CITY AND DIOCESE OF LONDON VOLUNTARY SCHOOLS FUND (Charity No:312259) ANNUAL REPORT FOR THE YEAR ENDING 31 MARCH 2021
Address: c/o London Diocesan Board for Schools, 36 Causton Street, London SW1P 4AU
Trustee: The London Diocesan Board for Schools (‘LDBS’), a charity (number 313000) limited by guarantee (company number 198131) is sole trustee by virtue of a scheme 215 (S) sealed on 28 April 1976 which amended scheme number 4005P sealed on 4 June 1957.
Objects: The 1957 Scheme specifies that up to five sixths of income can be given as grants to schools for repairs and improvements and the remainder as awards for assistance for those at school, or undertaking vocational training, or in higher and further education to meet travel, resources, tuition and maintenance costs which are not ordinarily met from statutory funding.
Due to the limited funds available the income from the original endowment has been used to assist individuals under the age of 25 attending voluntary schools in the Diocese for 2 years.
In August 2004 The Charity Commission approved the transfer in of the permanent endowment of the former St John's School, Hammersmith with the proviso that all the income is used for repairing and improving schools. The capital has been invested in the property in Archer Street.
Annual 73 grants were made to individuals totalling £5,050 (2020: 70 grants totalling £7,600). The number Review: of grants would have been higher if school trips had not been cancelled due to Covid-19.
The freehold property in Archer Street, Soho is let partly to Soho Parish School on a long lease at a peppercorn rent and the value of the reversion is not included in the Accounts. The rest of the property is being marketed as the tenant did not renew the leasein December 2020. The market value of the buildings has been reduced by £1.33m to £4.1m.
Charitable expenditure increased from £270,554 to £333,655 which reflects the cost of preparing the building for re-letting.
Expenditure exceeded income by £53,744 which was funded from cash reserves. In 2020 the unrestricted surplus for the year before investment gains/losses was £27,306
Audit: The Accounts of the Charity are audited as a restricted fund within the Financial Statements of the London Diocesan Board for Schools. Copies of which, including the audit certificate, can be obtained from LDBS, 36 Causton Street, London, SW1P 4AU.
ON BEHALF OF LDBS AS TRUSTEE
Penny Roberts
Chair 14 July 2021
CITY AND DIOCESE OF LONDON VOLUNTARY SCHOOLS FUND
Statement of Financial Activities for the year ended 31 March 2021
| Notes Income from: Donations Gift aid tax relief Rents received Investment income Total income Expenditure on: Charitable activities 1,2 Gains on investments for the year Net movement in Funds Reconciliation of Funds Fund balances at start of year Net movement in Funds Fund balances at end of year |
2021 2021 2021 2020 2020 2020 £ £ £ £ £ £ Unrestricted Endowment Total Unrestricted Endowment Total 30,016 - 30,016 20,573 - 20,573 650 - 650 675 - 675 229,485 - 229,485 258,220 - 258,220 19,760 - 19,760 20,392 - 20,392 |
|---|---|
| 279,911 - 279,911 299,860 - 299,860 |
|
| 333,655 - 333,655 270,554 - 270,554 (1,155,435) (83,707) (1,239,142) 1,284,078 197,148 1,481,226 |
|
| (1,209,179) (83,707) (1,292,886) 1,313,384 197,148 1,510,532 |
|
| 3,329,107 1,253,012 4,582,119 2,015,723 1,055,864 3,071,587 (1,209,179) (83,707) (1,292,886) 1,313,384 197,148 1,510,532 |
|
| 2,119,928 1,169,305 3,289,233 3,329,107 1,253,012 4,582,119 |
BALANCE SHEET AS AT 31 MARCH 2021
| Notes 2021 2021 £ £ Fixed Assets Unrestricted Endowment Investments at Market value 3 5,734,112 1,169,304 Current Assets Debtors 78,456 - Cash on deposit 86,429 - 164,885 - Creditors: Loans 4 (3,692,543) - Creditors (86,525) - Deferred Income - - (3,779,068) - Net Current Assets (3,614,183) - Net Assets 2,119,929 1,169,304 Note 1 Internal administrative costs are waived by LDBS. Note 2 Audit fee £990 (2020: £1,138) Note 3 Cost Investments comprise: Long lease of land at Sunbury 89,859 2,262,557 2,800,000 Investment Fund 40,368 Property Fund 75,000 5,267,784 Property at Archer Street, Soho Gymnasium at Sunbury Central Board of Finance of |
2021 2021 £ £ Unrestricted Endowment 5,734,112 1,169,304 78,456 - 86,429 - |
2021 2020 2020 2020 £ £ £ £ Total Unrestricted Endowment Total 6,903,416 6,913,779 1,253,012 8,166,791 - - 78,456 78,631 - 78,631 86,429 152,087 - 152,087 |
|---|---|---|
| 164,885 - (3,692,543) - (86,525) - - - |
164,885 230,718 - 230,718 (3,692,543) (3,713,597) - (3,713,597) (86,525) (90,708) - (90,708) - (11,085) - (11,085) |
|
| (3,779,068) - |
(3,779,068) (3,815,390) - (3,815,390) |
|
| (3,614,183) - |
(3,614,183) (3,584,672) - (3,584,672) |
|
| 2,119,929 1,169,304 |
3,289,233 3,329,107 1,253,012 4,582,119 |
|
| Grants to individuals £5,050 (2020: £7,600) 2021 2020 85,429 86,336 2,086,815 2,110,141 4,100,000 5,430,000 540,354 447,515 90,818 92,799 6,903,416 8,166,791 Market value |
Unlisted investments are valued at mid-market price on the last working day of the year. The freehold investment property was valued by DaltonWarner Davis LLP on 31 March 2021
- Note 4 The loan from the London Diocesan Board for Schools' Uniform Schools Trust fund has been secured by way of a mortgage over the investment property. There is no repayment date and the interest rate is fixed at 5.47%.
The London Marathon Trust has provided an interest free loan of £200,000 repayble over 10 years. At 31 March 2021 balance outstanding £117,544 (2020:£138,596).