Dr Edwards & Bishop King's Fulham Charity (including Bishop King's Fulham Endowment Fund) Annual Report and Financial Statements 31 March 2023 Company limited by guarantee CnpanY Regtstrats"on Number 05525W IErvJland and Wa) Chanty Regi8tratpJn Nvrrthr 1113490
Contents Reports Reference and administrative details of the charity, its Tnjstees and advisers CEO'S and Trustees, report Independent auditorfs report Financial Slatements 17 Statement of financial activities 21 Balan sheet 22 Prinapal ac£ountin9 policies Notes to the financial statements 23 28 Appendix Grdnts made 36 The followng pages do not fom part of the statutory financial statements". Supptementary notes to the financial ststements 38 Dr Edwards & Bishop King's Fulham Charity
Reference and administrative details of the charity. its Trustees and advisepa The Trustee body and Board of Directors DIr appointed Mrs C Bailey Ms Z Beg {resigned 1 March 20231 Mr I Cassidy Mr M Clein Ms H Fagan Mr R Fryer Mrs S O'Neill Mr R Rawlinson {appointed 7 June 2023) MrJ Shufftey Mf E Townsend Truste05 nominatgd by London Borough of Hammer5mlth & Fulham Cllr G Nwaogbe Cllr N Souslous Exwofficio Trnstee None at present CEO Ms Amelia Gosal Adminlstration Manager Ms Rosaline Harris Cleaner and Key-holder Ms J Singleton OfficeTr of the Charity Mrs S O'Neill- Chaii rs C Bailey- Vice Chair Mr M Clein- Treasurer Committe8s appointed by the Ttets5 Every appointed Trustee is asked to serve on at least one committee. The officers of the Charity are ex-010 rnembers of all committees. Development Committee Mr E Townsend- Chair Ms Z Beg {retired l March 2023) Ms H Fagan Finance Committee Mr M Clein- Chair Mr I Cassidy Mr J Shuffrey Mr E Townsend Rellef in Need Commiitoe Mts C Bailey- Chair Mr R Fryer Mrs S O'Neill
Reference and administrdlive dètails of the charlty, its Trustees and advisers Mrs S O'Neill- Chair Mrs C Bailey Mr J Shvffrey Reglsterod Office Percy Barton House 33- 35 Dawes Road London. 7DT Website address Email Telephone -uk rants debk.o 020 7386 9387 -uk Chartty registration number 1113490 Company registratlon numbor 05525568 Auditoi Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Calbank Limiby lQngs Hill, Wesl Malling Kent ME19 4TA Investment managers M & G Investrnents 10 Fenchurch Avenue London EC3M SAG Sdkitors Russell-cooke LLP 2 Putney Hill, Putney London SW15 6AB Bookkeeper Ms S Hicks Dr E(bHards & Bishop King's Fulham Charity 2
CEO'S and Trustees, report 31 March 2023 The Twslees (who are also directors of the charitabte company for the purposes of Ihe CompaniesAct) are pleased to present Iheirannual report, along with the financial statements of the Dr Edwards & Bishop King's Fulham Charity (°DEBK°I fDr the year ended 31 March 2023. Thrs report is intended to give a ofwhal has been achieved over the past year, as well as to meet our legal réyuirements as set out in s418 of the Companies Act 2006 (and adhered to throughout). The financial statements have been prepared in accordan with the accounting policies set out on pages 23 to 27 of the attathed financial Staterrnts and comply wtth the charitable company's Memorandum and Articles of Associabon. applicable laws and Accounting and Reporting by CharitEs.' Stalementof Recommended Practice applicable to charitr.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the United ngdom and Republic of Ireland {FRS 1021. The document itself is split into three main sections." The CEO'S report, oulinin9 this last yearfs tharitable a¢trvtties Ipage 4) • A detailed explanation of the Charity's purposes, duties, and structure Ipage 7) • A detailed exarTunation of last yearfs finanaal activities {page 131. The Tnjstees hope that the content of this report will paint a good picture of what the charity does. Further infomialion can be found on the chanty websrte al www.debk. .uk. The report tseff ts now set out as described atrfjve. Dr Edwards & Bishop King's Fulham Charity 3
CEO'S and Trustees. report 31 March 2023 DEBK'S ACTivmES AND OBJECnVES OVER THE PAST FINANCIAL YEAR CEO'S report In July 2022. the Trustees bade farewell to DEBICS fOrnr Executive Director, Jonathan Martin. and he is thanked for his hard work and input over the years. Wrth new leadership comes the opportunity to review current &tivty, processes and predureS with a fresh perspeth've. Grant making is the core acbvty of DEBK and to ensure that this is delivered as effect5vely as possible, the systems in place We reviewed. thilst there are reasons for maintaining an application Pr$S which is based on individuals and organisations submitbng a paper fomi. this does lead to extra work for staff in ensuring that all the infomiation is transferred into various spreadsheets utilise(I by the charity. As the number of applications increased this has I to issues in that onty one stsff rrEmber can access the electronic document at any one brne. In order to estsblish what system would work best for DEBK, the CEO researched grant making systems and also contacted similar grant rrrakers to ascertain what systems they used and how effectwe these are. It was agreed that a version of Salesforee would be the best option and one that has been specfficalty tailored to a grant rnaking process. As of March 2023. the new cloud based database went live and the key feature of this is the introduction of a new and easy to use application fom) whith is found on the chafity website. It has been designed so that indwiduals can make an appltcation from their smartphone. For any individual who needs supp)rL staff are able to provide help either by phone or in person to help them complete an application. The new application system is also in pla for referral agencies {such as SC¢kal services) who refer individuals . The Relief In Need Committee has taken ts'me to evaluate exactty what information is needed, to ensu that the language used is clear and straightbrward. and also that the list of items that an individual can apply for has been refined to essential items onty with no cash grants available. Discussions continued regarding the fubjre of Percy Barton House, and this led to a review of staff safety, both whilst Working in the Offi and also when out and about carrying out visits to individuals and organisation5. New vistbng guidelineswere developEd which include $8fety guidance and also protocols when making visits to ensure that individuals are treated with respect and dignity. Health and safety guidelines now dte that staff should use a safety application on their mobile phone when making visits. Now that the CEO is the onty office- based mernber of staff, to ensure against lone working in an unoccupied building, she is now based in the Sobus hub on Dawes Road. The charity has 2 sma55 Offi Ihere and the added benefit of this is working in a Spa where other communty organisatsons are based leading to neorkIng and informative discussion with charity peers. The Trustees had been chaired for a number of years by Allen Russell-smith who stepped down in early 2022. Sue O'Neill tEcame chair of the Trustee Board in an interim capacity. She led the organisatK•n through the recruitrnent of the new CEO and expressed her wish for a recruitrnent campaign for a new Chair which should complete at the end of 2023. Dr Edwards & Bishop King's Fulham Charity 4
CEO'S and Trustees. report 31 March 2023 DEBK'S ACTivmES AND OWECTIVES OVER THE PAST FINANCIAL YEAR {continuedl CEO'S report (continued) The Relief In Need grants a the area of work that tske up the most in tenns of ehaity resoufos (staff tirne. fvnding, pr(Kessesl which is in line wrth other grant makers who make awards to individuals. Many of the applicants need help wtth their applications and staff need to Skwtd ts.me understanding often quite complex situations within families lo ascertain what exady is needed and why. Many individuals and families are still suffering from the impact of the pandemic and there has been 2 recent uptum in numbers of applications due to the increases in the cost of living. We conb.nue to offer flooring, essential furniture and electrical goods and in exPtiOnal arcumslances other ttems are considered, bul this is on a Case by case basis. During the year 138 indNidual applic2b.ons were awarded with a total value of £141 k {last year over 200 applicalK)ns were approved with a value of £177kl. This decrease Is paruy due to implerrenting a new database which slr)w&J down the processing rate whilst stsff leamed the new systems. During the Covid-19 pandemic. it was of course not possible to make visits to organisations that DEBK supports. Now that ny)st organisations have resumed delivering setvices and aclivib"es. visits are being made to rebuild relationships and to get a better understanding of what they do and who they are supporting. Some organisations have been supported by DEBK for a number of year5, but tt is equalty important to visrf( these as well as newer groups to ensure that what they are doing fttlty mets DEBKS grant making criteria. The change in leadership led to a delay in processing organisation applications, but this has now been resolved. During the year 18 OrganisatnS recerved a grant, with a total of £110k being awarded {compared to £146k to 23 organisations in the previous year). Summer sCherrSWere severety impacted during the pandemic. and some have taken a while to reinvigorate. During the year 5 organisations successfvlty applied for grants and a lotsl of £17k was awarded (compared to 4 orgarlisations receiving £14k in the previous yearl. It was agreed that going fomard. grartrt making would extend to all academic holidays and so would now be known as Holmlay Scheme grants. Imh the new SalesfOr system implemented we will able to provide better monrtoring data going ft)rward. This will indude total num of individuals that have beneffted from nding awarded to org8nisations and holiday SCheS and in tenns of awards to individuals we will hope to track not only numbers of applications bul also the total number of people who have been positively affected by a grant li.e. the totsl number in any one hoLtsehold}. This increased level of monitoring and evaluab.on will enable us to compare our data to publicly held statisb.cs so that we can ensure we a reaching all groups and individuals that are eligible for help and meet our Cfitefia. Looking fofward, we know that due to the impact of the increase5 to the cost of living . we are likety to conb.nue to receive a high volume of applications. The DEBK staff and Trustees will continue to respond to these applications wrth sensiti.vity and care ensuring that where possible those that need our support receive rt, and thereby continuing the benevolent values on which the chartty was founded. Dr Edwards & Bishop King's Fulham Charity 5
CEO'S and Trustees, rnport 31 March 2023 DE8K'S ACTivmES AND OWECTIVES OVER THE PAST FINANCIAL YEAR (continued) CEO'S report (continued) Amelia Gosal, CEO Dr Edwards & Bishop King's Fulham Charity 6
CEO'S and Trustees. report 31 March 2023 DEBK: GOVERNANCE. STrUCTURE AND PIANAGEMENT History and Constitution Dr Edwards & Bishop King's Fulham Charity (often referred to as DEBK) exists as a result of the terms of ljvo wills, dating back to the early part of the Seventeenth Century. In fact, to the best of our knowledge, the Chartty was Wun in the year 1618 - meaning that we are over 400 years oid. SurvNal over time has been the result of carefvl management, and help has been grven to the people of Fulham throughout enabling a small but vital element of need relief for individuals and families otherwise struggling to cope. DEBK was incorporated as a company limtted by guarantee (Company Registration No. 05525568 (England and Walesl} on 2 August 2005. It was registered as a Chartty on 29 March 2006 (Charity Registrats"on No. 1113490} having preVU$ functioned in an unincorpoTrted fomi. There also exists a separate entsty.. Dr Edwards & Bishop King's Fulham Endowment Fund. This is a subsidiary of the main Charity formed in orderto protect Ihe Endowment. It is shown in the financial statements as the Endowmellt Fund. Tnjsteeship of the Fund is vested in the Company {11134901. The directors of the charitable company have been referred to as Trustees throijghout this reporL Publlc Benefft The currentTrustees have regard to the Chanty Commission's guidan on public benefit and the guidance for charities for the prevention or relief of povety, and the Charity's activtties fall well wrthin the guidan. This albws ft)r the Continuance of the historical aims and objectives, from wtthin a modem conlexL The restriction on who may benefit from the Charity's )lJnds, other than a requirement to demonstrate financial need. is that the beneflaneS are residents of the old Metropolitan Borough of Fulham. The objects of the Charity are'the relief either generally or individualty of persons resident in the area of benefft who are in condth.ons of need, hardship or distress. and "the advan¢ement of edtjcation by paying for eduOn and training for persons in need for the aim of their obtsining employmenf. There are three fvnding streams to which these crrteria are applied: Relief in Need. Grants for Organisations, and Summer Schemes. 'Relief in Need. grants are given to local families and individuals who do not have the means lo obtain essential rtems for themselves, or in circumstances where short educational or training for employment courses Can help them into work. The aim is to ensure that people in the least privileged posibons in are helped wth s$ to important goods and services which might othewse be denied to them. 'Grants for Organisations, are available to support groups which target kal residents on low incomes. where il can be shown that their proF(Jsed interventions will be able to underpin posrtive changes in the lives of the people involved. The Charity can only help projects (or the pmportions of those projects) which work with Fulham residents. Dr E¢th¥ards & Bishop King's Fulham Charity 7
CEO'S and Trustees. report 31 March 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT (ctinUed) Public Benefft Icontinued) 'Surnmer Schemes, funding assists organisaj acttvities and day trips for young local people from challenging backgrounds, over the Juty and August schcol holidays. It can also assist with longertrips- provided the destination venues are reputsble, reasonably priced, and within the UK. All third-paty funding relating to young people is conditional on a clearty promoted understsnding of the duties of care towards vulnerable and minors. and on the existence and application of relevant poliThes and safety checks in this regard. The Charity is solety a grant-gNing charitable trust and d¢)es not take on contracts to provide services or to pL slatutory funds. The Trustees DEBK'S Board of Trustees comprises up to fourteen ffbers- all of whom are directors of the charitsble company forthe purFoses ofcompany legislation and Trustees forthe purposes of charity legislation. Two of these members are nominated by the LBHF, and one by All Saints Chur¢h. Athough residence in the area is not essents81, it is useful forTruslees tr) have l(xal knowledge and, in addit"on, general skills audits are carried out periodicalty- Many of the Board have given years of valuable setvice to the Charity land, in fact, some indNiduals have served for mre than nine years consecutively. which is as a resutt of the value of their input although r( wa5 agreed in 2019 that the nine year period would, in fvture, be regarded as a maximum}. When vacancies have arisen, rt has been the Charity's practi to recruit by adverb.sing through l¢xal voluntary sector forums. selecb.on is by interview. with predetemined skills and abilities being evaluated in such a way as to maintain a balance. Appointees are issued inductw)n pack5 and provided with opportunibes for training. The are often opportunrts for recruitment of new Trustees, and the Charity would be pleased to hear from anyone interested in joining us in what is a rewarding and posib've role. Infomiation on joining ts charity in this capaaty can be gained by contscting us direclly. DEBK'S Constibjtion now states that TTUStees may serve for up to three terns ofthree years (i.e a maximum of nirE yeatsl. Elections for the Chair, WI Chair and Treasurer roles are held in December each year. Commlttees appolnted by the Trustees Tmstees attend four Tnjstee meebngs each year. Trustees are elected to serve on one or more of Ihe Chanty's commrttees. year on year. The committee5 reports to the Board and ertain re5FX)nsibilities may be degated to a commrttee by the Board. The Board Considers all applica.on5 from organisations that have not been fijnded previousty, other applicatons are deleg*d to other committees. The Finance Commtttee meets on an 'as required, basis (not less than three times per yearl to receive and monrtor the budget. to oversee the Chartty's investrnents and the audit report. and to look in depth at all financial aspects induding the annual review of stsff salaries, the management of the premises {Percy Barton House} and the letting of 309 Lillie Road (also owned by DEBKI. This commritee also mnitc$ risk management issues affecting the Charity. Dr E(trwards & Bishop King's Fulham Charity 8
CEO'S and Trustees. report 31 March 2023 GOVERNANCE. STRUCTURE AND MANAGEMENT Icontinued} Commlttees appointgd by the Tnt8tees (continued) The Govemance Commrttee's remEt is to review constitutional and other governan issues and to ovetsee the recruitment of staff and Trustees. The Committee meet tsvice a year or more frequenly as needed The Reltef in Need (RIN) Committee responds to applications for fvnding of individuals for essenti81 household items (such as fk)oring, fvmrture and electrical goodsl. They also review applications from organisation that have previously been awarded a grant and are known lo the charity. Meetings take place ten times a year. The Devet&pment Committee's remit has primarily b*n in the allocation of funding to Sumnw Schemes. bul in the past three years It has also inciuded detailed evaluation of the charity's profile and direction. The Development COMMItt is responsible for the setting of the Pr0gramrr for the Trustee annual away day and meets as and when is needed Organisation and policy making All policy and grant making decisions are made ty the Trustees. The day to day running of the Charity is direcvy managed and undertaken by the CEO. This work is assisted by the Administrab"on Manager. The CEO works from a rented office in the Sobus cornmunty hub. The CharFty's website. debk.or .uk, is the main Sour of infomiation for both individuals and organisations that wish to leam re about apptying for a grant. The application process is now managed online via the websrte and the process is designed lo be as easy as possible so that indivrduals can appty on any phone wtth intemet aCss. For th¢)se that need help, the charity provides support erther in-person or by telephone to complete an application. The TNstees endorse a Risk Management Policy. which ss updated at least annualty. This covers the significant risks which are to be found in the areas of govemance, finance, investment, operations, staff and premises, inGluding lone-working ana long-term staff absence. It also covets risks created by CovKI-19. The Charity is registered under the Data Protection Act and is Com1artt with General Data Protection Regulation legislation. It also has a policy in resrn of criminal records disclosure for staff and TTUStees in contact with vulnerable apiCants. Key management personnel The Trustees consider that they. together with the CEO, comprise the key management personnel of the Charty in charge of directing and controlling. running and operating the Charity on a daY-tdaY basis. The Trustees reoive no remuneration in wnnectron with their duties. The remuneration of the CEO and the Administration Manager is set by the Tnjstees and any changes in pay rates are based on current rates of inflation. Dr Edwards & Bishop King's Fulham Charity 9
CEO'S and Trustees, report 31 March 2023 GOVERNANCE. STRUCTURE AND MANAGEMENT {continued} Trustees. responslbilitie6 Statement The Trustees {who are also directors of Dr Edwards & Bishop King's Fulham Charity ft)r the purposes of ¢ompany lawl are responsible for preparing the TnJstee5' report and financial stements in accordance with applicable law and United Kingdom Ac¢ounting Standards (United Kingdom Generally Accepted Accounting Pract5cel. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the income and expenditure of the Chafity for that period. In pparing these financial statements. the Tnjstees are required to.. • select suitable accounting policies and then 3ppty them consislenuy,. + observe the rIodS and prinCipS in Accounting and Reporting by Chanties: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReFthing Standard appiicabie to the United Kingdom and Republic of lTrland (FRS 1021: • make judgements and estimates that are reasonable and prudert • state whether appluble UK accounts.ng Standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and • prepare the financial ststements on the going concem basis unless it is inappropriate to pres that the Charity wÈll continue in opera"on. The Trustees are fesponsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posttion of the charitable ¢ompany and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also reSpsible for safeguarding the assets of the chaittable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each ofthe Trustees confirn that + so far as the Tnjstee is aware, there is no levant audit infomth.on ofwhi¢h the Charity's auditor is unaware-, and the Trustee has taken all the steps that slhe ought to have taken as a Trustee in order to make hersefflhimseff aware of any relevant audit information and to establish that the Charity's auditor is aware of that inforlnan. This confimiation is given and shoukl be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The Trustees are responsib for the rna1ntenan and intsjrity of the financial information included on the Chanty's websrte. LegisLation in the United Kingdom goveming the preparation and disseminatTh of financial staterr£nts may drffer from legislation in other jurisdictions. Dr Edwards & Bishop King's Fulham Charity 10
CEO'S and Trustees. report 31 March 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) Premises- Percy Barton House During the year under review. the offi was moved from Percy Barton Hou. and it now remains vacant whilst plans for its future are put in place. Health and safety throughout the premrses is underconstant review and the CEO and cleaner visit weekty to chk on the buikling. 309 Lillie Road The Chanty's b4Jifding in Lillie Ro&J has bn let on a long lease to the charity MIND and it is used for their offices and counselling room. During 2023 this lease comes to an end and the Trustees have agreed to offer MIND a fvrther three year lease which has been accepted. R18k managemgnt Risk is primarity controlled through the review of a collection of detsiled assessment documents. under a variety of headers. These include. governan, income and expenditure, staffing, grants monitoring. health and safety. buildings management and Covid-19. We examine what we do. why we do Q and what might conceivably go wrong - on an ongoing basis. Action plan5 arise and change as the risks themselves change. In tern of practical application, we Th)nitor the areas as described, as ft)Ilows. G0Veman is a matter for frequent discussion, in all regards. The charity takes an interest in what is happening wtth othercharities. and in what the responsibilities of its staff and T¥ustees are_ This includes the following of the Chartty Cornmission's guidelines (which are available to all new and exists.ng Trustees). We also take an acts.ve interest in extemal updates as provided by advisory Organisatn$. Headers within our core risk documentation are amended accordingly, as expectab.ons change- and where tt is felt that we need to adapt, discussions are taken within the remit of the Governan Committee or, as frequentty, in meetings of the entire TnJsl¢e body. We have a reasonaDty healthy tumover of Trustees, producing a good balance of experience and vttalty. Income and exFenditure are both monitored closely. regular scrutiny of budgets by the CEO and Trustees. Almost every commtttee meeting includes reference to both individual budget headers and overall budget headers, against a backdrop of the perfomiance of the investsnents which underpin us, and which represent a particularly vttal consideration. Once a year. we have a ntr.ng which spectficalty examines investment matters al which our investrrnI managets attend. We have reasonable financial and budgets"n9 knowledge within our board, and this has been evident in decisions taken over rnt years {and historically). Further to this, we undertake peric*Ji¢ asSessnts of the effectiveness of the grants which we give. looking al how meaningful they a within conlert and changing focus as necessary. Dr Edwards & Bishop King's Fulham Charity 11
CEO'S and Trusts8s' report 31 March 2023 GOVERNANC& STRUCTURE AND MANAGEMENT (continued} Risk management (continued) We regularty Sook at whether we have the right stnjcture to meet changing needs, and over the past year we have been concemed with bedding in a second member of staff whose role rt is to complement the work ofthe CEO. Since her apEY)intmenL the new CEO has taken this opp)rtunity to review the Charity's system of intemal financial eontrols and made some improvements. Trustees and staff remain aware of the issues surrounding Covid-19 and feel confident that should any further risk arise, they will be ready to revert to plans implemented during the pandemic. Risks concemed wilh grdnts marJeffn( and the F¥)ssible misuse of fi]nding (particularly Ihrough Relief in Need (RIN)) have also been idenlified and are regularty discussed by the RIN Committee. Ihhere unrtainty arises, staff will nomalty make home visf( to an applicant to estsblish need. DEBK no kjnger issues grants to individuals in cash., any grant awarded is for a specffic item and rf agreed. these items are delivered direct to those homes by trusted suppliers_ The risks around the ownership of the tsvo premises areunder constant review. The property at 309 Lillie Road is leased to a local charty. The main chanty property. Percy Barton House. is now empty and there are regular risk assessments to ensure heath and safety of this Pfoperty whilst the Trustses agree the future of the building. The conclusion reached wth regard to risks as a whole Is therefore that their range and potential impact ts recognised, and reasonabty planned for and mitigated , and that there is no reason that the Charity'5 frjture shoukj not be secure. Fundraising strategy DEBK does not have a frjndraising sts8tegy as it is a grant making trust which uses income from its endowments and investrnents to award grants to organi5ations and individuals. The way pwple access our fund8 All of our funding is given as a result of Indivua1S1organons submiib'ng appltion forms. Any quefies are {as far as possible) ironed out by the CEO and by the Administration Manager before these are presented at the relevant cotrmittee or full Board meeting. The appIon process is now online via the website which receives the applications into a Saiesforee database. The system is designed to be as easy as possible so that people can fili the form in on their phone. Should anyone need help, staff will complete the fom for them either on the phone or in person. Guidance is prOVed to both indiwduals and organisation on DEBK'S website. Dr Edwards & Bishop King's Fulham Charity 12
CEO'S and Trustees. report 31 March 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) The decisions we make, and restrICtkn to funding Throughout 2022123. and ongoing. the Trustees. decisFons are and have been driven by the dege to which the respecbve applications match our criteria, and by the availabilty offvnds. There may be a number of reasons why an apICation is not successfijl, but listed below are the most tr)mmn ones" • The relevant client or clnt group is out of our area.. The application does not ret to actual andlor srgnificant hardship,. The client or group has repeatedty been fvnded by us, and is disproporb"onalety reliant., or There is other funding available (particularly where other organisations have existing legal dub'es to provide the requested itemsltvicesl. FINANCIAL REVIEW Flnancial POrt for the year A summary ofthe yeals resutts can be found on page 21 ofthe attached financial statements. There have been nel investment lasses for the period of £556.806 {2022 - gains £618,866), Investment income has retumed to Pr&pandern levels and has increased to £484,03412022 £432,616). Total inconE for the year was £511,12412022- £459,736). Expenditit on grants and donation5 to organisations was £127,650 {2022 £159,924). Expelldltu on Relief in Need grants was £141.305 (2022 - £177.1321. This reductson in grant expenditure is party due to the changeover in18adership and systems during the year. Reserves policy The Trustees have examined the requirnent for free reserves i.e., those unrestricted funds not invested in tangible fixed assets, or designated for specjffc puiposes or otherwise committed. The Trustees cOnser that the Charity should keep a reseTve of £700.000 in the unrestricted fvnd to cover approximately ehteen months. expendtture and that the balance of the current unresthcted fvnds is available rf required for grant-giving. A minirnum of £50,000 is kept on short term deposit with the balance of free reserves depostted for up to a year at a time. This approach is regularty reviewed. The Tnjstees are of the 0"nIOn th this provides sufficient Ilexibility to cover temporary shortfalls irt income due to timing differen$ in income flows and adequate working capital to cover core costs. Dr Edwards & Bishop King's Fulham Charity 13
CEO'S and Trustees. report 31 March 2023 FINANCIAL REVIEW lo)nlinued} Financlal posltlon The balance sheet shows total fijnds of £9.134,598 (2022 - £9,563,459). Of this £8,087.243 (2022 - £8,611.1761 are investments held as an end(Mment fijnd, of which the capital is invested and is currenty unavailabk to SUPFrf)rt the general financing of the Charity. DeSnated funds. wnsisb'ng of ts freehold propety fvnd. aK)Unt to £231,553. General frjnds amouftt to £815.802 of which £292 is represented by fixed assets the remaining £815,510 being free reseNes (inclusive of creditors falling due in more than one yearl which is in line with the policy above_ This also includes £467,127 12022 £500,000) wthin invesbnents vthich has arisen due to a transfer of money from a Scottish OwS deposit account to the M&G investmnt portfolio in the year ended 31 March 2020 and has been deemed as part of free reserves as ti can be readily liquidated should the need anse. Free reserves arwurrted to £815,802 {20224711,475. This represents over two years of expendrture {2022- c 18 rnthS). The truslees consider the level of reserves to be reasonable given the Current economic uncertainties. It is exFeded that the reserves will fall back within the poli parameters over the next few years. Investment pollcy The endowment fvnds are held in the subsidiary ofthe Charitsble Company and are managed by the Compary. its trustee. The Charity has a portfolio of investrnents with a market value as at 31 March 2023 of £8.554,37012022- £9.111.1761. There are r¢0 restsictths on the Chanty's power to invest The investment strategy is set by the TTUStees and takes into account income requirements, the need to maintain the value of the capitsl, the risk profile and the invesbnent m8nagels vTrew of the market prospects in the rnedium term. The overall investrnent policy is to maximise total retums through a diversified POTttolio which aims to provide the level of ir¢come required by the Trustees and al Ihe same tsme to ty to ensure that Capital applation of the fund excJs inflation over any fve-year pertod. The FInaft Committee reviews the Trustees. invesknent strategy and reports reguiady to the Trustees. The Ttustees monitor the performance of the portfolio attheir quarterly meetings. The Truslees closely Mon1 the Charity's inco and overall investment perfom)ance to improve itwhilst continuing a ntrOlled investment strategy. The Trustees consider the level of investment income to be satisfactory. The Trustees also continue to monitorthe investmenl policy for the medium to long-term and they montlor the perfoTmance of the investments over a fve year perKKI with a view to maintaining, at a minimum, the capital value of the investffnts. The value of the endOwnt fund investrnents has fallen by £424,474 (or 5 %) since 31 Marth 2018. Investment performance over this period has therefore fallen signifiCanY short of inflation over thts peri(xl. Although this underperformance can in large part be explained by the PC*)r perfomiance of UK shares over the last fve years lin part caused by the pandemic) and by a recent uptick in inflation. this is still a cause ft)r conrn. In Ii)oking at our inve5tsnent strategy trustees wll be seeking to reverse this decline in capital. Dr Edwards & Bishop King's Fulham Charity 14
CEO'S and Trustees, report 31 March 2023 FINANCIAL REVIEW (continued) Investhient pollcy {o)nbnued) The investment managers. report on the pefft)rnJan¢e ofthe investments is as follows.. Charifijnd (as ryHnaged by M and G investrnents} 2022 was largety a story of consolidation for UK equibes. with the 18.3% retum by the FTSE Ail-share Index during 2021 being ft)Ilowed by a 0.3% gain last year. It W85 a strikingly different in tK)nd markets. afflicted by a "perfect stomi" of high, persislenl inflation and rising interest rates from record lows.. this resulted in a negab.ve ietum from the FfsE UK Conventional Gilts Ail Stocks Index of -23.8%, reflective of growing inffation concerns and the almost catastrophic effects of the UK Govemment's SepteMr.MIn[-bUdget., which caused a mass sell-off in bond markets as pension fvnds scrambled for the exil to cover margin calls. UK equities posted modest FK)sitive retums (3%) in the first quarter of 2023, while the gilt mafket stabilised (2tskn1, but March was booknded by the onset of a banking crisi8 in the US regional sector giving tise lo fears of potential ¢xsntagion across wider financial markets. Allied with the ongoing Confi in Ukraine and hehtenIng gecppolrtical tensions betsveen the US and China, the outlook for the remainder of 2023 looked very uncertain. Nonetheless, investing in eqLfiti"es rather than bonds proved to be absolutety the right call during the year under review, from a retums and income perspective. Our strongly UK-centric mandate and our tradibonal relative bias toward mid- and small-caps over FTSE 100 stocks proved to be nK)re of a headwind in latiVe terms during the year, although the general resilience of London-lisled stocks versus overseas markets did allow us to record stable returns while delivettng a second consecutive year of strong dividend growth. Sectors historically regarded as more defensive wth higher dividend prospects (such as Energylutililies, Financials, and Pharmaceuticals) perf0ml well in the second half of last year but began to lose ground as lower yiekling 'growth' sectors came back in to favour during Q1 2023. We maintained a widely drvetsified FK)rtfolio of around 100 individual holdings. Oesigned to ensltre that we contr.nued to manage th pital and income risk as best we ould in often fractious market o)nditions. Charifvnd ended the year to 31 March 2023 having posted a total retum (Capital plus incom8 reinvested, net offeesl o-0.7%. slwJhtly behind our benchmark FTSE Al1-sha Index12.9¥0). This lag was largety accounted for by stocks that we cannot own owing to our ethical restrictions {such as BAT. Imperial Brands and BAE Systems) posting strong combined performance, which cost us in excess of2% in retums rete to the Index. A notable crop of other large FT100 names that we do own (Astrazeneca. Shell, HSBC} also performed strongty, bul our lighter postbons relative to their Index weightings meant that we did not nefit fully from this uplrfL Our core focus remains on identsfying higher yielding stocks from mre defensive and cyclul S)rS. in order to deltver a significantly higher level of income than the UK market average. and that offered by many peer-group equity funds. Dr Edwards & Bishop King's Fulham Charity 15
CEO'S and Trustees, report 31 March 2023 FINANCIAL REVIEW (¢ctinued) Investment policy (continued) We were delighted lo be able to announce an increase in our distribution again in 2022, ful completing the recovery from Covid-related cuts that were fOrej upon us in 2020 in just tsvo years,. the annual total distrkbution rate of 83.OOp per unf( represented a 12.20A year-on-year increase on the previous year. Charifund ended the year still offering a healthy yield of 5.70k, significandy more than the average on the FfsE l-Sha Index13.6tyk), and prospects for fvrtherdNidend growth o)ntinued to offerencouragement during the earfy months ofthis year. At the time ofwrib"ng. our latest forecastfor 2023 is to exFrt a total distribution rate of at least 85.OOp. and we shall strive lo deliver rmre rf income generated by the portfolio exceeds this ma FUTURE PLANS: TrUSTEES' PLANS FOR 2023r24 AND BEYOND During 2023-24 the plans for the charity include the following.. To continue to prccesses and resourw which are currentty deployed lo caTry Out the grant making activities. Work on this has already started, but it is important that the chartty continues to balance how what resources are being used against the benefft that is being gNen. To ensure that the Charity is rweting emerging needs. The CharY has a long history of supporting both indNiduals and organisations in Fulham who are in financial need. however during the rnt pandemic new areas of need have bme apparent and the impact of the increases to the cost of INing is ever evident. The Trustees will want to ensure that they are providing the best possible support to individuals and organisations. • To develop cuent rnitOring prCesseS to understand the full impact of the Charity's grant making. The SaforCe database has now been implemented and it is hoped that going foNRrd the charty will be able to have more insight into ststisbc5 of who is benefiting from grants. To develop and implement an action plan for the fvture of Percy Barton House. + To recrurf( a new Chair of Trustees. To raise the profile of the Charity. This is likety to indude surveying current stakeholders in order to devise a contact strategy to increase Ihe Charity's profile across Sc1fiC social media platForNts. presence at thal netsvork and foTurYts and other relevant activf(ies. Signed on behaw of the Trustees". Susan M. O'Neill Trustee Approved by the board on.. Company RegistratKn Number. 05525568 (England and Wales) Dr Edwards & Bishop King's Fulham Charity 16
Independent audltoffs report 31 March 2023 Independènt auditorfs report to the members of Dr Edwards and Bishop King's Fulham Chaiity Opinlon have audf(ed the finanoal Statents of Dr Edwards and Bishop King's Fulham Charity (the 'charitable company'l for the year ended 31 March 2023 which comprise the statement of financial activtbes, the balance sheeL the principal accounting poliaes and the notes to the financial statements. The financial reportj.ng framework that has been applted in their preparatM)n is appli(3ble law and Unrted lfj"ngdom A¢counb"ng Standards, including Financial ReportEng Standard 102 'The Financial ReFK)rtrn9 Standard applicable in the UK and Republic of Ireland, (Untted Kingjom Generally Accepted Accounbng Practi¢e). In our opinion, the finanual stnnts.. give a true and fair view of the stste of the charitable company's affairs as at 31 March 2023 and of its income and expendrture for the year then ended: • have been properfy prepar&Y in accordan wilh United Kingdom Generally Accepted ounting Practice," and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audit in accordan with International Standards on Audibng {UKI IISAS (UKII and applicable law. Our responsibilities under those stsndards are fvrther described in the auditorfs responsibilities ft)r the audrt of the financial stslements section of our report. We are independent of the chaittable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have ftjlfilled our other ethrcal responsibilrti.es in accordance with these requirements. We believe that the audrt evhdence we have obtained is Sufflent and appropriate provide a basis for our opinion. Con¢luslon5 relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the finanaal statements is appropriate. Based on the work we have perforrfd. we have not identified any material uncertainties relating to events or n¢$itiOnS that individually or collectivety. may cast significant doubl on the charitable company's ability to conts.nue as a going conrn for a period of at least e1ve mnths from when the financial st*ments are authorised for issue Our responsibilrbes and the responsibilities of the Trustees with respect to going concem are described in the relevant sect#)ns of this rer Dr Edwards & Bishop King's Fulham Charity 17
Independent auditorfs report 31 March 2023 Other inforniation The Trustees are responsible for the other inf0Mts0n. The other infomiation comprises the inf0mtK)n induded in the annual report and financial statements, other than the financial statements and our audttorfs port thereon. Our opinion on the financial statements does not cover the other informabon and, eXpt to the extent otherwise explictty ststed in our report. we do nol express any fonn of assurance ConduOn thereon. In connection with our audtt of the financial statements, our responsibility is to read the other information and. in doing w. consider whether the other information is m*erialty inconsistent with the financial statements or our kn(ywiedge obtained in the audit or otheiSe appears to be materialty misstated_ If we bdentfy such material inconsisten¢ies or apparent material misstatements, we are required to detemine whether there is a material misstatement in the financial ststements or a material misstatement ofthe other inf0MtiOft. If, based on thework we have perfomEd, weconcludethatthere is a material Misstatement0fth other infomiation. we are required to report that fact We have nothing to report in this regard. Oplnlons on oth•r matters proscribod by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audtt". • the information gNen in the Trustees. reFor( which is also the directors, pOrt for the purposes of comFkgny law. for the financial year for which the financial stslements are prepared is consistent wth the financial ststements. and • the Trustees, report, which is also the directors. report for the purpws of company law, has been prepared in accordance wth applicable legal requirements. Matters on which we are requlrnd to report by exception In the lightof the knowledge and understanding of the charttable company and its environmenl obtained in the course of the audiL we have not identffied material misstatements in the Trustees, report. We have nothing to report in SpeCt of the following matters in relation to which the Companies Act 20r requires us to reFrf)rt to you rf, in our opinion.. • adequate accounting records have not been kept or retums adequate for our audit have not been recewed from branches not vislted by us.. or • the financial ststements are not in agreeffnt with the accounting records and retums.. or • certain dis¢losures of Trustees. remuneralion SIfied by law are not made,. or • we have not reced all the ¥)formation and explanations we require for our audit.. or • the Trustees were rKIt entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in prepanng the Trustees, report and from the requirement to prepare a strategic report. Dr Edwards & Bishop King's Fulham Charity 18
Independent auditovs report 31 March 2023 Responsibilitie5 of Trustges As explained more fully in the Trustees. resFX)nsibilities statement, the Trustees are reSWnsib for the preparation of the financial statements and for being satisfied that they give a twe and fair VF6W, and for such intsmal control as the Trustees detemiine is necessary to enable the preparatron of )Inancial Statents that are free from material mffsstatement, whether due to fraud or error. In preparing the financkgl statenEnts. the Twstees are responsible for assessing the charitable company's abilty to conbnue as a going concem. discfosing, as applicable, matters related to going concem and using the going con basis of accounting unless the Trustees either intend to liquidate the charitsble company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibllltios forthe audlt of the financial Statements Our objectives are to obtain reasonable assurance atJ)ut whether the financral statements as whole are free from material misstatemenl whether due to fraud or error, and to issue an auditols report that indudes our opinion. Reasonable assuran is a high level of assuran, but is not a guarantee that an auditconducted in atxordanee with ISAS IUKI will always detect a material misststement when it e$ts. Misstatemenls can arise from fraud or error and are consrdered material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financialstalements. Irregularities, including fraud. are instances of non-complian with laws and regulations. We design pr(xedures in line wrth our responsibilities, outlined above, to detect material misstatements in respect of irregulartties, including fraud. The extent to whi¢h our procedures are capable of detecting irregujarities, including fraud is detailed below.. Our approach to identfying and assessing the risks of material misstatement in respect of itregularilies, including fraud and non-compliance wtth laws and regulations, was follows.. • the engagement partner ensured that the engagement team collectively has the appropr5ate competen. capabilities and skn.lls to identify or reccrfJnise nort-complian with applicable laws and regulations.. + we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and detemiined that the most signtficant framewo$ which are direcwy relevant to sFecrfic assertions in the financial statements are those that relate lo the reporttng fraThWOrk (SlatenEnt OfReC£*mnded Practs"ce Accounting and Reporting by chariti.es preparing this accounts in ardan0 wf(h the Financial reporting Stsndard applicab in the United Kingdom and Republi¢ of Ireland (FRS 1021, the Charities Act 2011, and the Companies Act 2006} 2nd those that relate to dats protection (General Data Protection Regulation) and general employment law. We assessed the susceptibilrty of the charitable o)mpany's financial statements to matetial misststemenl, inc(uding obtaining an understanding of how fraud muht occur. by,. • making enquifFes of wonagement as to their knowledge of athal. SUSFe¢ted and alleged fraud.. and Dr Edwards & Bishop King's Fulham Charity 19
Independent auditofs rnport 31 March 2023 Auditovs respoDsiblliti8s for the audit of the financlal ststements (continued) • nsIdering the internal controls in to mrtale rkS of fraud and non-Gomplian with laws 2nd reguLatK)ns. To address the risk of fraud through management bias and override of controls we,. • rfOnrd anatytical procedures to identify any unusual or unexpected relationships. and • tested joumal entries to identify unusual transactions. In resF)onse to the risk of irregularities and non<ompliance wth laws and regulations, we designed Procedures which included, but were not limited to.. • reading the minutes of ting$ of those charged wth govemance., and • enquiring of management as to actual and Fotsntial litsgalion and claims. There are inherent limitalions in our audit pr(Kedures descnbed above. The more removed that laws and regulatr.ons are from financial transaction5, the les5 likely it is that we would become aware of non-compliance. Audthng standards also limitthe audit procedures required to idenb.fy non-compliance wth I$ and regulations to enquiry of the Trustees and other management and the inspecbon of regulatory and legal correspondence, rf any. Mrial misslatements that arise due to fraud can be harder to detect Ihan those that arise from emr as they may invOe delitrffite concealment or collusion. A fijrther descripb.on of our responsibilities for the audit of the financial ststements is located on the Financ1 Reportkn9 Counal's website at I.frc.Org.ukJaudItor8r8sponSIbilftIes. This descriptr.on fomts part of our audiio¢s reporL Use of our report This report is made solety to the charitable company's members, as a body, in accordance wtth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditovs reFX)rt and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume respoftsibility to anyone other than the charitable company and the charitable company's members as a tody. for our auditwork, for this report, or for the opinions we have foTTrd. bLizZo4b Hugh Swainson. SenK)r Ststutory Auditor for and on behaw of Buzzacott LLP. Statutory Auditor 130 WocJ Street London EC2V 6DL 09 October 2023 Dr Edwards & Bishop King's Fulham Charity 20
Ststement of flnancial a1VIlieS Year to 31 MarGh 2023 2022 Total funds funds funds ftJnd$ Inco tatrn8 ar¥J aoes 120 432.818 120 432.616 Total incom 27. 459.736 27.(KJO 459.736 611.124 S1Y.124 ExpfyndirV . Grartsto IndldaL% . Grarrt$ lo bc81 organwtior . Percy Barton HLMJ5e atvj 309 Ro•J Totsl pendItUT& 246.443 187264 18.344 452.051 246.443 187.264 18.344 452.051 159M74 159,874 383,179 383.179 Il0ss11 gain on irivetherts N¢tlncom8 I lèxwndityr•land net In lutbd¥ 127.915 127,945 1318731 1S23J331 IS56.80$1 618.866 618,866 95.072 15249331 448611 818.866 626,551 R•¢ollclllaIk offund Balances broW forward at I W" 2022 Balarn cwried forward * 31 Marth 223 951283 8.611.176 9.W.459 1.047A65 &087243 9.134.698 944.598 7.992,310 8.936.908 952283 8.611,178 9.563,459 Al ot the charitable company's activities were continuing during the above tsvo financial periods. All recognised gains and losses are included in the above statemerrt of financial activities. Dr Edwards & Bishop lQng's Fulham Charity 21
Balance sheet As at 31 March 2023 2023 2023 2022 2022 Fixed assets Tangible assets Investments Tatal fixed assets 231.845 8.554.370 786,215 241,151 9.111,176 9,352.327 Debtors CÈsh at bank and in hand Total current assets 7,786 383.764 391,550 2¢X) 286,774 286,974 Liabilities Creditors.. amounts frdlling d within one year Net currentassets Creditots." amounts falliTrJ due in more than one year Total t assets 10 (37.1671 (82,8421 224,132 11 16,0001 9.1¥598 113.0001 9,563,45g The funds of the chartty Unmstrtcted fLEnds . General funds . Designatgd funds 12 13 815,802 231.553 711,475 240.808 1,047,355 8,087.243 9,134.598 952,283 8,611,176 9,563,459 Endowment fvnd Totsl charity funds 14 Approved by the Board of Trustees, Company Registration Number 05525568 (England and Wales), and signed on its behatf by". Susan M. O'Neill Trustee Approved by the board on: Dr E(hiards & Bishop King's Fulham Charity 22
Principal accounting policies 31 March 2023 The principal accounting policies adopted. Judgents and key sources of estimation unortainty in the preparation of the accounts are laid out below. Basis of prepardtlon These accounts have been prepared for the year to 31 March 2023. The acLounts have been prepared under the historical cost convention with rtems recognised at cost or transaction value unless otherwise stated in the relevant accounting Fx)li¢ies below or the notes to these accounts. The accounts have ben prepared in accordance wrth Accounts'ng and Rewrting by Charities." Statement of Recommended Prath. applicable to charities pparIng their accounts in accordan wrth the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102} {Charities SORP FRS 1021 issued on 16 July 2014, the Financtal Repoiting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Charittes Act 2011. The charity constitutes a public benefft entty as defined by FRS 102. The accounts are presented in sterfing and are rounded to the rsearest pound. Ciitlcal aceounllng esttmates and areas of judgement Preparation of the accounts requires the Trustees and management to make significant judgements and estimates. The items in the accounts where these Judgents and estimates have been made include.. • estimating the liabilty for multFyear grant commrtments,. and + estimating the useful economic life of tsngible fixed assets. The full impact following the rnt enwence of the global coronavirus pandemic is still unknown. It is thefOre not ¢)Jrrenly possible to evaluate all the potential implicab.ons for the charity's actNities, teneficiaries, funders. suppliers and the wider economy. Esttmates used in the accounts, parti¢ularty with respect to the value of listed investments are subject to a greater degree of uncertainty and volatility. Wth regard to the next accounting perrod. the year eTrding 31 March 2024, the most significant area that affects the carrying value of the assets held by the charity are the level of investsnent retum and the rft)rManee of the inveSnt markets {see the investment lry and the risk man4errEnt sections ofthe Trustees. report for more information}. Assessment of going concern The Trustees have assessed whether the use of the going conrn assumption is approprtate in preparing these accounts. The Tnjstees have made this assessment in respect to a period ofone year from the date of approval ofthese accounts. Dr Edwards & Bishop King's Fulham Charity 23
Principal accounting policies 31 March 2023 Assessment of going concem (continued) The Trustees ofthe chartty have conduded thatthere are no material un¢ertainties that may cast signfficant doubt on the ability of the charity to continue as a going cOnrn. This is on the basis that the value of assets held by the charity are very materially in excess of the liabilities of the charity and the level of commitments in respect of grants approved for projects payable in future years. The Trustees are therefore of the op¥nion that the charity will have sufficient resour to meet its liabilibes as they fall due. Income recognilion Intx)me is recognised in the period in whth the charity has entiuement to the income, the anUt of Incoff can be measured reliabty and it is probable that the income will be received. Income mpriseS donations. investh*nt income and rental income. Donations are recognised when the drity has confiThation of both the amount and setmement date. In the event of donations pledged but not r1Ved, the amount is accrued for where the rlpt is considered probable. In the event that a donation is subject to condrtions that require a level of PerfOman before the charity is entied to the fvnds, the income is deferred and not recc•Jnised until either those condilions are fvjlly met. or the fulfilment of those condrtions is wholty wtthin the o)ntrd of the charity and it is probable that those CondinS will be fvÈfiI in the repotting period. Dividends are recognised once the dNidend has been declared and notification has been r1Ved ofthe dividend due. Interest on funds hekl on dewJ$it is indud8J when receivabk and the amount can be measured reliabty by the thanty". Ihis is normalty upon notification of the interest paid or payable by the bank. Rental income is recognised in the Feriod to which the income relates. Where income is received in arwrs this is accrued if tt is probable that the incorne wll be received. Expenditure recognltlon and basis Ot allocatlng costs Liabilities are recognised as exFenditure as s(x)n as there is a legal or constructive obligation committing the chanty to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditLsre is accounted for on an accruals basis. Expendf(ure comprises direct costs and support costs. Al expenses, including support costs, a allocated or apportioned lo the applicable expendIre headings. Dr Edwards & Bishop King's Fulham Charity 24
Principal accounting policies 31 March 2023 Expenditure recognltion and basts of allocating costs Icontinuedl Charitable activities tomprise grants payable to people on hwi incomes fDr essential items of daily living.. grants and donations to local organisations whose woik the Charity's criteria of helping people in need," and the o)sts associated with providing a meeting pla for local organisations at Percy Barton House. The cost of administering the grant programme and other indirect charitable expenditure is also included under this heading, apportioned across the bhree acbvrts'es of the Charity. The basis of apportioning support costs is as follows." • Premises costs are app)rtsoned according to the Iloor area cttupied by each activity. Staff Sts are apportroned according to estimated time SFent by support stsff on each acb"vity. Other support costs are appOrtned a¢cording to estirnated time spent by all staff o each activty. The percentsges used are: Premise5 Stsff costs Other support )sts 2022 and 2023 2022 2023 2022 2023 % Grants to indivsduals Grants to organk%atior Percy B8rton Hotjse 309 llie Road 23 23 60 31 24.0 25 100 10.0 100.0 100 100 11KJ.O Grants, donations and pensn$ payable are includ&J in the statement of financial activities when approved and when the intended recipient has either received the funds or been infornied of the decision to make the payment and has satisfied all related conditions. Grants and donab.ons approved bul not pamd at the end of the financial year are accrued. Tangiblg fixed assets All assets costs.ng more than £5.000 and with an exFted useful lrfe exceeding one year are capitslised. Freeholdproperty Freehold properties used for the direct charrtable work of the Chairty are included in these financial statements at cost at the date of acquisition together the cost of additions and improvements to date. Freehold properties are deprecFated at a rate of 2% per annum on a straight line basis in order to wrrte the bLtiklings off over their estimal&J usefvl economic life lo the Charity. No depreciab.on is provid&J on freehokl land. Othertangible fixed assets Other tangib fixed assets are capitalised and deprea.ated at the following annual rates in order to wrrte them off over their estimated usefvl INe5." • Fumiture and equipment 15% p6Y annum based on written down value Dr Edwards & Bishop King's Fulham Charity 25
Princlpal accounting policles 31 March 2023 Tangible fixed assets (conb"nued) Other tangible fued assets (o)ntinued) Computer equipment 25% per annum based on written down value Flxod asset investsnents Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at theirfairvalue as atthe balance sheet date using the ctsing quoted market price. The Charity does not auIre put optsons. derivatives or other complex financial instruments. Realised gains (or k)sses) on investment assets are ¢abculated as the differeft betsveen disposal proceeds and their opening canrying value or their purchase value, if acquired subsequent lo the first day of the financial year. Unrealised gains and Sosses are calculated as the difference ben the fair value at the year end and their carrying value at that date. Realised and unrealised inveStnt gains lor losses) are combined in the statement of financial achvÈtes and are credited (or debited) in the year in which they arise. Debtors Debtors are recognised at their SetentanjUnL less any provision for non-recoverability. Prepayments are valued at the arTh)unt prepaid. They have been discounted to the present value of the future cash receipt where such discounts'ng is material. Cash at bank and In hand Cash at bank and in hand represents such accounts and instruments th are available on demand. Creditovs and prov16ions Creditors and provisions are rftiSed when there is an obligation at the balance sheet date as a result of a past event r( is probable that a transfer of economi¢ benefit will be required in settlement. and the arnunt of the setuement can be ests"mated reliably. Creditors and provisions are reccJnised at the amount the charity antscipates it will pay to settle the debt They have been discounted to the present value of the future ¢ash payment where such discounting is material. Fund structure The general fund comprises those rnonies which may be used towards meeting the charitable objecknves of the Charity at the discreb.on of the Trustees. The denated bjnds are monies sel aside out of general funds and designated for specific purtwe5 by the Trustees. The endoWt fund comprises monies for whth the Charity has responsibil in Trustee capacty. Income from the endowment ft]nd can be used for general purposes and is ¢redited dir to unrestncted funds. Dr Edwards & Bishop King's Fulham Charity 26
Principal accounting policies 31 March 2023 Pension contribvttons ConttibutKJns in respect of the charity's defined contribution pension scheme are charged to the statement of financial aclivits'es when they are payable to the scheme. The charty's contributions are restricted to the contribubons disclosed in note 5. There were no outstanding contrtbulions at the year end. The charity has no liability beyond making its contributiS and paying across the dedu¢ts"ons for the employees. tributiOns. Dr Edwards & Bishop King's Fulham Charity 27
Notes to the financial ststements 31 Marth 2023 1 Investrnent income 2023 Total funds Unrestricted Endrywment frjnds funds From endowment fund & G CharTfvJnd 481.597 481,597 481,597 481,597 From unrnstrictsd furKI CAF Gold Att(MJnt 2,437 2.437 2,437 2.437 2023 totsl fvnd 484.034 484,034 2022 Total fvnds fvndg funds end0ent furn M & G Cha17fund 432,572 432,572 432,572 432.572 CAF GoldAccwrt 2022 total fvrnjs 432,616 432,616 2 Rent recelvable 2023 Totsl funds Unrestric*ed End(r)rt lunds ftjnds 2023 total fvnds 27,) 27.000 2022 Tot81 funds Unmti7Cted Endovmenr fur funds 2022 totalfunds 27,L 27,000 Dr Ettwards & Bishop King's Fulham Charity 28
Notss to the financial statements 31 March 2023 3 Cost of chaiitable activlties 2Q23 unre8tricted and total funds Grant making Dirèct costs Support o)sts Grants to indld(lS Gtsnts to focal OrgantIOnS Percy Barton and 309 tillie Rwl 141.305 127.650 12.391 42,513 32,224 26862 101,599 196,209 159.874 27,096 383.179 234 268,955 12625 2022 Unstricted and tolal fvnds GRnt Direcl Support o)sts Gtsnts fo i1ldUal8 Grants to Iccal OrgantisatS PeY Barton Hotlse and 309 Lillie R08 177. 132 159.924 12,391 56,921 27.340 18.002 702.263 246,444 187,264 18,343 452,051 341 12, 732 337,056 A detailed list of the grants payable to insbtubons is given in the appendix to these financial statements. Dr Edwards & Bishop King's Fulham Charity 29
Notes to the financial statements 31 March 2023 3 Cost of charitable activrties (continued) Percy B8rton House and 309 Lillie Road Grants to Grants to indNKluab oryanL8thons 2023 Totsl Support costs bKdown Basis of a5h)catioii PtemEe5 staff rx)st5 other supportcosts". Printing, stationery and FX%tagB Telephone Insuran Bank charges SubscriptKJns, seminarfees aThJ $undrEs Website and publDty Legal fees. payroll and wryukr nwllanGy BookkeepitwJ fees Copier, o)rnpuLer olher 4.339 23.223 4.339 20.323 10,186 14.514 18.864 58,060 21 10 418 119 1.362 1,120 101 679 61 31 872 70 126 10 1A39 4.227 1.339 2.138 677 611 194 6.976 2,210 253 128 37 418 Audito¢s remuneratbjn 3.341 31224 955 26.862 10.900 101,599 42.513 Grants lo Hous* GTrts lo and 309 Nthttluals organn$ Lilhe Road 2022 Total Basis of alk¢8ÈK)n 1885 staff costs Othersupwtcosl& Pnnb'ng, statswryandk¥)stage T81&phone Insu Bank diaryes SubSct7pIA$. serntinarfe85 sundries Website alPUtY FlDfesSnaI fee4 payrnll 8MI compuÈer consultancy 4.413 4,413 14,917 10,360 4,972 19. 186 49,722 28 293 277 31 176 1.220 1, 153 128 829 92 io 87 160 28 53 667 115 11,146 1.414 3.937 1,313 167 16,396 2,081 Copivr, ty)mputerafftl0th8r 115 38 479 7,478 56.921 2,641 27,340 881 18,CQ2 11,OQO 102,263 Dr Edwards & Bishop King's Fulham Charity 30
Notes to the financial statements 31 March 2023 3 Cost of charitable activitles (continued) Basis for SUPFK)rt costs allocation Premises costs are allocated according to ffoor area used for each actrvity. Support staff costs are allocated on the basis of estimated ts'me spent on operational activits.es by those staff members. Other Sltpport costs are a11cted on the basis of estimated time spent on operational 8th1t by all staff, induding those attributed to direct costs. 4 Net income (expenditure) before galn5 on Investmonts This is stated after thargww.. Total 2023 Total 2022 Employees, remunerion 5} Auditorfs remuneralion . Audit fees . Other sèrvices Depre(jatn 70A51 62.113 5,850 5.850 9,306 5,500 5.500 9.315 5 Employee8. and remuneration of Trustees and kgy managemont per50nnèl 2023 2022 Staff ts)sts during the year re as foN(hVS.' Wages an¢J salaries al security costs Other pertsion ¢ts 67,140 1.539 1,772 70.451 58,792 1,233 2,088 62,113 No employee eamed £60,orxi per annum or more durong the year12022- none}. The average number of employees during the year. calculated on an average headcount basis was 3 {2022- 3)- During the 2023 and 2022 financial years, the key management personrtrel of the charity in charge of direth.ng and controlling, running and operats.ng the ¢harty on a day to day basis comprise the Trustees and the CEO. The total remuneration (including taxable nefitS and employerfs national insurance and pension contributions) of the key management personnel for the year was £56.29312022 - £46.2041. No Trustees rived any remuneratton for their serv¢ces12022 - none}. No Trustee was reimbursed for any expenses incurred whilst acb'ng as a Trustee12022- none}. Dr Edwards & Bishop King's Fulham Charity 31
Notes to the financlal statsments 31 March 2023 6 Taxation Dr Edwards & Bishop lQng's Fulham Charity is a registered chartty and, therefore, is not liable to income tax or corporation tax on income derived from its Charitable activibes, as rt falls within the various exemptions available to registered tharitws. 7 Tangible fixed assets Fumiture Freehokl and Computer propetty &]uipment equiwnent Totsl At l A[1 2022 31 March 2023 508.372 9,632 518.608 OeprEelation At 1 April 2022 Charge for year At 31 Mard) 223 267,564 9,255 276.819 9.289 51 277.4S7 9,306 288,763 604 Not book values At 31 Marth 223 At 31 Marc* 2022 231,553 240.808 2¥2 231.845 241.151 343 The freehold prOpertS are used for charttable purposes, either as the offices of the charity or let out to other chariiies. As permitted under FRS 102, the Charity has opted tr) adopt a policy of not revaluing ts fixed assets. The book value of land and buildings is based on cost It is likety that there are material drfferences btheen the open market values of the Charity's freehold land and buildings and their book valLÈes due to the effects of inflation. 8 Invgstsnents 2023 2022 UK Ilsted inv•stments Market value at 1 April 2022 Nel unrealised investmwrt (b)ssl I gain Market Val at 31 Marth 223 9.111.176 8,4W2,310 {556.8061 618,866 .554,370 9.111,176 Cost oflÈsled inves1m as * 31 M8rth 2023 7.63S,233 7,635,233 In the current and prior years. there were no additions or disposals. All investments were held in the M & G Equities Investment Fund for Charities (Charifundl and are dealt in on a recognised stock exchange. Dr Edwards & Bishop King's Fulham Charity 32
Notes to the financial statements 31 Marth 2023 8 Inveslments (continLEd) The total unrealised gains as at 31 March 2023 ctjnstitute movements on valUation of investrnents and are as follows: 2023 2022 Unrealised gains includgd above: On invesbnents Tatsl unrealised gair at 31 IAar¢h 919,137 919,137 1,475,943 1,475,943 Reconciliation of movements in unlIs galn¥ Unrealiseil gains at 1 April 1,475.943 857,077 Add." net (losses) Igains on ievaluabcn arisirNJ n) the y Total unrealised gains at 31 March {556,8061 919.137 618,866 1.475,943 9 Debtors 2023 2022 Prepayments 7,786 7,786 200 200 10 Crodltors: amounts falllng due withln one year 2023 222 Charitable giving Support, marAgement and aJministr81ion oflhe Charity 24.942 12,225 37.167 49,872 12,970 62.842 11 Credito. amounts falling due In more than ¢)ng year 2023 2022 CharItae giving 6,000 6,000 13.0(Kl 13,000 12 Unrestrlcted funds- General funds 2023 2022 At 1 April 2022 Net expendtiure beforè gains on irbveslments Ilossl I gain on invgstments Movement in respect of freeh(Ad prwrty fijnd (note 13} At 31 Marth 2023 711.475 127,945 {32.873} 9,255 815.802 894,535 7.685 9.255 711.475 Dr Edwards & Bishop King's Fulham Charity 33
Notes to the financlal statements 31 March 2023 13 unrestri funds- Designated funds: Freehold pmperty fund 2023 2022 At 1 Awil 2022 G8Lns, losses and transfers Al 31 March 2023 240.808 19,255} 231,553 250,063 19,2551 240.808 The freehold property ftjnd represents the net book value of the charity's freehold propety. A decision was made to separate this fijnd from the genefal fund ofthe charity in recognition ofthe factthat the free1Id property is essential to the day-tt>day work of the charity and as such rts value should not be regarded as funds Ihat would be realisable with ease, in order to meet fubjre n*"ngencie$. 14 EndoTHment fund From 6 November 201K, the (original) Charity, Dr Edwards. And Bishop King's Fulham Charity1247630) became known as Dr Edwards & Bishop King's Fulham Endowment Fund {247630}. This meant that the tsvo Chafities were united for ac¢ounting purposes and the original Charity {247630} became a subshdiary of the main. incorp)rated Chanty, Dr Edwards & Bishop King's Fulham Charty {1113490). Dr Edwards & Bishop King's Fulham Endownt Fund {247630) acts as an entity to protect the endowment The investment income is to be paid into a bank account pertaining to the Endowment Fund and transfe as required to Ihe Company's account lo pay grants and other expendtture conceming the Incorporated Charity's11113490) actsvities. Those activitEs are as set out in Ihe in the memordndum and Arkn¢s ofthe Chanty. Broadty speaking they are the relief of poverty. hardship and distress ¥thIn the area forn)erty known as the MetroFolitan Borough of Fulham. 2023 2022 At 1 April 2022 Gains, losses tsarle[S At 31 March 2023 8,611.178 1523,9331 .087.243 7.992,310 618.866 8,611,176 Further detail of the charity's endowment can be found wlthin the"History and Constitution. section of the trustees. rewrl Dr E(hvards & Bishop King's Fulham Charity 34
Notes to the financial statements 31 Marth 2023 15 Analysls of Mt assets beiween General DesbJnated Endowment fvnds fvnd 2023 Total tunds Fund balances at 31 2023 are Trpresented by: Tangible fixgj assets Investments Net current assets Non-current liabil3 Total nel assets 231.553 231.845 8.554,370 354,383 16,0001 9,134,598 467.127 354,383 {6,OCM)) 815,81Y2 8,087,243 231,553 8.087.243 2022 Totsl funds nds funds fund Fund balances 8t31 2022 repwentedby." Tangible fix6d assets Investments Aletcuwt èssets Non-euffentlftats"lib8S Totaln8t aets 240.808 241.151 9,111.176 224,132 I13.CK} 9.563,459 8.611,176 224.132 113,CKK)) 711,475 240.808 8.611.178 16 Related party transactlons Grants were awarded to the foll(Aving organisations where Trustees of the Charity have an interest in- H&F Giving Iformerty United in Hammersmilh & Fulham) were awarded £30,000 (2022- £21,000) where Susan O'Neil and Helen Fagan are Trustees. H&F Giving is a registered charity {Reg.'11976491 and DEBK rnay appoEnt tsvo trustees to the Board where they remain in a minorty position. Neither DEBK Trustee were involved in the decision making to award this grant. The saffle organisation was also awarded £6.000 towards the Big Christmas Lunch. • All Saints were awarded £2.000 {2022- £nill where Robert Fryer is on the Finance Commrttee. All Saints is a registe charity (Reg.. 11302731 Dr E(fv4ards & Bishop King's Fulham Charity 35
Appendix of grants mado 31 March 2023 2023 2022 {al Grants AcknryMethJing Youths Bishop crevjhtr Ho Community Edutxtion ForLwn Counsdlmg P&%toral Trust Dads House Fulham Good Ne[br Servx Fu1hn Primary Scho Hammetsmith & Fulham Acliw on Disabilty Hammer5mrth & Fulham Artfest Harnmersmith & Fulham Gafflens AssocaatK H8mmeNnilh & Fulham GNIThJ Hammersmith & Fulham {Big Ch¥isbn8s Lunth) HammeThnith & Fulham Famity Group5 PN4e Hammersmrth & FU Law Centre Leaf Educati Lunth Club 4 the Blind Maggie's Canw C¥e Centre Musiko MusKa Open Age Outside Edge There Ccr¥wy RNer House Tfusl Royal Trinty Hospt Sands End Adventure Pro1 ISEAPLAI Shepherds Bush Families Project Sobus St Andrews Churth Sl ban5 Churth st Peterfs Churth The Doorstep Library Nelworft The Frxjd Bank The Smile Brig This Ground Transgenwational Partnership Turlle Key Arts Unrted Haei{h & FLlham ChaTiIiès We5tside Baskthll Cluf) Woman's Trust 4,21Y) 5.000 5.632 7.500 s.000 4.900 4,3(X) 4000 30,OIXI 6.01)0 4,000 5,000 5,519 4,810 3.300 3.624 2.384 4,991 5,0 5,000 5.103 5,600 5,000 io,( 7.000 20.IMX) 10.OC(I 2.270 6.000 21,OCK) 3,950 5.567 12,870} 145.514 110.250 Dr E¢thvards & Bishop King's Fulham Charity 36
Appendlx of grants made 31 March 2023 2023 2022 (bl Summer ScIles All Saints Fulham Reath B(Mgt Club Fun Days HidaY Play5c*eme Hammersmth & Fulham Acts. on Disatihty The Harrow Club The Brnnswck Cbjb for Young Peop 2.000 4iJoo 4.0(N) 3,000 3.024 5,000 17,41JO 4,386 14,410 Total off and slmscheme gTrnts to organisations 127,650 159.924 Grants to indlvidual8." Rdiefin [ed lrfuding educatKwknining gts} 141.305 177,132 Total grants to Individual 141.305 177.132 Totsl to Individuals and OralSationS 268,955 337,056 Dr Edwards & Bishop King's Fulham Charity 37
Supplementary notss to the financial statements Year to 31 March 2023 This page notfThTh wt ofthe stabjiory financAal State1 2023 2022 Fhold property Percy Barton Houss 311.620 311,QO 1174,8741 1169,5541 136.746 142,rfi6 . accufiwla deprOn . r1 t()k walue 309 Lillie Roaj 196,752 1101,9451 94.807 fj,752 198,0101 98,742 . acojmulaled deprechation . net boc vaue Total net boc& v81 231.S53 240,808 Investhients arket value M & G CharihJThJ12023- 576.763 unts -units.. 22- 576.763 units) 8.554.370 ,554.370 9.111,176 9,111,176 Cafcash CAF Gold PlJnI 1.825 381.894 383.719 1.120 285,609 286,729 Investsnefrt income M & G Charrfund 481.597 481.597 435,572 435,572 From unr•stricted fund CAF Gd Arxount 2,437 2,437 rotsl invesbnent in¢orne 484.034 435.616 Dr Edwards & Bishop King's Fulham Charity 38
Supplementary notes to tho financial statements Year to 31 March 2023 This page does fo part ofthe statutiNy ststnts. 2023 2022 Premises Support •xpenses Liohling. healirvJ and serv Business rates Water rates Cleaning costs Insurance Depreoabon of fumiture and g]ui DepreaatN)n of buildings Security Repai and renewals 3.488 1,101 271 912 1.812 51 9,255 1,101 111 863 1,618 61 9.255 1.308 1,268 19,185 1.025 18,864 2023 2022 PmiseS direCten8e$ Percy Barton House 234 341 234 341 Dr Edwards & Bishop King's Fulham Charty 39