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← St Catherine Foundation

2024-12-31-accounts

Registered company number 3091163 Registered charity number 1053138

SAINT CATHERINE FOUNDATION

(a charitable company limited by guarantee) Report and Financial Statements for the year ended 31 December 2024

SAINT CATHERINE FOUNDATION

Report and Financial Statements for the year ended 31 December 2024

Charity Details ........................................................................................................ 1 Trustees’ Report ..................................................................................................... 3 Independent Auditors’ Report ................................................................................ 8 Statement of financial activities (incorporating an income and expenditure account) – year ended 31 December 2024 ............................................................ 11 Balance sheet as at 31 December 2024 ................................................................. 12 Notes to the Financial Statements ........................................................................ 13

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SAINT CATHERINE FOUNDATION

Charity Details

Status

Saint Catherine Foundation ('the Foundation') is a company limited by guarantee and a registered charity in England and Wales governed by its memorandum and articles of association.

Registered charity number: 1053138 Registered company number: 3091163

Trustees

The trustees of the Foundation are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The trustees serving during the year and up to the date of signing of the financial statements were as follows:

  1. Prof. Oriana Baddeley *

  2. Dr Sebastian Brock

  3. Earleen Brunner *

  4. Dimitri Dondos (Chairman) *

  5. Gillian Dondos

  6. Chris Fitzgerald (resigned 29 February 2024)

  7. Dr Petros Koufopoulos

  8. Aliki-Marcadia Lampropoulos

  9. Dorothy Latsis

  10. Dr George Manginis

  11. Prof. Charles Méla

  12. Vasileios Milias (Treasurer) (appointed 18 March 2024, elected as Treasurer 29 January 2025)

  13. Dr Demetri Porphyrios (resigned 2 September 2025)

  14. Prof. Doctor Claudia Rapp

  15. HRH Crown Princess Katherine of Serbia

  16. James Screech (resigned 8 September 2025)

  17. Jennifer Stone

  18. John Studzinski

  19. Dr Mahrukh Tarapor (resigned 22 July 2025)

  20. Revd Dr George Tsourous

The trustees have agreed that those trustees marked * have delegated responsibility on behalf of the board for the approval of these financial statements.

Company Secretary

Heather Ravenberg Smith

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SAINT CATHERINE FOUNDATION

Principal office

14 Cleveland Row London SW1A 1DP

Registered office

14 Cleveland Row London SW1A 1DP

Independent Auditors

PricewaterhouseCoopers LLP 1 Embankment Place London WC2N 6RH

Solicitors

Arbor, 255 Blackfriars Road London SE1 9AX

Bankers

National Westminster Bank Plc 180 Brompton Road London SW3 1HL

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SAINT CATHERINE FOUNDATION

Trustees’ Report

for the year ended 31 December 2024

Objects

The Charity's objects are:

(i) the promotion for the benefit of the public of research into and study of the manuscripts of the library of St Catherine's monastery in Sinai and to publish the useful results of such research thereof;

(ii) the advancement of public education (by inter alia the publication of the results of such research and such other means as the Trustees shall determine) of the public in the history of the monastery, its architecture, icons and manuscripts and other treasures.

In furtherance of its objects, it is empowered by its articles of association to ensure the security of the manuscripts and to provide facilities (including the conservation, restoration, storage and display of the manuscripts) for the study of and conservation of the manuscripts.

Public benefit

The trustees have had regard to Charity Commission guidance on public benefit in section 4 of the Charities Act 2011.

Organisation

During the year the Foundation employed one member of staff.

Major decisions are made at board level. General organisation and day-to-day decisionmaking are effected by selected trustees and the one member of staff, its senior administrator.

Trustee recruitment and appointment

Trustees are empowered to propose board candidates, as per the Foundation’s articles of association, either to fill a casual vacancy or by way of addition. Candidates are asked to submit to the board of trustees a CV with a covering letter and, in some cases, make a short presentation at a board meeting. They are then assessed by the board of trustees against a list of desirable characteristics covering skills, experience and knowledge. Subject to agreement by the trustees, the chairman will officially invite the candidate to join the board.

Related parties

The Foundation considers its trustees (see list on page 1), their close family members and their related entities to be related parties. Details of transactions with these parties are set out in Note 9.

Review of activities

In 2024, the Saint Catherine Foundation continued its core mission of preserving the historic collections and architectural fabric of St Catherine’s Monastery in Sinai. The Foundation’s two principal projects, the South Range Project and the Library Conservation Project, form part of a long-term programme to safeguard this unique monastic and cultural heritage site.

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SAINT CATHERINE FOUNDATION

These efforts have been developed in partnership with the Ligatus Research Centre at the University of the Arts London and under the expert guidance of Professor Nicholas Pickwoad, a leading authority on book conservation.

Following the completion of the first phase of library renovations in 2017, work continues on preparing the next stage of development, which includes the installation of dedicated conservation and digitisation workshops. These facilities will support the preservation of the monastery’s manuscript collection - one of the oldest and most significant in the world. While some preparatory work was completed in 2022, the main construction phase is scheduled to begin once sufficient funding is secured.

The Foundation also continued to support the production of custom-designed, stainlesssteel conservation boxes for the library’s most fragile manuscripts. Manufactured by a specialist fabricator, these boxes are engineered to ensure long-term protection in the monastery’s unique desert environment. To date, 800 out of the planned 2,187 boxes have been completed and delivered.

In February 2024, the Foundation co-hosted a successful event in New York with the American Associates of the Saint Catherine Foundation. The evening featured a private viewing of the Metropolitan Museum’s Africa & Byzantium exhibition, followed by a reception. The event generated both public awareness and financial support - raising £20,022 in income for Saint Catherine Foundation, the proceeds having been shared equally with the American Associates.

Finally, the Foundation continued to generate additional income through the annual sale of its charity Christmas cards, in support of conservation and public education efforts.

Review of transactions and financial position

During the year, funding of £96,450 (2023: £48,735) was received through memberships, donations, sales of Christmas cards and publications, and tuition fees for the Ligatus Summer School. The increase is due to donations by the Swiss Foundation towards the boxing project. £2,037 (2023: £1,371) was received as interest on cash held. Expenditure, including total charitable expenditure of £88,771 (2023: £43,349), amounted to £116,275 (2023: £68,011). This resulted in total funds carried forward of £84,126 (2023: £101,914), of which £30,656 (2023: £29,523) were restricted, and £53,470 (2023: £72,391) were unrestricted.

Outgoings for 2024 were limited mainly to essential operational expenses (including the Foundation’s one member of staff). The main project outgoings costs related to the manuscript boxing project and the Ligatus Summer School, which has its roots in the Foundation’s research into the manuscript collection at St Catherine’s. Expected outgoings for 2025 include the same operational expenses, and the Foundation maintains sufficient funds to meet such outgoings.

Funds available and going concern

The Foundation’s trustees, when deciding what commitments to undertake in support of its charitable objectives, carefully take into account its existing reserves and projected future fundraising activities.

Based on the total funds carried forward of £84,126, consisting of £53,470 unrestricted funds and £30,656 restricted funds as set out on page 12, the trustees confirm that the Foundation's assets are available and adequate to fulfil its obligations for the period of at least 12 months from the date of signing of the financial statements. Based on the projected revenue and budgeted expense for the period in question, the trustees conclude that the charity is a going concern.

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SAINT CATHERINE FOUNDATION

Investment powers

Under the memorandum and articles of association, the Foundation has the power to make any investment that the trustees see fit.

Reserves policy

Reserves are being held in order to accumulate the required funding for future projects relating to the Monastery, including the second phase of the South Range Project, and a programme of conservation for the manuscripts at the Monastery’s library.

In the medium-term, the current reserves are considered by the trustees to be sufficient for their purposes. The reserves position is monitored on an ongoing basis, and funds are planned for charitable expenditure accordingly.

This policy is reviewed during the trustees’ normal annual meetings.

Risk review

The trustees have conducted their own review of the major risks to which the charity is exposed, and systems have been established to mitigate those risks.

Internal risks are minimised by the implementation of financial controls in the form of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the Foundation.

The unpredictable nature of fundraising for the Foundation’s projects, especially in the current financial climate, are managed in two ways. First, a subset of trustees meets periodically to review the Foundation’s commitments and plan events to raise the funds to meet them. Second, with regard to the more ambitious building and other projects at the Monastery, their execution is carefully planned in a staged fashion, such that once a particular milestone is achieved, the project can be paused to allow for fundraising for the next stage, if required, without negative consequences to the overall success of the initiative.

Small Companies Exemption

The Trustees’ Report (which is also the Directors’ Report) has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies which gives exemption from preparing the full Trustees’ Report. The exemption has been taken to not prepare a Strategic Report as the Foundation is a small company.

Other matters

As at 31 December 2024, cash funds of the Foundation are principally held in deposit accounts.

Supporters

Saint Catherine Foundation gratefully acknowledges support from many individuals and organisations by way of encouragement, donated goods or services and direct funding. Without this support, Saint Catherine Foundation would not exist.

In particular, the contributions made by the American Associates of the Saint Catherine Foundation in New York, and the Association suisse des Amis de la Fondation SainteCatherine (Swiss Friends of the Saint Catherine Foundation) in Geneva, have been

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SAINT CATHERINE FOUNDATION

instrumental in the realisation of the Foundation’s objects, which are shared by these two organisations.

Plans for future development

Looking ahead, the Foundation is developing a range of public-facing initiatives to grow awareness and support in the UK:

These activities reflect the Foundation’s commitment not only to conservation, but to meaningful public engagement with one of the world’s most extraordinary religious and cultural sites.

Guarantors

The liability of each member of Saint Catherine Foundation, in the event of winding up, is limited by guarantee to £10.

Statement of trustees’ responsibilities

The trustees (who are also directors of Saint Catherine Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulation.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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SAINT CATHERINE FOUNDATION

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In accordance with Section 418, in the case of each trustee in office at the date the Trustees’ Report is approved:

(a) so far as the trustee is aware, there is no relevant audit information of which the company’s auditors are unaware; and

(b) they have taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Independent auditors

A resolution to reappoint PricewaterhouseCoopers LLP as auditors to the Foundation was approved at the annual general meeting on 25[th] September 2025.

Approved by the trustees and signed by their order by

==> picture [107 x 49] intentionally omitted <==

Heather Ravenberg Smith Company Secretary 25[th] September 2025

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SAINT CATHERINE FOUNDATION

Independent Auditors’ Report

to the members of Saint Catherine Foundation

Report on the audit of the financial statements

Opinion

In our opinion, Saint Catherine Foundation’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 December 2024; the statement of financial activities (incorporating an income and expenditure account) for the year ended; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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 charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

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SAINT CATHERINE FOUNDATION

With respect to the Trustees' Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Trustees’ Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Report for the period ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of trustees’ responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they 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 financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 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.

Based on our understanding of the charitable company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results or to conceal the misappropriation of assets. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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SAINT CATHERINE FOUNDATION

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: prepare financial statements in accordance with the small companies’ regime; take advantage of the small companies’ exemption in preparing the Trustees’ Report; and take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

David Hagger (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London

25 September 2025

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SAINT CATHERINE FOUNDATION

Statement of financial activities (incorporating an income and expenditure account) – year ended 31 December 2024:

Notes Unrestricted Funds
2024
£
Restricted Funds
2024
£
Total funds
2024
£
Income and endowments from:
Donations and legacies
2
Charitable activities
Investments
Total
Expenditure on:
Raising funds
Charitable activities
4
Total
Net (expenditure)/income
Total funds brought forward
Total funds carried forward
Notes		 17,345
47,209
64,554
31,896
–
31,896
2,037
–
2,037
51,278
47,209
98,487
27,504
–
27,504
42,695
46,076
88,771
70,199
46,076
116,275
(18,921)
1,133
(17,788)
72,391
29,523
101,914
53,470
30,656
84,126
Unrestricted Funds
2023
£
Restricted Funds
2023
£
Total funds
2023
£
Income and endowments from:
Donations and legacies
2, 8
Charitable activities
Investments
Total
Expenditure on:
Raising funds
Charitable activities
4, 8
Total
Net (expenditure)/income
Total funds brought forward
Total funds carried forward		 24,029
8,613
32,642
16,093
–
16,093
1,371
–
1,371
41,493
8,613
50,106
24,662
–
24,662
43,349
–
43,349
68,011
–
68,011
(26,518)
8,613
(17,905)
98,909
20,910
119,819
72,391
29,523
101,914

The financial activities above relate wholly to the continuing activities of Saint Catherine Foundation. The notes on pages 13 to 18 form part of these financial statements.

The charity has no recognised gains and losses other than those shown above and therefore no statement of total recognised gains and losses has been presented.

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SAINT CATHERINE FOUNDATION

Balance sheet as at 31 December 2024

Registered company number 3091163

2024 2023
Notes £ f
Current assets:
Debtors 6 19,000 23,052
Cash at bank and in hand 67,984 82,319
Total_current_assets 86,984 105,371
Liabilities:
Creditors: amounts falling due within one year 7 (2,858) (3,457)
_Net current_assets 84,126 101,914
Total assets_less_current liabilities 84,126 101,914
Total_net_assets 84,126 101,914
The funds of the charity:
Unrestricted funds 53,470 72,391
Restricted income funds 8 30,656 29,523
Total charity funds 84,126 101,914

The financial statements on pages 11 to 18 were approved and authorised for issue by the trustees on 25[th ] September 2025 and were signed on their behalf by: LEI Vassil s Milias Treasurer

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SAINT CATHERINE FOUNDATION

Notes to the Financial Statements

for the year ended 31 December 2024

1 Principal accounting policies

Accounting conventions

The annual report and financial statements have been prepared on a going concern basis, in compliance with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Saint Catherine Foundation qualifies as a small company and as a consequence, it is exempt from the requirement to publish a cash flow statement under FRS 102. The principal accounting policies adopted are as follows:

Going concern

Based on the total funds carried forward of £84,126 (2023: £101,914), consisting of £53,470 (2023: £72,391) unrestricted and £30,656 (2023: £29,523) restricted funds as set out on page 12, the trustees confirm that the Foundation's assets are available and adequate to fulfil its obligations for the period of at least 12 months from the date of signing of the financial statements. The trustees have considered the projected revenue and budgeted expenses for the period in question. The trustees have also considered the elements of fixed costs and the elements of costs which are solely at their discretion over this period. When deciding what commitments to undertake in support of its charitable objectives, the trustees carefully take into account its existing reserves and projected future fundraising activities. Based on the evaluation of these factors the trustees conclude that the charity is a going concern.

Income

Income from activities for fundraising, including donations income, is accounted for in the period of receipt when entitlement has been agreed. Membership income is accounted for as a donation when it is received. Investment income is accounted for in the period to which it relates and accrued for as such. All income is shown gross of related expenditure.

Donated services

Donated services for the charity's own use are recognised in the Statement of Financial Activities as both income and expenditure at a reasonable estimate of their value, in the period in which they are received.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of resources.

The costs of raising funds include the salary and overhead costs of the Foundation’s one staff member who undertakes fundraising activities and the marketing and publicity costs associated with raising the profile of the Foundation. Costs of direct charitable activity are included within direct charitable expenditure and are those costs arising directly from the delivery of the Foundation's objectives.

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1 Principal accounting policies (continued)

Governance costs, in compliance with constitutional and statutory requirements, include audit costs, relevant legal expenses and the costs of staff whose function is the administrative support of the trustees. Where these are donated services they are recognised as a reasonable estimate of their value to the charity and an estimate of what the charity would pay in the open market for these services.

Funds

The charity holds during the year both restricted and unrestricted funds. Restricted funds comprise of monies for a specified purpose as determined by the trustees. The only current restricted funds for the charity are those raised to support the Bedouin community around the Monastery of St Catherine, the majority of which have been disbursed, and those that will fund the manufacture of the stainless steel boxes that will protect the manuscripts at the monastery’s library. Unrestricted funds comprise of monies that may be used towards meeting the charitable objectives of the charity at the discretion of the trustees.

Taxation

As a registered charity, the Foundation is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies which are described in this note.

The key areas of estimation within these financial statements relate to the value of donated services and the allocation of support costs. Donated services are valued at the reasonable estimate of their fair value in line with the Charities SORP. Support costs are allocated to each activity in line with the method prescribed in note 5.

The Foundation’s related organisations, the American Associates of the Saint Catherine Foundation and The Swiss Friends of the Saint Catherine Foundation make contributions towards the Foundation’s project expenditure and administrative costs. In 2024 this included £46,076 by the Swiss foundation for the stainless steel boxing project.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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SAINT CATHERINE FOUNDATION

2 Donations and legacies

2
Donations and legacies
Unrestricted Funds
2024
£
Restricted Funds
2024
£
Total funds
2024
£
Income and endowments from:
Membership and donations
Donated services
Total		 4,345
47,209
51,554
13,000
–
13,000
17,345
47,209
64,554
Unrestricted Funds
2023
£
Restricted Funds
2023
£
Total funds
2023
£
Income and endowments from:
Membership and donations
Donated services
Total		 11,029
8,613
19,642
13,000
–
13,000
24,029
8,613
32,642

PricewaterhouseCoopers LLP is remunerated by way of an allocation from the EFG International AG audit fee. As a result, the external audit fee is not payable by the Foundation. The audit fee is treated as a benefit in kind with the amount recognised as the fair value that the Foundation believes they would pay for external audit services. The corresponding amount is included within 'Governance’ support costs (note 5).

3 Management and administration

3
Management and administration
2024
£
2023
£
Wages and salaries
National Insurance
Employment allowance credit
Pension expense
Other management and administration costs
Total		 35,350
35,350
3,965
5,938
(5,000)
(5,093)
1,321
1,321
2,083
1,706
37,719
39,222

One member of staff was employed by the Foundation during the year. There are no employees who received employee benefits (excluding employer pension costs) of more than £60,000 (€70,000). None of the trustees received any remuneration in respect of their services to the charity during the year. Contributions of £10,100 and £5,050 by the US and Swiss foundations respectively were made towards salary expense, and the figure shown here represents the net expenditure incurred by the Foundation.

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SAINT CATHERINE FOUNDATION

4 Charitable activities

Activity or programme Grant funding
of activities
2024
£
Support
costs
2024
£
Total
2024
£		 Grant funding
of activities
2023
£
Support
costs
2023
£
Total
2023
£
Preservation
Research & education
Financial assistance
Total		 46,415
25,523
71,938
8,150
8,683
16,833
–
–
–
0
19,61119,611

8,181
15,55723,738

–
–
–
54,565 34,206
88,771
8,181 35,168 43,349

Direct charitable expenditure was covered by unrestricted funds.

5 Analysis of support costs

Support cost Raising
funds
2024
£
Charitable
activities
2024
£
Grand total
2024
£
Basis of allocation
Governance
Human
Resources
Finance
General office
Total
Support cost		 971
12,063
13,034% of total expenditure for raising funds and
charitable activities
19,859
19,859
39,718Estimate of time spent
33
407
440Direct cost; % of total expenditure for raising
funds and charitable activities
2,249
1,877
4,126Direct cost; % of total expenditure for raising
funds and charitable activities; estimate of time
spent
23,112
34,206
57,318
Raising
funds
2023
£
Charitable
activities
2023
£
Grand total
2023
£
Basis of allocation
Governance
Human
Resources
Finance
General office
Total		 4,519
8,494
13,013% of total expenditure for raising funds and
charitable activities
13,728
25,494
39,222Estimate of time spent
177
333
510Direct cost; % of total expenditure for raising
funds and charitable activities
1,883
848
2,731Direct cost; % of total expenditure for raising
funds and charitable activities
20,307
35,169
55,476

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SAINT CATHERINE FOUNDATION

6 Debtors

6
Debtors
2024
£
2023
£
Other debtors
Prepayments
Accrued income
Total		 17,805
21,674
1,096
926
99
452
19,000
23,052

Other debtors being amounts due from connected charities and payments owed by donors and sponsors. Accrued income relates solely to the Foundation’s November and December 2024 HMRC Gift Aid claims.

7 Creditors: amounts falling due within one year

2024
£
2023
£
Other creditors
Total		 2,858
3,457
2,858
3,457

Other creditors being year-end invoices not due for payment until 2025.

8 Restricted income funds

1stJanuary
2024
£
Income
2024
£
Expenditure
2024
£
31stDecember
2024
£
Financial assistance
Manuscript boxing programme
Total		 129
–
–
129
29,394
47,209
46,076
30,527
29,523
47,209
46,076
30,656
1stJanuary
2023
£
Income
2023
£
Expenditure
2023
£
31stDecember
2023
£
Financial assistance
Manuscript boxing programme
Total		 129
–
–
129
20,781
8,613
–
29,394
20,910
8,613
–
29,523

Restricted funds include: a) those raised to support the Bedouin community around the Monastery of St Catherine that is involved in the protection of the manuscripts and other treasures at the monastery, and which had experienced financial difficulties in the recent past resulting from a terrorism-related drop in tourism in South Sinai; b) donations made for the manuscript boxing programme.

18

SAINT CATHERINE FOUNDATION

9 Related party transactions

As at 31 December 2024, one trustee made a donation in the amount of £21 (2023: £325). One trustee was reimbursed for travel expenses in the amount of £350 (2023: £0).