Charity registration number: 208785
## Charterhouse-in-Southwark
Annual Report and Financial Statements
for the Year Ended 31 March 2021
Field Sullivan Limited 70 Royal Hill Greenwich SE10 8RF
## **Charterhouse-in-Southwark**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustee's Report|2 to 5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 to 21|
## **Charterhouse-in-Southwark**
## **Reference and Administrative Details**
|**Trustee**|Charterhouse-in-Southwark Trustee Company|
|---|---|
|**Principal Office**|20 Farringdon Street|
||8th Floor|
||London|
||EC4A 4AB|
|**Charity Registration Number**|208785|
|**Solicitors**|Clifford Chance LLP|
||10 Upper Bank Street|
||London|
||E14 5JJ|
|**Bankers**|Unity Trust Bank PLC|
||Nine Brindley Place|
||Birmingham|
||B1 2HB|
||National Westminister Bank PLC|
||PO Box 159|
||332 High Holborn|
||London|
||WC1V 7PS|
|**Accountants**|Field Sullivan Limited|
||70 Royal Hill|
||Greenwich|
||SE10 8RF|
Page 1
## **Charterhouse-in-Southwark**
## **Trustee's Report**
Charterhouse-in-Southwark Trustee Company (‘The Trustee’) presents the annual report together with the financial statements of Charterhouse in Southwark (the charity) for the year from 1 April 2020 to 31 March 2021.
Charterhouse in Southwark is a registered charity (Number 208785) of which a company limited by guarantee is the trustee (Company Number 02387403). Its governing instrument is a scheme established by the Charity Commissioners under the Charities Act 1960.
## **Structure, governance and management**
## CONSTITUTION
The principal object of the charity is as follows: for such religious, educational or other charitable purposes in such ways as the trustee shall from time to time determine including making grants to other charitable institutions.
## DIRECTORS OF THE TRUSTEE COMPANY
The Trustee was appointed under a scheme made by the Charity Commissioners in 1990. The following served as Directors of the company during the year and up to the date of this report (other than as noted):
Elizabeth Barrett John Gillespie George Hankey Ann Kenrick OBE William Naunton Tristan Parsons Dr Alex Peterken Sebastian Lyon (resigned 13 October 2020)
## METHOD OF APPOINTING DIRECTORS OF THE TRUSTEE COMPANY
Directors of the Trustee Company (“Directors”) must be connected with Charterhouse, as defined in the Articles of Association of the company. They are appointed at a general meeting, and hold office indefinitely.
## ORGANISATIONAL STRUCTURE AND DECISION MAKING
The Charity Director, the sole employee of the charity, works part time and is accountable to the Directors. The charity is run from a virtual office.
## RISK MANAGEMENT
The Trustee has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to major risks.
Page 2
## **Charterhouse-in-Southwark**
## **Trustee's Report**
## **Objectives and Activities**
POLICIES AND OBJECTIVES
To use investment income from the permanent endowment to make grants to help relieve poverty and enhance opportunities for young people, mainly but not exclusively in the London Borough of Southwark.
## STRATEGIES FOR ACHIEVING OBJECTIVES
To research the needs of young people and to target grant making where, to the Directors, it seems most appropriate so to do.
To increase the resources available to the charity, a Director again generously funded the employment costs of the part time member of staff. This income is shown separately in the Statement of Financial Activities and its note.
## ACTIVITIES FOR ACHIEVING OBJECTIVES
The Directors have decided to target the Charity's grant making to registered charities that work with young people. This is in keeping with the charity’s traditions since 1885 when it was founded.
## **Achievements and performance**
As the financial statements indicate, our net assets were £4,728,318 as at the balance sheet date compared to £3,982,248 a year earlier.
Highlights of the year under review include:
• Assessed applications received for grants. During the year grants totalling £94,150 (2020 - £106,771) were made to a number of organisations, including those working with young people in the Southwark area.
• The Charity Director maintained, including via virtual contact due to the impact of the COVID-19 pandemic engagements with a range of organisations in the Southwark area of London. The organisations are mainly those with similar goals to the Charity,
• Directors of the Trustee company visited a number of organisations that had either applied for, or been given grants.
• Maintained contact with existing donors and Charterhouse school.
• Actively reviewed the management of investments being managed by investment managers.
The Directors confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit.
## **Financial review**
## RESERVES POLICY
A sum of about £35,000 in reserves covers the governance and administrative expenses of the charity for a year.
At the year end the balance on reserves was £4,728,318 (2020 - £3,982,248).
Page 3
## **Charterhouse-in-Southwark**
## **Trustee's Report**
## MATERIAL INVESTMENTS POLICY
The investment policy of Charterhouse-in-Southwark is to invest in main line listed and readily marketable securities with a view to achieving capital growth without exposing reserves to excessive market risk.
## **Plans for future periods**
## FUTURE DEVELOPMENTS
The charity will continue to maintain relationships with a number of organisations in the London Borough of Southwark, seek opportunities to award grants that further the objects of the charity, and maintain contact with donors and supporters.
Existing investments are closely monitored, with the focus remaining to ensure they can generate a sustainable income whilst maintaining and growing the value of underlying assets. The charity retains the freehold of a property leased on a full insuring, repair and maintenance lease to an unrelated charity.
## **COVID-19**
The charity's activities have been affected by the outbreak of COVID 19, which has caused significant disruption to economic activity financial markets and the daily lives of a significant part of the world’s population. A number of the organisations supported by Charterhouse-in-Southwark have been adversely impacted. As a result, the charity had to temporarily cancel any visits to operational charities. However, we have maintained regular contact with these organisations and have continued to assess and award grants whilst the directors of the Trustee company have been mindful of the importance of the support the Charity can offer. We are hopeful that interaction with these organisations will be resumed when it is safe to do so.
## **Trustees Responsibilties**
The trustee is responsible for preparing the trustee's report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the member is 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 4
## **Charterhouse-in-Southwark**
## **Trustee's Report**
The member is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The member is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the member of the charity on 12 October 2021 and signed on its behalf by:
......................................... George Hankey for and on behalf of Charterhouse-in-Southwark Trustee Company **Trustee**
Page 5
## **Charterhouse-in-Southwark**
## **Independent Examiner's Report to the trustee of Charterhouse-in-Southwark**
I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this 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 charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
## **Respective responsibilities of trustee and examiner**
As the charity’s trustee of Charterhouse-in-Southwark you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charterhouse-in-Southwark'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 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of Charterhouse-in-Southwark as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
...................................... Timothy Sullivan FCA 70 Royal Hill Greenwich SE10 8RF
Date:.............................
Page 6
## **Charterhouse-in-Southwark**
## **Statement of Financial Activities for the Year Ended 31 March 2021**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Investment income
5
Other income
6
Total income
**Expenditure on:**
Charitable activities
7
Total expenditure
Net income
**Other recognised gains and losses**
Losses on revaluation of fixed assets for charity's own use
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
20|**Unrestricted**
**£**
36,487
20,000
32,782
105,792
195,061
(157,620)
(157,620)
37,441
708,629
746,070
3,982,248
4,728,318|**Total**
**2021**
**£**
36,487
20,000
32,782
105,792
195,061
(157,620)
(157,620)
37,441
708,629
746,070
3,982,248
4,728,318|**Unrestricted**
**£**
20,474
17,619
45,249
104,767
188,109
(171,842)
(171,842)
16,267
(1,170)
15,097
3,967,151
3,982,248|**Total**
**2020**
**£**
20,474
17,619
45,249
104,767|
|---|---|---|---|---|
|||||188,109|
|||||(171,842)|
|||||(171,842)|
|||||16,267
(1,170)|
|||||15,097
3,967,151|
|||||3,982,248|
The notes on pages 9 to 21 form an integral part of these financial statements. Page 7
## **Charterhouse-in-Southwark**
## **(Registration number: 208785) Balance Sheet as at 31 March 2021**
|**Note**
**Fixed assets**
Tangible assets
13
Investments
14
**Current assets**
Debtors
15
Investments
16
Cash at bank and in hand
17
**Creditors: Amounts falling due within one year**
18
**Net current assets**
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
20|**2021**
**£**
202,753
4,207,681
4,410,434
17,973
183,200
154,728
355,901
(38,017)
317,884
4,728,318
4,728,318
4,728,318|**2020**
**£**
202,753
3,341,913|
|---|---|---|
|||3,544,666|
|||9,695
361,335
82,725|
|||453,755
(16,173)|
|||437,582|
|||3,982,248|
|||3,982,248|
|||3,982,248|
These accounts were approved by the Trustee on 12 October 2021.
....................................................
George Hankey For and on behalf of Charterhouse-in-Southwark Trustee Company **Trustee**
The notes on pages 9 to 21 form an integral part of these financial statements. Page 8
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **1 Charity status**
The charity is domiciled in England and Wales.
The address of its registered office is: 20 Farringdon Street 8th Floor EC4A 4AB
These financial statements were authorised for issue by the trustee on 12 October 2021.
## **2 Accounting policies**
## **Statement of compliance**
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
Charterhouse-in-Southwark meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Going concern**
The trustee consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## **Donations and legacies**
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Page 9
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## _**Deferred income**_
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
## **Investment income**
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## **Charitable activities**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Grant provisions**
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £500 or more are initially recorded at cost.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Freehold Property 40 years straight line Land Not depreciated
Page 10
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Current asset investments**
Current asset investments are included at the lower of cost and net realisable value / market value.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
## **Pensions and other post retirement obligations**
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 11
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
## _**Investments**_
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Page 12
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **3 Income from donations and legacies**
## **Unrestricted**
||**Unrestricted**|||
|---|---|---|---|
|Donations and legacies;
Donations from individuals
Legacies
Gift aid reclaimed
Sponsorship|**General**
**£**
22,273
9,062
4,653
499
36,487|**Total**
**2021**
**£**
22,273
9,062
4,653
499
36,487|**Total**
**2020**
**£**
17,781
250
2,321
122|
||||20,474|
## **4 Income from charitable activities**
||**Unrestricted**|||
|---|---|---|---|
|||**Total**|**Total**|
||**General**|**2021**|**2020**|
||**£**|**£**|**£**|
|Grants to cover staff costs|20,000|20,000|17,619|
This grant has been made by a Trustee in both the current and previous years.
## **5 Investment income**
|Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments|**Unrestricted**
**funds**
**General**
**£**
222
32,560
32,782|**Total**
**2021**
**£**
222
32,560
32,782|**Total**
**2020**
**£**
1,059
44,190|
|---|---|---|---|
||||45,249|
Page 13
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **6 Other income**
|Rental income
**7**
**Expenditure on charitable activities**
**Note**
Grants to institutions
8
Wages and salaries
Pension costs
Fundraising costs
Administration of investments
General overheads
Insurance
Accountancy
The audit of the charity's annual
accounts
Independent examiner's fee|**Unrestricted**
**General**
**£**
105,792
**Unrestricted**
**General**
**£**
94,150
17,008
523
216
29,870
1,171
7,733
4,679
110
2,160
157,620|**Total**
**2021**
**£**
105,792
**Total**
**2021**
**£**
94,150
17,008
523
216
29,870
1,171
7,733
4,679
110
2,160
157,620|**Total**
**2020**
**£**
104,767|
|---|---|---|---|
||||**Total**
**2020**
**£**
106,771
16,708
528
216
30,517
1,115
7,071
4,490
4,426
-|
||||171,842|
Page 14
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **8 Grant-making**
Below are details of material grants made to institutions.
|**Name of institution**
Southwark Playhouse Theatre
Company Limited
Charterhouse bursary
London Community Boxing
Bede Youth Adventure Project
Burgess Sports
Salmon Youth Centre
Pembroke House
Chance to Shine
The Access Project
The Children's Literacy Charity
Saint George the Martyr Church
Dream Believe Achieve
Young Vic
Theatre Peckham
Pecan
Bankside Open Space Trust
Free to be Kids
Bridge the Gap
South London Gallery
The Working Party
Time and Talents
Global Generation
**9**
**Net incoming/outgoing resources**
Net incoming resources for the year include:
Audit fees||**2021**
**£**
-
-
8,000
8,000
12,435
-
9,895
-
10,000
5,000
-
1,160
-
-
2,000
10,000
3,760
2,000
5,000
4,000
8,000
4,900
94,150
**2021**
**£**
110||**2020**
**£**
7,000
6,527
8,000
8,000
16,604
8,000
9,740
8,000
8,000
5,000
1,000
2,900
2,000
5,000
1,000
10,000
-
-
-
-
-
-
106,771
**2020**
**£**
4,426|
|---|---|---|---|---|
Page 15
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **10 Trustee remuneration and expenses**
No trustee, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **11 Staff costs**
The aggregate payroll costs were as follows:
|**11 Staff costs**
The aggregate payroll costs were as follows:|||
|---|---|---|
|**Staff costs during the year were:**
Wages and salaries
Pension costs|**2021**
**£**
17,008
523
17,531|**2020**
**£**
16,708
528|
|||17,236|
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
||**2021**||**2020**||
|---|---|---|---|---|
||**No**||**No**||
|Charitable Activities||1||1|
Contributions to the employee pension schemes for the year totalled £523 (2020 - £528).
No employee received emoluments of more than £60,000 during the year
Page 16
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **12 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **13 Tangible fixed assets**
|**13 Tangible fixed assets**|||
|---|---|---|
|**Cost**
At 1 April 2020
At 31 March 2021
**Depreciation**
At 1 April 2020
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020|**Land and**
**buildings**
**£**
541,501
541,501
338,748
338,748
202,753
202,753|**Total**
**£**
541,501|
|||541,501|
|||338,748|
|||338,748|
|||202,753|
|||202,753|
The Freehold property is included in the financial statements as the charity holds the benefical interest in the property. The legal title of the property is held by Charterhouse-in-Southwark Trustee Company, the trustee of the charity.
Land and buildings are not depreciated as the net book value is considered to relate to land.
Page 17
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **14 Fixed asset investments**
|**14 Fixed asset investments**||||||
|---|---|---|---|---|---|
|Other investments
**Other investments**
**Cost or Valuation**
At 1 April 2020
Revaluation
Additions
Disposals
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020
**15 Debtors**
Other debtors
**16 Current asset investments**
Cash deposits
All current assets investments were held in the UK.|||**2021**
**£**
4,207,681
**Listed**
**investments**
**£**
3,341,913
708,628
1,922,154
(1,765,014)
4,207,681
4,207,681
3,341,913
**2021**
**£**
17,973
**2021**
**£**
183,200||**2020**
**£**
3,341,913|
||||||**Total**
**£**
3,341,913
708,628
1,922,154
(1,765,014)
4,207,681
4,207,681
3,341,913
**2020**
**£**
9,695|
||||4,207,681|||
||||4,207,681|||
||||3,341,913|||
||||**2021**
**£**
17,973
**2021**
**£**
183,200|||
||||||**2020**
**£**
361,335|
|||||||
Page 18
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **17 Cash and cash equivalents**
|**17 Cash and cash equivalents**|||
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|Cash at bank|154,728|82,725|
## **18 Creditors: amounts falling due within one year**
|**18 Creditors: amounts falling due within one year**|||
|---|---|---|
|Other taxation and social security
Other creditors
Accruals
Deferred income|**2021**
**£**
(9)
260
12,766
25,000
38,017|**2020**
**£**
-
206
15,967
-|
|||16,173|
## **19 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £523 (2020 - £528).
## **20 Funds**
## **Current Year Figures**
|**Unrestricted**
**_General_**
General Funds
**_Designated_**
Fixed Asset Fund
**Total funds**|**Balance at 1**
**April 2020**
**£**
3,779,495
202,753
3,982,248|**Incoming**
**resources**
**£**
195,061
-
195,061|**Resources**
**expended**
**£**
(157,620)
-
(157,620)|**Other**
**recognised**
**gains/(losses)**
**£**
708,629
-
708,629|**Balance at**
**31 March**
**2021**
**£**
4,525,565
202,753|
|---|---|---|---|---|---|
||||||4,728,318|
Page 19
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **Prior Year Comparative**
|**Unrestricted**
**_General_**
General Funds
**_Designated_**
Fixed Asset Fund
**Total funds**|**Balance at 1**
**April 2019**
**£**
3,764,398
202,753
3,967,151|**Incoming**
**resources**
**£**
188,109
-
188,109|**Resources**
**expended**
**£**
(171,842)
-
(171,842)|**Other**
**recognised**
**gains/(losses)**
**£**
(1,170)
-
(1,170)|**Balance at**
**31 March**
**2020**
**£**
3,779,495
202,753|
|---|---|---|---|---|---|
||||||3,982,248|
The specific purposes for which the funds are to be applied are as follows:
The Designated Fund - Is a fixed asset fund which represents the net book value of buildings and fixtures and fittings which were not funded by restricted grants.
## **21 Analysis of net assets between funds**
## **Current Year Figures**
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
**Prior Year Figures**
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
202,753
4,207,681
355,901
(38,017)
4,728,318
**Unrestricted**
**funds**
**General**
**£**
202,753
3,341,913
453,755
(16,173)
3,982,248|**Total funds at**
**31 March**
**2021**
**£**
202,753
4,207,681
355,901
(38,017)|
|---|---|---|
|||4,728,318|
|||**Total funds at**
**31 March**
**2020**
**£**
202,753
3,341,913
453,755
(16,173)|
|||3,982,248|
Page 20
## **Charterhouse-in-Southwark**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **22 COVID-19**
The charity's activities have been affected by the outbreak of COVID 19, which has caused significant disruption to economic activity financial markets and the daily lives of a significant part of the world’s population. A number of the organisations supported by Charterhouse-in-Southwark have been adversely impacted. As a result, the charity had to temporarily cancel any visits to operational charities. However, we have maintained regular contact with these organisations and have continued to assess and award grants whilst the directors of the Trustee company have been mindful of the importance of the support the Charity can offer. We are hopeful that interaction with these organisations will be resumed when it is safe to do so.
Page 21