Company number: 9182690 Charity number: 1158311
Charlotte Antonia Sulivan Charity
Report and financial statements For the year ended 31 December 2022
Charlotte Antonia Sulivan Charity
Contents
For the year ended 31 December 2022
Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report ...................................................................................................... 9 Statement of financial activities (incorporating an income and expenditure account) ................... 10 Balance sheet ............................................................................................................................... 11 Notes to the financial statements ................................................................................................. 12
Charlotte Antonia Sulivan Charity
Reference and administrative information
For the year ended 31 December 2022
| 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 | |
| Rev Timothy Stilwell | ||
| Ms Valerie Pierson | ||
| Mr Tim Carpenter | ||
| 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 2022
The trustees present their report and the independently examined financial statements for the year ended 31 December 2022.
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:
-
The operation of two church halls – the CAS Halls (formerly the Mission Hall) and the Sulivan Hall in Parsons Green – for use by St Dionis Church and for wider community use.
-
Commercial letting of a residential house – 16 Parsons Green –to raise income for the charity.
-
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 2022
The CAS Halls (formerly 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.
Plans for the CAS Halls (formerly the Mission Hall) refurbishment were finalised in the first half of 2021 and work commenced in October 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 delayed beyond the planned completion date of August 2022 by several factors: increasing building costs; lack of availability of key resources due to post COVID problems in the general economy; delays in gaining permissions to erect scaffolding for the roof repairs; a desire by the trustees to install a more sophisticated audio-visual system then previously planned.
Work on the community hall (the ground floor of the CAS Hall) was completed at the end of October 2022. The hall was immediately back in to use by a wide range of community and commercial groups and St Dionis Church. The remainder of the work was completed by the end of February 2023 with the halls fully back in use at the beginning of March 2023.
When the Mission Hall was reopened it was renamed the CAS Halls. The CAS Halls are three separate spaces: the Upper Hall, the Community Hall, and the Studio.
The work was financed by a 25-year loan of £1,704,760 secured against 16 Parsons Green and agreed on 5[th] October 2021. On 21[st] October 2022 the charity agreed with Charity Bank to extend the term of the loan to 30 years and to increase the loan to £1,774,760. The increase in the loan was to pay for the additional audio-visual equipment. The term was extended to ease the charity’s cashflow given rising interest rates.
3
Charlotte Antonia Sulivan Charity
Trustees’ annual report
For the year ended 31 December 2022
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 2022 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 £2,240 during 2022. These were to provide bursaries to enable members of the St Dionis congregation to attend residential Christian events which they would other not be able to afford.
Financial review
The income of the charity including its linked charity in 2022 was £157,782 (2021: £114,911), being letting and investment income. The expenditure of the charity including its linked charity in 2022 was £157,194 (2021: £94,345) on the running costs of the two halls and the redevelopment costs of 16 Parsons Green.
On 21st October 2022 the existing mortgage from Charity Bank of £1,704,760 on 16 Parsons Green was increased to £1,774,760 and the term extended to 30 years. This loan covers the refurbishment work undertaken in recent years on 16 Parsons Green and the CAS Halls (formerly the Mission Hall). This loan is secured against the charity’s investment property, 16 Parsons Green.
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 CAS Halls (formerly 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 16[th] January 2023 the trustees resolved that they would continue accept this estimate as a reasonable estimate of the value of 16 Parsons Green as at 31[st] December 2022.
Principal risks and uncertainties
The principal risks to the charity are a decline in income from letting 16 Parsons Green and failure to meet planned revenue targets for the CAS Halls (formerly 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.
4
Charlotte Antonia Sulivan Charity
Trustees’ annual report
For the year ended 31 December 2022
The trustees appointed a front-of house manager for the CAS Halls in March 2023 to promote the halls to new potential hirers and with aim of meeting the revenue targets of the CAS Halls refurbishment business case.
Reserves policy and going concern
The charity maintains reserves for two purposes:
-
To enable the charity to cover regular expenditure in the event of income fluctuating.
-
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 2022, the unrestricted reserves of the charity were £112,537 (2021: £188,967). This equates to approximately 7 months of regular expenditure. While this is less than the charity’s preferred level of 9 months it is considered an adequate level of reserves for the charity.
Plans for the future
In 2023 the charity plans to:
-
Complete the refurbishment of the CAS Halls (formerly the Mission Hall) and then fully reopen the halls (note: the work was finally completed at the end of February 2023.
-
Actively market the CAS Halls to achieve the target business plan revenues.
-
Make grants of up to £2,000 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.
5
Charlotte Antonia Sulivan Charity
Trustees’ annual report
For the year ended 31 December 2022
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 2022.
-
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 stood down on 18[th] January 2021. The PCC proposed that Mr Tim Carpenter replace Mrs Carswell and he was appointed on 19[th] July 2021. Mr Carpenter and Mr Younger continued to serve throughout 2022.
-
Ms Laura Brimacombe and Mrs Sue Pierson also served as trustees during 2021 having been appointed by the other trustees in 2019 and 2020 respectively. Ms Brimacombe stood down as a trustee on 19[th] April 2021 but continued to work with the charity in her role as Director of Operations of St Dionis. Mrs Pierson served throughout 2022.
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
6
Charlotte Antonia Sulivan Charity
Trustees’ annual report
For the year ended 31 December 2022
-
until such time that the charities, no longer have the same trustees or are no longer connected.
-
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.
7
Charlotte Antonia Sulivan Charity
Trustees’ annual report
For the year ended 31 December 2022
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 4 (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:
-
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 22 May 2023 and signed on their behalf by:
Mark Younger Chairman
8
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 2022.
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: 6 June 2023
9
Charlotte Antonia Sulivan Charity
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 December 2022
| Property Endowment £ - - - - - - |
2022 Total £ 2,557 23,164 31,746 99,751 538 26 |
Charity Unrestricted £ - 21,861 897 91,311 237 605 |
Property Endowment £ - - - - - - |
2021 Total £ - 21,861 897 91,311 237 605 |
|
|---|---|---|---|---|---|
| 157,782 | - | 157,782 | 114,911 | - | 114,911 |
| 56,633 75,867 3,459 8,136 |
- 8,200 4,900 - |
56,633 84,067 8,359 8,136 |
55,651 16,342 5,539 3,713 |
- 8,200 4,900 - |
55,651 24,542 10,439 3,713 |
| 144,094 | 13,100 | 157,194 | 81,245 | 13,100 | 94,345 |
| (2,426) 13,688 |
- (13,100) |
(2,426) 588 |
2,660 33,666 |
125,000 (13,100) |
127,660 20,566 |
| 11,262 (87,692) |
(13,100) 87,692 |
(1,838) - |
36,326 49,418 |
111,900 (49,418) |
148,226 - |
| (76,430) 188,967 |
74,592 3,539,883 |
(1,838) 3,728,850 |
85,744 103,223 |
62,482 3,477,401 |
148,226 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.
10
Charlotte Antonia Sulivan Charity
Balance sheet
Company no. 9182690
As at 31 December 2022
| 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 |
2022 £ 2,650,567 2,650,000 18,415 5,318,982 54,367 73,526 127,893 (55,724) 72,169 5,391,151 (1,664,139) 3,727,012 3,614,475 - 3,614,475 112,537 112,537 3,727,012 |
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 |
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 22 May 2023 and signed on behalf of the trustees:
Mark Younger Chair
11
Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
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 have considered if there are any material uncertainties about the charitable company's ability to continue as a going concern. They deem the risk of this to be low however, they are conscious of the rising interest rates in the broader economy and how this impacts the mortgage interest rate the charity has to pay.
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.
The trustees do not feel that there is any risk in the charity's abilities to meet it's loan covenants.
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.
12
Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
-
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.
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
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
13
Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
-
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.
14
Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
- 2a Analysis of expenditure 2022 (current year)
| Investment property - 16 Parsons Green £ 18,931 - - 5,903 22,137 - - - - - |
CAS Halls £ 6,608 - 8,760 1,195 44,945 - - - - 8,200 |
Sulivan Hall £ 1,475 - - 561 - - - - - 4,900 |
Grant giving £ - 2,240 - - - - 4,500 - - - |
Governance costs £ - - - - - 3,840 - - - - |
Support costs £ 7,238 - 120 - - - 87 15,523 31 - |
2022 Total £ 34,252 2,240 8,880 7,659 67,082 3,840 4,587 15,523 31 13,100 |
2021 Total £ 30,814 2,729 200 7,117 21,618 3,660 3,828 11,253 26 13,100 |
|---|---|---|---|---|---|---|---|
| 46,971 8,280 1,382 |
69,708 12,304 2,054 |
6,936 1,219 204 |
6,740 1,196 200 |
3,840 - (3,840) |
22,999 (22,999) - |
157,194 - - |
94,345 - - |
| 56,633 | 84,067 | 8,359 | 8,136 | - | - | 157,194 |
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Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
2b Analysis of expenditure 2021 (prior year)
| Running costs Grants paid Bank fees Repairs and maintenance Mortgage interest paid Independent examiner's fee Legal and professional fees Bookkeeping Stationery Depreciation Support costs Governance costs Total expenditure 2021 |
Investment property - 16 Parsons Green £ 13,348 - - 2,105 21,618 - 3,828 - - - 40,899 12,593 2,159 55,651 |
CAS Halls £ 5,664 - - 4,172 - - - - - 8,200 18,036 5,554 952 24,542 |
Sulivan Hall £ 1,932 - - 840 - - - - - 4,900 7,672 2,362 405 10,439 |
Grant giving £ - 2,729 - - - - - - - - 2,729 840 144 3,713 |
Governance costs £ - - - - - 3,660 - - - - 3,660 - (3,660) - |
Support costs 2021 Total £ £ 9,870 30,814 - 2,729 200 200 - 7,117 - 21,618 - 3,660 - 3,828 11,253 11,253 26 26 - 13,100 21,349 94,345 (21,349) - - - - 94,345 |
|---|---|---|---|---|---|---|
16
Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
- 3 Net income / (expenditure) for the year
This is stated after charging / (crediting):
| This is stated after charging / (crediting): | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Interest paid | 67,082 | 21,618 |
| Depreciation | 13,100 | 13,100 |
| Fees paid to independent examiner (excluding VAT): | ||
| Accounts preparation | 2,675 | 2,550 |
| Independent examination | 3,200 | 3,050 |
- 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 (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). No trustee claimed any expenses from the charity (2021: £nil).
5 Related party transactions
The trustee Tim Stilwell is an employee of St Dionis Church which received £2,240 in grants from the Charity (2021: £2,000).
The Charity received income of £1,418 (2021: £897) from St Dionis Church as a contribution to the waste disposal costs paid by the Charity.
The Charity received £580 (2021: nil) from St Dionis Church in rental income for the hire of CAS Halls.
The Charity received a loan from St Dionis Church of £50,000 in 2021 (2021: £50,000) of which £30,000 was converted to an unrestricted grant to the charity in the year, and of which £20,000 is outstanding at the year end (2021: £50,000).
The Charity paid £4,500 (2021: nil) to St Dionis as a contribution to the monthly salary of the Partnership Director of St Dionis. This Partnership Director was formerly a trustee of the charity before stepping down and taking on this role.
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.
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Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
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 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 |
Freehold property £ 1,645,000 - |
£ 167,969 929,298 Building improvements |
Total £ 1,812,969 929,298 |
| 1,645,000 | 1,097,267 | 2,742,267 | |
| 78,600 13,100 |
- - |
78,600 13,100 |
|
| 91,700 | - | 91,700 | |
| 1,553,300 | 1,097,267 | 2,650,567 | |
| 1,566,400 | 167,969 | 1,734,369 |
Land with a value of £990,000 (2021: £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 start of the year Additions Revaluation during the year Fair value at the end of the year |
2022 £ 2,650,000 - - |
2021 £ 2,525,000 - 125,000 |
| 2,650,000 | 2,650,000 |
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 2022 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 | ||
|---|---|---|
| UK COIF Common investment funds Investments comprise: Fair value at the end of the year Fair value at the start of the year Additions at cost Disposal proceeds Net gain / (loss) on change in fair value |
2022 £ 20,302 538 - (2,426) |
2021 £ 27,426 237 (10,021) 2,660 |
| 18,415 | 20,302 | |
| 2022 £ 18,415 |
2021 £ 20,302 |
|
| 18,415 | 20,302 |
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Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
| 10 Debtors 11 CAS Charity Deposits CAS Property Trust 12 CAS Property Trust VAT Other creditors Creditors: amounts falling due after one year 1 to 2 years 2 to 5 years Loans repayable 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 |
2022 £ 159 6,909 1,000 46,299 |
2021 £ 159 104,335 1,000 47,437 |
|---|---|---|
| 54,367 | 152,931 | |
| 2022 £ 6,782 - 17,621 9,368 21,953 |
2021 £ 6,869 - 6,268 9,038 72,063 |
|
| 55,724 | 94,238 | |
| 2022 £ 18,022 63,732 1,582,385 |
2021 £ 22,681 118,274 681,468 |
|
| 1,664,139 | 822,423 |
Bank loans totalling £1,666,092 (2021: £844,486) are secured against 16 Parsons Green.
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Charlotte Antonia Sulivan Charity
Notes to the financial statements
| For the year ended 31 December 2022 | ||||
|---|---|---|---|---|
| 13a 13b Creditors falling due after one year Net assets at 31 December 2022 Analysis of net assets between funds (current year) Tangible fixed assets Investments Current assets Creditors falling due within one year 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 2021 Tangible fixed assets Investment properties |
General £ - - 18,415 127,893 (33,771) - |
Restricted £ - - - - - - |
Endowment £ 2,650,567 2,650,000 - - (21,953) (1,664,139) |
Total funds £ 2,650,567 2,650,000 18,415 127,893 (55,724) (1,664,139) |
| 112,537 | - | 3,614,475 | 3,727,012 | |
| 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 |
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Charlotte Antonia Sulivan Charity
Notes to the financial statements
For the year ended 31 December 2022
14a Movements in funds current year
| 16 Parsons Green property Mortgage Total endowment funds 14b 16 Parsons Green property Mortgage Total endowment funds Sulivan Hall Total unrestricted funds Total funds Unrestricted funds: CAS Charity general funds Endowment funds: Unrestricted funds: CAS Halls Movements in funds prior year CAS Property Trust Total funds Total unrestricted funds CAS Charity general funds CAS Halls CAS Property Trust Endowment funds: Sulivan Hall |
At 1 January 2022 £ 1,143,769 590,600 2,650,000 (844,486) |
Income & gains £ - - - - |
Expenditure & losses £ (8,200) (4,900) - - |
Transfers £ 929,298 - - (841,606) |
At 31 December 2022 £ 2,064,867 585,700 2,650,000 (1,686,092) |
|---|---|---|---|---|---|
| 3,539,883 | - | (13,100) | 87,692 | 3,614,475 | |
| 188,967 | 155,356 | (144,094) | (87,692) | 112,537 | |
| 188,967 | 155,356 | (144,094) | (87,692) | 112,537 | |
| 3,728,850 | 155,356 | (157,194) | - | 3,727,012 | |
| 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 |
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 CAS Halls' refurbishment works.
15 Capital commitments
At 31 December 2022, the charity had capital commitments in relation to the refurbishment of CAS Halls. The amount committed to at this point is £18,006 (2021: £81,053) for architecture fees and £130,379 (2021: £896,850) for building contractor costs.
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.
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