Charity number: 312690 SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY CONTENTS Page Reference and Administrative Details of the Charlty, fts Trustees and Advisers Trustses. Report Independent Auditors, Report on the Financial Statements ststement of Flnanclal Actlvltles 8-11 12 Balance Sheet 13 Notes to the Flnanclal Statements 14-29
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2024 Trustees W Speck, Cowopted Trustee, Chair of Trustees B Fairbank, Nominated Trustee (Nominee, Sinjuns Association), Vice Chair M Bates, Co-opted Trustee, Chair of Grants Committee G Allen, Co-opted Trustee V Asante, Nominated Trustee (Nominee, Wandsworth Council} S Beg, Nominated Trustee (Nominee. Wandsworth Council} (appointed 18 May 2023} Cllr. L Bray, Nominated Trustee (Nominee, Lambeth Council) Canon S Butler, Ex-officio Trustee (resigned 26 June 2024) D Daytes, Co-opted Trustee M Hassan, Nominated Trustee (Nominee, Wandsworth Council) (appointed 28 May 2024) D Makwana, Nominated Trustee (Nominee, Wandsworth Council) (appointed 28 May 2024) S Rackham, Co-opted Trustee J Radcliffe OBE, Nominated Trustee (Nominee, Wandsworth Council) (resigned 28 May 2024) Cllr. D Robson, Nominated Trustee (Nominee, Lambeth Council) Col. M Stratton CBE, Co-opted Trustee The Ven. S Taor MBE, EXffici0 Trustee {appointed 26 June 2024) Cllr. M Tiller, Nominated Trustee (Nominee, Wandsworth Council) S Wilkie, Nominated Trustee (Nominee, Wandsworth Council) (resigned 28 May 2024) Charity reglstered number 312690 Prffinclpal office st Mary's School 7 St Joseph's Street London SW84EN Independont audltors Soteriou Baneiii Chartered Accountants 253 Gravs Inn Road London WC1X 8QT Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Advisors Cazenove Capital Management 1 London Wall Place London EC2Y SAU Page 1
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 5 April 2024. The Trustees confirm that the annual report and financial statements of the Charity ¢omply with current statutory requirements, the requirements of the Charitvs governing document and the provisions of the Statsment of Recommended Practice ISORP) 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 20191. Objectlves and activities Policies and objectlves The principal object of the Charity is to provide grant funding for the promotion of 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 fomer Metropolitan Borough of Battersea. There have been no changes to the objects since the last annual report. The Charity's grants programme supports educational activities benefiting disadvantaged children. The Charty invites applications for grants from organisations that will improve the lrfe 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 of education and providing support for several years. At present, the focus for this activity is on the educational aspects of EarFy Years projects, the educational needs arising from mental health and supporting the educational needs of school age refugees and asylum seekers. 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 achi8ving objectlves The Charity continues to give priority to activities benefiting the educational needs of the following groups of local children and young people.. very young children l early year5. intervention. refvgees of secondary school age who are unaccompanied minors andlor those who have had little or no previous fonnal education. - young carers. disaffectedllow-achieving childrenlyoung people in danger of dropping out of education. The Charity also welcomed applications for projects that supported young people experiencing educational challenges as a result of the Covid-19 pandemic. The Charity employs a part4ime Manager who in addition to managing the day to day operations of the Charity and oversight of all projects, pro-actively facilitates strategic work to develop educational inFtiatives and networks that meet the Charitls objectives. Partnerships include working with local schools, the Friends of Battersea Park, 8nd environmental charities. Page 2
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Objectives and activltles Icontlnued> c. Actlvltles undertaken to achieve objectives The Charity's funding assisted in delivering a range of educational projects including: tutoring I mentoring programmes after school activities and homework clubs outdoor learning programme for local primary schools • summer play schemes early years reading, stories and rhymes educational excursions and, environmental I climate change projects. d. Main activities undgrtaken to further the Charlty's purposes for the publlc benefit Small Educational Grants Small Educational Grants are awarded to llxal voluntary and community organisations to support educalional 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. Grants of between £6.000 to £10,000 The pUose of the Charity's grants bebNeen £5,000 to £10,000 per grant is to enable small organisations to build capacity for educational purposes. These grants may be used to support.. start up running costs for new educational projects, - the purchase of equipment for educational projects, costs that will demonstrably support educational organisations to grow and develop. Trustees hope that thes8 grants may also lead some relevant organisations to apply for a larger strategic grant at a later date. Strateg1¢ Grants Duting 2023124. strategic grants were paid to Kathertne Low Settlement, CARAS and Mosaic Clubhouse. The Grant to Katherine Low Settlement enabled educational mentoring support and advocacy for refugee pupils, The CARAS grant was used to carry out @ducational outreach and advocacy 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 grdnts programme submit quarterly wrrtten reports to update the Charivs Trustees on progress. The strategic granl organisations continue to meet quarterly and work together, forming an Advisory Group, to share infomiation, 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 assist the educational needs oftwelve students, all of whom were either lone parents or potentially homeless young people aged under 25 living in Wandsworth or Lambeth. Page 3
SIRWALTER ST. JOHN'S EDUCATIONAL CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Achievements, performance and assets a. Maln achlevements of the Charity During 2023124, the level of grants awarded was £88,546 (202212023.. £203,323). Details of grants agreed during the year are included at note 6. 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 2023124, the Charity made grant payments to 20 organisalions totalling £176,294 (202212023.. 23 organisations totalling £191,759) including grant payments brought forward from the previous financial year. Further information on grants awarded during the current year can be obtained from the Charivs office which is based at st Mary's Primary School. Trustees were also pleased to continue to facilitate a 3-year Earfy Years reading project delivered by Learn to Love to Read. Cllmate Change Inltlatlves A further generous donation of £30,000 from a lo¢al donor enabled the Charity to continue to promote and award gr8nts to local schools and community groups to support educational environmentsl projects that tackle issues arising from Climate Change. These projects took place throughout 2023124. Trlnity Fields The Charity owns the freehold interest of Trinity Fields and on 4 August 2017 granted a fifty year lease to Trinity Fields Trust. This lease brings in an annual rent of £75,000 which assists the Chariiy in its grant giving. Heritage Assets Heritage assets are assets with historic, artistic. scientific. technological, geophysical or environmental qualities that are held and maintained principally for their contrrbution to knowledge and culture and this purpose is central to the entity holding them. The Charivs heritage assets meet this definition. The Charitys heritage assets were acquired on 28 February 1992 following the amalgamation of the Charitys five predecessor Charities to form the Sir Walter St. John's Educational Charity. The assets include three paintings on loan for display at Lydiard House. 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 Conrn basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. Page 4
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED S APRIL 2024 b. R8serv8s policy The Trustees look to maintain the minimum level of unrestricted reseNe8 that will permit it to maintain its day to day activities. There are occasions when the level of the unrestricted reseNes is higher than the Trustees would ideally like to hold due to the lack of suitable grant applications at those times. The Charity is dependent on income from its investments. During 2023124, this amounted to £217,091 (2022123.. £200,810). In the financial year 2023124, the Charity continued to employ Cazenove Capital Management as investment advisors and managers. The Charity aims to diversify tts portfolio in accordance with its governing document and on the best professional advice so as to provide the greatest return sustainable in real terrns 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 reseNes'> should be maintained at a level equivalent lo not less than half the projected annual income from the Charitls inveslments. At 5 April 2024, the Charity held reserves of £6,325,046 1202212023: £5,901,406) which are held within Endowment fvnds of £6,094,534 (202212023.. £5,774,631), Unrestricted funds of £229,542 (202212023.'£124,275) and Restricted funds of £970 (202212023.. £2,500). Structure, governance and management Page 5
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY TRUSTEES, REPORT (CONTINUED> FOR THE YEAR ENDED 5 APRIL 2024 Structure, governance and management (¢ontlnued) a. Constltutlon Sir Walter St. John's Educational Charity is a registered charity, number 312690, and is constituted under a Scheme dated 28 February 1992, which amalgamated five predecessor Charities. The Scheme has subsequently been amended several times. The management of the Charity is the responsibility of the Trustees who are appointed under the terms of the Scheme which allows for the appointment of nineteen Trustees, of whom nine are cOpted, nine are nominated (fiv8 by Wandsworth Borough Council, by Lambeth Borough Council, one by the Senate of the University of London and one by the Sinjuns Association) and one that seNes 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 Charitys objectives. infomiation 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 full meetings of the Trustees are held three times a year, and the proceedings of committee meetings are reported to these meetings for confimation. The Grants Committee meets four tim&s a year, and has delegated authority to approve grants of up to £10,000. The Finance and Investment Committee meets lce a year to consider financial issues and review the performance of the Charitls investments. Any matters arising from the Trinity 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 811 day-to4ay 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 finanS, and are satisfied that systems are in place to manage those risks. Plans for future periods Following receipt of positive reports from the strategic projects working in connection with the educational needs of young refugees and asylum seekers and a third strategic grant project supporting the educational needs of young peopl& with mental health issues the Trustees continue to support these projects subject to their continued success in achieving their objectives. The Charily continues to facilitate Advisory Group meetings for all strdtegic grant projects. b. Methods of appolntment or alaction of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Scheme. Page 6
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 statement of Trustees, responslbllltles 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 resourc8s and application of resources, including Its income and expenditure, for that perlod. In preparing these financial statemonts, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financi81 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 Charit8 transactions 8nd 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 Scheme. 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. Disclosure of Infomiatlon to audltors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit information of which the charitys auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charity's auditors are aware of that infomiation. Auditors The auditors, Soteriou Banerii, have indicated their willingness to continue in office. The designated Trustees will propose a motion to select the auditors at a meeting of Trustees. Approved by order of the members of the board of Trustees on 7 January 2025 and signed on their behalf by.. W Speck (Chair of Trustees) Page 7
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY Oplnion We have audited the financial statements of Sir Walter St. John's Educational Charity (the 'Charty') for the year ended S April 2024 which comprise the Statement of Financial Adivities, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards and the guidance provided by the °Charities SORP (FRS 102) Accounting and Reporting by Chartties.. 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). In our opinion the financi81 statements: give a true and fair view of the state of the charitys affairs as at 5 April 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Oui responsibiltties under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's EthirAI Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charivs ability to continue as a going concem for a period of at least e1ve months from when the financial statements are aLrthorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY (CONTINUED) Other Informafjon The other infomiation comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requlred to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Other Matters In the previous accounting period the Trustees of the charity took advantage of the audit exemption available to charities below audit thresholds. Therefore the prior period financial statements were subject to an independent examination and not subject to audit. Comparative amounts in the financial statements are disclosed as unaudited. Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infomation given in the Trustees, Report is inconsistent in any material respect with the financial ststements., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and retums,. or we have not received all the information and explanations we require for our audit. Responslblllties of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the fi'nancial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Page 9
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY {CONTINUED) Auditors. responslbllltles forthe audlt of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial stalements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable 8ssur8nce is a high level of assurance, but is not a guarantee that an audit conducted in accordants with ISAS (UK) will always detect a material misstatement when it exist8. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Discussions were held with management with a view to identrfying those laws and regulations that could be expected to have a material impact on the financial statements. The outcomes of these discussions were considered during our audit. The following laws and regulations were identified as being of significance to th8 charity.. Those laws and regulations considered to have a direct effect on the financial statements include FRS 102 and the Charities SORP. Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include the Charities Act 2011. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of.. inquiries of management as to whether the entity complies with such laws and regulations., enquiries concerning any actual or potential litigation or claims and the performance of analytical review to identify unexpected movements in account balantss which may be indicative of fraud. No instances of material non-compliance were identrfied. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the charitls controls, and the nature, timing and extent of the audit prOdureS perfomied. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAS (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page 10
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY {CONTINUEDI Use of our report This report is made solely to the charity's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to state lo them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its truste as a body, for our audit work, for this report, or for the opinions we have formed. Soterlou Banerli Chartered Accountants 253 Gray's Inn Road London WC1X 8QT 7 January 2025 The auditors Soteriou Banerji have indicated their willingness to continue in office. The designated Trustees will propose a motion to selecl the auditors at a meeting of Trustees. Page11
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Total funds Unaudited 2023 Endowment funds 2024 Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Note Income and endowments from: Donations and legacies Investments 30,000 7,500 217,091 37,500 217.091 16,440 200,810 Total Income and endowments 30,000 224,591 254,591 217,250 Expendlture on: Raising funds Charitable activtties 18,122 18,122 150,854 18,666 255,661 49,458 101,396 Total expendlture 18,122 49,458 101,396 168,976 274,327 Net (expenditure)lincome before net gainsl(losses) on investments Net gainsl(losses} on investments 118,122) (19,458 123,195 85,615 (57,077) 338,025 338,025 (287,530) Net Incomel{expendlture) Transfers between funds 319,903 (19,458) 123,195 423,640 (344,607) 18 17.928 (17,928) Net movement In funds 319,903 (1,530) 105,267 423,640 (344,607) Reconciliation of funds: Total funds brought fomard Net movement in funds 5,774,631 319,903 2,500 (1.530) 124,275 105,267 5,901,406 423.640 6,246,013 (344,607) Total funds carrfed forward 6,094,534 970 229,542 6,325,046 5,901,406 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 29 form part of these financial statements. Page 12
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY BALANCE SHEET AS AT 5 APRIL 2024 Unaudited 2023 2024 Note Fixed assets Tangible assets Investm8nts Investment property 12 14 13 670 5,408.583 1,000,000 1,148 5,054,684 1,000,000 6,407,253 6,055,832 Current assets Debtors Cash at bank and in hand 15 1.783 52,666 2,117 59,072 54,449 61,189 Creditors: amounts falling due within one year 16 (101,656) (132,923) Net current liabilities (47,207) (71,734) Total assets188s current Ilabllltles 6,360,046 5,984,098 Creditors.. amounts falling due after more than one year 17 135,000 (82,692) Net assets excluding pension asset 6,325,046 5,901,406 Total net assets 6,325,046 5,901,406 Charlty funds Endowment funds Restricted funds Unrestricted funds 18 18 18 6,094.534 970 229,542 5,774,631 2,500 124,275 Total funds 6,325,046 5,901,406 The financial statements were approved and authorised for issue by the Trustees on 07 January 2025 and signed on their behalf by.. W Spack (Chair of Trustees} The notes on pages 14 to 29 form part of these financial statements. Page 13
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 General Information The Charity is constituted as an unincorporated organisation under a Charitsble Scheme dated 28 February 1992, and subsequently amended several times with the last amendment made on 7 April 2020. Sir Walter St. John's Educational Charity is a registered charity number 312690. Its principal office is St Marls School, 7 St Joseph's Street, London, SW8 4EN. Accounting policies 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102> and the Charities Statement of Recommended Practise (SORP} "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}" (effective 1 January 2019). 2.2 Going concern There are no material uncertainties regarding going conrn 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the ncome 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. 2A 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 s8tt1ement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of grants, direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attribLrtable to a single activity are allocated directly to that activity. Support costs are those that assist the work of the Charity but do not direct represent charitable activities. Support 'costs are apportioned beeen activities in proportion to classrfication of those activities. Expenditure on raising funds includes all expendtture incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and nonwcharitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitls objectives, as well as any associated support costs. Grants payable are charged in the year when the offer made has been accepted eXpt in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo acceptance or to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Page 14
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (contlnued) 2.4 Expenditure (contlnued) All expenditure is inclusive of irrecoverable VAT. 2.5 Tanglble flxed assets and depreclation Tangible fixed assets 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 th8 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, using the straight4ine method. Depreciation is provided on the following basis.. Fixtures and fittings Computer equipment 25/D 2.6 Heritage assets Heritage assets are not capitalised due to unavailability of cost or valuation infomiation, with such information not being obtainable at a cost commensurate with the benefit to the users of the accounts and to the Charity. 2.7 Investments Fixed asset investments are a fonn of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balan 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 'Gainsl{LossesJ on investments, in the Statement of Financial Activities. Investments held as fixed assets are shown at fair value at each balance sheet date. 2.8 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. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-tern highly liquid investments with a short maturtiy of three months or less from the date of acquisition or opening of the deposit or similar account. Page 15
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting polici6s (continued) 2.10 Llabilities 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 8mount 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 seNices it must provide. Prowsions 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 liabilty. The unwinding of the discount is recognised in the Statemenl of Financial Activities as a finance cost. 2.11 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instnjments. Basic financial instruments are initially recognised at transaction valu8 and subsequentty measured at their settlem&nt value with the exception of bank loans which are subsequent measured at amortised cost using the effective interest method. 2.12 Pensions The Charf(y operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.13 Fund accounting General funds are unrestrided funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charty and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordan 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. Invesknent income, gains and losses are alEocated to the appropriate fund. Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations 30,000 7,500 37,500 Page 16
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Income from donatlons and legacies (continued) Restricted Unrestricted funds funds Unaudited Unaudited 2023 2023 Total funds Unaudited 2023 Donations 7,840 8,600 16,440 Inv8Stment Income Total funds Unaudited 2023 Unrestricted funds 2024 Total funds 2024 Rental of Trinity Fields - operating lease Investment income from securities Interest receivable 75,000 126,042 16,049 75,000 126,042 16.049 75,000 121,328 4,482 217,091 217.091 200,810 Investment management costs Total fund8 Unaudited 2023 Endowment funds 2024 Total funds 2024 Investment management fees 18,122 18.122 18,666 Page 17
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysls of grants Grants to Grants to Instltutlons Individuals 2024 2024 Total funds 2024 Grants to individuals Strategic grants Small education grants 5,000 5.000 17,119 66,427 17,119 66,427 83,546 5,000 88,546 Grants to Institutions Unaudited 2023 Grants to Individuals Unaudited 2023 Total funds Unaudited 2023 Grants to individuals Strategic grants Small education grants 8,682 8,682 111,648 82,993 111,648 82,993 194,641 8,682 203,323 The Chartty has made the following material grants to institutions during the year.. Page 18
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysis of grants (continued) Unaudited 2023 2024 Name of institution Katherine Low Settlement Learn to Love to Read Carers Hub Lambeth The Baytree Centre Triangle Adventure Playground Assocation Sen Talk CIC South Thames College Bounce Theatre Climate ED FAST 90,000 35,000 20,000 10,000 9,797 9,475 5,000 10,000 19,574 5,000 2,500 5,000 5,000 Caras Oasis Play Vauxhall City Farm Chesterton Primary School st Mary's RC Primary School Battersea 19,393 4,155 3,575 4,931 4,550 73,678 9,868 189,272 Other grants to institutions 5,369 83,546 194,641 Analysls of expendlture on charltable actlvltles Summary by fund type Restrlcted Unrestrlcted funds funds 2024 2024 Total 2024 Grants to individuals strategic grants Small education grants 8,518 17,119 75,759 8,518 17,119 125,217 49,458 49,458 101,396 150,854 Page 19
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysls of expenditure on charitable activities (continued) Summary by fund type (continued) Restricted Unrestricted funds funds Unaudited Unaudited 2023 2023 Total Unaudited 2023 Grants to individuals Strategic grants Small education grants 12,599 148,838 58,884 12,599 148,838 94,224 35,340 35,340 220,321 255,661 Analysis of expenditure by actlvltles Grant funding of activities 2024 Support costs 2024 Total funds 2024 Grants to individuals Strategic grants Small education grants 5,000 17,119 66,427 3.518 8,518 17,119 125,217 58,790 88,546 62,308 150,854 Grant funding of activities Support costs Unaudited Unaudited 2023 2023 Total funds Unaudited 2023 Grants to individuals strategic grants Small education grants 8,682 111,648 82,993 3,917 37,190 11,231 12,599 148,838 94,224 203,323 52,338 255,661 Page 20
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of expenditure by activities (continued) Analysis of support costs Small education grants 2024 Grants to Indlvlduals 2024 Strategic grants 2024 Total funds 2024 Staff costs Depreciation Rent Printing, post & stationery Computer costs Sundry expenses Insurance Subscriptions Travelling Consultancy fees Audit fees 2.259 27 407 11 22 22 25 105 37,751 451 6.793 191 356 376 426 1.758 40,010 478 7,200 202 378 398 451 1,863 184 474 2,728 7,926 2,892 8,400 3,518 58.790 62,308 Small education grants Unaudited 2023 Grants to individuals Unaudited 2023 Strategic grants Unaudited 2023 Tolal funds Unaudited 2023 Staff costs Depreciation Rent Printing, post & stationary Computer costs Sundry expenses Insurance Subscriptions Travelling Consultancy fees Governance costs 2,778 19 539 16 32 39 21 132 26,391 182 5,131 148 280 365 201 1,254 7,872 37,041 255 7,200 283 395 517 282 1,760 27 2,268 2,310 1,530 119 83 113 60 374 22 513 491 168 173 1,587 1,646 3,917 37,190 11,231 52,338 Page 21
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysis of expenditure by activities (cont(nued} Anatysis of support costs (continued) Auditors, remuneratlon Unaudited 2023 2024 Fees payable to the Charivs auditor for the audit of the Charitys annual accounts 6,000 Fees payable to the Charivs auditor in respect of.. All non-audit seNices not included above 2NOO 10. Staff costs Unaudited 2023 2024 Wages and Salaries Contribution to defined contribution pension schemes 37,440 2,570 33,292 3.749 40,010 37,041 The average number of persons employed by the Charity during the year was as follows: Unaudited 2023 No, 2024 No. Administration No employee received remuneration amounting to more than £60,000 in elther year. 11. Trustees, remuneration and expenses During the year, no Trustees recerved any remuneration or other benefrts (2023 - £NIL). During the year, no Trustee expenses have been incurred12023 - £NIL). Page 22
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12. Tanglble fixed assets Fixtures and Comput8r fittings equipment Total Cost or valuation At 6 April 2023 1,305 10.450 11,755 At 5 April 2024 1,305 10,450 11,755 Depreciation Al 6 April 2023 Charge for the year 1,305 9,302 478 10.607 478 At 5 April 2024 1,305 9,780 11,085 Net book value At 5 April 2024 670 670 At 5 April 2023 - Unaudited 1.148 1.148 Herltage Assets The charrts heritage assets comprise of chattels acquired on Ihe amalgamation of its five predecessor charities under the charitable Scheme dated 28 February 1992. Chief 8mongst these chattels are three portrait paintings held on loan and displayed at Lydiard House. The insurance value of these three works of art is £42,000. In the opinion of the Trustees, reliable information on cost or valuation is not available owing to the lack of infomiation on transfer cost and the lack of comparable market values. These chattels are not therefore reported as assets in the Balance Sheet. Page 23
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 13. Investment property Freehold investment property Valuation Al 6 April 2023 1,000,000 At 5 April 2024 1,000,000 The 2024 valuations were made by the trustees, on an open market value under the existing use basis. 14. Flxed asset Investments other fixed List8d asset investments investments Total Cost or valuatlon At6 April 2023 Additions Disposals Revaluations 4,847,754 2,077,844 {1,696,327 {64,517 206,930 34,899 5,054,684 2.112,743 (1.696,3271 (64,517} At 5 April 2024 5,164,754 241,829 5A06,583 Net book value At 5 April 2024 5,164,754 241,829 5,406,583 At 5 April 2023 4,847,754 206,930 5.054,684 Page 24
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 15. Debtors Unaudited 2023 2024 Due withln one year Prepayments and arUed income 1,783 2,117 1.783 2,117 16. Credltors: Amounts falling due wlthin one year Unaudited 2023 2024 Accruals and deferred income Grants accrued - institutional 12,823 88,833 4,033 128,890 101,656 132,923 17. Creditors: Amounts falling due after more than one year Unaudited 2023 2024 Accrued grants payable to institutions 35,000 82,692 Page 25
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 18. Statement of funds Statement of funds - current year Unaudited Balance at 6 Aprll 2023 Transfers Inlout Gainsl {Lossesl Balance at 5 Aprll 2024 Income Expendlture Unrestricted funds General Funds - all funds 124,275 224,591 (101,396) (17,928) 229,542 Endovnnent funds Endowment Funds- all funds 5,774,631 {18,122) 338,025 6,094.534 Restricted funds Friends of Battersea Park Environmental and climate change educational support 2.500 (2.5001 30.000 (49,458) 20,428 970 2,500 30,000 149,4S8) 17,928 970 Total of funds 5,901,406 254591 {168,9761 338,025 6,325,046 Restrlcted funds The Climate Change fund relates to a £30,000 donation made by a local donor who requested that funds be used to support environmental educational projects. The donor has also confirmed that any unused funds and resulting gift aid income may be treated as unrestrided income. The Friends of Battersea Park fund related to funds received for a grant to St John Bosco School which was paid during the year. The Battersea Society fund relates to funds received for a grant to Learn to Love to Read, the first instalment of which was paid during the year. Page 26
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 18. Statement of funds (continued) Statement of funds - prior year Unaudited Balance at 1 April 2022 Unaudited Balan at 5 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestrlcted funds General Funds - all funds 135,185 209,410 {220,321) 124,275 Endowment funds Endowment Funds - all funds 6,080,827 (18,666) {287,530) 5,774,631 Restricted funds Friends of Battersea Parf( Environmental and climate change educational support Battersea Society 2,840 {2,840) (1) 30,000 (30,000) 5,000 {2,500) 2,500 30,001 7,840 (35,340) (1) 2,500 Totsl of funds 6,246,013 217,250 (274,327) {287,530) 5,901,406 Page 27
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 19. Analysls of net assets between funds Analysis of net assets betwoen funds - current period Endowment Restricted Unrestrictod funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year 670 312,049 670 5,406,583 1,000,000 53,479 54,449 (101,658) {101,656) (35,000) (35,000) 5,094,534 1,000,000 970 Total 6,094,534 970 229,542 6,325,046 Analysis of net assets between funds - prior period Endowment Restricted Unrestricted funds funds funds Unaudited Unaudited Unaudited 2023 2023 2023 Total funds Unaudited 2023 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year 1.148 280,053 1,148 5,054,684 1,000,000 58,889 61,189 (132,923) (132,923) (82,692) (82,692) 4,774,631 1.000,000 2,500 Total 5,774,631 2,500 124,275 5,901,406 20. Pension commltments 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. Th@ pension cost represents contributions payable by the Chartty to the fund and amounted to £2,570 {2023.' £3,749). There were no amounts due to the scheme at 5 April 2024. Page 28
SIR WALTER ST. JOHN'S EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 21. Operating lease commltments At 5 April 2024 the Charity had commilments to make future minimum lease payments under non- cancellable operating leases as follows: Unaudited 2023 2024 Not later than 1 year 7,200 2,400 The operating lease commitment is in relation to office premises. The lease for the office premises expired on the 21st of August 2023. The charity has entered into an arrangement to continue using the premises for a rolling annual rent of £7,200. 22. Related party transactions The Charity has a Register of Interests which it keeps as a fomal record of Trustees, relevant interests. The Register is updated on a regular basis. There have been no related party transactions requiring disclosure in 2024. Page 29