City and Diocese of London Voluntary Schools Fund Charity No: 312259 Annual Report for the Year Ending 31 March 2023
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 Junes 1957.
Objects: The 1957 scheme specifies that up to five sixths of income can be given as grants to schools for alterations and repairs. The remainder can be granted for the benefit of children and young people under the age of 25 and who have for at least two years attended a Church of England Voluntary School in the Diocese of London.
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 Review: 31 grants were made to individuals totalling to £24,350 (2022: 304 grants totalling £29,506; 2021: 73 grants totalling £5,050). The number of grants and total allocation has settled following the disruption to educational provision during the covid pandemic.
The freehold property in Archer Street, Soho was let partly to Soho Parish School on a long lease at a peppercorn rent which ended in December 2022 and the value of the reversion is not included in the Accounts. Income of £7,066 was generated by the commercial lease of the remainder of the site.
Charitable expenditure of £145,630 includes £36,597 costs associated with marketing Archer Street, £16,399 for enabling works for the new lease and £3,950 legal costs. Expenditure exceeded income by £19,786 which was funded from cash reserves.
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 London Diocesan Board for Schools, 36 Causton Street, London SW1P 4AU.
ON BEHALF OF LDBS AS A TRUSTEE
Penny Roberts Diocesan Director of Education 17.11.2023
London Diocesan Board for Schools, 36 Causton Street, London SW1P 4AU | ldbs.co.uk | 0207 932 1100 A Charitable Company Limited by Guarantee. Company Registration No 198131. Charity Registration No 313000
CITY AND DIOCESE OF LONDON VOLUNTARY SCHOOLS FUND
Statement of Financial Activities for the year ended 31 March 2023
| Notes Income from: Donations Gift aid tax relief Rents received Investment income Total income Expenditure on: Charitable activities 1, 2 Gains / (Loss) 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 Notes Fixed Assets Investments at Market value 3 Current Assets Debtors Cash on deposit Creditors Loans 4 Creditors Deferred Income Net Current Assets Net Assets |
2023 2023 2023 2022 2022 2022 £ £ £ £ £ £ Unrestricted Endowment Total Unrestricted Endowment Total 27,392 - 27,392 19,198 - 19,198 595 - 595 645 - 645 76,132 - 76,132 72,000 - 72,000 21,725 - 21,725 20,404 - 20,404 125,844 - 125,844 112,247 - 112,247 145,630 - 145,630 149,504 - 149,504 - (37,242) (37,242) - 59,156 59,156 (19,786) (37,242) (57,028) (37,257) 59,156 21,899 2,082,671 1,228,461 3,311,132 2,119,928 1,169,305 3,289,233 (19,786) (37,242) (57,028) (37,257) 59,156 21,899 2,062,885 1,191,219 3,254,104 2,082,671 1,228,461 3,311,132 Balance Sheet as at 31 March 2023 2023 2023 2023 2022 2022 2022 £ £ £ £ £ £ Unrestricted Endowment Total Unrestricted Endowment Total 5,685,648 1,191,219 6,876,866 5,709,879 1,228,461 6,938,340 - - 76,474 - 76,474 76,399 - 76,399 110,623 - 110,623 51,989 - 51,989 187,097 - 187,097 128,388 - 128,388 (3,650,438) - (3,650,438) (3,671,490) - (3,671,490) (156,486) - (156,486) (84,106) - (84,106) (2,934) - (2,934) - - - (3,809,858) - (3,809,858) (3,755,596) - (3,755,596) (3,622,762) - (3,622,762) (3,627,208) - (3,627,208) 2,062,886 1,191,219 3,254,104 2,082,671 1,228,461 3,311,132 |
|---|---|
| Note | 1 | Internal administrative costs are | waived by LDBS. Grants to individuals £24,350 (2022: £29,506). |
|---|---|---|---|
| Note | 2 | Audit fee £1,050 (2022: £1,050) | |
| Note | 3 | Investments comprise: | Cost 2023 2022 Market value |
| Long lease of land at Sunbury | 89,859 83,615 84,522 |
||
| Gymnasium at Sunbury | 2,262,557 2,040,165 2,063,490 |
||
| Property at Archer Street, Soho | 2,800,000 4,100,000 4,100,000 |
||
| Central Board of Finance of CofE | |||
| Investment Fund | 40,368 565,074 585,892 |
||
| Property Fund | 75,000 88,012 104,436 |
||
| 5,267,784 6,876,866 6,938,340 |
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 repayable over 10 years. At 31 March 2023 balance outstanding £75,438 (2022:£96,491).