.C
75.062
g0.tH]o
25.LX)O
70.000
40.000
40.000
40,000
29,250
18.000
30.000
10.000
20,000
40,000
40.000
50,000
60,000
25,000
10,000
22,888
25.000
30,000
50,000
28,800
28,000
60,000
30.000
50.000
20,000
17.500
20,000
30.tHJo
40,000
22,000
10.000
50.000
11.350
40,000
40,000
36,000
30,000
35,711
44,436
25,554
30,000
10,000
10.000
727,312 882,239
727.312
43

United St Saviour's Charity
For the year ended 31 March 2025
Unrestricted Restrictul Endowmwrt
2025
2024
{£)
1£)
{£1
{Éi
Medium Grants
Flashy Wings Ministry
Southwark Refugee Communities Forum
Southwark Day Centre for Asylum Seekers
Blackfriars Settlement- Warm Spaces Programme Grant
The Green Nunhead Community Centre- Warm Spaces Programme Grant
Souihwark Carers - Warm Spaces Programme Grant
5,000
5,000
5,000
4,281
4.300
5,750
29.331
Total Medium Grants
Unrestricted Restrlcted Endowment
2025
2024
{£1
(£1
{£)
1£)
1£)
Small Grants (up to £5,000)
Small Grants
122.503
122,503
122.503
122,$03
131,184
131.184
Totsl Small Grants
Other Grants
Health grants lup lo £5,000)
Total Other Grants
200,0
200,000
200,000
200,000
100,000
100,000
City Bridge Trust Grants
Merchant Taylors Foundation Grants
Appleby Blue Activities Grants
4.518
8,720
4.518
8,720
15.0
47,828
1,224,905 1.389,170
Total Grants Awarded
1.011,667
213,238

United St Saviour's Charity
Forthe year ended 31 March 2025
Appendix 2: Value for Money metrics
status
Registered Provider of Social Housing
(Does not fonn part of the Financlal Statements)
In 2018, the Regulalorofsockgj Housing intr(MJucaY a newvalue for Money Standard. This required RPS lo publish performance
against a series ofmelrics{'VfM metrics} lo measureecon(my. effiaency and effectiveness. Under a Direction published on 19
February 2019. the Reg ulalorprovided that all Almshouse Charilies wh ich are RPS musl report their performance against seven
mandatory metrics in the1rann￿l aco)unls. The Vfm metrics require RPS lo use speaficfoftnulaeto caleJJ181elheir performan ce, for
ease of compari4on between RPs.The Regulalor5' lechnicalguidano note of June 2020 stales. We have seleded the metrics th at
work for the majorityofprovKlers. However. we aCknOw￿dge Iha any metric, however¢8lculated. will inevila)ly be moreappropriale
for some prowdwsthan olhets, andlhere may be a minorityofcases where reporting on a part￿LIarba$lsiS drfficutt, or i nappropri*
given the unusual naure of a given Org￿lSaI10n's business". The majortyof RPS are large housing associations with thousands of
dwellings.
TheTrustees considerlhal, due lo the nature and Sea￿ of ils almshouses operalDn, the Vfm metrics are less useful for the Charity
than for atypi￿1 RP. TheTrusleewill monf(or anyfuture adMcefromlheAlmshouseAssoaalion or the Regulator itself on the Vfm
metrics and almshouse RPS.
Hopton's Almshouse Charity fomis part of the United St Saviourf$ under a Charlty Commlsslon Llnking Direction. It 1$ a
Regi$tgred Provlder I'RP'I of Social Housing Ino. A28371.
Metric
311312025
0°
311312024
0%
Comment
As Hoplon'sAmshousè is a Grade Il"listed
building, no new units h￿e been builtwit)in
the Hoplon's Almshouse either in 2024125
or 2023124.
This refiecls the fact that the Hoplon's
Almshouse isa Grade Il" listed buikling and
therefore no new units have been built in
the Almshouse in 2024125 or 2023124
This reflects the fact that the Hoplon's
Almshouseon
erales social housin
Hoplon's Almshousecharty has no shortor
long-lerm borrowing and its aclivilie5 are
nOtdep￿dent on debtfinan￿. The gearing
°h is therefore negalnie as il is based on a
osilive cash balance onl
The metric anliapales that the Charity will
express th is as a percentsge. in order lo
showthesurplusgenèrated by the Charlty
Compar￿ lo inlwesl payable. However. the
metric is not applicable becauselhe Charty
has noshortorlong term borrowing and
therefore there is no interest payable.
Thecostperunrtin
udesdired costs su
as staff costs plus Costs of maintenan¢e,
direct overheads and depreciation per
almshouse d￿llIng. Itlakes no account of
rental income recewed. Thesmall increase
of 4.30A is mostly due lo increased staff
costs. No allocation of the charity s overall
5UPPOrt costs that relate lo ils three
almshouses have been included in this
calculation.
This measures the profil marg inffinanclal
efficiency of providing the almshouse
accommodation, if focussing purely on
operating costs versus a¢¢ommodalion
charges received by the Charity. As the
charityonly provides social housing, the
social housing letting operating margin and
the overalloperaing margin are the same
This measures the profil marginlfinancial
efficieney of providing the almshouse
accommodation, if focussing purely on
operating c051s versus accommodation
charges received by the Chorily. As the
charityonly provides social housing. the
social housing letting operating margin and
the overall operaing margin are the same
ReinvestnEnl°/o. Investment in housingsupply during
2024125 as a percentage oflolal housing propèty held
New Housing Supply%.' New soaal housing delivered
as a percentage of housing stock held
0%
2b".
New Housing Supply °A.' New non-social housing
delivered as a
eicenla
eof housin
stock held
Gearing= Proportion of botrowing in relatwjn lo housing
assets.
0°
oo
-294%
-1780
EBITDA MRI.. Earnings before interest. lax,
deprecialign and amortisalion. major repairs included.,
divided by interest payable, for the financial period.
Headline
ocial Housing Cost
er
£11.548
£11.687
6a:
Operating Margins or OM {So¢ial Housing Lettings
only).. Operating loss on social housing lettings (ie,
alm5hous8flalsl, dwiday by turnoverfrom such lettings
during the financial period
-29V
-50%
6b:
OM (Overall).. Operating surplusplLB gains on disp¢)sal
of fixed assets (housing pro￿rties>, d by overall
turnover during the financial period
-290
-50
Return on Capital Employ
peraling surplus
com
ared lo total assets less current liabilities
-1.9%
45

United St Saviour's Charity
Forthe yearended 31 March 2025
Helen Peele Memorial Almshouses fomis part of the United St saviou￿$ underacharity Commission Linking Direction. It is
a Reglstered Provlder I'RP'I of Social Housing (no. A03791.
Metrlc
2025
o.lo
311
202
0°
Comment
No new units have been built within the
Helen Peele MemorialAlmshoLseseither
in 2024125 or 2023124.
No new units have been buitt in the Hel
Peele Memorial Almshouses in 2024125
or 2023124
This refteds the faclthallhe Helen Peele
Memorial Almshouses charity on ly
erales social housin
Helen Peele MemorialAlmhouses charity
has no loan or overdraft facilities and ils
activities are not dependent on debt
finance. The gearing °k is therefore
negative as il is based on apositwecash
balanceonly.
The metric anlicipaleslhal the
h¥ty ￿111
expresslhis as a percentsgq in order lo
show the surplus generated by the
Charity compared to interest payable.
However, the metric is not applicable
becauselhe Charity has noshort or long
term borrowing and therefore there is no
interest
able.
The Cost per un il includes direct costs
such as staff costs plus cosls of
maintenance, direct overheads and
depiecialion per almshouse dwelling. It
lakes no account of rental income
received.
This measureslhe pn)filmarginl
Inancial
efficiency of provid ing the almshouse
accommodation, if focussing purely on
operating costs versus accommodation
charges received by the Charity. As the
charityonlyprovKlesso¢ial housing, the
social housing letting operating margi
and Iheoverall operating marg in are the
same
This measureslhe pro
Ilmarginffinancial
efficiency of providing the almshouse
accommodation, if focussing PUTely on
operating costs versus accommodation
chargesreceived by the Charity. As the
charityonlyprovpdes50aal housing, the
social housing lelling operating margin
and the overdlloperdling margin are the
same
NIA
ReinvestnEnl°/.. Investment in housingsupply during
2024125 as a percentage oflolal housing property held
2a:
New Housing SupplyO/o.' New soual housing delivered
as a percentage of housing stock held
00
0%
2b:
New Housing Supply 0￿.. New non-social housing
delivered as a percentage of housing stock held
00
OYO
Gearing.. Proportkjn of bO￿owIng in relalk?nto housing
assets.
-280,
-313°
EBITDA
arn ings be
re interest, lax,
depreckqlion and amortisalion, major repairs included.,
divided by interest payable, for the financial period.
Head line Social Housing Cost Per Unit
£13,734
£7,104
Operating Margins or OM I
ocial Housing Lellings
only).. Operating loss on social housing lettings lie,
almshouseflalsl, dwId￿j by lurnoverfrom such lettings
during the financial period
-22
22
6b:
M (Overall).. Operating surplusplLS gains on dEposal
offixed assets (housing prO￿rties1. d by overall
turnover during the financial period
-22°/0
22°
urn on
apila
perating surp
com
ared to lolal a$$ets less Gurrent liabilities
us