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2023-03-31-accounts

Charity registration number 211763

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees F. Gillman
P. John
C. Benson
J. Scorer
A. Bates
C. Parsons
L. Green
M. Cheeseman
K. Brown
N. Ali
A. Olatunji (Appointed 10 August 2022)
A. Turner (Appointed 10 August 2022)
Secretary A. O'Shaughnessy
Charity number 211763
Principal address 6-8 Druid Street
Tooley Street
London
SE1 2EU
Auditor HB Accountants
28 Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0LB
Bankers National Westminster Bank
201 Tooley Street
London
SE1 2ZH
Investment advisors Investec Wealth & Investment
2 Gresham Street
London
EC2V 7QP

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust deed, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The charity's objects are:

The relief of persons resident in the former Metropolitan Borough of Bermondsey in the London Borough of Southwark ("the area of benefit") who are in need, hardship or distress;

The provision of goods, services or facilities for any school substantially serving the area of benefit; and

The promotion of education of persons under the age of 25 who are in need of financial assistance and are resident in the area of benefit.

To achieve this the charity makes grants of money and provides or pays for goods, services or facilities. The charity does not carry out significant fundraising activities.

In setting the objectives and activities, the charity has referred to the guidance issued by the Charity Commission on public benefit. In particular, the charity considers how planned activities contribute to the objectives and activities they have set and how these provide public benefit.

The charity awards grants to persons resident in the former Metropolitan Borough of Bermondsey in the London Borough of Southwark who are in need, hardship or distress in accordance with the scheme rules.

Achievements and performance

As ever the main part of our work this year has been to continue to provide relief for Bermondsey and Rotherhithe residents in need, hardship and distress. We continue to provide an annual birthday gift to persons over 65 years. We have continued to maintain the Christmas gifts. This year sees a change to the process of giving institutional grants.

Financial review

Incoming resources have decreased by £32,403 to £419,970 from £452,373 this being due to lower donations and lower investment income being received.

Resources expended have increased by £95,116 to £705,940 from £610,824. Educational grants were nil this year and £27,750 last year. Regular Birthday gifts to individuals increased significantly whereas the Christmas gifts to individuals were less. Targeted hardship gifts to individuals fell from £137,146 to £94,564 Holidays resumed in the year with costs being £149,091.

As a result, there was a net deficit of £285,970 (2022: £158,451).

There was a significant loss on investment assets of £1,304,025 (2022: Gains £672,141) this year as a result of the falls in the Stock Market.

As a result the funds fell by £1,589,995 to £15,825,307.

The funds available to the charity are mainly represented by the investment portfolio held by the investment fund managers. This consists of a variety of equities, fixed interest securities, property funds, alternative investments and cash. At the year end their value was £15,145,884 (2022: £16,697,925).

The trustees maintain a level of reserves appropriate for the on-going working capital requirements of the charity in its day to day operations.

In accordance with the scheme rules the trustees may invest funds of the charity, which are available for investment, in any investments which are authorised for the investment of trust funds under the Trustee Investment Act 1961 (as amended), but they are not required to divide the funds between the narrower and wider range securities are specified by the Act (as amended).

As allowed by the scheme rules the trustees have delegated investment management responsibilities to their investment advisors. The investment advisors have managed funds with the objective of providing good and growing levels of income.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is governed by the rules of its trust deed dated 1 February 1999 and is an unincorporated charity, number 211763.

The charity's working name is St Olaves United Charities.

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

The trustees who served during the year and up to the date of signature of the financial statements were:
F. Gillman
P. John
C. Benson
J. Scorer
A. Bates
C. Parsons
L. Green
M. Cheeseman
K. Brown
N. Ali
A. Olatunji (Appointed 10 August 2022)
A. Turner (Appointed 10 August 2022)
The charity has twelve trustees of which six are council nominated and six are co-opted.
The procedure for electing council nominations is carried out by the Southwark Council at their meetings of the Voluntary
Bodies Panel. A term of four years is required for each trustee. Should the trustee wish to continue for another term then a
new application is submitted to the council. The application is reviewed by the panel and a decision made as to whether the
trustee is re-elected.

The co-opted trustees are appointed in a similar method to that which the council uses. The applicants are usually known to the trustees and each application is considered in full at the trustees meeting. Each newly appointed trustee is required to confirm their acceptance in writing. Each co-opted trustee has a term of five years and should they wish to be reappointed this is voted on at a trustees meeting prior to the end of the existing term. The application form includes a section that explains the responsibility of the trustee as well as the responsibilities outlined by the Charity Commission.

Every new trustee is given a copy of the scheme rules and any amendments to it together with a copy of the latest report and statement of accounts.

The trustees, who meet quarterly, administer the charity. A secretary is appointed by the trustees to manage the day-to-day operations of the charity.

Every matter must be decided by a majority decision of the trustees present and voting at a duly convened meeting of the trustees. The chairperson of the meeting may cast a second or casting vote only if there is a tied vote.

The trustees' report was approved by the Board of Trustees.

.............................. F. Gillman Trustee Dated: .........................

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts 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 year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are 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.

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

Opinion

We have audited the financial statements of St Olave, St Thomas and St John United Charities (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 the 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the 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 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 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Keith Grover (Senior Statutory Auditor) for and on behalf of HB Accountants

.........................

Chartered Accountants Statutory Auditor 28 Plumpton House Plumpton Road Hoddesdon Hertfordshire EN11 0LB

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations 3 16,000 31,600
Investments 4 403,970 420,773
Total income 419,970 452,373
Expenditure on:
Raising funds
Investment management 61,710 68,488
Charitable activities
Gifts and relief for those in need 5 628,230 514,586
Educational support 5 16,000 27,750
Total charitable expenditure 644,230 542,336
Total expenditure 705,940 610,824
Net gains/(losses) on investments (1,304,025) 672,141
Net movement in funds (1,589,995) 513,690
Fund balances at 1 April 2022 17,415,302 16,901,612
Fund balances at 31 March 2023 15,825,307 17,415,302

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2023
£
112,798
118,844
231,642
(27,113)		 £
474,894
15,145,884
15,620,778
204,529
15,825,307
15,825,307
15,825,307		 2022
£
85,953
183,993
269,946
(25,962)		 £
473,393
16,697,925
17,171,318
243,984
17,415,302
17,415,302
17,415,302

The financial statements were approved by the Trustees on .........................

..............................

F. Gillman Trustee

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

St Olave, St Thomas and St John United Charities is a Trust.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Investment income is accounted for on a receivable basis. Grant income is accounted for on a receivable basis.

1.5 Expenditure

Expenditure is accounted for on an accruals basis.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 0% straight line Freehold improvements 10% straight line Fixtures, fittings & equipment 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies (continued)

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies (continued)

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations

Donations
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 16,000 31,600
Investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 403,959 420,773
Interest receivable 11 -
403,970 420,773

4 Investments

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

5 Charitable activities

Gifts and
relief for
those in need
Educational
support
Total
2023
Gifts and
relief for
those in need
Educational
support
2023
2023
2022
2022
£
£
£
£
£
Staff costs
104,385
-
104,385
95,883
-
Depreciation and impairment
6,599
-
6,599
3,899
-
Holiday costs
149,091
-
149,091
-
-
260,075
-
260,075
99,782
-
Grant funding of activities
(see note 6)
328,889
16,000
344,889
381,841
27,750
Share of support costs (see
note 7)
29,666
-
29,666
23,963
-
Share of governance costs
(see note 7)
9,600
-
9,600
9,000
-
628,230
16,000
644,230
514,586
27,750
Grants payable
Gifts and
relief for those
in need
Educational
support
Total
£
£
£
Grants to institutions:
Roosters Boxing Club
5,000
-
5,000
Rotherhithe Festival
1,000
-
1,000
Age UK
500
-
500
Schools and Colleges
3,000
-
3,000
Royal British Legion
1,500
-
1,500
Social Clubs
2,000
-
2,000
Create
-
-
-
Southwark Council
-
-
-
Bermondsey Fit Club
-
-
-
Breath of Life
-
-
-
Docklands Settlement Community Centre
-
-
-
Tenants Associations and Sheltered Housing Units
9,950
-
9,950
22,950
-
22,950
Grants to individuals
305,939
16,000
321,939
328,889
16,000
344,889		 Total
2022
£
95,883
3,899
-
99,782
409,591
23,963
9,000
542,336
2022
£
-
1,000
400
-
1,000
7,320
3,000
27,750
1,000
500
1,000
6,550
47,020
362,571
409,591

6 Grants payable

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

7 Support costs

Support costs
Governance
costs
£
£
Office expenses
29,666
-
Audit fees
-
4,800
Accountancy fees
-
4,800
29,666
9,600
Analysed between
Charitable activities
29,666
9,600		 2023
£
29,666
4,800
4,800
39,266
39,266		 2022 Basis of allocation
£
23,963
4,500
4,500
32,963
32,963

Support and governance costs relating to charitable activities, based on the activity for the year, have been apportioned as follows: Gifts and relief for those in need 100% (2022: 100%) Educational support 0% (2022: 0%)

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or expenses from the charity during the year.

9 Employees

Number of employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Administration 3 3
Employment costs 2023 2022
£ £
Wages and salaries 97,354 89,504
Social security costs 5,142 4,689
Other pension costs 1,889 1,690
104,385 95,883

There were no employee whose annual remuneration was £60,000 or more.

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

10 Tangible fixed assets

Freehold land
and buildings
Freehold
improvements
Fixtures, fittings
& equipment
£
£
£
Cost or valuation
At 1 April 2022
450,000
164,067
19,102
Additions
-
-
8,100
At 31 March 2023
450,000
164,067
27,202
Depreciation and impairment
At 1 April 2022
-
140,674
19,102
Depreciation charged in the year
-
3,899
2,700
At 31 March 2023
-
144,573
21,802
Carrying amount
At 31 March 2023
450,000
19,494
5,400
At 31 March 2022
450,000
23,393
-		 Total
£
633,169
8,100
641,269
159,776
6,599
166,375
474,894
473,393

The freehold interest in the property 6-8 Druid Street was valued at an open market value of £450,000 as at 8 March 2013 by Edifice Surveyors, a firm of chartered surveyors.

11 Fixed asset investments

Listed
investments
£
Cost or valuation
At 31 March 2023
15,827,701
Additions
2,994,529
Valuation changes
(1,304,025)
Cash movement
-
Disposals
(2,663,600)
At 31 March 2023
14,854,605
Impairment
At 1 April 2021 & 31 March 2022
-
Carrying amount
At 31 March 2023
14,854,605
At 31 March 2022
15,827,701
Investments at fair value comprise:
Fixed interest securities
Equities
Property funds		 Cash in
portfolio
870,224
-
-
(578,945)
-
291,279
-
291,279
870,224
2023
£
2,556,397
9,466,180
1,226,737		 Total
£
16,697,925
2,994,529
(1,304,025)
(578,945)
(2,663,600)
15,145,884
-
15,145,884
16,697,925
2022
£
2,102,880
10,834,639
1,442,680

ST OLAVE, ST THOMAS AND ST JOHN UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

11
Fixed asset investments (continued)
Alternative investments
Portfolio cash
The historical cost of the investments at the year end was £13,071,297 (2022: £13,331,866).
12
Debtors
Amounts falling due within one year:
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 1,605,291
291,279
15,145,884
2023
£
112,798
2023
£
1,920
25,193
27,113		 1,447,502
870,224
16,697,925
2022
£
85,953
2022
£
-
25,962
25,962

14 Related party transactions

Transactions with related parties

Many of the trustees are actively involved with other local clubs, schools and associations. In cases where the trustee is involved in the management or control of an organisation seeking funding from the Charity the trustee declares their interest and does not participate in the decision-making on that application.

The following trustees held positions with organisations which received grant funding from the Charity during the year, as follows:

C. Parsons: Bermondsey Village Hall £Nil (2022: £Nil).