Charity number: 312690
Sir Walter St. John's Educational Charity
Unaudited
Trustees' report and financial statements
for the year ended 5 April 2022
Sir Walter St. John's Educational Charity
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 23 |
Sir Walter St. John's Educational Charity
Reference and administrative details of the Charity, its Trustees and advisers for the year ended 5 April 2022
| Trustees | K Briscoe, Nominated Trustee (Nominee, Wandsworth Council) |
|---|---|
| J Radcliffe OBE, Nominated Trustee (Nominee, Wandsworth Council), Chair of Finance and Investment Committee |
|
| R Summerfield, Nominated Trustee (Nominee, Wandsworth Council) | |
| D Wagner, Nominated Trustee (Nominee, Wandsworth Council) | |
| S Wilkie, Nominated Trustee (Nominee, Wandsworth Council) | |
| Cllr. L Bray, Nominated Trustee (Nominee, Lambeth Council) | |
| Cllr. C Wellbelove, Nominated Trustee (Nominee, Lambeth Council) (resigned 23 February 2022) |
|
| B Fairbank, Nominated Trustee (Nominee, Sinjuns Association), Vice Chair of Trustees |
|
| G Allen, Co-opted Trustee | |
| M Bates, Co-opted Trustee, Chair of Grants Committee | |
| D Daytes, Co-opted Trustee | |
| S Rackham, Co-opted Trustee | |
| W Speck, Co-opted Trustee, Chair of Trustees | |
| Canon S Butler, Ex-officio Trustee | |
| M Stratton CBE, Co-opted Trustee | |
| Charity registered number 312690 Principal office St Mary's School 7 St Joseph's Street London SW8 4EN Accountants Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Advisors Cazenove Capital Management 12 Moorgate London EC2R 6DA |
Page 1
Sir Walter St. John's Educational Charity
Trustees' report for the year ended 5 April 2022
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2021 to 5 April 2022. The Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The principal object of the Charity is to promote the education and training of children and young persons under the age of 25 years who are resident in the London Boroughs of Wandsworth or Lambeth and who are in need of financial assistance. Particular preference is given to those who are resident in the former Metropolitan Borough of Battersea. There have been no changes to the objects since the last annual report.
The Charity’s grants programme supports activities benefiting disadvantaged children. The Charity invites applications for grants from organisations that will improve the life chances of children and young people in the greatest educational need by filling gaps in funding from other sources. The Charity also aims to play a proactive role by initiating activities in selected fields and providing support for several years. At present, the focus for this activity is on secondary school age refugees and asylum seekers and supporting young people’s mental health.
The Charity also sets aside a sum each year for grants to individual students, which is usually allocated as block grants distributed by local colleges.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The Charity continues to give priority to activities benefiting the following groups of local children and young people:
-
very young children / early years’ interventions
-
refugees of secondary school age who are unaccompanied minors and/or those who have had little or no previous formal education.
-
young carers
-
disaffected/low-achieving children/young people in danger of dropping out of education.
The Charity employs a part time Manager who in addition to managing the day to day operations of the Charity, pro-actively facilitates strategic work to develop educational initiatives and networks that meet the Charity’s objectives.
c. Activities undertaken to achieve objectives
SWSJ funding delivered a range of projects including:
-
tutoring / mentoring programmes
-
after school activities and homework clubs
-
outdoor learning programme for local primary schools
-
summer play schemes
-
drama workshops
-
educational excursions and,
-
art projects.
Page 2
Sir Walter St. John's Educational Charity
Trustees' report (continued) for the year ended 5 April 2022
Objectives and activities (continued)
d. Main activities undertaken to further the Charity's purposes for the public benefit
Small Education Grants
Small Education Grants are awarded to local voluntary and community organisations to support educational activities and projects which address community needs. The upper limit for awards under this scheme is £1,500. Before releasing grant payments to organisations through the Small Education Grants programme, the Charity requires a completed project monitoring form, a written report on activities and details of expenditure incurred.
£5k to £10k Grants
The purpose of the Charity's £5k to £10k grants is to enable small organisations to build capacity. These grants may be used to support:
-
Start up running costs for a new project
-
Equipment for educational projects
-
Costs that will demonstrably support the organisation to grow and develop
Trustees hope that these grants may also lead some organisations to apply for a larger strategic grant at a later date.
Strategic Grants
During 2021/22, strategic grants were paid to Katherine Low Settlement, CARAS and Mosaic Clubhouse.
The grant to Katherine Low Settlement has enabled continued provision of 1-1 educational mentoring support and advocacy for refugee pupils. The CARAS grant was used to carry out educational outreach with young refugees and unaccompanied minors in Wandsworth. The grant to Mosaic Clubhouse supports young people with mental health challenges to access education.
Organisations funded through the strategic grants programme are required to submit quarterly written reports and an annual summary of expenditure. They are also invited to meet with the Trustees to discuss their projects. The strategic grant organisations continue to meet and work together, forming an Advisory Group, to share information, experiences and funding knowledge to support each other.
Funding for individuals
South Thames College was awarded a block grant of £5,000 which was distributed to 13 students, all of whom were either lone parents or potentially homeless young people aged under 25 living in Wandsworth or Lambeth.
A grant of £5,000 awarded to Evolve in 2020 was given an extended deadline for their project until May 2022 due to the effects of the pandemic. Evolve provides a range of services to homeless and vulnerable people within London. Beneficiaries are resident at King George’s House in Stockwell, Lambeth. This grant is managed by Evolve to support residents in gaining life, vocational and academic skills.
Page 3
Sir Walter St. John's Educational Charity
Trustees' report (continued) for the year ended 5 April 2022
Achievements and performance
a. Main achievements of the Charity
During 2021/22, the level of grants awarded was £183,482. Details of grants agreed during the year are included at note 22. During the year, the Charity also continued to make significant payments to three Strategic Grants, which had been committed to in previous financial years.
During 2021/22, the Charity made grant payments to 29 organisations totalling £174,395 including grant payments brought forward from the previous financial year. Further information on grants awarded during the current year can be obtained from the Charity’s office which is based at St Mary’s Primary School.
Covid 19
Whilst the pandemic had a big impact on the organisations we serve, Trustees were impressed with the resilience of many of our local community groups who found ways to deliver services online and who have also re-introduced face to face services in a safe and measured way.
Partnership work
The Charity was pleased to build upon its partnership work with the Friends of Battersea Park in delivering an outdoor learning project with five local primary schools. A donation of £10k enabled the Charity to facilitate a series of educational sessions in Battersea Park that benefitted 1,441 local pupils. This was a particularly inspiring project that enabled young people to learn together outside in the park and was particularly welcomed after the challenges of the pandemic.
The Friends of Battersea Park have continued to offer support by funding educational opportunities in the park for a local Battersea secondary school. The Charity is playing a lead role in co-ordinating this project.
Battersea Matters, a local community society, have approached the Charity to explore potential joint work to provide support for an Early Years project in Battersea. Trustees look forward to working with Battersea Matters to enable this early intervention work to happen.
Climate Change initiatives
A generous donation of £30k from an anonymous donor enabled the Charity to promote and award grants to local schools and community groups to support educational projects that tackle issues arising from Climate Change. The projects will take place throughout 2022 and there will be a celebration event at the end of the year to share learning and experiences.
Trinity Fields
The Charity owns the freehold of Trinity Playing Field. This lease brings in an annual rent of £75,000 which has enabled the Charity to increase its operations significantly. The playing fields are managed by the charity Trinity Fields Trust (TFT) who are committed to increasing the use by non-private education and community sectors. During the pandemic, Trustees were heartened by the generosity of Trinity Fields Trust in allowing free use of the playing fields by local community groups who do not have access to gardens or sports facilities. This gesture was appreciated by all and it has strengthened positive partnership work between Trinity Fields Trust and the Charity.
Trinity Fields Trust have now also recruited a Manager to develop diversity of usage of the playing fields, engaging more with local community groups and giving more focus to supporting disadvantaged young people.
Page 4
Sir Walter St. John's Educational Charity
Trustees' report (continued) for the year ended 5 April 2022
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees look to maintain the minimum level of unrestricted reserves that will permit it to maintain its day to day activities. There are occasions when the level of the unrestricted reserves is higher than the Trustees would ideally like to hold due to the availability of suitable beneficiaries.
The Charity is dependent on income from its investments. During 2021/22, this amounted to £181,603 (2020/21): £179,977).
In the financial year 2021/22, the Charity continued to employ Cazenove Capital Management as investment advisors and managers. The Charity aims to diversify its portfolio on the best professional advice so as to provide the greatest return sustainable in real terms at the least achievable risk.
The Trustees have a policy that the unrestricted funds not required to meet immediate commitments nor representing the revaluation of fixed assets held by the Charity ('the free reserves') should be maintained at a level equivalent to not less than half the projected annual income from the Charity's investments.
At the 5th April 2022, the Charity held reserves of £6,246,013 which are held within Endowment funds of £6,080,827, Unrestricted funds of £135,185 and Restricted funds of £30,001.
Paintings
The Charity owns three paintings (last valuation £26,800) on long term loan to Lydiard House, former country home of the St John family. These paintings are insured by Lydiard House at no cost to the Charity.
Page 5
Sir Walter St. John's Educational Charity
Trustees' report (continued) for the year ended 5 April 2022
Structure, governance and management
a. Constitution
Sir Walter St. John's Educational Charity is a registered charity, number 312690, and is constituted under a Trust Deed dated 28 February 1992, which was amended following an Order made by the Charity Commission on 15 March 2004 (under section 26 of the Charities Act 1993).
The management of the Charity is the responsibility of the Trustees who are appointed under the terms of the Trust Deed, as amended. The amendments allow for the appointment of nineteen Trustees, of whom nine are co-opted, nine are nominated (five by Wandsworth Borough Council, two by Lambeth Borough Council, one by the Senate of the University of London and one by the Sinjuns Association) and one serves ex officio.
When recruiting new Trustees, the Charity looks for individuals with relevant skills, experience and knowledge of the local area. Newly appointed Trustees receive a comprehensive induction pack. The pack includes a range of documents including an introduction to the Charity, a copy of the governing scheme, details of the Charity’s objectives, information about grant giving policies and procedures and a link to the Charity Commission’s online guidance ‘The Essential Trustee: What you need to know’. The Charity supports the training and relevant development of Trustees where appropriate.
Ordinary meetings of the Trustees are held three times a year, and the proceedings of committee meetings are reported to these meetings for confirmation. The Grants Committee meets four times a year, and has delegated authority to approve grants of up to £10,000. The Finance and Investment Committee meets twice a year to consider financial issues and review the performance of the Charity's investments. Any matters arising from the Playing Fields lease are dealt with either at Trustee meetings or at the Finance and Investment meetings. Office holders are appointed and the membership of committees agreed at the first meeting of the Trustees in each calendar year.
The Charity employs a part-time Manager to deal with all day to day matters, including the processing and handling of applications prior to consideration by the Grants Committee, and the administration of grants. A significant contribution is made by the Manager to those organisations the Charity supports financially and some who are not given grants but who are provided with advice, guidance and support. Where the Charity is not able to assist the Manager is often able to signpost applicants to other funders.
The Trustees keep under review the major risks to which the Charity is exposed, in particular those related to its operations and finances, and are satisfied that systems are in place to manage those risks.
Plans for future periods
Following receipt of positive reports from the two strategic projects working with young refugees and asylum seekers and a third strategic grant project supporting young people with mental health issues the Trustees continue to support these projects subject to their continued success in achieving their objectives. The Charity continues to facilitate Advisory Group meetings for all strategic grant projects.
At the end of 2022 one of the current strategic grant projects will be completed and Trustees have commenced the process to promote strategic grant funding to local groups with a view to another strategic grant project being started early in 2023.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed.
Page 6
Sir Walter St. John's Educational Charity
Trustees' report (continued) for the year ended 5 April 2022
Statement of Trustees' responsibilities
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 & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.
Approved by order of the members of the board of Trustees on 8 November 2022 and signed on their behalf by:
W Speck
(Chair of Trustees)
Page 7
Sir Walter St. John's Educational Charity
Independent examiner's report for the year ended 5 April 2022
Independent examiner's report to the Trustees of Sir Walter St. John's Educational Charity ('the Charity')
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts to be reached.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 8 November 2022 P D Hudson BA, FCA
Kreston Reeves LLP Chartered Accountants London
Page 8
Sir Walter St. John's Educational Charity
Statement of financial activities for the year ended 5 April 2022
| Note Income and endowments from: Donations and legacies 3 Investments 4 Total income and endowments Expenditure on: Raising funds Charitable activities 6 Total expenditure Net (expenditure)/ income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2022 £ - - - 18,801 - 18,801 (18,801) 368,067 349,266 5,731,561 349,266 6,080,827 |
Restricted funds 2022 £ 30,000 - 30,000 - 10,000 10,000 20,000 - 20,000 10,001 20,000 30,001 |
Unrestricted funds 2022 £ 5,000 181,603 186,603 - 191,548 191,548 (4,945) - (4,945) 140,130 (4,945) 135,185 |
Total funds 2022 £ 35,000 181,603 216,603 18,801 201,548 220,349 (3,746) 368,067 364,321 5,881,692 364,321 6,246,013 |
Total funds 2021 £ 10,001 179,977 |
|---|---|---|---|---|---|
| 189,978 | |||||
| 16,626 167,463 |
|||||
| 184,089 | |||||
| 5,889 1,055,404 |
|||||
| 1,061,293 | |||||
| 4,820,399 1,061,293 |
|||||
| 5,881,692 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 23 form part of these financial statements.
Page 9
Sir Walter St. John's Educational Charity
Balance sheet as at 5 April 2022
| Note Fixed assets Tangible assets 10 Investments 12 Investment property 11 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets excluding pension asset Total net assets Charity funds Endowment funds 16 Restricted funds 16 Unrestricted funds 16 Total funds |
1,446 72,816 74,262 (140,168) |
2022 £ 512 5,375,140 1,000,000 6,375,652 (65,906) 6,309,746 (63,733) 6,246,013 6,246,013 6,080,827 30,001 135,185 6,246,013 |
1,424 73,261 74,685 (127,578) |
2021 £ 767 5,030,093 1,000,000 |
|---|---|---|---|---|
| 6,030,860 (52,893) |
||||
| 5,977,967 (96,275) |
||||
| 5,881,692 | ||||
| 5,881,692 5,731,561 10,001 140,130 |
||||
| 5,881,692 |
The financial statements were approved and authorised for issue by the Trustees on 08 November 2022 and signed on their behalf by:
W Speck
J Radcliffe OBE
The notes on pages 11 to 23 form part of these financial statements.
Page 10
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
1. General information
The Charity is constituted under a Trust deed dated 28 February 1992, which was amended following an Order made by the Charity Commission on 15 March 2004 (under section 26 of the Charities Act 1993). Sir Walter St. John's Educational Charity is a registered charity number 312690. Its principal office is St Mary's School, 7 St Joseph's Street, London, SW8 4EN.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Sir Walter St. John's Educational Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Page 11
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
2. Accounting policies (continued)
2.3 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
| Fixtures and fittings | - 10% Straight line |
|---|---|
| Computer equipment | - 25% Straight line |
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments held as fixed assets are shown at cost less provision for impairment.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 12
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
2. Accounting policies (continued)
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donation Donation Investment income Rental of playing fields Investment income Interest receivable Total 2022 |
Restricted funds 2022 £ 30,000 |
Unrestricted funds 2022 £ 5,000 Restricted funds 2021 £ 10,001 Unrestricted funds 2022 £ 75,822 105,766 15 181,603 |
Total funds 2022 £ 35,000 |
|---|---|---|---|
| Total funds 2021 £ 10,001 |
|||
| Total funds 2022 £ 75,822 105,766 15 |
|||
| 181,603 |
4. Investment income
Page 13
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
4. Investment income (continued)
| Rental of playing fields Investment income Total 2021 |
Unrestricted funds 2021 £ 75,000 104,977 179,977 |
Total funds 2021 £ 75,000 104,977 |
|---|---|---|
| 179,977 |
5. Analysis of grants
| Grants to individuals Strategic grants Small education grants Grants to individuals Strategic grants Small education grants |
Grants to Institutions 2022 £ - 90,000 59,444 149,444 Grants to Institutions 2021 £ - 92,216 18,960 111,176 |
Grants to Individuals 2022 £ 5,000 - - 5,000 Grants to Individuals 2021 £ 10,000 - - 10,000 |
Total funds 2022 £ 5,000 90,000 59,444 |
|---|---|---|---|
| 154,444 | |||
| Total funds 2021 £ 10,000 92,216 18,960 |
|||
| 121,176 |
The Charity has made the following material grants to institutions during the year:
Page 14
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
5. Analysis of grants (continued)
| Name of institution Art 4 Space Brixton Community Caius House CARAS Carers Hub Lambeth Chandran Foundation Cheer Trust Christ Church Primary School Chesterton Primary School Evolve Housing Support Fast Learn to Love to Read Mosaic Clubhouse Oasisplay Parallel Youth Enterprise Providence House Community Centre Sacred Heart Sen Talk CIC South London Refugee Association South Thames College Other grants to institutions |
2022 £ - 7,725 4,530 90,000 9,881 - - 6,370 2,000 - 1,500 10,000 - - 3,000 - 2,000 7,720 1,470 5,000 151,196 (1,752) 149,444 |
2021 £ 1,500 - - - 9,133 3,000 1,500 - - 5,000 - 1,500 92,216 1,505 1,500 2,000 - - - - |
|---|---|---|
| 118,854 (7,678) |
||
| 111,176 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Grants to individuals Strategic grants Small education grants |
Restricted funds 2022 £ - - 10,000 10,000 |
Unrestricted funds 2022 £ 8,543 123,560 59,445 191,548 |
Total 2022 £ 8,543 123,560 69,445 |
|---|---|---|---|
| 201,548 |
Page 15
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
6. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Grants to individuals Strategic grants Small education grants |
Unrestricted funds 2021 £ 13,573 125,135 28,755 167,463 |
Total 2021 £ 13,573 125,135 28,755 |
|---|---|---|
| 167,463 |
7. Analysis of expenditure by activities
| Grants to individuals Strategic grants Small education grants |
Grant funding of activities 2022 £ 5,000 90,000 59,444 154,444 |
Support costs 2022 £ 3,543 33,560 10,001 47,104 |
Total funds 2022 £ 8,543 123,560 69,445 |
|---|---|---|---|
| 201,548 |
| Grants to individuals Strategic grants Small education grants |
Grant funding of activities 2021 £ 10,000 92,216 18,960 121,176 |
Support costs 2021 £ 3,573 32,919 9,795 46,287 |
Total funds 2021 £ 13,573 125,135 28,755 |
|---|---|---|---|
| 167,463 |
Page 16
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Rent Printing, post & stationery Pension Wages & salaries Computer costs Sundry expenses Insurance Subscriptions Travelling Consultancy fees Depreciation Governance costs Total 2022 |
Grants to individuals 2022 £ 540 11 265 2,338 15 37 26 93 1 43 20 154 3,543 |
Strategic grants 2022 £ 5,130 105 2,520 22,210 148 357 241 884 11 410 181 1,363 33,560 |
Small education grants 2022 £ 1,530 31 752 6,624 44 103 71 264 3 122 54 403 10,001 |
Total funds 2022 £ 7,200 147 3,537 31,172 207 497 338 1,241 15 575 255 1,920 |
|---|---|---|---|---|
| 47,104 |
| Rent Printing, post & stationery Pension Wages & salaries Computer costs Sundry expenses Insurance Subscriptions Consultancy fees Depreciation Governance costs Total 2021 |
Grants to individuals 2021 £ 547 6 267 2,360 23 39 26 89 50 20 146 3,573 |
Strategic grants 2021 £ 5,050 57 2,463 21,758 218 363 240 819 466 181 1,304 32,919 |
Small education grants 2021 £ 1,503 17 733 6,474 65 108 72 244 139 54 386 9,795 |
Total funds 2021 £ 7,100 80 3,463 30,592 306 510 338 1,152 655 255 1,836 |
|---|---|---|---|---|
| 46,287 |
Page 17
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
8. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Independent Examiner fees | 1,920 | 1,836 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL).
10. Tangible fixed assets
| Cost or valuation At 6 April 2021 At 5 April 2022 Depreciation At 6 April 2021 Charge for the year At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 |
Fixtures and fittings £ 1,305 1,305 1,305 - 1,305 - - |
Computer equipment £ 9,559 9,559 8,792 255 9,047 512 767 |
Total £ 10,864 |
|---|---|---|---|
| 10,864 | |||
| 10,097 255 |
|||
| 10,352 | |||
| 512 767 |
Page 18
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
11. Investment property
| Valuation At 6 April 2021 At 5 April 2022 |
Freehold investment property £ 1,000,000 |
|---|---|
| 1,000,000 |
The 2022 valuations were made by the trustees, on an open market value for existing use basis.
12. Fixed asset investments
| Cost or valuation At 6 April 2021 Additions Disposals Revaluations At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 |
Listed investments £ 4,869,197 934,358 (994,509) 395,288 5,204,334 5,204,334 4,869,197 |
Capital cash funds £ 160,896 9,910 - - 170,806 170,806 160,896 |
Total £ 5,030,093 944,268 (994,509) 395,288 |
|---|---|---|---|
| 5,375,140 5,375,140 |
|||
| 5,030,093 |
Page 19
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
| 13. Debtors Due within one year Prepayments and accrued income 14. Creditors: Amounts falling due within one year Accruals and deferred income Grants accrued - individual Grants accrued - institutional 15. Creditors: Amounts falling due after more than one year Accrued grants payable to institutions |
2022 £ 1,446 1,446 2022 £ 3,883 5,000 131,285 140,168 2022 £ 63,733 |
2021 £ 1,424 |
|---|---|---|
| 1,424 | ||
| 2021 £ 3,883 5,000 118,695 |
||
| 127,578 | ||
| 2021 £ 96,275 |
Page 20
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
16. Statement of funds
Statement of funds - current year
Unrestricted funds General Funds Endowment funds Endowment Funds Restricted funds The Friends of Battersea Park Environmental and climate change educational support Total of funds Statement of funds - prior year Unrestricted funds General Funds Endowment funds Endowment Funds Restricted funds The Friends of Battersea Park Total of funds |
Balance at 6 April 2021 £ 140,130 5,731,561 10,001 - 10,001 5,881,692 Balance at 6 April 2020 £ 127,616 4,692,783 - 4,820,399 |
Income £ 186,603 - - 30,000 30,000 216,603 Income £ 179,977 - 10,001 189,978 |
Expenditure £ (191,548) (18,801) (10,000) - (10,000) (220,349) Expenditure £ (167,463) (16,626) - (184,089) |
Gains/ (Losses) £ - 368,067 - - - 368,067 Gains/ (Losses) £ - 1,055,404 - 1,055,404 |
Balance at 5 April 2022 £ 135,185 6,080,827 1 30,000 |
|---|---|---|---|---|---|
| 30,001 | |||||
| 6,246,013 Balance at 5 April 2021 £ 140,130 5,731,561 10,001 5,881,692 |
Page 21
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
17. Summary of funds
Summary of funds - current year
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2021 | Income | Expenditure | (Losses) | April 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 140,130 | 186,603 | (191,548) | - | 135,185 |
| Endowment funds | 5,731,561 | - | (18,801) | 368,067 | 6,080,827 |
| Restricted funds | 10,001 | 30,000 | (10,000) | - | 30,001 |
| 5,881,692 | 216,603 | (220,349) | 368,067 | 6,246,013 | |
| Summary of funds - prior year | |||||
| Balance at | Gains/ | Balance at | |||
| 6 April 2020 | Income | Expenditure | (Losses) | 5 April 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 127,616 | 179,977 | (167,463) | - | 140,130 |
| Endowment funds | 4,692,783 | - | (16,626) | 1,055,404 | 5,731,561 |
| Restricted funds | - | 10,001 | - | - | 10,001 |
| 4,820,399 | 189,978 | (184,089) | 1,055,404 | 5,881,692 | |
| Analysis of net assets between funds | |||||
| Analysis of net assets between funds - current year | |||||
| Endowment | Restricted | Unrestricted | Total | ||
| funds | funds | funds | funds | ||
| 2022 | 2022 | 2022 | 2022 | ||
| £ | £ | £ | £ | ||
| Tangible fixed assets | - | - | 512 | 512 | |
| Fixed asset investments | 5,080,827 | - | 294,313 | 5,375,140 | |
| Investment property | 1,000,000 | - | - | 1,000,000 | |
| Current assets | - | 30,001 | 44,262 | 74,263 | |
| Creditors due within one year | - | - | (140,168) | (140,168) | |
| Creditors due in more than one year | - | - | (63,733) | (63,733) | |
| Difference | - | - | (1) | 1 | |
| Total | 6,080,827 | 30,001 | 135,185 | 6,246,013 |
18. Analysis of net assets between funds
Page 22
Sir Walter St. John's Educational Charity
Notes to the financial statements for the year ended 5 April 2022
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Total |
Endowment funds 2021 £ - 4,731,561 1,000,000 - - - 5,731,561 |
Restricted funds 2021 £ - - - 10,001 - - 10,001 |
Unrestricted funds 2021 £ 767 298,532 - 64,684 (127,578) (96,275) 140,130 |
Total funds 2021 £ 767 5,030,093 1,000,000 74,685 (127,578) (96,275) |
|---|---|---|---|---|
| 5,881,692 |
19. Pension commitments
The Charity contributes to a stakeholder pension scheme for its current employee. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £3,537 (2021: £3,463). There were no amounts due to the scheme at 5th April 2022.
20. Related party transactions
The Charity has a Register of Interests which it keeps as a formal record of Trustees' relevant interests. The Register is updated on a regular basis.
No trustee was in receipt of any funds either directly or indirectly during the year.
21. Restricted funds
In the current year a donation of £30,000 was received for providing educational support in the field of environmental and climate change.
In the prior year, The Friends of Battersea Park provided a donation of £10,001 which was to be used to support outdoor learning projects for five local schools to run learning days in the park. This donation was used during the current year, providing poetry, science, geography and citizenship projects by way of providing £2,000 to each school to support additional staff costs, resources and development.
Page 23