BROMLEY & SHEPPARD'S COLLEGES CHARITY Registered Charity Number 210337 Registered Social Landlord Number A0352 

TRUSTEES' REPORT AND FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 

31 DECEMBER 2020 



**BROMLEY & SHEPPARD'S COLLEGES CHARITY INDEX** 

|Page No.||
|---|---|
|1 to 7|Report of the Trustees|
|8 to 10|Audit Report|
|11|Income and Expenditure Account|
|12|Statement of Changes in Reserves|
|13|Balance Sheet|
|14|Statement of Cash Flows|
|15 to 23|Notes to the Financial Statements|





**BROMLEY & SHEPPARD'S COLLEGES CHARITY** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 DECEMBER 2020** 

he Trustees present their report together with the audited financial statements for the year ended 31st. December 2020 

## **Legal and Administrative Information** 

The charity is registered in the name of Bromley & Sheppard's Colleges Charity. 

The charity's governing instrument is a Charity Commission Scheme Ref. CD (Ldn), 210337/15863 which was sealed on 10 February 1997 and amended on 24 May 2004 to enable the acquisition of Trustee Indemnity Insurance. It was further amended on 26 March 2007 to incorporate Powers of Amendment, the requirement to appoint two elected Collegian Trustees and the facility to appoint non-voting Trustee Advisers where appropriate. 

The Charity is also a Registered Social Landlord with number A0352 and a member of The Almshouse Association, registered number 415. 

The Trustees are incorporated by means of Certificate of Incorporation issued by the Charity Commission under Section 50 of the Charities Act 1993. The Certificate reference is 325/94, which was sealed on 14 July 1994. 

The Trustee body consists of no more than eighteen persons who meet quarterly, to include six Ex-Officio Trustees, not fewer than seven and not more than ten Co-opted Trustees and two Collegian Trustees. The Ex-Officio Trustees have the power to appoint Deputies. 

The Ex-Officio Trustees are the holders, for the time being, of the following appointments: 

The Archbishop of Canterbury 

The Bishop of London The Bishop of Rochester The Chancellor of the Diocese of Rochester 

The Dean of St Paul's 

The Archdeacon of Bromley and Bexley 

The Co-Opted Trustees: 

Mr Richard Collins (Chairman appointed 14 December 2020) 

Mr Tony Bentley 

Mrs Tina Hill Mr James Pearson Mr Christopher Scott Mrs Lynda Stimson 

Mr John Thorogood (Chairman to 14 December 2020) 

## Appointed Deputies: 

Cllr Peter Morgan FRICS MCIArb (for the Dean of St Paul’s) 

Mr Derek Shilling (for the Bishop of London) 

## Collegian Trustees: 

Miss Kathleen Craig The Revd. George Baisley (retired 26 February 2020) 

The Revd. R Jones (appointed 31 March 2020) 

Page One 



**BROMLEY & SHEPPARD'S COLLEGES CHARITY** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 DECEMBER 2020** 

## Chaplain and Clerk to the Trustees: 

The Revd. Jane Kustner 

Trustees’ Advisers: 

Mr Martin Lee-Warner 

Mr Adrian Tutchings FRICS 

Miss Susan Gilder 

The registered office of the Charity is The Chaplain's House, Bromley College, London Road, Bromley, Kent, BR1 1PE. 

## **The Charity's bankers and professional advisers are as follows** :- 

Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ 

Santander Bank Bootle Merseyside L30 4GB Auditors Moore Kingston Smith LLP Betchworth House 57-65 Station Road Redhill Surrey RH1 1DL 

Stockbrokers/Investment Advisers 

Brewin Dolphin Securities Limited 12, Smithfield Street, London. EC1A 9BD. 

## **Statement of Trustees Responsibilities** 

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. 

Page Two 



**BROMLEY & SHEPPARD'S COLLEGES CHARITY** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 DECEMBER 2020** 

Charity law and Housing Association legislation require the Trustees 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 income and expenditure of the charity for that period. In preparing those 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 accounting standards 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 business. 

-  satisfy themselves on an annual basis that they are compliant with the Governance and Financial Viability Standard issued by the Regulator of Social Housing. 

The Trustees are responsible for maintaining an adequate system of internal control and keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the accounting requirements of the Charity Commission Schemes dated 10 February 1997 and 24 May 2004, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019. 

They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Selection and Induction of Trustees** 

In selecting new Trustees, the primary aim of the existing Trustees is to find people who not only have an interest in the Colleges but also have the knowledge and experience to contribute to or complement the range of skills required to make up an effective Trustee team.  Such people are likely to have knowledge of one or more of the legal, financial, social services, health, housing or local and national government fields. 

The Trustees regularly assess whether they and those they employ have the right competencies, experience and technical knowledge appropriate to the size, scale and risk profile of the organisation together with the need for further training or succession planning. 

Induction programmes include sessions with the Chairman and the Clerk to the Trustees and opportunities to meet the Collegians.  Because of the experience required, appointees may already have held other trusteeships but where this is not the case they will also be given briefing on the duties of Trustees. 

All Trustees have the opportunity to attend training sessions provided by the Almshouses Association and other relevant bodies. 

## **Historical Background** 

Bromley College was founded in 1666 by the Will of John Warner, Bishop of Rochester. The first buildings – 20 houses, a chapel, and houses for a Chaplain and a Treasurer - were authorised by Act of Parliament in 1670. 

The accommodation was to provide housing for " _Twenty poore widowes of orthodoxe and loyall clergiemen_ ". Twenty more houses were constructed between 1794 and 1805 funded by substantial gifts. 

Sheppard's College was founded in 1840 from gifts of Mrs Sheppard, widow of Dr Thomas Sheppard, a Fellow of Magdalen College, Oxford, to make similar provision for the unmarried daughters who had lived with their mothers. 

Major modernisation and re-ordering of the buildings took place in the 1970's and 1980's, and again more recently in 2005 to 2007. 

Page Three 



**BROMLEY & SHEPPARD'S COLLEGES CHARITY** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 DECEMBER 2020** 

Both Colleges are listed buildings: Bromley College - Grade I, Sheppard's College - Grade II*. 

## **Beneficiaries** 

Charity Commission Schemes in 1974, 1981 and 1997 extended the classes of beneficiary. These now include all retired Clerks in Holy Orders (male and female) of the Churches of England and Ireland, the Church in Wales and the Scottish Episcopal Church and their spouses, together with divorced and separated spouses of such Clerks and unmarried daughters and step-daughters of former Collegians. 

## **Objects and Administration of the Charity** 

As indicated above, the Charity exists to provide sheltered housing for the beneficiaries as defined in the Governing Instrument. Currently there are forty Collegians' dwellings, two guest flats and two staff dwellings. 

The Colleges are administered by the Trustees through the Chaplain and Clerk to the Trustees. The trustees meet at least four times each year and determine overall policy. Sub committees covering finance, fabric and welfare also meet regularly and day-to-day administration is carried out by the Chaplain/Clerk in consultation with the Lay Chairman and Treasurer. There is a team of four full and part-time staff. In addition to the provision of housing, it is the policy of the Trustees to provide as much support as resources allow and a response to emergencies, without impinging on the independence of the Collegians. Modest use is made of unpaid volunteers.  The Collegians benefit from the services of outside voluntary organisations and those provided by Social Services and NHS Care in the Community. 

## **Public Benefit** 

The Trustees have referred to the guidance in the Charity Commission general guidance on Public Benefit. Bromley & Sheppard’s Colleges Charity exists for the benefit of poor and aging clergy of the Church of England, their wives and widows and in certain cases, their children who have given their lives over to the care of their parents. 

Although non-profit making, the Trust ensures that the famous and traditional 17th century buildings are maintained for the benefit of the general public who visit the site on regular occasions, free of charge. The Chapel is a place of public worship to which any member of the public is welcome. 

## **Achievements and Performance** 

There was a total of 8 vacancies during the year and three flats vacant at the year end. It is policy to fill a flat as soon as possible following a vacancy and a small waiting list is maintained to facilitate this. The increase in voids in 2020 was due to greater refurbishment of the flats and not the availability of new occupants. 

There continue to be regular meetings between the Chaplain the Collegians and the Trustees to enable Collegians to express their views about the facilities provided and any proposed changes. 

The Trustees have undertaken a review of their compliance with the Governance and Financial Viability Standard and believe they meet the required Standards as they affect an organisation of their size and nature. Overheads are strictly controlled commensurate with providing a suitable standard of accommodation and service for their tenants and the trustees are satisfied that the Colleges continue to deliver value for money and make good use of the assets of the colleges. 

Page Four 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Value for Money Metrics:** 

In April 2018 the Regulator of Social Housing (“Regulator”) introduced a set of common metrics, which each provider is required to publish each year. These metrics are considered the most appropriate set of measures to capture performance across the sector in a fair and comparable way. 

|**Number**|**Metric**|**Value**|**Note**|
|---|---|---|---|
|1|Reinvestment %|0|No new properties acquired or developed|
|2a|New supply (social housing units %)|0|No new properties acquired or developed|
|2b|New supply (non-social housing units) %|0|No new properties acquired or developed|
|3|Gearing %|3||
|4|EBITDA MRI interest cover %|(91,225)|Very low interest charges. MRI=Major Repairs<br>Included|
|5|Headline Social Housing Cost £|12,943|Includes costs associated with the maintenance of a<br>Grade 1 17thcentury building|
|6a|Operating margin (social housing lettings) %|(95)||
|6b|Operating margin (overall) %|(95)|No disposals of properties|
|7|Return of Capital Employed %|(15)|Negative due to deficit for the year|



## **Review of 2020** 

The level of occupancy was 94.4% (2019 – 98.7%) and the average age 78 years (2019 – 78). 

The audited accounts record a deficit for the year to 31 December 2020 of £268,683. (2019, surplus £141,841) 

The Trustees have continued their policy of carrying out internal redecoration of flats when they become vacant or on a seven-year cycle. Historically, arrangements have provided for external areas and internal communal areas to be redecorated on a four-year cycle, and other maintenance carried out on an annual basis. However, following a review of necessary remedial work, including improvements in fire safety, an increased level of refurbishment is now in hand which will require utilisation of a significant part of the Extraordinary Repair Fund over the next two years. 

Quoted investments are recognised in the Balance Sheet at Market Value. 

Movements on reserves are set out in notes 17 to 20 of the financial statements. Details of the reserves are as follows: 

Under the Governing Instrument, the Trustees are required to make an annual contribution to an Extraordinary Repair Fund and £5,000 was contributed in 2020. At 31 December 2020, the Market Value of the underlying investments representing the Fund stood at £288,328 (2019, £371,610). 

Under the terms of a Charity Commission Scheme dated 23 September 1981, and continued under the 1997 

Page Five 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 DECEMBER 2020** 

Governing Instrument, the Trustees are required to contribute an annual amount of £525 to a Recoupment Fund until 23 September 2041. At 31 December 2020 £20,475 had been contributed in this way and the Market Value of the underlying investments representing the Fund was £179,904 (2019, £164,033). 

The Designated Reserve, the Charitable Fund Property Reserve, represents the net book value of the tangible fixed assets net of the unamortised amount of deferred capital grants. This designation arises as, in the opinion of the trustees, these amounts do not represent free reserves of the charity. 

The free reserves are represented by the Investment Revaluation Fund and the Income and Expenditure Reserve which total £378,884 at 31 December 2020 (2019, £581,156). However, the trustees do not believe that the level of free reserves held is excessive in the context of the need to maintain listed buildings estimated to be worth approximately £11 million. 

During the year, the trustees have reviewed the level of reserves taking into account the nature of the income which could fall in the event of insufficient tenants and the level of maintenance and unexpected expenditure that occupation of a Grade 1, seventeenth century building may require. They believe they should seek to hold a free reserve of the order of one year’s rental in respect of the first of approximately £225,000, and a further sum of not less than £200,000 to cover building needs in addition to the extraordinary and recoupment fund reserves. 

The Trustees continued to take into consideration the effect of Covid 19 on the charity. We have not experienced any difficulty in maintaining occupancy levels. Investment income and returns have not been seriously affected although we recognise they could be impacted by continuing economic uncertainties. 

## **Investment Policy** 

An Investment policy to cover all funds /holdings managed on behalf of Bromley & Sheppard’s Colleges requires that Fund Managers seek to achieve a rate of return commensurate with the degree of risk and adhere to the following criteria: 

Risk: Medium 

Income: As high as is reasonably achievable. 

Capital Growth: Desirable, but not at the expense of high income and risk, as defined above. 

Excluded Investments: Companies in the arms industry. 

## **Management Policies, Risks and Uncertainties** 

The trustees review regularly the risks and uncertainties facing the charity, many of which are concerned with the upkeep of the properties, the safety of residents and visitors given the age of the properties, and the safeguarding of vulnerable adults. Specific management policies are in place to mitigate these risks and these are as follows: 

- (i) Housing Management 

The housing management policy is to provide an economical, efficient and effective service to the Colleges' residents, with due consideration being given to their physical safety. 

- (ii) Employment, Training and Advancement of Disabled Persons 

We are a small Charity with only a small administrative team. At the present time we have no disabled people in employment, but would honour our equal opportunities policy if the need arose. 

- (iii) Health, Safety and Welfare at Work of Employees 

The Trustees recognise the importance of effective health, safety and welfare for their employees at work. 

Appropriate policies are in place for the protection of our staff members, the Collegians and visitors to the Colleges. 

Page Six 



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## **BROMLEY & SHEPPARD'S COLLEGES CHARITY REPORT OF THE AUDITORS YEAR ENDED 31 DECEMBER 2020** 

## **Opinion** 

We have audited the financial statements of Bromley & Sheppard's Colleges Charity for the year ended 31 December 2020 which comprise the Summary Income and Expenditure Account, the Statement of total Changes in Reserves, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice for Registered Social Housing Providers 2018. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2020, and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011; the Charity Commission Scheme dated 10 February 1997; the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

Page Eight 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY REPORT OF THE AUDITORS YEAR ENDED 31 DECEMBER 2020** 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you, if, in our opinion: 

- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or 

- the charity has not kept adequate accounting records; or 

- the financial statements are not in agreement with the accounting records or returns; or 

- we have not received all the information and explanations we required for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustee's Responsibilities Statement, set out on page 2, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 

## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. 

## Our approach was as follows: 

- We obtained an understanding  of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, FRS 102 SORP for Registered Social Housing Providers 2018, and the Accounting Direction for Private Registered Providers of Social Housing Housing 2019 , and UK financial reporting standards as issued by the Financial Reporting Council. 

- We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. 

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it may occur, by holding discussions with management and those charged with governance. 

Page Nine 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY REPORT OF THE AUDITORS YEAR ENDED 31 DECEMBER 2020** 

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **Use of our report** 

The report is made solely to the charity's trustees, as a body, in accordance with regulations in accordance with Chapter 3 of Part 8 of the Charities Act 2011.  Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed. 


Betchworth House **Moore Kingston Smith LLP** 57-65 Station Road **Statutory Auditors** Redhill Surrey, RH1 1DL 

> Date: 29 June 2021 

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. 

Page Ten 



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## **BROMLEY & SHEPPARD'S COLLEGES CHARITY STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 DECEMBER 2020** 

|**Charitable Fund**<br>**Note**<br>**Property**<br>**Reserve**<br>**£**<br>Balance at 1 January 2019<br>318,189<br>Surplus from Income &<br>Expenditure Account<br>-<br>Actuarial gain on pension<br>scheme<br>7<br>-<br>Transfers<br>-<br>**Balance at 31 December 2019**<br>318,189<br>Surplus from Income &<br>Expenditure Account<br>-<br>Actuarial gain on pension<br>scheme<br>7<br>-<br>Transfers<br>-<br>**Balance at 31 December 2020**<br>318,189|**Charitable Fund**<br>**Note**<br>**Property**<br>**Reserve**<br>**£**<br>Balance at 1 January 2019<br>318,189<br>Surplus from Income &<br>Expenditure Account<br>-<br>Actuarial gain on pension<br>scheme<br>7<br>-<br>Transfers<br>-<br>**Balance at 31 December 2019**<br>318,189<br>Surplus from Income &<br>Expenditure Account<br>-<br>Actuarial gain on pension<br>scheme<br>7<br>-<br>Transfers<br>-<br>**Balance at 31 December 2020**<br>318,189|**Extraordinary Investment **<br>**Repair**<br>**Revaluation **<br>**Fund**<br>**Fund**<br>**£**<br>**£**<br>298,281<br>180,611<br>-<br>-<br>-<br>-<br>73,329<br>90,935<br>371,610<br>271,546<br>-<br>-<br>-<br>-<br>(83,282)<br>74,345<br>288,328<br>345,891|**Extraordinary Investment **<br>**Repair**<br>**Revaluation **<br>**Fund**<br>**Fund**<br>**£**<br>**£**<br>298,281<br>180,611<br>-<br>-<br>-<br>-<br>73,329<br>90,935<br>371,610<br>271,546<br>-<br>-<br>-<br>-<br>(83,282)<br>74,345<br>288,328<br>345,891|**Income and**<br> **Expenditure **<br>**Account**<br>**£**<br>352,654<br>141,841<br>10,000<br>(194,885)|**Recoupment**<br>**Fund**<br>**£**<br>133,412<br>-<br>-<br>30,621|**Total**<br>**£**<br>1,283,147<br>141,841<br>10,000<br>-|
|---|---|---|---|---|---|---|
||318,189<br>-<br>-<br>-|371,610<br>-<br>-<br>(83,282)|271,546<br>-<br>-<br>74,345|309,610<br>(268,683)<br>(1,000)<br>(6,934)|164,033<br>-<br>-<br>15,871|1,434,988<br>(268,683)<br>(1,000)<br>-|
||318,189|288,328|345,891|32,993|179,904|1,165,305|



Page Twelve 



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v,

## **BROMLEY & SHEPPARD'S COLLEGES CHARITY STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2020** 

|**Notes**<br>**2020**<br>**£**<br>**Cash generated from operating activities:**<br>Net cash absorbed by operating activities<br>see below<br>(199,095)<br>**Cash flows from investing activities:**<br>Purchase of investments<br>11<br>(135,683)<br>Proceeds on disposal of investments<br>11<br>230,359<br>**Net cash provided by/ (used in) investing activities**<br>**94,676**<br>**Cash flows from financing activities:**<br>Cash inflow from new loan<br>14,15<br>40,000<br>Repayment of capital element of loan<br>14,15<br>(4,150)<br>**Net cash provided by/ (used in) financing activities**<br>**35,850**<br>Change in cash and cash equivalents in the reporting period<br>(68,569)<br>**Cash and cash equivalents at the beginning of the reporting period**<br>**109,687**<br>**Cash and cash equivalents at the end of the reporting period**<br>13<br>**41,118**<br>**Reconciliation of net surplus to net cash flow from operating activities**<br>**2020**<br>**£**<br>**Net (deficit)/ surplus (per the income and expenditure account)**<br>**(268,683)**<br>**Adjustments for:**<br>Depreciation charges<br>10<br>30,411<br>Release of deferred capital grant<br>16<br>(21,518)<br>Gain on disposal of investments<br>11<br>(53)<br>Unrealised loss/ (gain) on investments<br>11<br>11,025<br>Pension deficit contributions paid<br>7<br>(3,000)<br>Decrease/ (increase) in debtors<br>12<br>247<br>Increase/ (decrease) in creditors<br>14,15<br>52,476<br>**Net cash (used in)/ provided by operating activities**<br>**(199,095)**<br>**Reconciliation of net cash/(net debt)**<br>At 1 Jan<br>Cash<br>New<br>Other<br>2020<br>flows<br>loan<br>non-cash<br>changes<br>Cash and cash equivalents<br>109,687<br>(68,569)<br>Loans due within one year<br>(4,150)<br>4,150<br>(8,150)<br>Loans due in more than one year<br>(24,900)<br>(40,000)<br>8,150<br>Net cash/(net debt)<br>80,637<br>(64,419)<br>(40,000)<br>-|**2019**<br>**£**<br>(16,599)<br>(96,372)<br>88,906|
|---|---|
||**(7,466)**|
||-<br>(4,150)|
||**(4,150)**|
||(28,215)<br>**137,902**|
||**109,687**|
||**2019**<br>**£**<br>**141,841**<br>30,411<br>(21,518)<br>(10,155)<br>(143,481)<br>(3,000)<br>(2,574)<br>(8,123)|
||**(16,599)**|
||At 31 Dec<br>2020<br>41,118<br>(8,150)<br>(56,750)|
||(23,782)|



Page Fourteen 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

1. **Accounting Policies** 

The financial statements have been prepared in accordance with applicable law and UK accounting standards (United Kingdom Generally Accepted Accounting Practice) which for Bromley & Sheppard's Colleges Charity includes FRS 102 Statement of Recommended Practice (SORP) for Registered Social Housing Providers 2018, and the Accounting Direction for Private Registered Providers of Social Housing 2019. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies. 

The following principal accounting policies have been applied: 

## **Basis of Accounting** 

The financial statements have been prepared on the historical cost basis of accounting, modified to incorporate the revaluation of investments. 

## **Going concern** 

The trustees have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity’s forecasts and projections, and considered the likely impact on the charity of the Covid 19 pandemic and the measures taken to contain it. There has been no difficulty maintaining occupancy levels throughout 2020, and investment income and returns have not been seriously affected. The trustees do not expect much change in these conditions and after making enquiries they have therefore concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and meet its liabilities as they fall due, and that there are no material uncertainties about the charity's ability to continue as a going concern. Accordingly, these financial statements have been prepared on the going concern basis. 

## **Turnover** 

Turnover represents maintenance, central heating, service contributions and lodge & basement rent receivable. 

## **Housing Properties** 

The old quadrangle of Bromley College was constructed between 1670 and 1672 and the new quadrangle was constructed between 1782 and 1805. Sheppard's College was constructed around 1840. Although amounts contributed towards the cost of construction of Bromley College are known, there is no reliable record of the construction costs of either Bromley College or Sheppard's College. The housing properties' costs relate to modernisation costs carried out in the mid 1970's on Bromley College and between 1984 and 1986 on Sheppard's College, which were funded by Social Housing Grants (SHG), grants from the Historic Buildings Council, mortgage loans from the Greater London Council and the Housing Corporation and from Bromley and Sheppard's Colleges own resources. 

Housing properties are stated at cost less depreciation. Depreciation is charged on the following basis: 

|Building costs|100 years straight line|
|---|---|
|Capitalised professional fees, finance charges and equipment|100 years straight line|
|Chaplain's House|100 years straight line|
|Lift to common room|30 years straight line|
|Kitchens and bathrooms|30 years straight line|
|Pipe lagging and loft insulation|30 years straight line|



## **Other Assets** 

Other assets are written off to the Income and Expenditure Account in the year in which they are acquired. 

## **Investments** 

Investments are stated at market value. 

Page Fifteen 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

1. **Accounting Policies (cont'd)** 

## **Debtors and creditors** 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. 

## **Recoverable amount of rental receivables** 

The charity estimates the recoverable value of rental receivables and impairs the debtor by appropriate amounts. When assessing the amount to impair, it reviews the age profile of the debt, historical collection rates, and the personal circumstances of the debtor. 

## **Cash and cash equivalents** 

Cash and cash equivalents include cash in hand, and deposits held at call with banks. 

## **Deferred capital grants** 

Social Housing Grants (SHG's) were paid by Homes England to reduce the cost of development. The SHG's are repayable under certain circumstances, primarily the sale of a property but will normally be restricted to the net proceeds of the sale. 

In applying this model, such grants have been presented as deferred income to be recognised over the expected life of the underlying asset. 

## **Cyclical Repairs and Maintenance** 

Bromley & Sheppard's Colleges has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue Account in the year in which they are incurred. 

## **Extraordinary Repairs** 

Costs of extraordinary repairs, unless representing improvements to the properties, are charged to the Revenue Account in the year in which they are incurred. 

## **Extraordinary Repair Fund** 

This fund, previously maintained out of the income of the charity, is established to provide for the extraordinary repair, improvement or rebuilding of the college buildings. From 1999 this is shown as a transfer from General Reserves. 

## **Charitable Fund Property Reserve** 

This represents that proportion of the cost of properties which was financed by charitable donations and the Trust's own resources. 

## **Value Added Tax** 

Bromley & Sheppard's Colleges Charity is not registered for Value Added Tax. In these accounts, where applicable, expenditure is shown inclusive of VAT. 

## **Apportionment of Management Expenses** 

Finance and administration costs are apportioned between management and service costs based on the estimated amount of time spent by individual staff members on management and services. 

## **Pension Costs** 

The costs of retirement benefits applies to one employee of the charity through a multi-employer defined pension scheme. As information is not available to use defined benefit accounting in accordance with the requirements of FRS 102, the charity accounts for these payments as if it was a defined contribution scheme. The charity's contribution to this scheme is recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable. 

The charity also recognises its liability in respect of deficit reduction arrangements of the multi-employer defined pension scheme. 

Page Sixteen 



**BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

1. **Accounting Policies (cont'd)** 

## **Special Funds** 

The sum of £525 is transferred each year to the Recoupment Fund which is invested to recoup the proceeds from the sale of the land which has been utilised in modernisation of the colleges. From 1999 this transfer is made from General Reserves. 

## **Critical accounting estimates and areas of judgement** 

In the view of the trustees in applying the accounting policies adopted, key judgements were made in respect of the following: 

- The expected useful life of fixed assets: the assets were broken down into components, and the useful economic life of each component has been assessed. During this assessment, the trustees considered the nature of the underlying assets acquired, the historic nature of the buildings, and the on-going programme of repair and maintenance. 

- The amortisation period of the deferred capital grants: the grants were split into separate amounts, each of which relate directly to an underlying component of fixed asset. The amortisation of the grants then follow the useful economic life of the underlying asset. 

|2.<br>**Turnover From Lettings**<br>Maintenance contributions from residents<br>Central heating charges<br>Treasurer's house (from March 20)<br>Lodge rent<br>Parking donations<br>Storage areas and guest flats<br>Sundry income<br>Less: Losses from voids|**2020**<br>**£**<br>232,759<br>47,318<br>11,419<br>6,677<br>4,125<br>8,189<br>25,300<br>335,787<br>(16,784)<br>319,003|**2019**<br>**£**<br>232,442<br>50,518<br>-<br>11,500<br>4,500<br>12,693<br>-|
|---|---|---|
|||311,653<br>(3,818)|
|||307,835|



The number of units of housing accommodation in use during the year was 41 (2019- 41). 

|3.|**Operating Costs from Lettings**<br>Services<br>Salaries<br>Homecare services<br>General and water rates<br>Insurance<br>Gas and electricity<br>Ground works<br>Other direct costs<br>Management<br>Fees and salaries<br>Audit and accountancy charges<br>Bank charges<br>Legal and professional fees<br>Architect's and suveyor's fees|**£**<br>**£**<br>30,138<br>235<br>13,470<br>16,386<br>68,131<br>9,221<br>997<br>138,578<br>14,131<br>19,515<br>296<br>13,865<br>11,970<br>59,777<br>**2020**|**£**<br>**£**<br>27,902<br>1,267<br>12,540<br>16,273<br>16,653<br>17,272<br>2,070<br>93,977<br>12,848<br>18,255<br>296<br>8,672<br>-<br>40,071<br>**2019**|
|---|---|---|---|



Page Seventeen 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

3. **Operating Costs from Lettings (Cont'd)** 

|4.<br>5a.<br>5b.|Maintenance<br>Day to day<br>83,829<br>Caretaking and minor works<br>5,000<br>Maintenance officers salary<br>20,181<br>Cyclical Maintenance<br>168,562<br>Extraordinary<br>54,745<br>Operating costs from lettings<br>Other operating costs (note 5a)<br>Total operating costs<br>Summary of Income and Expenditure from lettings<br>Turnover (note 2)<br>Operating costs from lettings - as above<br>Deficit<br>**Other Income**<br>Sundry donations<br>Release of deferred capital grant (note 16)<br>Legacies<br>**Other operating costs**<br>Salaries<br>Telephone, postage and stationery<br>Computer supplies and support<br>Travelling expenses<br>Founders Day and functions<br>Office sundries<br>Training courses and retreat fees<br>Chapel sundries<br>Donations<br>Chaplain's discretionary & Common room<br>Chaplain's removal and recruitment costs<br>Housekeeping and TV<br>Depreciation<br>**Interest receivable and similar income**<br>Bank interest received<br>Gain/ (loss) on disposal of investments<br>Investment income|332,317<br>530,672<br>97,449<br>628,121<br>319,003<br>(530,672)<br>(211,669)<br>**2020**<br>**£**<br>8,610<br>21,518<br>-<br>30,128<br>**2020**<br>**£**<br>45,370<br>4,133<br>4,036<br>-<br>647<br>1,753<br>1,180<br>7,123<br>1,335<br>-<br>-<br>1,461<br>30,411<br>97,449<br>**2020**<br>**£**<br>71<br>53<br>21,208<br>21,332|105,985<br>9,000<br>21,698<br>23,065<br>23,791|183,539|
|---|---|---|---|---|
|||||317,587<br>89,730|
|||||407,317|
|||||307,835<br>(317,587)|
|||||(9,752)|
|||||**2019**<br>**£**<br>14,453<br>21,518<br>26,100|
|||||62,071|
|||||**2019**<br>**£**<br>31,462<br>2,078<br>3,562<br>78<br>1,411<br>2,745<br>45<br>13,112<br>2,274<br>138<br>570<br>1,844<br>30,411|
|||||89,730|
|||||**2019**<br>**£**<br>197<br>10,155<br>25,419|
|||||35,771|



Page Eighteen 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

|6.<br>**Officers and senior executives emoluments**<br>Emoluments (including pension contributions)<br>Highest paid senior executive|**2020**<br>**£**<br>40,475<br>40,475|**2019**<br>**£**<br>36,903|
|---|---|---|
|||36,903|



Under FRS102, officers and senior executives emoluments includes the emoluments of key management personnel. During 2020 there was one employee who served as a member of key management personnel. 

No employees earned more than £60,000 during the year. The Trustees received reimbursed expenses £nil (2019 - £nil) in the year. 

Trustee indemnity insurance was effected during the year for which the charity paid a premium of £665 (2019: £665) 

|7.<br>**Employee information**<br>Staff costs during the year were :-<br>Wages and salaries<br>Social security costs<br>Pension costs|**2020**<br>**£**<br>98,539<br>3,777<br>10,504<br>112,820|**2019**<br>**£**<br>81,239<br>3,461<br>9,842|
|---|---|---|
|||94,542|



## **Church of England Funded Pensions Scheme** 

Bromley & Sheppard's Colleges Charity participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies. 

Each participating employer in the scheme pays contributions at a common contribution rate applied to pensionable stipends. 

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body and that contributions are accounted for as if the Scheme was a defined contribution scheme. The pension costs charged to the Income and Expenditure account in the year are contributions payable towards benefits and accrued in that year, plus any impact of deficit contributions (see below). 

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out as at 31 December 2018.  The 2018 valuation revealed a deficit of £50m, based on assets of £1,818m and a funding target of £1,868m, assessed using the following assumption 

- An average discount rate of 3.2% p.a.; 

- RPI inflation of 3.4% p.a. (and pension increases consistent with this); 

- Increase in pensionable stipends of 3.4% p.a.; and 

• Mortality in accordance with 95% of the S3NA_VL tables, with allowance for  improvements in mortality rates in line with the CMI 2018 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7 and an initial addition to mortality improvements of 0.5% pa. 

Page Nineteen 



**BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## 7. **Employee information (Cont'd)** 

Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery contributions payable (as a percentage of pensionable stipends) are as set out in the table below. 

|**% of pensionable stipends**|**January 2018 to**|**January 2021 to**|
|---|---|---|
||**31 December 2020**|**31 December 2022**|
|Deficit repair contributions|11.9%|7.1%|



As at 31 December 2018 the deficit recovery contributions under the recovery plan in force at that time were 11.9% of pensionable stipends until December 2025. 

As at 31 December 2019 and 31 December 2020 the deficit recovery contributions under the recovery plan in force were as set out in the above table. 

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the scheme rules. 

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability.  The movement in the Balance Sheet liability is set out in the table below. 

|Balance sheet liability at 1 January<br>Deficit contribution paid<br>Remaining change to the balance sheet liability*<br>Balance sheet liability at 31 December|**2020**<br>**£**<br>6,000<br>(3,000)<br>1,000<br>4,000|**2019**<br>**£**<br>19,000<br>(3,000)<br>(10,000)|
|---|---|---|
|||6,000|



* Comprises change in agreed deficit recovery plan and change in discount rate and assumptions between year-ends. 

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments: 

|<br>payments:||||
|---|---|---|---|
||**December 2020**|**December 2019**|**December 2018**|
|Discount rate|0.2%|1.1% pa|2.1% pa|
|Price inflation|3.1%|2.8% pa|3.1% pa|
|Increase to total pensionable payroll|1.6%|1.3% pa|1.6% pa|



The legal structure of the scheme is such that if another Responsible Body fails, Bromley & Sheppard's Colleges could become responsible for paying a share of that Responsible Body’s pension liabilities. 

|8.|**Operating (deficit)/ surplus**|**2020**||**2019**||
|---|---|---|---|---|---|
|||**£**||**£**||
||is stated after charging :-|||||
||Amounts payable to auditors:|||||
||Audit services||10,380||10,080|



## 9. **Taxation** 

Bromley & Sheppard's Colleges Charity is a registered charity, and is exempt for liability to taxation on its income and capital gains. 

Page Twenty 



**BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## 10. **Housing Properties** 

|**Housing Properties**||||
|---|---|---|---|
|Cost<br>At 1 January 2020 and 31 December 2020<br>Depreciation<br>At 1 January 2020<br>Charge for the year<br>At 31 December 2020<br>Net book value carried forward<br>At 31 December 2020<br>Net book value carried forward<br>At 31 December 2019|Bromley<br>College<br>£<br>1,191,019<br>507,409<br>24,353<br>531,762<br>659,257<br>683,610|Sheppard's<br>College<br>£<br>336,699<br>143,850<br>6,058<br>149,908<br>186,791<br>192,849|Total<br>£<br>1,527,718|
||||651,259<br>30,411|
||||681,670|
||||846,048|
||||876,459|



The original cost of the land and buildings is not known and no value is attributed thereon. A valuation was provided in 2004 by Peter L. Coling, FRICS, of Kinleigh Folkard & Hayward, Chartered Surveyors of Leonard House, 7 Newman Road, Bromley BR1 1RJ, stating "As of October 2004 I value all the properties known as, and comprising, Bromley and Sheppard's Colleges on the basis of the existing use and with vacant possession, in the sum of £10,920,000 (ten million nine hundred and twenty thousand pounds)". 

|11.<br>**Investments**<br>Quoted investments<br>Market value at 1 January 2020<br>Sales proceeds<br>Additions at cost<br>Realised gain on value of investments<br>Unrealised (loss)/ gain on value of investments<br>Market value at 31 December 2020<br>Historic cost at 31 December 2020<br>All are UK investments apart from £334,535 relating to overseas investments.<br>12.<br>**Debtors**<br>Maintenance contributions, central heating and service<br>charges receivable<br>Income Tax recoverable<br>Other debtors and prepayments|**2020**<br>**£**<br>1,061,485<br>(230,359)<br>831,126<br>135,683<br>966,809<br>53<br>(11,025)<br>955,837<br>672,745<br>**2020**<br>**£**<br>22,249<br>634<br>13,112<br>35,995|**2019**<br>**£**<br>900,383<br>(88,906)|
|---|---|---|
|||811,477<br>96,372|
|||907,849<br>10,155<br>143,481|
|||1,061,485|
|||638,701|
|||**2019**<br>**£**<br>23,077<br>2,890<br>10,275|
|||36,242|



Page Twenty One 



## **BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

|13. **Cash and cash equivalents**<br>Bank current and deposit accounts<br>Church of England Finance Board deposit funds<br>Cash in Hand<br>14. **Creditors: Amounts falling due within one year**<br>Almshouse Association loans<br>Deferred capital grant (note 16)<br>Tax and social security<br>Accruals<br>Deferred income<br>15. **Creditors: Amounts falling due after more than one year**<br>Pension Scheme liability (note 7)<br>Deferred capital grant (note 16)<br>Almshouse Association loans<br>Analysis of loans:<br>Repayable within one year<br>Repayable in two to five years<br>Repayable in more than five years<br>16. **Deferred capital grants**<br>At 1 January 2020<br>Released to income during the year<br>At 31 December 2020<br>Analysis of grants:<br>Deferral within one year<br>Deferral in two to five years<br>Deferral in more than five years|**2020**<br>**£**<br>40,778<br>38<br>302<br>41,118<br>**2020**<br>**£**<br>8,150<br>21,518<br>2,623<br>69,846<br>-<br>102,137<br>**2020**<br>**£**<br>4,000<br>550,806<br>56,750<br>611,556<br>**2020**<br>8,150<br>20,600<br>36,150<br>64,900<br>**2020**<br>**£**<br>593,842<br>(21,518)<br>572,324<br>**2020**<br>**£**<br>21,518<br>86,072<br>464,734<br>572,324|**2019**<br>**£**<br>108,477<br>37<br>1,173|
|---|---|---|
|||109,687|
|||**2019**<br>**£**<br>4,150<br>21,518<br>1,098<br>18,696<br>199|
|||45,661|
|||**2019**<br>**£**<br>6,000<br>572,324<br>24,900|
|||603,224|
|||**2019**<br>**£**<br>4,150<br>16,600<br>8,300|
|||29,050|
|||**2019**<br>**£**<br>615,360<br>(21,518)|
|||593,842|
|||**2019**<br>**£**<br>21,518<br>86,072<br>486,252|
|||593,842|



Page Twenty Two 



**BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## 17. **Designated Reserves** 

|**Charitable Fund Property Reserve**<br>Balance at 1 January 2020<br>Transfer to Income & Expenditure Account<br>Balance at 31 December 2020<br>18.**Special Funds**<br>**Recoupment Fund**<br>Balance at 1 January 2020<br>Transfer from Income & Expenditure Account<br>Transfer from/(to) Investment Revaluation Fund<br>Balance at 31 December 2020|**2020**<br>**£**<br>318,189<br>-<br>318,189<br>**2020**<br>**£**<br>164,033<br>525<br>15,346<br>179,904|**2019**<br>**£**<br>318,189<br>-|
|---|---|---|
|||318,189|
|||**2019**<br>**£**<br>133,412<br>525<br>30,096|
|||164,033|



The Recoupment Fund is represented by a specific COIF investment with a market value equal to the fund balance. 

|19.**Extraordinary Repair Fund**<br>Balance at 1 January 2020<br>Transfer from Income & Expenditure Account<br>Transfer from/(to) Investment Revaluation Reserve<br>Balance at 31 December 2020<br>20.**Investment Revaluation Fund**<br>As at 1 January 2020<br>Transfers from Income & Expenditure Account:<br>Unrealised losses from past periods<br>now realised on disposals of investments<br>Unrealised gains/(losses) in the current year<br>Transfer (to)/from Recoupment Fund<br>Transfer (to)/from Extraordinary Repair Fund<br>As at 31 December 2020|**2020**<br>**£**<br>371,610<br>5,000<br>(88,282)<br>288,328<br>**2020**<br>**£**<br>271,546<br>12,434<br>(11,025)<br>(15,346)<br>88,282<br>345,891|**2019**<br>**£**<br>298,281<br>15,000<br>58,329|
|---|---|---|
|||371,610|
|||**2019**<br>**£**<br>180,611<br>35,875<br>143,485<br>(30,096)<br>(58,329)|
|||271,546|



## 21. **Associated Funds** 

The Collegian Chaplain's Fund is a separate fund operated by the Collegians.  It is not under the control of the Trustees and is not incorporated in these financial statements. 

## 22. **Contingent Liabilities** 

There were no contingent liabilities at 31 December 2020. 

Page Twenty Three