**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in 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.
- 3 -
## **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:
- 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 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
- 4 -
## **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.
- 5 -
## **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**
- 6 -
## **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.
- 7 -
**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.
- 8 -
**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|
- 9 -
## **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|
- 10 -
**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|
- 11 -
## **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**
- 12 -
**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|
|---|---|
- 13 -
## **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.
- 14 -