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 C￿npanY 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 T￿￿tets5 Every appointed Trustee is asked to serve on at least one committee. The officers of the Charity are ex-0￿10 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 Staterr￿nts 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 fOrn￿r 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 pr￿edureS 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 d￿te 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 ne￿orkIng 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 ex￿PtiOnal 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 Organisat￿nS recerved a grant, with a total of £110k being awarded {compared to £146k to 23 organisations in the previous year). Summer sCherr￿SWere 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 SChe￿S 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 preV￿U$￿ 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 benef￿laneS 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 edu￿On 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 k￿al 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 (c￿tinUed) 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 ff￿bers- 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 opportunrt￿s 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 de￿gated 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 aC￿ss. 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 Com￿1artt 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 ap￿iCants. 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-t￿daY 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 st*ements 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 p￿paring these financial statements. the Tnjstees are required to.. • select suitable accounting policies and then 3ppty them consislenuy,. + observe the rI￿odS and prinCip￿S 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 reSp￿sible 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 inforlna￿n. 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 ch￿k on the buikling. 309 Lillie Road The Chanty's b4Jifding in Lillie Ro&J has b*n 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 Organisat￿n$. 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 n￿tr.ng which spectficalty examines investment matters al which our investrr￿nI managets attend. We have reasonable financial and budgets"n9 knowledge within our board, and this has been evident in decisions taken over r￿nt years {and historically). Further to this, we undertake peric*Ji¢ asSess￿nts 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 mar￿Jeff￿n( 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 un￿rtainty 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 Indiv￿ua1S1organ￿￿ons submiib'ng appl￿tion 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 appI￿￿on 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 prOV￿ed 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 deg￿e to which the respecbve applications match our criteria, and by the availabilty offvnds. There may be a number of reasons why an ap￿ICation is not successfijl, but listed below are the most tr)mmn ones" • The relevant client or cl*nt 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 itemsl*tvicesl. 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 requi￿rnent for free reserves i.e., those unrestricted funds not invested in tangible fixed assets, or designated for specjffc puiposes or otherwise committed. The Trustees cOns￿er that the Charity should keep a reseTve of £700.000 in the unrestricted fvnd to cover approximately e￿hteen 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. DeS￿nated funds. wnsisb'ng of ts freehold propety fvnd. a￿K)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 r￿nthS). 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 app￿lation of the fund exc*Js 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 investff*nts. The value of the endOwn￿￿t fund investrnents has fallen by £424,474 (or 5 %) since 31 Marth 2018. Investment performance over this period has therefore fallen signifiCan￿Y 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 con￿rn. 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 SepteM￿r.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 book*nded 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 he￿htenIng 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) perf0m￿l 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 re￿t￿e 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 (¢c￿tinued) 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 fOre￿j 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 exF*rt 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 Char￿Y has a long history of supporting both indNiduals and organisations in Fulham who are in financial need. however during the r￿nt pandemic new areas of need have b￿me 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 cu￿ent r￿nitOring prC￿esseS to understand the full impact of the Charity's grant making. The Sa￿forCe 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 S￿c1fiC 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 RegistratK*n 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 State￿nts 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 st￿n￿nts.. 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 Suff￿lent 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 perforrf￿d. 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 con￿rn 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 inf0M￿ts0n. The other infomiation comprises the inf0m￿tK)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, eX￿pt to the extent otherwise explictty ststed in our report. we do nol express any fonn of assurance Condu￿On 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 othe￿iSe 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 inf0M￿tiOft. 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 agreeff￿nt with the accounting records and retums.. or • certain dis¢losures of Trustees. remuneralion S￿Ified by law are not made,. or • we have not rec￿ed 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 State￿nts 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 fraTh￿WOrk (SlatenEnt OfReC£*m￿nded Practs"ce Accounting and Reporting by chariti.es preparing this accounts in a￿rdan0 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 mrt￿ale r￿kS of fraud and non-Gomplian with laws 2nd reguLatK)ns. To address the risk of fraud through management bias and override of controls we,. • ￿rfOnr*d 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 nonday 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 Endow￿￿nt 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 tsar￿le[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 liabil￿￿3 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 a￿ets 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[￿b￿r Servx Fu1h￿n 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 The*re Cc*r¥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 Ha￿￿￿e￿i{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 ScI￿les All Saints Fulham Reath B(Mgt Club Fun Days H￿idaY 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 s￿lm￿scheme gTrnts to organisations 127,650 159.924 Grants to indlvidual8." Rdiefin [￿ed lrfuding educatKwknining g￿ts} 141.305 177,132 Total grants to Individual 141.305 177.132 Totsl to Individuals and Or￿alSationS 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 F￿hold property Percy Barton Houss 311.620 311,QO 1174,8741 1169,5541 136.746 142,rfi6 . accufiwla￿ depr￿￿On . r￿1 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.. 2￿2- 576.763 units) 8.554.370 ,554.370 9.111,176 9,111,176 Cafcash CAF Gold Pl￿JnI 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 G￿d 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 stst￿￿nts. 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 P￿miseS direCte￿n8e$ Percy Barton House 234 341 234 341 Dr Edwards & Bishop King's Fulham Charty 39