Charity Registration No. 211980
ROTHERHITHE CONSOLIDATED CHARITIES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
ROTHERHITHE CONSOLIDATED CHARITIES
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | D. Payne |
|---|---|
| W. Nelson | |
| R. Livingstone | |
| A. White | |
| Father G. Preston | |
| B. Griffiths | |
| L. Creswell | |
| C. Tejero | |
| Father M. Nicholls | |
| S. Cryan | |
| L. Zuleta | |
| M. Weller | |
| M. Crawley | |
| Charity number | 211980 |
| Principal address | Plumpton House |
| Plumpton Road | |
| Hoddesdon | |
| Herts | |
| EN11 0LB | |
| Independent examiner | Hardcastle Burton LLP |
| Lake House | |
| Market Hill | |
| Royston | |
| Herts | |
| SG8 9JN | |
| Bankers | HSBC plc |
| 45 High Street | |
| Hoddesdon | |
| Herts. | |
| EN11 8TA | |
| Investment advisors | HSBC Private Bank (U.K.) Limited |
| 8 Cork Street | |
| London | |
| W1S 3LJ |
ROTHERHITHE CONSOLIDATED CHARITIES
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
ROTHERHITHE CONSOLIDATED CHARITIES
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply 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)
Objectives and activities
After meeting administrative and management expenses the charity's trust deed requires the trustees to apply the income of the charity in the following ways for the benefit of the residents of the Parish of St. Mary's With All Saints, Rotherhithe (the area of benefit):
(i) The payment of periodic stipends to the existing beneficiaries;
(ii) The relief of persons resident in the area of benefit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities , including public benefit, the Charity should undertake .
Grants are based on applications made by individuals and organisations within the area of benefit and on recommendations by the trustees. Provision is made within the annual budget to allow for the making of grants, though no specific amount is allocated to a separate fund, and the grants are considered in the light of prevailing circumstances.
Achievements, performance and financial review
The Charity had a deficit of expenditure over income before investment gains/(losses) for the year of £23,110 (2019: £57,591). The Stock Market fell in the year due to the impact of Covid-19, so as a result investment losses in the year were £141,432 (2019: gains £622,760). As a result the overall loss for the year was £164,542 (2019: surplus £565,169). Funds at the year end were £5,427,586 (2019: £5,592,128).
Within the area of benefit stipend payments of £31,625 (2019: £33,900) were made, Due to Covid-19 restrictions no holidays were provided this year (2019: £100,831). Instead significant institutional grants for £73,463 (2019: £17,650), particularly for local food banks, were made this year.
On the date of signing these financial statements, there was a world-wide pandemic. It is currently unknown as to how long the pandemic will last and the lasting impact that it will have on the activities of the charity. The trustees believe that the charity has adequate cash resources in order to pay all of its creditors as they fall for the foreseeable future and for at least twelve months from the date of signing these financial statements.
Reserves policy
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level to provide investment income sufficient to cover grants and administrative costs . This level of reserves has been maintained throughout the year.
Investment policy
The trustees have delegated the investment management responsibilities to their investment advisers who have managed the funds with the objective of providing high and growing levels of income.
Risk management
The trustees has 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 a scheme sealed by the Charity Commissioners on 15 January 1926, as varied by schemes dated 16 May 1958, 9 February 1967 and 11 June 2012.
The trustees who served during the year were:
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ROTHERHITHE CONSOLIDATED CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
J. Hook (Resigned 3 November 2020) D. Payne W. Nelson R. Livingstone A. White Father G. Preston B. Griffiths V. Green (Resigned 23 November 2020) L. Creswell C. Tejero Father M. Nicholls S. Cryan L. Zuleta M. Weller M. Crawley
Seven of the trustees are representative trustees, being appointed by the London Borough of Southwark for a term of four years. In the year these were D. Payne, W. Nelson, R. Livingstone, A. White, S. Cryan, L. Zuleta and M. Crawley.
Seven of the trustees are co-optative trustees, being appointed by the trustees for a term of five years. In the year these were Fr G. Preston, W. Griffiths, V. Green (resigned 23 November 2020), L. Creswell, C. Tejero, J. Hook (resigned 3 November 2020) and M. Weller.There were three vacant positions at the year end.
The Ex-officio trustee is Fr. M. Nicholls, the incumbent of the benefice of the Parish of St. Mary's With All Saints, Rotherhithe.
The trustees, who meet quarterly, administer the charity.
A clerk is appointed by the trustees to manage the day-to-day operations of the charity.
The trustees' r eport was approved by the Board of Trustees.
L. Zuleta
Trustee Dated: 6 April 2021
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ROTHERHITHE CONSOLIDATED CHARITIES
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
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).
The law applicable to charities in England and Wales requires 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 incoming resources and application of resources of the Charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 financial statements 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.
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ROTHERHITHE CONSOLIDATED CHARITIES
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ROTHERHITHE CONSOLIDATED CHARITIES
I report to the trustees on my examination of the financial statements of Rotherhithe Consolidated Charities (the Charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable 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 financial statements to be reached.
Denise Lindsell, FCA For and on behalf of Hardcastle Burton LLP Lake House Market Hill Royston Herts SG8 9JN
Dated: 12 April 2021
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ROTHERHITHE CONSOLIDATED CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total resources expended Net gains/(losses) on investments 11 Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020 |
2020 £ 2,000 137,859 139,859 37,345 125,624 162,969 (141,432) (164,542) 5,592,128 5,427,586 |
2019 £ 2,000 162,092 |
|---|---|---|
| 164,092 | ||
| 38,615 183,068 |
||
| 221,683 | ||
| 622,760 | ||
| 565,169 5,026,959 |
||
| 5,592,128 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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ROTHERHITHE CONSOLIDATED CHARITIES
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets/(liabilities) Total assets less current liabilities Income funds Unrestricted funds |
2020 £ 7,747 29,833 37,580 (14,830) |
£ 5,404,836 22,750 5,427,586 5,427,586 5,427,586 |
2019 £ 882 7,324 8,206 (12,693) |
£ 5,596,615 (4,487) 5,592,128 5,592,128 5,592,128 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 6 April 2021
L. Zuleta Trustee
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ROTHERHITHE CONSOLIDATED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Rotherhithe Consolidated Charities is a trust.
The registered office is Plumpton House, Plumpton Road, Hoddesdon, Herts. EN11 0LB.
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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments. The principal accounting policies adopted are set out below.
1.2 Going concern
On the date of signing these financial statements, there was a world-wide pandemic. It is currently unknown as to how long the pandemic will last and the lasting impact that it will have on the activities of the charity. The trustees believe that the charity has adequate cash resources in order to pay all of its creditors as they fall for the foreseeable future and for at least twelve months from the date of signing these financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income is accounted for on a receivable basis.
1.5 Resources expended
Expenses are included in the financial statements as they become due. Expenses include VAT where applicable as the charity cannot reclaim it.
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ROTHERHITHE CONSOLIDATED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies (continued)
1.6 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.
1.7 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.
1.8 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 p aymen ts 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.
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ROTHERHITHE CONSOLIDATED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
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 and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Donations and gifts | 2,000 | 2,000 | |
| 4 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Income from listed investments | 137,859 | 162,092 | |
| 5 | Raising funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Investment management fees | 37,345 | 38,615 |
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ROTHERHITHE CONSOLIDATED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
6 Charitable activities
| Holidays and events Grant funding of activities (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds |
2020 £ (7,409) 109,712 20,441 2,880 125,624 125,624 |
2019 £ 100,831 51,550 27,927 2,760 |
|---|---|---|
| 183,068 | ||
| 183,068 |
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ROTHERHITHE CONSOLIDATED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 7 Grants payable Grants to institutions: UK Homes 4 Heroes Rotherhithe Festival Playshack Nursery Siblings Together Housing & Care 21 St. Peter and the Guardian Angels, Rotherhithe Clare Discretionary Fund Southwark Irish Pensioners Project St. Mary's With All Saints, Rotherhithe In Step Dance Club Tenants and Residents Associations Scouts and Guides Groups Bede House Association Rotherhithe Rehab Group Time and Talents Pecan: Southwark Food Bank Peter Hills School Refuge London Bubble Southwark Council: Local Support Surrey Docks Farm City Hope Church Little Pips Preschool Grants to individuals |
2020 £ 1,000 - 400 750 - 16,250 500 500 625 - 1,000 - - 28 25,610 - 3,000 300 3,000 - 10,000 10,000 500 73,463 36,249 109,712 |
2019 £ 600 2,000 100 750 500 500 500 500 500 900 1,000 400 5,000 1,200 1,000 100 - - - 500 - - - |
|---|---|---|
| 16,050 35,500 |
||
| 51,550 |
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ROTHERHITHE CONSOLIDATED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
8 Support costs
| Support costs Governance costs £ £ Office administration and services of the Clerk to the trustees 19,980 - Sundry expenses 461 - Independent examination fee - 1,320 Accountancy fee - 1,560 20,441 2,880 Analysed between Charitable activities 20,441 2,880 |
2020 £ 19,980 461 1,320 1,560 23,321 23,321 |
2019 £ 25,920 2,007 1,260 1,500 |
|---|---|---|
| 30,687 | ||
| 30,687 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration from the Charity during the year.
Travel expenses totalling £21 (2019: £47) were paid to the trustees in the year.
10 Employees
There were no employees during the year.
11 Net gains/(losses) on investments
| Unrestricted funds 2020 £ Revaluation of investments (247,280) Gain/(loss) on sale of investments 105,848 (141,432) |
Total 2019 £ 395,507 227,253 |
|---|---|
| 622,760 |
12 Fixed asset investments
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ROTHERHITHE CONSOLIDATED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
12 Fixed asset investments (continued)
| Listed investments £ Cost or valuation At 1 January 2020 5,421,745 Additions 3,960,037 Valuation changes (247,280) Profits/(losses) on disposals 105,848 Cash movements - Disposals (3,300,098) At 31 December 2020 5,940,252 Carrying amount At 31 December 2020 5,940,252 At 31 December 2019 5,421,745 Investments at fair value comprise: Fixed interest securities Equities Funds Cash The historical cost of investments at the year end was £5,033,246 (2019: £4,977,743). 13 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Accruals and deferred income |
Cash in portfolio Total £ £ 174,870 5,596,615 - 3,960,037 - (247,280) - 105,848 (710,286) (710,286) - (3,300,098) (535,416) 5,404,836 (535,416) 5,404,836 174,870 5,596,615 2020 2019 £ £ 1,502,467 1,331,604 3,982,715 3,439,679 455,070 650,462 (535,416) 174,870 5,404,836 5,596,615 2020 2019 £ £ 7,410 555 337 327 7,747 882 2020 2019 £ £ 14,830 12,693 |
|---|---|
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ROTHERHITHE CONSOLIDATED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
15 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
16 Control
The Charity is controlled by the trustees.
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