2020-12-31-accounts

Company number: 9182690 Charity number: 1158311

Charlotte Antonia Sulivan Charity

Report and financial statements For the year ended 31 December 2020

Charlotte Antonia Sulivan Charity

Contents

For the year ended 31 December 2020

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report .................................................................................................... 10 Statement of financial activities (incorporating an income and expenditure account) ................... 11 Balance sheet ............................................................................................................................... 12 Notes to the financial statements ................................................................................................. 13

Charlotte Antonia Sulivan Charity

Reference and administrative information

For the year ended 31 December 2020

Company number	9182690
Charity number	1158311
Registered office	St Dionis Church, 18a Parsons Green
and operational	London
address	SW6 4UH
Trustees	The trustees, who are also directors under company law, who served during
	the period and up to the date of this report were as follows:
	Mr Mark Younger	Chairman
	Ms Clementine Carswell
	Rev Timothy Stilwell
	Ms Valerie Pierson	(appointed 13 January 2020)
	Ms Laura Brimacombe
Bankers	Metrobank
	One Southampton Row
	London
	WC1B 5HA
Solicitors	Bates Wells Braithwaite
	10 Queen Street Place
	London
	EC4R 1BE
Independent	Joanna Pittman FCA
examiner	Sayer Vincent LLP
	Invicta House
	108-114 Golden Lane
	London
	EC1Y 0TL

1

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2020

The trustees present their report and the independently examined financial statements for the year ended 31 December 2020.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The object of the charity described in its articles of association is to:

“… advance the religious and other charitable purposes of the Church of England in the ecclesiastical parish of St Dionis, Parsons Green and Fulham, for the benefit of the public.”

The main activities of the charity are:

1. The operation of two church halls – the Mission Hall and the Sulivan Hall in Parsons Green – for use by St Dionis Church and for wider community use.

2. Commercial letting of a residential house – 16 Parsons Green –to raise income for the charity.

3. The making of grants to St Dionis church in furtherance of the objects of the charity.

The charity also acts as trustee of the Charlotte Antonia Sulivan Property Trust, the charity which holds the properties as an endowment.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities, and whom it tries to help, are described below. All its charitable activities are undertaken to further Charlotte Antonia Sulivan Charity’s charitable purposes for the public benefit.

2

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2020

The Mission Hall and Sulivan Hall

The letting policy for the halls supports the activities of St Dionis church directly by the provision of meeting space for a variety of church activities. In furtherance of the wider mission and ministry of St Dionis, the letting policy also supports the community of Parsons Green more widely by providing affordable meeting spaces for a wide range of community uses that could not operate without access to such facilities.

Hire charges for the halls are set at rates comparable to those for the hire of similar facilities in the Parsons Green area. The trustees discount these rates when they believe that a hirer will provide a benefit to the community consistent with the mission and ministry of St Dionis and would not otherwise be able to hire a hall or other suitable meeting place.

During the year the Mission Hall and Sulivan Hall were used as church halls for:

• 1.Regular Sunday church services while the St Dionis church building was being refurbished.

• 2.Children’s Sunday School activities;

• 3.Other church meetings (e.g. PCC);

• 4.Church Social Events.

The Mission Hall and the Sulivan Hall were let to a wide variety of community groups such as:

• 1.Scouts and Guides;

• 2.Alcoholics Anonymous;

• 3.Rough Sleepers night shelter;

• 4.Mother and Baby Groups;

• 5.Local Brass Bands and other music groups;

• A variety of commercially run children’s activities;

These operations continued normally in the first quarter of 2020 up until 18[th] March 2020 when the national lockdown for COVID-19 required the trustees to close both halls. The impact of COVID-19 on the operations and finances of the charity is discussed further below.

The charity had hoped to refurbish the Mission Hall during 2020. However, the COVID-19 emergency further delayed these plans and the work is now planned to be undertaken in 2021.

The Sulivan hall was also let during term time to the Zebedee Nursery School that maintains close links with St Dionis.

6 Parsons Green

The charity continued to receive ground rent for its freehold interest in 6 Parsons Green from YMCA London South West who hold the head lease.

3

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2020

16 Parsons Green

16 Parsons Green is a Victorian house divided into two flats which were expanded and refurbished by the charity in 2016-17. Both flats were let commercially throughout 2020 to generate income for the charity (there was a short void period between tenants in in the letting of the upper floor flat caused by the COVID-19 lockdown – see below for more details). This income is used firstly to repay the mortgage taken out to pay for the refurbishment. Surplus income goes into the general funds of the charity.

Grants

The trustees were able to make grants of £4,500 during 2020. In detail these grants were:

• a. £500 to St Matthew’s Wandsworth Bridge Road to assist with purchase of a new laptop

• b. £2,000 to St Luke’s Uxbridge Road to help with hiring a youth worker

• c. £2,000 to SEAPIA (Sands End Adventure Playground) to help with cost of warm snacks for disadvantaged children

Impact of the COVID-19 virus on operations and revenues in 2020

The COVID-19 virus had an impact on the charity’s operations and revenues in 2020.

The trustees were already planning to close the Mission Hall from the second quarter to enable its refurbishment. However with the national lockdown the hall had to be closed a month early on 18[th] March 2020. This led to a loss of £1,600 in letting income. The Mission Hall remained closed for the rest of 2020 and will only reopen once the refurbishment, planned for 2021, is completed.

Zebedee Nursery School, which rents the Sulivan hall, had to close for half of the summer term to comply with government directions. The trustees with regard to the long term relationship which the charity has had and continues to have with Zebedee agreed to waive the summer term’s rent of £6,710. The two brass bands which normally rehearse in the Sulivan hall in the evening were unable to do so from March 2020 for the rest of the year leading to a loss of letting income of £1,026.

The tenancy of the upper floor flat at 16 Parsons Green ended in March 2020. Lockdown restrictions delayed the marketing and re-letting of the flat. The consequential loss in rental income was £7,526.

Financial review

The income of the charity including its linked charity in 2020 was £106,366 (2019: £155,211), being letting and investment income. The expenditure of the charity including its linked charity in 2020 was £108,895 (2019: £134,121) on the running costs of the two halls and the redevelopment costs of 16 Parsons Green.

4

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2020

The properties are held under an endowment by the Property Trust, the capital works on these properties being offset by the mortgage. The appraisal by an independent valuer on 31 December 2018 on 16 Parsons Green valued this investment property to £2,525,000. At their meeting on 19[th] April 2021 the trustees, after reviewing information on current market conditions, resolved that they are satisfied that £2,525,000 is still a reasonable combined valuation of the two 16 Parsons Green flats and that consequently there is no need to commission a further independent valuation to assess the current value.

As noted above, the COVID-19 virus had an operational and financial effect on the charity. The financial impacts were:

• i. Income was £17,175 below budget. Lost income from delays in letting the upper flat at 16 PG accounts for £7,526, loss of a term’s rent from Sulivan Hall accounts for £6,710, and lost income for the Mission Hall £1,600 and Sulivan Hall £1,026– were all caused by the COVID-19 emergency. Other income was down by £278 because of declining interest rates.

• ii. Expenses were £6,760 below budget because of some savings in costs at the Mission Hall during lockdown, lower agency fees to S&P while the upper flat was not let and reduced interest payments on the 16 PG mortgage.

Principal risks and uncertainties

The principal risks to the charity are a decline in income from letting 16 Parsons Green and delays or overruns in course of the Mission Hall refurbishment work.

The charity carries appropriate insurance to protect against liability claims. The properties are also insured against normal property risks. The charity holds reserves against other risks and uncertainties.

The COVID-19 virus may continue to have an impact on the charity’s operations and revenues in 2021. The following impacts are possible:

• i. Delays to re-letting the 16 PG flats if either tenant were to give notice (this is not expected)

• ii. Reduced rental income if the flats have to be re-let iii. Loss of income from Zebedee Nursery School if a further lockdown leads to another closure of nursery schools (the winter 2021 lockdown did not require this).

• iv. Delays to starting the refurbishment work on the Mission Hall leading to a delay in reopening and consequent loss of letting income. Note: no letting income is expected in 2021 so this would be a risk to income in 2022.

5

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2020

Reserves policy and going concern

The charity maintains reserves for two purposes:

1. To enable the charity to cover regular expenditure in the event of income fluctuating.

2. To enable the charity to pay for maintenance of its properties as and when this is required. Examples of such maintenance in recent years have included the emergency replacement of the drains underneath 16 Parsons Green.

At 31 December 2020, the unrestricted reserves of the charity were £103,223 (2019: £111,652). This equates to approximately 9 months of regular expenditure so is considered an adequate level of reserves for the charity.

The COVID-19 virus had an impact on the charity’s reserves in 2020. As noted in the financial review above, the charity’s income was reduced by the impact of the virus with the effect being somewhat offset by reduced expenditure. The trustees agreed with Charity Bank on 18[th] March 2020 to suspend capital repayments on their loan from the bank for three months to protect the charity’s cash flow and reserves. The charity will draw on reserves to help finance the cost of the Mission Hall refurbishment in 2021. However, the trustees believe that the current level of reserves is sufficient to cover this contingency and that the charity will remain a going concern.

Plans for the future

In 2021 the charity plans to:

1. Complete the refurbishment of the Mission Hall which will include adding a new studio space, replacing the existing heating and lighting, replacing the kitchen, replacing the lift and main staircase, adding additional lavatories and through redecoration. These plans have been delayed by the COVID-19 emergency with the work originally planned to happen in 2020.

2. Make grants of up to £5,000 under the charity’s grant giving policy. These grants will be made to support the mission and ministry of St Dionis Parsons Green in furtherance of the charity’s objects.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 20 August 2014 and registered as a charity on 21 August 2014.

The company was established under a memorandum of association that established the objects and powers of the charitable company and is governed under its articles of association. All trustees give their time voluntarily and receive no benefits from the charity.

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Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2020

Appointment of trustees

The Articles of Association require that there shall be at least three and no more than five trustees.

They further require that:

• The vicar of St Dionis is a trustee ex officio. This trustee is currently Revd. Tim Stilwell and he served throughout 2019.

• Two trustees are appointed by the Parochial Church Council of the Ecclesiastical Parish of St Dionis, Parsons Green (a registered charity with charity number 1132734) by notice in writing to the Charity. The PCC appointed Dr Cheryl Freeman and Mr Mark Younger in 2014. Dr Cheryl Freeman resigned as a trustee on 16th January 2017. The PCC proposed that Mrs Clementine Carswell be appointed as a trustee to replace Dr Freeman and she was appointed as a trustee on 16th January 2017. Mrs Carswell and Mr Younger continued to serve throughout 2020.

• Ms Laura Brimacombe and Mrs Su Pierson also served as trustees during 2020 having been appointed by the other trustees in 2019 and 2020 respectively.

Related parties and relationships with other organisations

The charity’s object is “to further the religious and other charitable purposes of the Church of England in the Ecclesiastical Parish of St Dionis, Parsons Green (which is a registered charity - charity number 1132734), for the benefit of the public”. The vicar of St Dionis is a trustee of the charity and the Parochial Church Council of St Dionis has the right to appoint two further trustees.

By a Charity Commission Scheme dated 8[th] September 2015 three charities:

• Sulivan Ray of Hope Hall (registered number 255175)

• Charlotte Antonia Sulivan Charity for Mission Hall (registered number 255176)

• Charlotte Antonia Sulivan Charity for the Mission Hall (registered number 255176-1)

were merged into a single charity, the Charlotte Antonia Sulivan Property Trust (registered number 255175), and the Charlotte Antonia Sulivan Charity was appointed as sole trustee. The Charlotte Antonia Sulivan Property Trust has the same object as the Charlotte Antonia Sulivan Charity.

In October 2016 the Charity Commission directed that as of 10 October 2016 the charity called Charlotte Antonia Sulivan Property Trust ('the linked charity') shall be treated as forming part of the charity called Charlotte Antonia Sulivan Charity ('the reporting charity') for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011. This direction takes effect for the whole of the financial year of the reporting charity in which it is made.

The direction will continue:

• until the Commission makes a further direction to bring the link to an end; or

• until such time that the charities, no longer have the same trustees or are no longer connected.

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Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2020

The effect of linking charities for accountancy and registration purposes means that:

• the charities will be registered under a single registration number;

• the trustees will be required to prepare a single set of accounts for the reporting charity and the linked charity, within which the individual funds of the linked charity or charities are reported as restricted funds and/or endowment, as appropriate; and

• where accruals accounts are prepared, the charities' Statement of Recommended Practice (SORP) must be used.

The linking of the charities under section 12 is an administrative linkage, for reporting purposes only. It does not change the separate legal status of the charities, or the nature of restricted funds or endowment, and it does not constitute a merger. The trustees are under a duty to ensure that the funds of each charity are still applied solely in accordance with the respective trusts. The charity called Charlotte Antonia Sulivan Charity has been identified as the reporting charity.

Statement of responsibilities of the trustees

The trustees (who are also directors of Charlotte Antonia Sulivan Charity for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently

• Observe the methods and principles in the Charities SORP

• Make judgements and estimates that are reasonable and prudent

• State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

8

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2020

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2020 was 5 (2019: 4). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

The opinion of the directors is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies

The directors acknowledge the following responsibilities:

• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The trustees’ annual report has been approved by the trustees on 19 April 2021 and signed on their behalf by:

Mark Younger Chairman

9

Independent examiner’s report

To the trustees

On the unaudited accounts of Charlotte Antonia Sulivan Charity

I report to the trustees on my examination of the accounts of Charlotte Antonia Sulivan Charity for the year ended 31 December 2020.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Company you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’) and the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

• 1 Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

• 2 The accounts do not accord with those records; or

• 3 The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

• 4 The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Name: Joanna Pittman FCA Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 22 April 2021

10

Charlotte Antonia Sulivan Charity

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2020

Charity Unrestricted Note £ Income from: 10,320 14,984 Property rentals 80,200 Dividend income 772 Interest income 90 106,366 53,565 31,379 Sulivan Hall Hire 5,864 Grant giving 4,987 2 95,795 1,692 3 12,263 (20,692) (8,429) Reconciliation of funds: 111,652 103,223 Net income / (expenditure) for the year Charitable activities Mission Hall Hire Net gains / (losses) on investments Raising funds Investment property 16 Parsons Green Investments Total income Expenditure on: Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward 10,571 Total expenditure Net income / (expenditure) before net gains / (losses) on investments Charitable activities Mission Hall Hire Sulivan Hall Hire	Charity Unrestricted Note £ Income from: 10,320 14,984 Property rentals 80,200 Dividend income 772 Interest income 90 106,366 53,565 31,379 Sulivan Hall Hire 5,864 Grant giving 4,987 2 95,795 1,692 3 12,263 (20,692) (8,429) Reconciliation of funds: 111,652 103,223 Net income / (expenditure) for the year Charitable activities Mission Hall Hire Net gains / (losses) on investments Raising funds Investment property 16 Parsons Green Investments Total income Expenditure on: Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward 10,571 Total expenditure Net income / (expenditure) before net gains / (losses) on investments Charitable activities Mission Hall Hire Sulivan Hall Hire	Property Endowment £ - - - - -	2020 Total £ 10,320 14,984 80,200 772 90	Charity Unrestricted £ 39,903 23,110 91,269 754 175	Charity Restricted £ - - - - -	Property Endowment £ - - - - -	2019 Total £ 39,903 23,110 91,269 754 175
	106,366	-	106,366	155,211	-	-	155,211
	53,565 31,379 5,864 4,987	- 8,200 4,900 -	53,565 39,579 10,764 4,987	55,949 52,340 5,242 6,397	- 1,093 - -	- 8,200 4,900 -	55,949 61,633 10,142 6,397
	95,795	13,100	108,895	119,928	1,093	13,100	134,121
	1,692 10,571	- (13,100)	1,692 (2,529)	3,304 35,283	- (1,093)	- (13,100)	3,304 21,090
	12,263 (20,692)	(13,100) 20,692	(837) -	38,588 (24,032)	(1,093) -	(13,100) 24,032	24,395 -
	(8,429) 111,652	7,592 3,469,809	(837) 3,581,461	14,556 97,096	(1,093) 1,093	10,932 3,458,877	24,395 3,557,066
	103,223	3,477,401	3,580,624	111,652	-	3,469,809	3,581,461

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the financial statements.

11

Charlotte Antonia Sulivan Charity

Balance sheet

Company no. 9182690

As at 31 December 2020

Note Fixed assets: 7 8 9 Current assets: 10 Liabilities: 11 12 14a Total unrestricted funds Total assets less current liabilities Debtors Creditors: amounts falling due within one year Net current assets Total net assets Creditors: amounts falling due after one year Property Trust endowment funds The funds of the charity: Total funds Investments Cash at bank and in hand Tangible assets Investment properties CAS Charity restricted funds Charity unrestricted funds Total restricted funds	2020 £ 1,591,373 2,525,000 27,426 4,143,799 4,251 90,548 94,799 (40,293) 54,506 4,198,305 (617,681) 3,580,624 3,477,401 - 3,477,401 103,223 103,223 3,580,624	2019 £ 1,598,600 2,525,000 24,962
		4,148,562 1,868 96,321
		98,189 (30,783)
		67,406
		4,215,968 (634,507)
		3,581,461
		3,469,809 -
		3,469,809 111,652
		111,652
		3,581,461

The opinion of the trustees is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies.

The trustees acknowledge the following responsibilities:

• (i) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,

• (ii) The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts

These accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies' regime.

The financial statements were approved by the trustees on 19 April 2021 and signed on behalf of the trustees:

Mark Younger Chair

12

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies

a) Statutory information

Charlotte Antonia Sulivan Charity is a charitable company limited by guarantee and is incorporated in the UK. The registered office address is St Dionis Church, 18a Parsons Green, London, SW6 4UH.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These accounts consist of the accounts of the Charlotte Antonia Sulivan Charity and the Charlotte Antonia Sulivan Property Trust, charity number 1158311-1, an unincorporated charity. The Charity Commission issued a linking direction for the two charities in 2016.

As a result of the linking direction, comparative information for the Charlotte Antonia Sulivan Charity and the Charlotte Antonia Sulivan Property Trust have been combined for the year ended 31 December 2016 and has been restated as if the linking direction had always been in existence. This treatment continues in 2020.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

The trustees deem that the free reserves position is sufficient to cover the operations of the charity for the period covering 12 months from signing. For more information of the charity's reserves policy see page 5 of the trustees' annual report.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies (continued)

• g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Endowment funds are restricted funds and are physical properties owned and held under permanent endowment of the Property Trust.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

• Costs of raising funds relate to the costs incurred by the charitable company in managing its investment properties and portfolio.

• Expenditure on charitable activities includes the costs of hiring out the two halls for community use, undertaken to further the purposes of the charity and their associated support costs.

The charity is not VAT registered and VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the overhead costs of the central function, is apportioned in relation to the direct costs.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000, they are recognised at cost or deemed cost. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

• Freehold and leasehold buildings

• Building improvements Land is not depreciated.

2% Straight Line

• 10% Straight Line

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Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies (continued)

• k) Investment properties

• Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities. The valuation method used to determine fair value will be stated in the notes to the accounts.

l) Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

• n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

o) Creditors and liabilities

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

2a Analysis of expenditure 2020 (current year)

Investment property - 16 Parsons Green £ 13,991 - - 2,819 24,579 - 6,453 - - - -	Mission Hall £ 19,828 - - 3,706 - - 3,313 - - 277 8,200	Sulivan Hall £ 538 - - 2,876 - - 1,532 - - - 4,900	Grant giving £ - 4,500 - - - - - - - - -	Governance costs £ - - - - - 3,660 - - - - -	Support costs £ - - 184 - - - - 7,539 - - -	2020 Total £ 34,357 4,500 184 9,401 24,579 3,660 11,298 7,539 - 277 13,100	2019 Total £ 50,787 5,794 193 14,638 28,203 3,600 8,940 8,197 29 639 13,100
47,842 3,927 1,796	35,324 2,830 1,425	9,846 627 291	4,500 339 148	3,660 - (3,660)	7,723 (7,723) -	108,895 - -	134,120 - -
53,565	39,579	10,764	4,987	-	-	108,895

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Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

2b Analysis of expenditure 2019 (prior year)

Running costs Grants paid Bank fees Repairs and maintenance Mortgage interest paid Independent examiner's fee Legal and professional fees Bookkeeping Stationery Telephone and internet Depreciation Support costs Governance costs Total expenditure 2019	Investment property - 16 Parsons Green £ 17,478 - - 4,642 28,203 - 354 - - - - 50,677 3,770 1,502 55,949	Mission Hall £ 31,242 - - 8,933 - - 7,186 - - 264 8,200 55,825 4,153 1,654 61,633	Sulivan Hall £ 1,923 - - 1,063 - - 1,300 - - - 4,900 9,186 683 272 10,142	Grant giving £ - 5,794 - - - - - - - - - 5,794 431 172 6,397	Governance costs £ - - - - - 3,600 - - - - - 3,600 - (3,600) -	Support costs 2019 Total £ £ 144 50,787 - 5,794 193 193 - 14,638 - 28,203 - 3,600 100 8,940 8,197 8,197 29 29 375 639 - 13,100 9,038 134,120 (9,038) - - - - 134,120

17

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

• 3 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
	2020	2019
	£	£
Interest paid	24,579	28,203
Depreciation	13,100	13,100
Fees paid to independent examiner (excluding VAT):
Accountants preparation	2,550	2,500
Independent examination	3,050	3,000

• 4 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

The charity employed no staff during the period. The charity trustees were not paid or received any other benefits from employment with the charity in the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil). No trustee claimed any expenses from the charity (2019: £nil).

5 Related party transactions

The trustees, Tim Stilwell and Laura Brimacombe, are employees of St Dionis Church which did not receive grants from Charlotte Antonia Sulivan Charity in 2020 (2019: £5,794).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

6 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

• 7 Tangible fixed assets - CAS Property Trust

Tangible fixed assets - CAS Property Trust
Depreciation Net book value At the start and end of the year Additions in year At Valuation At the end of the year At the start of the year At the end of the year At the start and end of the year Charge for the year At the end of the year	Freehold property £ 1,645,000 -	£ 6,000 5,873 Building improvements	Total £ 1,651,000 5,873
	1,645,000	11,873	1,656,873
	52,400 13,100	- -	52,400 13,100
	65,500	-	65,500
	1,579,500	11,873	1,591,373
	1,592,600	6,000	1,598,600

Land with a value of £990,000 (2019: £990,000) is included within freehold property and not depreciated. The freehold property was valued in May 2016 by Daniel Watney LLP an independent valuer at open market value and depreciation has been charged on the deemed cost from 1 January 2016.

All of the above assets are used for charitable purposes.

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Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

• 8 Investment properties - CAS Property Trust

Investment properties - CAS Property Trust
Fair value at the start of the year Additions Revaluation during the year Fair value at the end of the year	2020 £ 2,525,000 - -	2019 £ 2,525,000 - -
	2,525,000	2,525,000

The property was last valued independently by Daniel Watney LLP on 31 December 2018. The open market value was reported to be £2,525,000. A trustee valuation was conducted on 31 December 2020 in which it was concluded that no amendment to the fair value was required based on a review of market data.

9 Listed investments - CAS Charity

Listed investments - CAS Charity
Debtors UK COIF Common investment funds Investments comprise: Historic cost at the end of the year Fair value at the end of the year Fair value at the start of the year Additions at cost Net gain / (loss) on change in fair value Debtors CAS Charity Prepayments Deposits	2020 £ 24,962 772 1,692	2019 £ 20,904 754 3,304
	27,426	24,962
	19,855	19,083
	2020 £ 27,426	2019 £ 24,962
	27,426	24,962
	2020 £ 1,354 1,897 1,000	2019 £ - 868 1,000
	4,251	1,868

10 Debtors

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Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
CAS Charity Deposits CAS Property Trust CAS Property Trust Other creditors Creditors: amounts falling due after one year 1 to 2 years 2 to 5 years Bank loans repayable Mortgage amounts due within one year Accruals Over 5 years Income in Advance	2020 £ 6,752 - 5,211 7,038 21,292	2019 £ 1,397 175 461 9,466 19,284
	40,293	30,783
	2020 £ 22,063 70,902 524,716	2019 £ 20,143 65,423 548,941
	617,681	634,507

12 Creditors: amounts falling due after one year

Bank loans totalling £638,973 (2019: £653,791) are secured against 16 Parsons Green.

13a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Creditors falling due after one year Net assets at 31 December 2020 Investments Current assets Creditors falling due within one year Tangible fixed assets Investment properties	General £ - - 27,426 94,799 (19,001) -	Restricted £ - - - - - -	Endowment £ 1,591,373 2,525,000 - - (21,292) (617,681)	Total funds £ 1,591,373 2,525,000 27,426 94,799 (40,293) (617,681)
	103,224	-	3,477,400	3,580,624

13b Tangible fixed assets Analysis of net assets between funds (prior year) Investment properties Investments Current assets Creditors falling due within one year Creditors falling due after one year Net assets at 31 December 2019	General £ - - 24,962 98,189 (11,499) -	Restricted £ - - - - - -	Endowment £ 1,598,600 2,525,000 - - (19,284) (634,507)	Total funds £ 1,598,600 2,525,000 24,962 98,189 (30,783) (634,507)
	111,652	-	3,469,809	3,581,461

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Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

14a Movements in funds current year

Movements in funds current year
16 Parsons Green property 16 Parsons Green mortgage Total endowment funds Unrestricted funds: Total funds Total unrestricted funds CAS Charity general funds Mission Hall CAS Property Trust Endowment funds: Sulivan Hall	At 1 January 2020 £ 998,200 600,400 2,525,000 (653,791)	Income & gains £ - - - -	Expenditure & losses £ (8,200) (4,900) - -	Transfers £ 5,873 - - 14,819	At 31 December 2020 £ 995,873 595,500 2,525,000 (638,972)
	3,469,809	-	(13,100)	20,692	3,477,401
	111,652	108,058	(95,795)	(20,692)	103,223
	111,652	108,058	(95,795)	(20,692)	103,223
	3,581,461	108,058	(108,895)	-	3,580,624

14b Movements in funds prior year

Movements in funds prior year
16 Parsons Green property 16 Parsons Green mortgage Total endowment funds Restricted revenue funds: Total revenue restricted funds Sulivan Hall Total restricted funds Total unrestricted funds Total funds Unrestricted funds: CAS Charity general funds Endowment funds: CAS Property Trust - Lift fund Mission Hall CAS Property Trust	At 1 January 2019 £ 1,000,400 605,300 2,525,000 (671,823)	Income & gains £ - - - -	Expenditure & losses £ (8,200) (4,900) - -	Transfers £ 6,000 - - 18,032	At 31 December 2019 £ 998,200 600,400 2,525,000 (653,791)
	3,458,877	-	(13,100)	24,032	3,469,809
	1,093	-	(1,093)	-	-
	1,093	-	(1,093)	-	-
	3,459,970	-	(14,193)	24,032	3,469,809
	97,096	155,211	(116,623)	(24,032)	111,652
	97,096	155,211	(116,623)	(24,032)	111,652
	3,557,066	155,211	(130,816)	-	3,581,461

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Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2020

14c Purposes of funds

Endowment funds - All physical properties owned are held under permanent endowment of the Property Trust.

Lift fund - Funding was raised to install a lift in the Mission Hall. The restricted fund is for the additional funds raised which are to be used for repairs and maintenance of the lift.

15 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

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