2023-03-31-accounts - St Olave's & St Saviour's Schools Foundation CIO

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For the	For the	ea	r ended 31	March 2023
Auditors				Godfrey Wilson Limited
				Chartered accountants	and statutory	auditors
				5th Floor Mariner House
				62 Prince Street
				Bristol
				BS14QD
Investment			advisers	Rathbones Investment	Management	Ltd
				8 Finsbury Circus
				London
				EC2M 7AZ
Property		managing		Daniel Watney LLP
agents	&	surveyors		165Fleet Street
				London
				EC4A 2DW

							Restated
						2023	2022
		Note	Endowment f	Restricted F	Unrestricted	Totalf	Totalf
Income from:
Donations and	legacies	3		25,000	239,652	264,652	250,110
Investments		4		12,652	1,049,649	1,062,301	952,384
Total income				37,652	1,289,301	1,326,953	1,202,494
Expenditure on:
Raising funds			31,457	2,313	171,925	205,695	217,002
Charitable activities:
Schoo/s			167,864	12,652	817,615	998,131	998,316
Supporting young peop/e in
Southwark					147,010	147,010	140,199
Total expenditure		5	199,321	14,965	1,136,550	1,350,836	1,355,517
Net (expenditure) Iincome		before
(losses) igains			(199,321)	22,687	152,751	(23,883)	(153,023)
Net gains I(losses)	on investments		3,35~,853	~23,572)	)198,723)	2,828,918	424,922
Net income (expenditure)		and net
movement in funds		8	2,851,332	(325)	(45,972)	2,805,035	271,899
Reconciliation offunds:
Total funds brought	forward		24,739,090	529,660	2,567,565	27,836,315	27,564,416
Total funds carried	forward		27,590,422	529,335	2,521,593	30,641,350	27,836,315

As at 31 March 20	23
							Restated
						2023	2022
				Note	6	6	f
Fixed assets
Tangible assets				11		5,223,447	5,292,467
Heritage assets				12		100,000	100,000
Investment property				13		17,613,250	14,100,000
Financial investments				14		8,047,407	8,755,408
						30,984,104	28,247,875
Current assets
Debtors				15	227,089		206,497
Cash at bank and in hand					356,742		92,179
					583,831		298,676
Liabilities
Creditors: amounts	falling due within		1 year	16	926,585		710,236
Net current liabilities						~342754	~411,585
Total assets less current liabilities						30,641,350	27,836,315
Net assets				17		30,641,350	27,836,315
Funds				18
Permanent endowment		funds				22,465,819	19,446,623
Expendable endowment		funds				5,124,603	5,292,467
Restricted funds						529,335	529,660
Unrestricted general	funds					2,521,593	2,567,565
Total charity funds						3D64'1,35D	27,836315

						Restated
					2023	2022
					6	F
Cash used in operating activities:
Net movement in funds					2,805,035	271,899
Adjustments for:
Depreciation charges					167,864	167,864
Gains on	investments				(2,828,918)	(424,922)
Dividends,	interest and rents from	investments			(1,062,301)	(952,384)
(Increase) / decrease in debtors Increase / (decrease) in creditors					(20,592) 216,349	62,286 ~534,840
Net cash	used in operating activities				~722,563	~1,410,097
Cash flows from investing activities:
Dividends,	interest and rents from	investments			1,062,301	952,384
Purchase	ofinvestment property					(92,777)
Purchase	oftangible fixed assets				(98,844)
Proceeds	from the sale ofinvestments				2,992,535	3,226,545
Purchase	offinancial investments				~2899634	~3,134,235
Net cash	provided by investing	activities			1 D56 358	951,917
Increase	/ (decrease) in cash and cash equivalents			in the year	333,795	(456,180)
Cash and	cash equivalents at the	beginning	ofthe year		212,976	671,156
Cash and	cash equivalents at the end of		the year		546 771	212,976
Analysis	ofcash and cash equivalents
Cash at bank and in hand					356,742	92,179
Cash held	in financial investments				190,029	120,797
Total cash and cash equivalents					546,771	212,976

Fo	r	the ear ende	d 31 March 2023
1.		Accounting	policies (continued)
	i)	Tangible fixed assets
		Depreciation	is provided at rates calculated	to write down the	cost	ofeach asset to its estimated
		residual value	over its expected useful life.	The depreciation	rates	in use are as follows:
		Freehold	land and buildings	2'/o per annum
		Property	improvements	20/o per annum
		Furniture	and fittings	10 /o per annum
		Computer hardware		20/o - 33/o per	annum

							Restated
							2022
				Endowment	Restricted	Unrestricted	Total
				F	F	5	6
Income from:
Donations and legacies					25,000	225,110	250,110
Investments					9,684	942,700	952,384
Total income					34,684	1 167810	1 202 494
Expenditure on:
Raising funds				34,648	2,554	179,800	217,002
Charitable activities
Schoo/s				167,864	9,684	820,768	998,316
Supporting	young peoplein		Southwark			140,199	140,199
Total expenditure				202,512	12,238	1,140,767	1,355,517
Net income i(expenditure)		before gains
on investments				(202,512)	22,446	27,043	(153,023)
Net gains on investments				286,738	15,282	122,902	424,922
Net income and	net movement		in funds	84,226	37,728	149,945	271,899

For 3.	the ear ended 31 March Income from donations	2	023
								2023
						Restricted F	Unrestricted f	Totalf
	The Dulwich Estate - annual		distribution				239,652	239,652
	Donations to StSaviour's	School		Headteacher's	Funds	25,000		25,000
	Total income from donations					25,000	239,652	264,652
	Prior period comparative:							2022
						Restricted f	Unrestricted f	Totalf
	The Dulwich Estate - annual		distribution				225,110	225,110
	Donations to St Saviour's	School		Headteacher's	Funds	25,000		25,000
	Total income from donations					25,000	225,110	250,110
4.	Income from investments
								2023
						Restricted	Unrestricted	Total
						f	f
	Dividends and interest on	financial		investments		12,652	221,257	233,909
	Property income						828,392	828,392
	Total income from investments					12,652	I,II49,649	1,062,301
	Prior period comparative:							2022
						Restricted	Unrestricted	Total
						f	f	f
	Dividends and interest on financial			investments		9,684	167,093	176,777
	Property income						775,607	775,607
	Total income from investments					9684	942,700	952,384

Total expend	iture
						Supporting
						young people	In	Governance
				Raising funds	Schools	Southwsrk		costs	Support costs	2023 Total
				f.	2		6	6	f.
Grant funded	ectivity	(note 0)			674,599	129,714				004,313
Investmsnt management			fees	47,500						47,600
Property management			costs	158,096						150,090
Depredation					187,884					167,864
Starr costs (note 9)									130615	130,015
QMce costs									30,766	30,766
Trustee meeting costs								683		803
Audit fees								10,!I20		10,920
Suh-total				205,605	842,463	129,714		11,583	161301	1,350,030
Agoeation of	support	end
governance	costs				155666
Total expenditure										'I 300 038

St Olave's 8St Saviour's Schools F	St Olave's 8St Saviour's Schools F	St Olave's 8St Saviour's Schools F	oundation CIO
Notes toths financial statements
For the earended 31 Mama 2023
5. Total expenditure
Prior period comparative					Svpporlmg
					young people in	Govemanoe		Restated
			Raising funds	Schools	Southwark	costs	Support costs	2022 Total
			E		E	6	E	E
Grant funded activity	(note 6)			673,698	122,782			796,480
Investmenl management		fees	53,983					53,983
Properly management		costs	163,019					163,019
Oepreciaaon				167,864				167,864
Staff costs (note 9)							128,271	128,271
ONce coals							31,372	31,372
Trustee meeting costs						4,078		4,078
Audit fees						10450		10,450
Suh-total			217002	841,562	122,782	14,528	159,643	1,355,517
Allocation ofsupport	and
governance coals				156754
Total expenditure			217002	998316	140199			1,355,517

Grants payable
The Charity undertakes its	charitable			activities	through			grant	making	and	awards grants		to the two
Schools of the Foundation		and	young	people		and	young		people's	organisations in		Southwark, in
furtherance of its charitable objectives. The amount						payable		in the year		comprises:
													Restated
											2023		2022
											6
Schools:
St Olave's Grammar School											320,184		320,184
St Saviour's School											341,763		343,830
Amounts made available from		funds held on Trust:
St Olave's Grammar School											5,557		4,944
St Saviour's School											7,095		4,740
Total Schools											994999		673,698
Foundation Fund grants:
Southwark Cathedral's Choirs											12,537		12,291
Grants to individuals (2023:	16,2022: 30 individuals)										18,980		32,959
Grants to organisations:
acetUK											2,500		2,000
Afro-Brazilian Arts &Cultural	Exchange										1,000		1,000
Angel Oak Academy											1,500		2,000
Bankside FC											2,500
Bede House Association											3,000		6,000
Bessemer Grange Tenants Association											2,275
Bethwin Road Playground													3,000
Boutcher Primary School											3,620
Bridge the Gap Studios													2,000
Butler's Wharf Riverside Trust													1,000
Camberwell After School Project											6,000		3,000
Children & Family Empowerment											3,000
Coin Street											2,760
Colombo Street Community	&	Sports Centre											6,000
Dream, Believe, Achieve											2,520
Downside Fisher Youth Club													3,000
El Telefono de la Esperanza											2,760
Fairbeats Music													2,000
Friars Primary School													2,000
Friends of Dog Kennel Hill Primary			School								3,000		1,530
Galleywall Primary School											2,000
Glaziers Foundation											1,180
Goose Green Primary School											2,340
Ignite Hubs											6,000		3,000
John Donne Primary School											2,340
Subtotal carried to next page;											81,812		82,780

Grants payable (continued)
				Restated
			2023f	2022f
Subtotal from previous page:			81,812	82,780
John Keats Primary School			2,453
Kazzum Arts			2,500
Kids Network			2,000
Let Me Know				1,000
Listening Books			1,500	1,500
Living Bankside			3,500
London Bubble Theatre			2,250
London South School Teaching		Alliance		3,000
Lyndhurst Primary School			2,000	2,000
National Youth Theatre ofGreat		Britain	2,250
Pembroke House				1,000
Phoenix Explorer Scout Group				3,000
Power2			2,390
Purple Ladies			1,500
Queer Youth Art Collective			2,500
Southwark Playhouse				2,000
St Mary Magdalene Primary	School		2,460	3,000
St Paul's Primary School			2,500
StSaviour's &St Dlave's School			7,000	7,000
Step Out Mentoring			3,000	2,910
Team up for Social Mobility				1,500
Theatre Troupe			2,870
Waterloo Coomunity Theatre				2,770
Westminster House Youth Group			3,000	3,000
1st Southwark Scouts				1,000
2nd Southwark Scouts			2,000
10th East Dulwich Guides			1,000
10Windsor Walk			1,878
16th Bermondsey Scouts				2,345
Grants under E1,000 (2023:3,2022: 5, organisations)			2,020	3,730
Cancelled grants			4,669	753
Total Foundation Fund grants			129,714	122,782
Total grants payable			804,313	796,480

7.	Grants commitments
						Restated
					2023	2022f
	Grant commitments brought forward				619,164	429,375
	Grants committed during the period Grants paid during the period				804,313 ~003,340	796,480 (606,691)
	Grant commitments carried forward				020,129	619,164
	Grants payable comprised the following			amounts:
	Foundation Fund				12,450	20,039
	Schools' grants:
	~ StOlave's Grammar	School			(3,552)	3,523
	~ StSaviour's School				719,617	509,618
	Funds held on trust for Schools:
	0 StOlave's Grammar	School			76,557	68,986
	~ StSaviour's School				15,057	16,998
					020,129	619,164
8.	Net movement in funds
	This is stated after charging:
					2023	2022
						5
	Depreciation				167,864	167,864
	Operating lease payments				18,270	18,270
	Trustees' remuneration				Nil	Nil
	Trustees' reimbursed expenses				Nil	Nil
	Auditors' remuneration:
	~ Statutory audit (including		VAT)		10,920	I II,400

Staff costs and numbers Staff costs were as follows:
	2023	2022
		6
Salaries and wages	110,160	108,122
Social security costs	8,358	8,480
Pension costs	10,916	10,562
Life assurance	1,181	1,107
	130615	128,271

945).
2023	2022
No.	No.

Tangible fixed assets
	Freehold land	Property	Furniture	and	Computer
	and buildings f	improvements	fittings 6		hardware	Totalf
Cost
At 1 April 2022	8,393,225			6,092	7,498	8,406,815
Additions in year		98,844				98,844
At 31 March 2023	8 393,225	98,844		6 692	7 498	8,5D5,659
Depreciation
At 1 April 2022	3,100,758			6,092	7,498	3,114,348
Charge for the year	167,864					167,864
At 31 March 2023	3,268,622			6,092	7,498	3,282,212
Net book value
At 31 March 2023	5,124,6D3	98 844				5,223,447
At 31 March 2022	5,292,467					5,292,467

12.	Heritage assets
		Works ofart
	Valuation
	At 1 April 2022 and at 31 March 2023	100,000

Investment property
	2023f	2022f
Valuation
At 1 April 2022	14,100,000	14,000,000
Additions		92,777
Revaluation	3,513,250	7,223
At 31 March 2023	17,613,250	14,100,000
Historical cost:
At 31 March 2023	0,067,035	0,067,035

Financial	investments
						Restated
					2023f	2022f
Market value at 1 April		2022			8,755,408	8,366,174
Additions					2,899,634	3,134,235
Disposals	proceeds				(2,992,535)	(3,226,545)
Net realised and unrealised			(losses)	/ gains	(684,332)	417,699
Movement	in cash balance				69,232	63,845
Market value at 31 March 2023					8,047,407	8,755,408
Financial	investments	comprise:
British Government and		other fixed		interest
stocks					445,405	419,694
Equities (UK and overseas)					7,195,903	8,016,331
Unit trusts					216,070	198,586
Deposits and cash awaiting			investment		190,029	120,797
					8,047,407	8,755,408
Represented within:
Restricted	funds (funds	held	on Trust)		493,116	493,448
Endowment	funds				5,155,819	5,646,623
Unrestricted	funds				2,398,472	2,615,337
					8,047,407	8,755,408

Debtors
		2023f	2022 f
Prepayments		48,245	46,761
Rents receivable	and other debtors	178,844	157,716
		227,089	206,497

Creditors: amounts due within 1year
		Restated
	2023f	2022f
Trade creditors	29,312	15,562
Accruals	26,380	27,669
VAT	47,335	47,641
Other taxation and social security	3,429
Grants payable (note 7)	820,129	619,164
	828 888	713238

Analysis	ofnet assets betwee	n funds
		Permanent	Expendable		Unrestricted
		endowment	endowment	Restricted	general	Total
		funds	funds	funds	funds	funds
			E	E	E.	E
Tangible	fixed assets		5,124,603		98,844	5,223,447
Heritage	assets			100,000		100,000
Investment property		17,310,000			303,250	17,613,250
Financial	investments	5,155,819		493,116	2,398,472	8,047,407
Current Current	assets liabilities			27,833 ~91014	555,998 ~834 971	583,831 ~926 585
Net assets at 31 March 2023		22,465,819	5,124,6D3	529,335	2 521 593	39641 359
Prior year comparative		Permanent	Expendable		Unrestricted
(restated)		endowment	endowment	Restricted	general	Total
		funds	funds	funds	funds	funds
			E	E	E	E
Tangible	fixed assets		5,292,467			5,292,467
Heritage	assets			100,000		100,000
Investment property		13,800,000			300,000	14,100,000
Financial	investments	5,646,623		493,448	2,615,337	8,755,408
Current Current	assets liabilities			22,196 ~85,984	276,480 ~624,2527	298,676 ~710,230
Net assets at 31 March 2022		19,446,623	5292467	52986D	2567,565	27836,315

Movements in fund	s
								Transfers
			At 1 April				Gams I	between	At 31 March
			2022 E		Income F	Expenditure E	(losses)f	funds 5	2023 6
Endowment funds
Permanent endowments			19,446,623			(31,457)	3,050,653		22,465,819
Expendable endowments			5,292,467						5,124,603
Total endowment funds			24,739090				3.050.050		27590422
Restricted funds
Sl0/eve's Funds:
George Dyson Prize	Fund		1,343		40	(54)	(88)	(1,241)
Paul Sleds Prize Fund			1,355		40	(53)	(89)	(1,253)
Gridley Prize Fund			16,094		487	(649)	(1,073)	(14,859)
Sanders Prize Fund			4,445		134	(179)	(296)	(4,104)
Green Prize Fund			10,277		317	(423)	(699)	(9,472)
Davis Bequest			5,864		185	(247)	(407)	(5,395)
Owen Gift			3,181		94	(126)	(207)	(2,942)
Felkin Bequest			1,910		58	(77)	(127)	(1,764)
Headmaster's Fund			160,780		4,977	(6,639)	(10,973)	(148,145)
WG Rushbrooke Trust			113,436		403	(537)	(888)	200,848	313,262
Alice Talbot Prize			1,347		41	(55)	(91)	(1,242)
Ashley Prize Fund			908		27	(36)	(59)	(840)
Phyllis Packer Prize	Fund		4,122		124	(165)	(274)	(3,807)
3 Nixon Memorial Fund			6,012		168	(166)	(228)	(5,784)
StSaviour's Funds:
Marguerite Wailer Prize Fund			105,133		2,941	(2,941)	(3,978)		101,155
St Saviour's Undergraduate
Fund			93,453		27,616	2,616	3,535		114,918
Total restricted funds 0 1 1 Total funds		0	529,660 2.061M5 6,	. 030~ ,», ~38			~08 3 2.020,		529,335 2 621 093 0,061,000

For	the ear ended 31 March 2023	the ear ended 31 March 2023	the ear ended 31 March 2023
18.	Movements in funds (continued)
	Prior year comparative	(restated)
			At 1 April			Gains /	31 March
			2021	Income	Expenditure	(losses)	2022
			F	6	6		6
	Endowmentfunds
	Permanent endowments Expendable endowments		19,194,533 5,460,331		(34,648) ~167,9641	286,738	19,446,623 5,292,467
	Total endowment funds		24,654,864		~202, 512	286,738	24,739,090
	Restricted funds
	S/ 0/ave's Funds:
	George Dyson Prize Fund		1,355	28	(42)	2	1,343
	Paul Blade Prize Fund		1,368	28	(43)	2	1,355
	Gridley Prize Fund		16,251	336	(515)	22	16,094
	Sanders Prize Fund		4,488	93	(142)	6	4,445
	Green Prize Fund		10,379	219	(336)	15	10,277
	Davis Bequest		5,924	128	(196)	8	5,864
	Owen GiR		3,211	65	(99)	4	3,181
	Felkin Bequest		1,928	40	(61)	3	1,910
	Headmaster's Fund		162,392	3,434	(5,273)	227	160,780
	WG Rushbrcoke Trust		113,566	278	(426)	18	113,436
	Alice Talbot Prize		1,360	29	(44)	2	1,347
	Ashley Prize Fund		917	18	(28)	1	908
	Phyllis Packer Prize Fund		4,161	86	(131)	6	4,122
	J Nixon Memorial Fund		5,534	165	(165)	478	6,012
	S/ Saviour's Funds:
	Marguerite Wailer Prize Fund		96,780	2,880	(2,880)	8,353	105,133
	St Saviour's Undergraduate Fund		62,318	26,857	~1,857	6,135	93,453
	Total restricted funds		491,932	34,684	~12,238	15,282	529,660
	0 11 I d 8 11	d	2,417,620	1,167,810	~1,140,767	122,9112	2,567,565
	Total funds		27,564,416	1 202 494	~1 355517	424,922	27 836,315,

Not	es to the	financial stateme	nts
For	the ear	ended 31 March	2023
19.	Financial	instruments at	fair value
				2023	2022
				5	5
	Financial	assets measured	at fair value	7,857,378	8,634,611

Operating lease commitments	Operating lease commitments	Operating lease commitments
The Charity had operating		leases at the year end with total future	minimum	lease payments	as follows:
				2023	2022f
Amount	falling due:
Within	1 year			20,036	20,036
Within	1 - 5years			28,385	48,422
				48,421	66,458

This has aff	ected funds brought forward as follow	s:
		Restricted	Total funds	Restricted	Total funds
		funds at 1	at 1 April	funds at 31	at 31 March
		April 2021 F	2021f	March 2022 F	2022
Funds as originally stated		100,000	27,172,484	100,000	27,406,655
Adjustment	to grants payable	391,932	391,932	429,660	429,660
Funds as restated		491,932	27,564,416	529,660	27,836,315
Creditor balances have been affected as follows:					Grants
					payablef
As originally Adjustment	stated at 31 March 2022 to grants payable				1,048,824 ~429,660
As restated	at 31 March 2022				619,164

Balances sh	own in the S	oFA been affected	as follows:
						Net
			Expenditure:	Expenditure:	Net gains/	movementin
			Raising funds F	Schoolsf	losses	fundsf
As originally	stated at 31	March 2022	214,448	1,023,316	409,640	234,171
Adjustment	to investment	manager fees	2,554			(2,554)
Adjustment	to grants payable costs			(25,000)		25,000
Adjustment	to investment	gains			15,282	15,282
As restated	at 31 March	2022	217,002	998,316	424,922	271,899