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2021-12-31-accounts

Company number: 9182690 Charity number: 1158311

Charlotte Antonia Sulivan Charity

Report and financial statements For the year ended 31 December 2021

Charlotte Antonia Sulivan Charity

Contents

For the year ended 31 December 2021

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 2021

Company number 9182690
Country of incorporation
United Kingdom
Charity number 1158311
Country of registration
England & Wales
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 Resigned 18thJanuary 2021
Rev Timothy Stilwell
Ms Valerie Pierson
Ms Laura Brimacombe Resigned 19thApril 2021
Mr Tim Carpenter Appointed 19thJuly 2021
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 2021

The trustees present their report and the independently examined financial statements for the year ended 31 December 2021.

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:

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 2021

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.

The Sulivan hall was let during term time to the Zebedee Nursery School that maintains close links with St Dionis. The hall was also used for practice by a local brass band.

The Mission Hall has been closed since 18[th] March 2020 when the national lockdown for COVID19 required the trustees to close both halls. The trustees decided not to reopen the Mission Hall when COVID restrictions were lifted as the planned refurbishment of the hall was imminent and it was thought better to keep the hall unlet so that refurbishment work could start as soon as possible.

The impact of COVID-19 on the operations and finances of the charity is discussed further below.

Plans for the Mission Hall refurbishment were finalised in the first half of 2021. When complete the refurbishment will create an additional studio space to complement the two existing halls in the building and will also upgrade the kitchens, lavatories, heating, and lighting in the building. The refurbishment will help the charity to further its objects of providing a church hall which meets both church and community needs in Parsons Green.

The work was put out to tender to eight potential contractors. Six tenders were received. Negotiations were held with the 3 contractors who submitted the lowest cost compliant tenders, two of whom had previously worked with the church and or charity. The work was awarded to the Azar Building Company. Negotiations were held simultaneously with Charity Bank to provide a loan to finance the refurbishment project. A 25-year loan of £1,704,760 secured against 16 Parsons Green was agreed on 5[th] October 2021, at the year-end £844,486 of the loan has been drawn down. This loan is sufficient to finance the refurbishment and refinance the existing loan on 16 Parsons Green. As part of the loan agreement the charity agreed to provide £50,000 from its own funds towards the costs of the refurbishment. Work started on the Mission Hall project on 11[th] October 2021 and is scheduled to complete in July 2022.

3

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2021

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.

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 2021 to generate income for the charity. 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 £2,729 during 2021. In detail these grants were:

Impact of the COVID-19 virus on operations and revenues in 2021

The COVID-19 virus and associated government-imposed restrictions has had limited impact on the charity’s operations and revenues in 2021.

The trustees were already planning for the Mission Hall to be closed all year while it was being refurbished so there was no further impact for COVID restrictions on the use of public buildings

Zebedee Nursery School, which rents the Sulivan hall was able to operate throughout 2021. One of the two brass bands which normally rehearse in the Sulivan hall in the evening has ceased operations but the other one resumed practicing in the Sulivan Hall in 2021.

Financial review

The income of the charity including its linked charity in 2021 was £114,911 (2020: £106,366), being letting and investment income. The expenditure of the charity including its linked charity in 2021 was £94,345 (2020: £108,895) on the running costs of the two halls and the redevelopment costs of 16 Parsons Green.

In October 2021 the existing mortgage £618,376 on 16 Parsons Green was repaid using a new 25-year loan of £1,704,760 from Charity Bank agreed on 5[th] October 2021 which will also finance the refurbishment work on the Mission Hall. This loan is secured against the charity’s investment

4

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2021

property, 16 Parsons Green. At the year end £844,486 of this loan has been drawn down with the remainder being drawn down next year as and when it is needed.

The properties are held under an endowment by the Property Trust, the capital works on these properties being offset by the mortgage. Charity Bank required a “red book” valuation of 16 Parsons Green as a condition of granting the new loan for the Mission Hall work which is secured against 16 Parsons Green. Strutt & Parker undertook the valuation on 9th September 2021. Their report estimates the market value with vacant possession as £2,650,000. At their meeting on 17[th] January the trustees resolved that they would accept this estimate as the revised estimate of the value of 16 Parsons Green as at 31[st] December 2021.

In order to recover VAT on the substantial costs of the refurbishment of the Mission Hall, the trustees, after taking advice from the charity’s accountants Sayer Vincent, voluntarily registered the operations of the Mission Hall for VAT from 1[st] July 2021.

Principal risks and uncertainties

The principal risks to the charity are a decline in income from letting 16 Parsons Green, delays or cost overruns in the course of the Mission Hall refurbishment work, and failure to meet planned revenue targets for the Mission Hall post refurbishment.

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.

A 10% financial contingency has been included in the budget for the Mission Hall refurbishment project to cover potential cost overruns.

The trustees are developing a marketing plan for the Mission Hall which will launch in the spring of 2022 with the aim of promoting the hall to new potential hirers and thus meeting the revenue targets of the Mission Hall refurbishment business case.

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 2021, the unrestricted reserves of the charity were £188,967 (2020: £103,223). This equates to approximately 9 months of regular expenditure so is considered an adequate level of reserves for the charity.

5

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2021

Plans for the future

In 2022 the charity plans to:

  1. Complete the refurbishment of the Mission Hall. These plans have been further delayed by the COVID-19 emergency with the work originally planned to happen in 2021.

  2. Make grants of up to £3,000 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.

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:

6

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2021

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:

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:

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

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.

7

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2021

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:

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.

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 2021 was 6 (2020:5). 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:

8

Charlotte Antonia Sulivan Charity

Trustees’ annual report

For the year ended 31 December 2021

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 2022 and signed on their behalf by:

Mark Younger Chairman

9

Independent examiner’s report

To the trustees 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 2021.

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 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 that in any material respect:

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.

6 May 2022 Joanna Pittman FCA

Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

10

Charlotte Antonia Sulivan Charity

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

For the year ended 31 December 2021

Charity
Unrestricted
Note
£
Income from:
-
21,861
897
Property rentals
91,311
Dividend income
237
Interest income
605
114,911
55,651
16,342
Sulivan Hall Hire
5,539
Grant giving
3,713
2
81,245
2,660
3
36,326
49,418
85,744
Reconciliation of funds:
103,223
188,967
Other income
Charitable activities
Mission Hall Hire
Sulivan Hall Hire
33,666
Total expenditure
Net income / (expenditure) before net
gains / (losses) on investments
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
Raising funds
Investment property 16 Parsons Green
Investments
Total income
Expenditure on:
Net income / (expenditure) for the year
Charitable activities
Mission Hall Hire
Net gains / (losses) on investments		 Charity
Unrestricted
Note
£
Income from:
-
21,861
897
Property rentals
91,311
Dividend income
237
Interest income
605
114,911
55,651
16,342
Sulivan Hall Hire
5,539
Grant giving
3,713
2
81,245
2,660
3
36,326
49,418
85,744
Reconciliation of funds:
103,223
188,967
Other income
Charitable activities
Mission Hall Hire
Sulivan Hall Hire
33,666
Total expenditure
Net income / (expenditure) before net
gains / (losses) on investments
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
Raising funds
Investment property 16 Parsons Green
Investments
Total income
Expenditure on:
Net income / (expenditure) for the year
Charitable activities
Mission Hall Hire
Net gains / (losses) on investments		 Property
Endowment
£
-
-
-
-
-
-		 2021
Total
£
-
21,861
897
91,311
237
605		 Charity
Unrestricted
£
10,320
14,984
-
80,200
772
90		 Property
Endowment
£
-
-
-
-
-
-		 2020
Total
£
10,320
14,984
-
80,200
772
90
114,911 - 114,911 106,366 - 106,366
55,651
16,342
5,539
3,713		 -
8,200
4,900
-		 55,651
24,542
10,439
3,713		 53,565
31,379
5,864
4,987		 -
8,200
4,900
-		 53,565
39,579
10,764
4,987
81,245 13,100 94,345 95,795 13,100 108,895
2,660
33,666		 125,000
(13,100)		 127,660
20,566		 1,692
10,571		 -
(13,100)		 1,692
(2,529)
36,326
49,418		 111,900
(49,418)		 148,226
-		 12,263
(20,692)		 (13,100)
20,692		 (837)
-
85,744
103,223		 62,482
3,477,401		 148,226
3,580,624		 (8,429)
111,652		 7,592
3,469,809		 (837)
3,581,461
188,967 3,539,883 3,728,850 103,223 3,477,401 3,580,624

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

Company no. 9182690

Balance sheet

As at 31 December 2021

Note
Fixed assets:
7
8
9
Current assets:
10
Liabilities:
11
12
14a
Total unrestricted funds
CAS Charity restricted funds
Charity unrestricted funds
Total restricted funds
Investments
Cash at bank and in hand
Tangible assets
Investment properties
Total net assets
Creditors: amounts falling due after one year
Property Trust endowment funds
The funds of the charity:
Total funds
Total assets less current liabilities
Debtors
Creditors: amounts falling due within one year
Net current assets		 2021
£
1,734,369
2,650,000
20,302
4,404,671
152,931
87,909
240,840
(94,238)
146,602
4,551,273
(822,423)
3,728,850
3,539,883
-
3,539,883
188,967
188,967
3,728,850		 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

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:

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 2022 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 2021

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 2021.

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.

13

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

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:

Irrecoverable 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

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:

14

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

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.

15

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

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 2021
Total expenditure 2020		 Investment
property - 16
Parsons Green
£
13,348
-
-
2,105
21,618
-
3,828
-
-
-
-		 Mission Hall
£
5,664
-
-
4,172
-
-
-
-
-
-
8,200		 Sulivan Hall
£
1,932
-
-
840
-
-
-
-
-
-
4,900		 Grant giving
£
-
2,729
-
-
-
-
-
-
-
-
-		 Governance
costs
£
-
-
-
-
-
3,660
-
-
-
-
-		 Support costs
£
9,870
-
200
-
-
-
-
11,253
26
-
-		 2021
Total
£
30,814
2,729
200
7,117
21,618
3,660
3,828
11,253
26
-
13,100		 2020
Total
£
34,357
4,500
184
9,401
24,579
3,660
11,298
7,539
-
277
13,100
40,899
12,593
2,159		 18,036
5,554
952		 7,672
2,362
405		 2,729
840
144		 3,660
-
(3,660)		 21,349
(21,349)
-		 94,345
-
-		 108,895
-
-
55,651 24,542 10,439 3,713 - - 94,345 108,895
53,565 39,579 10,764 4,987 - -

16

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

2a Analysis of expenditure 2020 (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 2020		 Investment
property - 16
Parsons Green
£
13,991
-
-
2,819
24,579
-
6,453
-
-
-
-
47,842
3,927
1,796
53,565		 Mission Hall
£
19,828
-
-
3,706
-
-
3,313
-
-
277
8,200
35,324
2,830
1,425
39,579		 Sulivan Hall
£
538
-
-
2,876
-
-
1,532
-
-
-
4,900
9,846
627
291
10,764		 Grant giving
£
-
4,500
-
-
-
-
-
-
-
-
-
4,500
339
148
4,987		 Governance
costs
£
-
-
-
-
-
3,660
-
-
-
-
-
3,660
-
(3,660)
-		 Support costs
2020
Total
£
£
-
34,357
-
4,500
184
184
-
9,401
-
24,579
-
3,660
-
11,298
7,539
7,539
-
-
-
277
-
13,100
7,723
108,895
(7,723)
-
-
-
-
108,895

17

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

3 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
£ £
Interest paid 21,618 24,579
Depreciation 13,100 13,100
Fees paid to independent examiner (excluding VAT):
Accounts preparation 2,550 2,550
Independent examination 3,050 3,050

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 (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil). No trustee claimed any expenses from the charity (2020: £nil).

5 Related party transactions

The trustees, Tim Stilwell and Laura Brimacombe, are employees of St Dionis Church which received £2,000 in grants from the Charity (2020:nil).

The Charity received income of £897 (2020:nil) from St Dionis Church as a contribution to the waste disposal costs paid by the Charity.

The Charity received a loan from St Dionis Church of £50,000 in 2021 (2020: nil) on which the full amount is still outstanding at the year end (2020: nil).

Valerie Pierson (a trustee of the Charity) is also a member of St Matthews Fulham. In 2021, St Matthews Fulham received a grant of £379 (2020:nil).

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.

18

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

7 Tangible fixed assets - CAS Property Trust

Tangible fixed assets - CAS Property Trust
Depreciation
At the start and end of the year
Additions in year
At deemed cost
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
Net book value		 Freehold
property
£
1,645,000
-		 £
11,873
156,096
Building
improvements		 Total
£
1,656,873
156,096
1,645,000 167,969 1,812,969
65,500
13,100		 -
-		 65,500
13,100
78,600 - 78,600
1,566,400 167,969 1,734,369
1,579,500 11,873 1,591,373

Land with a value of £990,000 (2020: £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.

8 Investment properties - CAS Property Trust

Investment properties - CAS Property Trust
Fair value at the end of the year
Fair value at the start of the year
Additions
Revaluation during the year		 2021
£
2,525,000
-
125,000		 2020
£
2,525,000
-
-
2,650,000 2,525,000

The property was last valued independently by Strutt and Parker on 8 September 2021. The open market value was reported to be £2,650,000. A trustee valuation was conducted on 31 December 2021 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
Net gain / (loss) on change in fair value
Investments comprise:
Fair value at the end of the year
Fair value at the start of the year
Additions at cost
Disposal proceeds
UK COIF Common investment funds		 2021
£
27,426
237
(10,021)
2,660		 2020
£
24,962
772
1,692
20,302 27,426
2021
£
20,302		 2020
£
27,426
20,302 27,426

19

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

10
Debtors
11
CAS Charity
Deposits
CAS Property Trust
12
CAS Property Trust
Debtors
CAS Charity
Loan amounts due within one year
Prepayments
Deposits
Creditors: amounts falling due within one year
Accruals
Over 5 years
Income in Advance
Other creditors
Creditors: amounts falling due after one year
1 to 2 years
2 to 5 years
Loans repayable
VAT		 2021
£
159
104,335
1,000
47,437		 2020
£
1,354
1,897
1,000
-
152,931 4,251
2021
£
6,869
-
6,268
9,038
72,063		 2020
£
6,752
-
5,211
7,038
21,292
94,238 40,293
2021
£
22,681
118,274
681,468		 2020
£
22,063
70,902
524,716
822,423 617,681

Bank loans totalling £844,486 (2020: £638,973) are secured against 16 Parsons Green.

20

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

13a
13b
Tangible fixed assets
Investment properties
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 30 December 2020
Creditors falling due after one year
Net assets at 31 December 2021
Analysis of net assets between funds (current year)
Tangible fixed assets
Investments
Current assets
Creditors falling due within one year		 General
£
-
-
20,302
240,840
(72,175)
-		 Restricted
£
-
-
-
-
-
-		 Endowment
£
1,734,369
2,650,000
-
-
(22,063)
(822,423)		 Total funds
£
1,734,369
2,650,000
20,302
240,840
(94,238)
(822,423)
188,967 - 3,539,883 3,728,850
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

21

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

14a Movements in funds current year

Movements in funds current year
16 Parsons Green property
16 Parsons Green mortgage
Total endowment funds
16 Parsons Green property
16 Parsons Green mortgage
Total endowment funds
Mission Hall
CAS Property Trust
Endowment funds:
Sulivan Hall
Unrestricted funds:
Mission Hall
Movements in funds prior year
CAS Property Trust
Total funds
Total unrestricted funds
CAS Charity general funds
Sulivan Hall
Total unrestricted funds
Total funds
Unrestricted funds:
CAS Charity general funds
Endowment funds:		 At 1 January
2021
£
995,873
595,500
2,525,000
(638,972)		 Income &
gains
£
-
-
125,000
-		 Expenditure
& losses
£
(8,200)
(4,900)
-
-		 Transfers
£
156,096
-
-
(205,514)		 At 31
December
2021
£
1,143,769
590,600
2,650,000
(844,486)
3,477,401 125,000 (13,100) (49,418) 3,539,883
103,223 117,571 (81,245) 49,418 188,967
103,223 117,571 (81,245) 49,418 188,967
3,580,624 242,571 (94,345) - 3,728,850
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 30
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

14c Purposes of funds

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

Transfer of funds - transfer has been recognised from unrestricted funds in order to recognise the cost incurred and additional mortgage sought in order to pay for Mission Hall's refurbishment works.

15 Capital commitments

At 31 December 2021, the charity had capital commitments in relation to the refurbishment of Mission Hall. The amount committed to at this point is £81,053 (2020:nil) for architecture fees and £896,850 (2002:nil) for building contractor costs.

22

Charlotte Antonia Sulivan Charity

Notes to the financial statements

For the year ended 31 December 2021

16 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.

23