2021-03-31-accounts

					Notes	Unrestricted	Restricted	Endowment	2021	2020
						Funds	Funds	Funds
							6
Income and endowments		from:
Donations and legacies						202,394	17,900		220,294	263,085
Investment income						772,967	9,578		782,545	765,128
Total						975 61	27478		I002,839	I028213
Expenditure on:
Raising funds
Investment &property management				costs		228,561		26,285	254,846	120,332
Charitable activities
School beneficiaries						818,278	27,478	167,864	1,013,620	1,043,716
Supporting young people	in Southwark					102,006			102,006	139,876
Total						1,148,845	27,478	194,149	1,370,472	1303,924
Net (expenditure)/income		before
gains and losses on iavestments						( 173,484)		(194,149)	(367,633)	(275,711)
Net gains/(losses) on investment			assets		12& 13	534,667		1,196,792	1,731,459	(4,781,444)
Net income/(expenditure)		for the year
being net movement	on	funds				361,183		1,002,643	1363,826	( 5,057,155)
Balances at 1' April 2020						2,056,437	100,000	23,652,221	25,808,658	30,865,813
Balances at 31' March	2021					2,417,620	100,000	24,654,864	27,172,484	25,808,658

	Notes	2021	2020
		8
Fixed assets
Tangible fixed assets	10	5,460,331	5,628,195
Works ofart	11	100,000	100,000
Investment pmperties	12	14,000,000	13,300,000
Financial investments	13	7,910,454	5,840,261
Total fixed assets		25.450585	24,868,456
Current assets
Debtors	14	268,783	100,386
Short term investments		453,884	1,563,303
Cash at bank and in hand		616,040	395,603
Total current assets		1,338,707	2,059,292
Liabilities
Creditors falling due within one year	15	( 1,637,008)	( 1,119,090)
Net current liabilities		( 298,301)	940,202
Total assets less current liabilites		27,172,484	25,808,658
Net assets		27,172,4$4	25,808,65$
Funds	17&18
Endowment funds		24,654,864	23,652,221
Restricted funds		100,000	100,000
Unrestricted funds		2,417,620	2,056,437
		27,172,484	25 006,658

			2021	2021	2020	2020
			8		6
Net income per SOFA				1,363,826		( 5,057,155)
Adjustments for:
Depreciation			167,864		169,364
interest and dividends	received		( 136,128)		( 220,989)
(Gain)/loss on investment assets (Gain)/loss on investment assets		held on behalf ofschools	( 1,731,459) ( 90,557)		4,781,444 11,914
(Increase) in debtors			( 168,397)		( 4,496)
Increase/(decrease) in	creditors		517,918
				( 1,440,759)		3,912,250
Net cash from finance activities				( 76,932)		(1,144,905)
Cash flows from investing	activities
Interest and dividends	received		136,128		220,989
Purchase offinancial Purchase ofinvestment Disposals offinancial	investments property investments		( 2,953,563) ( 415,768) 2,197,513		( 657,001) ( 1,453,665) 1,700,346
Disposal ofinvestment	property		6
				103,262		( 189&331)
Change in cash and cash equivalents		in the
reporting period				26,330		( 1,334,236)
Cash snd cash equivalents at the beginning ofthe
reporting period				632,735		1,966,971
Cash and cash equivalents reporting period	at the end	ofthe		659,064		6»
Analysis ofcash and cash equivalents
Cash in Hand				616,040		395,603
Dealing account deposit				43,024		237,132
Total cash and cash equivalents				659,064		632,735

									2021	2020
									g	g
	The Dulwich Estate - annual			donation					202,394	222,685
	Legacy for	St Olave's Grammar			School					20,000
	Donations	to St Saviour's	School		Headteacher's			Funds	17,900	20,400
									220,29	263.085
3	Investment	income
									2021	2020
										K
	Dividends and interest on		financial			investments			126,550	210,222
	Properly income								646,417	544,139
	St Saviour's	School Headteacher's				Fund			4,210	3,536
	StOlave's Grammar School Headmaster's						Fund		5,368	7,231
									782.545	765,128
4	Investment	60property	management				costs
									2021	2020
	Investment	management	fee						41,163	32,065
	Direct property management			costs					213,683	88,267
									254,846	520.332

5 Grants Payable
				2821		2020
				8			8
The amount payable in the year comprises
StOlave's &.StSaviour's Grammar			School	320,184		315,056
St Saviour's &St Olave's School				343,822		333,868
Total Schools					664,006		re
Southwark Cathedral's Choirs					12,050		11,814
Foundation Fund Grants:
Grants to Individuals (2021:23,		2020; 32 Individuals)			24,796		31,596
Grants to Organisations
acetUK				1,500		1,500
Angel Oak Academy						1,000
Batters Club Community						2,795
Bede House Association						6,500
Bomugh Music School				1,950
Bridge the Gap Studios						4,000
Brunswick Park Primary School						1,500
Camberwell After School Project				3,000		6,000
Cambridge House						3,000
Crampton Primary School				2,000
Coin Street Centre Trust						3,000
Colombo Street Community &Sports Centre						3,000
Dream, Believe, Achieve				2,290		1,000
Flute Theatre						3,000
Friends ofGalleywall Natum	Reserve			3,200
Friends ofStave Hill						2,500
Futures Theatre Company						2,000
Ignite Hubs				3,000
iiChild						2,000
Impact Youth Work Project						2,937
Intrapreneurs Charity						2,000
John Donne Primary School						1,500
Lambeth & Southwark Football						1,000
Living Bankside						1,500
London South School Teaching Alliance						3,000
Lyndhurst Primary School						1,000
National Theatre				1,500
National Youth Theatre ofGreat		Britain		3,000
Newington Summer Music						1,000
Oliver Goldsmith Primary School						2,000
Phoenix Place				11,530
Purple Ladies				1,500
Resources for Autism				1,500		1,000
Shakespeare Globe Youth Theatre						1,700
Siblings Together				3,000
Southwark Aquatics Swimming		Club				1,816
Southwark Tigers Rugby Club				2,000
St George the Martyr, Bermondsey						2,000
St Saviour's &St Olave's School				8,000		7,000
Waterloo Sports &Football Club						2,000
Westminster House Youth Group				3,000
20 Bermondsey Scouts						1,630
					51,970		75,878
Grants under f.l,000(2021:4, 2020:8,organisations)					3,525		5,630
Cancelled Grants					(7,476)		(4,315)
Total supporting young	people in Southwark				84,865

Cost Type										Total		Governance	Charitable	Basis of
										allocated			activities	apportionment
										g			8
Statfcosts	(Note 9)									123,415			123,415	StaffTime
Office costs										38,408			38,408	StaffTime
Governance	costs									9,590		9,590		StaffTime
Depreciation ofSchool buildings					(Note 10)					167,864			167,864	Schools
Total										339,277		9,590	329,687
The total support cost attributable					to	charitable		activities (apart fmm				depreciation which is allocatixt to the Schools) is apportioned				based
on staff time as shown			in	the table below:
												Allocaiion	ofcosts
												2021	2020
												8	8
Schools												322,136	293,233
Supporting	young people			in Southwark
Total allocated
7 Analysis	ofcharitable			expenditure
The charity	undertakes		its	charitable		activities		tluough		grant making		and awards grants	to the two Schools ofthe Foundation
and young	people snd		young people's			organisations			in	Southwark,	in	furtherance ofits charitable objectives.
										Grant		Depreciation	Investment	Support	Total
										funded		ofSchool	income	costs
										actlvlty		buildings
												and other
												assets
												g		8
Schools (Note 5)										664,006		167,864	27,478	154,272	1,013,620
Supporting	young people in Southwark						(Note	5)		84,865				17,141	102,006
Total										748,871		167,864	~27478	~171413	1.115,626
8 Analysis	ofgovernance			costs
												2021	2020
Trustee meeting costs													1,730
Audit fee												9,590	9,470
												9,590	11,200
9 Analysis	ofstaff	costs
												2021	2020
												8	K
Salaries												104,100	105,897
Employer's	National	Insurance										7,941	9,232
Pension contnbutions												10,410	10,325
Life assurance												964	977
												~123 415	126,431

					Freehold	Freehold	Freehold	Furniture	Computer	Computer	Total	Total
					Land	and buildings		tk Fittings	Hardware
					(used	by Schools)
	Cost
	At ln April 2020 and 31o March 2021						8,393,225	6,092	19,236		8,418,553
	Disposals in year								(11,738)		(11,738)
	At 31o March 2021						8,393225	6092		7498	~8406815
	Accumulated depreciation
	At le April 2020					2,765,030		6,092	19,236		2,790,358
	Charge for year						167,864				167,864
	Disposals in year								(11,738)		(11,738)
	At 31o March 2021					2,932,894		6092		7,498	2,946.484
	Net book values
	At I o April 2020					5,628,195					5,628,195
	At 31o March 2021										5,460,331
	Freehold land and buildings	relate to land and buildings					at StOlave's Gmmmar School, Orpington
	and St Saviour's School, Southwark,			occupied under		leases fmm the Charity.
	Works ofart
	The works ofart were valued		for insurance		purposes	by W Bt FC Bonham &Sons			Limited at 31u March		2006 and	afler
	review in 2018,trustees were		ofthe	view that the market value had dimlnlshtri and					reduced the	value accordingly.		Truste
	view that the market value	has not changed			further.	No funds fiom		the Rushhmoke	Trust have been spent		acquiring	addit
	works ofart during the period. The			works	ofart, which are not regarded as heritage				assets, are held at StOlave's School.
	Investment Properties
								Total
								8
	Valuation
	At I"April 2020							13,300,000
	Work in progress							415,768
	Revaluation							284,232
	At 31o March 2021							14,000,000
	Historical Cost
	At I o April 2020							7,558,490
Additions								415,768
	Historical Cost at 31o March		2021					~7.974 58

13	Financial investments	Financial investments
							2021	2020
tt	9 t«t w t
	Market value ofinvestments				at 1"April	2020	5,603,129	7,284,069
	Additions						2,953,563	657,001
	Disposals proceeds						( 2,197,513)	( 1,700,346)
	Net realised and unrealised			investment		gains/(losses)	1,508,251	( 637,595)
	Market value ofinvestments				at 31"March 2021		7,867,430	5,603,129
	Historical cost at 31"March				2021		5,586,641	4,331,169
	Investment cash
	Opening investment	cash					237,132	1,189,803
	Cash withdrawn						( 500,000)	( 1,960,000)
	Cash added						1,100,000
	Disposal pmceeds						2,197,513	1,700,346
	Cost ofadditions						( 2,953,563)	( 657,001)
	Investment management		fees				( 38,058)	( 36,016)
	Investment cash at 31"March 2021						43,024	237,132
							2021	2020
(b)	Financial investments		com	rise
	British Government	and other
	fixed interest stocks						377,395	404,927
	Equities (UK and overseas)						7,490,035	5,198,202
							7,867,430	5,603,129
	Deposits and cash awaiting			investment			43,024	237 732
							7,910,454	5,840,261
14	Debtors
							2021	2020
	Prepayments						41,781	36,019
	Rents receivable and	other debtors					227,002	64,367
							268,783	100,386

		2021	2020
			0
St Savtour's School		615,435	351,801
St Olave's Grammar	School	692,581	625,048
Trade creditors		28,493	55,712
VAT		260,137	52.086
Accruals		25,536	21,936
Other creditors		14,826	12,507
		1,637,008	1,119,090
Recoaciliation ofgrants payable:
		2021	2020
			8
Fund grant creditors	at I"April 2020	12,507	28,531
School grant creditors at I s April 2020		976,849	1,471,875
Grants payable for the period		756,347	774,637
Grants cancelltxI or	recovered	( 7,476)	( 4,315)
Grants paid during	the period	( 415,385)	( 1,281,372)
		1,322,842	989,356
Foundation Fund grant creditors at 318' March 2021		14,826	12,507
School grant creditors at 31s March 2021		1,308,016	976,849
		.3 .82	98,

					Land &	Buildings
					2021	2020
Amounts	due:
Within one year					19,642	19,642
Between	1-5years				67,112	78,570
In more than 5 years						8,184
					86,754	106,396
Payments	off19,379were	made in the year.
Analysis	ofaet assets between funds
			Unrestricted	Restricted	Expendable	Permanent	Total
			Funds	Funds	Endowment	Endowment
			8		8	0
Fund balances at 31s March		2021
are represented by:
Tangible	fixed assets				5,460,331		5,460,331
Works of	art			100,000			100,000
Invesnnent	properties		300,000		974,400	12,725,600	14,000,000
Financial	investments		2,415,921			5,494,533	7,910,454
Current assets			866,675	472,032			1,338,707
Creditors	falling due within	one year	(1,164,976)	(472,032)			(1,637,008)
			2,417,620	100,000	6,434,731	18,220,133	27,172,484

Movement offunds 202	0-21
				Brought	Income	Expenditure	Transfers	Carried
				Forward			and Gains	Forward
Endowment funds				23,652,221		(194,149)	1,196,792	24,654,864
Restricted funds				100,000	27,478	(27,478)		100,000
Unrestricted funds				2,056,437	975,361	(1,148,845)	534,667	2,417,620
Total							1,731,459	27,172,484
Movement offunds 2019-20
				Brought	Income	Expenditure	Transfers	Carried
				Forward			and Losses	Forward
Endowment funds				28,344,103		(186,077)	(4,505,805)	23,652,221
Restricted funds				100,000	51,167	(51,167)		100,000
Unrestricted funds				2,421,710	977,046	(1,066,680)	(275,639)	2,056,437
Total				30dh)52113	1,028,213	(1,303,924)	(4,781,444)	Z5,808,658
Funds held on trust by	the Trustees on		behalf ofthe Schools
The following assets are held on behalf ofthe Schools as short term investments					and both annual	and accumulated	income may be	drawn
down on request in accordance		with their	appnived purpose.
			Fund	Capital	Income	Expenditure	Capital Gain	Fund
			2020	Iniroduced				2021
George Dyson Prize Fund			1,542		30	(483)	287	1,376
Paul Slade Prize Fund			1,554		30	(488)	291	1,387
Gridley Prize Fund			18,808		366	(800)	3,510	21,884
Sanders Prize Fund			5,197		101	(1,600)	970	4,668
Green Prize Fund			12,261		238	(1,600)	2,290	13,189
Davis Bequest			7,143		139		1,333	8,615
Owen Glh			3,632		71	(1,124)	678	3,257
Felkin Bequest			2,234		43	(738)	417	1,956
Headmaster's Fund			192,380		3,741	(21,062)	35,907	210,966
WG Rushbrooke Trust			15,542		303		2,904	18,749
Alice Talbot Prize			1,601		31	(551)	299	1,380
Ashley Prize Fund			1,032		20	(315)	193	930
Phyllis Packer Prize Fund			4,798		93	(1,565)	896	4,222
I Nixon Memorial Fund			5,199		162	(612)	947	5,696
Marguerite Wailer Prize Fund			91,389		2,827		16,574	110,790
St Saviour's Undergraduate	Fund		40,899	15,000	1,388	(2,400)	8,080	62,967
			405211

F'unde held on trust	by the Trustees on behalf ofthe Schools (conpd)	by the Trustees on behalf ofthe Schools (conpd)	by the Trustees on behalf ofthe Schools (conpd)	by the Trustees on behalf ofthe Schools (conpd)
All funds relate to St	Olave's Grammar School other than the Marguerite				Wailer Prize Fund		and the StSaviour's Undergraduate				Fund,
which relate to St Saviour's School.
George Dyson Prize	Fund
To endow an annual	prize to be known as the George	Dyson prize for Chemishy,				to be awarded		to a pupil ofSt Olave's Grammar School
or failing that for any	purpose which the Headmaster	deems	fit provided		also that	it shall be for the benefit of			the SchooL
Paul Slade Prize Fund
To endow an annual	prize to be known as the Paul Slade prize for Physics, to be awarded to apupil ofStOlave's Grammar									School
or failing that for any	purpose which the Headmaster	deems	fit pmvided		also that	is shall be for the benefit ofthe School.
Gridley Prize Fund
Establishment oflectures and prizes for the study ofpoetry,
Sanders Prize Fund
Provision oftwo prizes m be given in the sixth form,		one for classics		and	the other for an English			composition	in pmse
or verse on some literary sub)rct.
Green Prize Fund
Pmvision ofa yearly	prize for the writing ofthe best,	humorous, short story in a competition.
Davis Bequest
Income to be used to	help any poor scholars.
Owen Gift
A house music shield	for annual competiuon snd a drama medal to be awarded each year to the boy who gave								the best
dramatic performance.
Felkin Bequest
Income to be used in	assisting in the training ofa boy	as a missionary		in Canada or London			or elsewhere.
Headmasteys Fund
To assist any boy attending the School whose education might be impaled					through	poverty	in his home or the		assistance of
any boy attending the	said School undertaking foreign travel		in furtherance ofhis			education.
WG Rushbmoke Trust
A trust for the purchase ofworks ofart m beautify the School.
Alice Talbot Prize
Provision ofan annual	prize for public service.
Ashley Prize Fund
Provision ofan annual	history pnze at St Olave's Grammar		School in	mmnory ofSir Percy Ashley, a former pupil.
Phyllis Packer Prize Fund
Provision ofan annual	prize to the pupil or pupils ofStOlave's Grammar				School who contribute(s) most to music making					in the	School,
or failing that, for any	purpose which the Headmaster	deems	fit, provided		only that it shall be to the benefit ofthe School.
INixon Memorial Fund
To assist any boy attending the School whose education might be impeded					through	poverty	in his	home.
Marguerite Wailer Prize Fund
Provision ofan annual	prize for contributions to drama at St Saviour's			School, or failing that, for				any purpose	which the
Headteacher deems fit, provided only that it shall be to the benefit ofthe School.

22 Statement ofFinan	cia	l Activities for	the period to31"M	arch 2020
			Unrestricted	Restricted	Endowment	Total
			Funds	Funds	Funds
Income and endowments		from:
Donations and legacies			222,685	40,400		263,085
Investments			754,361	10,767		765,128
Total			977046	51,167		1,028,213
Expenditure on:
Raising funds
Investment &property			102,119		18,213	120,332
management costs
Charitable activities
School beneficiaries			824,685	51,167	167,864	1,043,716
Supporting young people	in Southwark		139,876			139,876
Total			1,066,680	51167	186077	1,303,924
Net income/(expenditure)		before
gains and losses on investments			( 89,634)		( 186,077)	( 275,711)
Net gains on investment	assets		( 275,639)		( 4,505,805)	( 4,781,444)
Net income for the year
being net movement on	funds		( 365,273)		( 4,691,8$2)	(5,057,155)
Balances at 1"April 2019			2,421,710	100,000	28,344,103	30,865,813
Balances at 31' March	2020		2,056,437	100000	23 652 221	25,$08,658