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##
||||||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|
##
##
##
##
##
##
##
##
##
##
##
##
##
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##
##
##
##
##
##
##
##
##
##
##
##
##
||||||||||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.||||||||||||
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|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|