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2021-12-31-accounts

ST ANDREW HOLBORN & STAFFORD’S CHARITY

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Registered Charity No. 1095045

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

We present our report and financial statements for the year ended 31 December 2021.

WHO WE ARE

The St Andrew Holborn Charity and Stafford’s Charity were brought together at the beginning of 2018 to form the new united St Andrew Holborn and Stafford’s Charity. The new Charity Is the successor to a long line of charities with thelr roots In some cases reaching back to the 1300s. What all those charitles had In common was a recognition that some people need more support than others and a desire, through Christlan charity, to help them.

WHAT WE DO

The object of the Charity is the relief either generally or Individually of the beneficiaries resident In the following areas of benefit; 1) the ancient parish of St Andrew, Holborn; 2) the parishes of St George the Martyr and St George Bloomsbury; 3) the parlsh of St Pancras and that part of the parish of Holy Cross, Cromer Street which Is to the south of Euston Road; and 4) the City of London and that part of the ancient parish of St Andrew Holborn outside the limits of the City.

We aim to continue the tradition of the charities that have gone before us by helping individuals who live within our area of benefit and who need some extra support. We offer this help on the basis of need and irrespective of background or religious belief.

We aim to help Individuals In two ways:

We also support organisations that promote Inclusion and community cohesion within our area of benefit.

Our plans for the future

We plan to continue to develop and Improve our grant making In order to make the most effective use of the resources avallable to us. We will continue to review our systems and working practices and monitor our performance against the Charity’s objects.

WHERE OUR INCOME COMES FROM AND HOW WE SPEND IT

Our income comes from generous gifts that local people have made In the past to help local people. These gifts have been carefully invested and managed over the years and in 2021 gave us an Income of £422,068 (2020: £457,088),

In 2021, we made grants and annual awards totallng £364,884 (2020: £465,217), This was rather more than our total unrestricted Income for the year. We drew on reserves to pay these grants and to cover the costs of running the charlty (insurances, staff salarles, office expenses, maintenance of the property In South Kensington etc) and, as earlier generations have done, to invest in the future strength of the charity so that we can continue to offer support to those who need It.

HOW WE HELP — ACHIEVEMENTS AND PERFORMANCE

Public benefit

In carrying out our work and preparing this report, we have had regard to the Charlty Commission’s public benefit guidance.

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

HOW WE HELP — ACHIEVEMENTS AND PERFORMANCE (continued)

We alm in making our grants to Individuals to help improve life for the very poorest and those In greatest danger of being or feeling excluded from the community in our area of benefit, It may not be immediately obvious how providing a washing machine or a cooker or a table can help to Improve life beyond simply making life easier, However, a washing machine can mean that a family can spend more tlme together and that children can attend school with clean clothes and not be stigmatised; a cooker that they have the capacity to cook healthier meals rather than rely on costly convenlence food; and a table that they can sit down to eat together or have somewhere to work, do homework and so on,

We make grants to organisations that aim to support as many people as possible to access services and activities that might otherwise be difficult for them to access and will help them participate in and contribute to the local community and society more generally.

In 2021, we made a grant of just over £21,300 to support Mary Ward Legal Centre

The Director of Mary Ward Legal Centre says:

“The grant enabled us to increase our capacity to provide essential specialist welfare benefits advice to people in desperate need to secure their welfare rights, including their disability and sickness benefits and subsistence benefits. The impact on the clients we helped was profound leading to reduced poverty as incomes were increased; reduced homelessness where rent arrears were reduced by securing housing benefit; and improved client wellbeing.”

2021 2021 proved to be another difficult year globally as the coronavirus pandemic continued to spread across the world. The use of vaccines developed In record time helped to ameliorate the worst impacts of the virus, but new variants of the virus presented new challenges and people continued to become Ill and dle In large numbers across the world,

The suffering and grief caused around the world has been hard to witness and we hope and pray that 2022 proves to be the turning point In the struggle against the virus. One thing seems certain, however: the virus is unlikely simply to disappear, so we shall all have to learn to live with it.

The impact of the coronavirus pandemic was felt acutely in London over the winter and spring 2020-2021 as a result of a new, more easily transmissible variant spread across the country and the country entered lockdown once again. A respite over the summer was followed by an Increase In numbers In the autumn and the arrival of another new variant and further restrictions in the winter. The fear and anxlety generated by the virus left London virtually empty of workers and the most vulnerable In our area of benefit (and beyond) feeling fearful and Isolated.

White many people across the country continued to be on furlough in the first half of the year, Anna Paterson, our Grants Officer was more than usually busy with applications for assistance. All of her work was carrled out online and over the telephone since her usual home visits to assess applications were impossible. During the year, Anna received 181 grant applications (2020: 191), which resulted by the end of the year In 167 grants being made to 146 households or individuals (2020: 212 and 158 respectively). As in previous years, the grants we provided were for household items (white goods in particular, but increasingly also for flooring), clothing and educational needs,

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

HOW WE HELP — ACHIEVEMENTS AND PERFORMANCE (continued)

In a difficult year for many of the people and organisations within our area of benefit, grants totalled £360,414 (2020: £462,479), This comprised £147,525 (2020: £157,050) In annual awards (these are for £750 per recipient, paid half In May and half in November; at 31 December there were 200 Annual Awardees (2020: 205)); £850 in a new category of grants paid In instalments three times a year; £65,910 (2020: £66,735) in individual or household grants; and £146,129 (2020: £238,694) to organisations. Once again, we considered three-year funding for certaln projects during the year, but agreed in each case to make grants for one year only and to consider further applications In light of need and developments in subsequent years. We will, though, continue to consider three-year funding where appropriate.

Through our preferred provider, we were able to access a scheme to procure and Install replacement energy efficient kitchen appliances. This scheme enabled us to support 6 households (2020: 25 through two separate schemes) with one or more appliances at no cost to the Charity. This in turn helped release resources for other grants,

There Is a significant number of hostels and refuges within the Charlty’s relatively small area of benefit. As In previous years, we awarded a block grant to St Mungo’s hostel in Endslelgh Gardens to be administered by key support workers to support Individuals. We continued to receive applicattons from key support workers on behalf of residents of other hostels (including for move on costs for independent Ilving) at a steady rate and we agreed grants totaling £10,714 (2020: £7,418). The increase in spending is partly attributable to move on costs and in particular to the need for floor coverings to ensure a new tenancy is not jeopardised by issues related to nulsance noise.

In December 2020, we awarded Citizens Advice Camden £15,000 to support their 2021 programme of volunteer training costs

The CEO of Citizens Advice Camden says:

“During 2021, we continued to respond to the changing advice needs of local people including the impacts of the pandemic, loss of the £20 Universal Credit uplift and rising food and fuel costs. St Andrew’s grant makes a contribution towards the costs of training and supporting our volunteers and has been really important in helping us to do this.”

We continued to work closely with social and health support workers from the local authority and NHS Trusts to ensure those who are not eligible for soclal funding or whose needs exceed statutory support may receive some assistance. These cases often require extraordinary grants beyond the usual £500 maximum and help the more vulnerable living within the Charity’s area of benefit,

Our area of benefit overlaps In part with those of the St Giles & St George Charity and the St Pancras Welfare Trust. We collaborate with these charities in order to direct additional support to those individuals and families who are in most need of it. In 2021 we administered funding amounting to £2,170 (2020: £2,038) on behalf of the St Glles and St George Alms and £2,300 (2020: £700) on behalf of the St Pancras Welfare Trust, included In the total.

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW

Results for the year

During 2021, the Charity returned net income of £855,815. Excluding gains on Investments of £978,735, the Charity achleved net expenditure of £122,920. At the year end, balance sheet resources had increased from £19,439,556 to £20,295,371. These are represented by endowment funds of £16,025,425, restricted funds of £1,366 and unrestricted funds of £4,268,580.

Investments

Durlng 2020 the Finance & Investment Committee undertook a review of Investment performance over recent years. This process resulted In the appointment of Sarasin & Partners LLP after due consideration of a number of possible alternative managers. 2021 represents the first full year of Sarasin’s management of the Charity’s investments.

At the end of the year, income from Investments was up at £422,041 (2020: £337,792).

Property

The Charity owns a property in South Kensington. It was valued in October 2016 at £5,750,000. The property was empty during the whole of 2021 and therefore generated no rental Income at all (2020: £118,949). We decided during the course of the autumn to place the property on the sales market and agreed a sale In December. We expect the sale to be completed early in 2022. The proceeds of sale will be relnvested to ensure a more reliable income without the costs associated with property ownership and the risk of vacant periods between tenancles.

Reserves

At 31 December 2021 unrestricted funds were £4,268,580. Following completion of the investment property's refurblshment, no amounts are currently designated by the trustees for this or other purposes, As such, reserves amounted to £4,268,580.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charities In England and Wales requires trustees to prepare financial statements for each financial year which glve a true and fair view of the state of the charlty’s flnanclal activities during the year and of its financial position at the end of the year. In preparing those financial statements, giving a true and fair view, trustees should follow best practice and:

Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with relevant legislation and the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Governance and administrative detalls of the Charity are to be found on pages 6-8 of this report.

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Approved by the Trustees and signed on their behalf by:

The Rt Revd Jonathan Baker Chairman

Date: 28 June 2022

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees are appointed In accordance with the governing document taking Into account any skills gaps. Initlal meetings are held with the Chairman, fellow Trustees, the Clerk to the Trustees and the Grants Officer. The appointment of co-opted Trustees is approved at a meeting of the full Trustee board.

New Trustees are mentored by an existing Trustee and are provided with a Trustee flle, which includes a copy of the governing document, a copy of the latest annual accounts and a copy of CC3 The Essential Trustee published by the Charity Commission. All Trustees have the opportunity to accompany the Grants Officer to meetings and appointments with prospective beneficiaries of the Charity and have the opportunity to attend trustee training.

Policy Is set by the Trustees. Responsibllity for operational delivery Is delegated to the Clerk to the Trustees.

The Trustees met on four occasions during the year, all by video conference.

The current terms of office of all appolnted and nominated Trustees ended on 31 December 2021. A process was undertaken to appoint Trustees for the following four-year term.

The Charity, its sister charlties at St Andrew Holborn (Bromfleld’s Educational Foundatlon, the St Andrew Holborn Church Foundation, Parish Estates Charlty and Lady Elizabeth Hatton’s Charity) and St Andrew Holborn Trading Ltd have delegated to the Finance and Investment Committee the review of financial and investment matters. The Finance and Investment Committee met twice during the year.

The Grants Officer carries out the day-to-day administration of the Charlty. Within this role the Grants Officer meets individuals and representatives of local organisations to provide background information to the Trustees regarding the needs of the area. In addition, the Grants Officer lialses with other grant glving organisations within the area of benefit and the surrounding area to share best practice. Her work is overseen by the Clerk to the Trustees.

The Charity carries out internal reviews and where necessary appoints professional advisors to advise on the Charity’s strategles.

The Charity has jolnt contracts of employment with Its 4 sister charities at St Andrew Holbom, and with St Andrew Holborn Trading Ltd. Employment costs are shared on a time spent basis. The Finance and Investment Committee reviews salarles on an annua! basis and considers these In {Ine with similar organisations.

The Trustees are very aware they rely on the support of the dedicated and hardworking staff to discharge thelr responslbilities for the smooth running of the Charity. They are particularly grateful for the support provided by Anna Paterson in her role as Grants Officer.

Risk management The Trustees have glven consideration to the major risks to which the Charlty is exposed and satlsfled themselves 7 that systems and procedures are established In order to manage those risks. Risks are reviewed annually. | The Trustees have recognised the risk to the Grants Officer when visiting grant applicants alone. The Trustees | continue to monitor this risk. The Grants Officer Is encouraged to attend lone worker training and regular reviews are carrled out. The Trustees have also recognised the risk to thelr ability to meet their objects assoclated with a vacancy at the property In South Kensington and significant volatility In Investment markets and a resulting loss of investment Income. It was partly to address this Issue that the Trustees agreed In the autumn to market the property in South Kensington for sale and to reinvest the amount reallsed to ensure a more stable income to support their grant making actlvitles,

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| All organisations that are in receipt of a grant from the Charity provide an evaluation measuring the success of the project at the end of the period to which the grant related. These are reviewed and monitored by the Trustees | to ensure that funds granted to the project have been targeted within the area of benefit and applied as agreed. ) Grants to individuals 3 People eligible for grants are those living In the area of benefit who can prove that the items provided will improve : the quallty of their fives. All applicants are assessed by the Grants Offlcer who carries out a home visit. Proof of | income Is required and those with a low Income are eligible for a grant. For education grants proof that a person Is a bona fide student Is required. There is no age limit for a grant and | these are provided to students on low income. Grants are awarded for books, laptops and subsistence. | All recommendations by the Grants Officer for grants and awards are considered by two of the Trustees. |

ST ANDREW HOLBORN & STAFFORD’S CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The Trustees are aware of the risk in respect of the volatility of Investment income restricting the abllity to alleviate need in the area of benefit. The Finance and Investment Committee formally meets the Investment Managers twice a year. The Charity has adopted a balanced Investment strategy with a medium risk tolerance,

Investment Policy

The Trustees’ Investment objective is to achieve a balance between sustainable levels of Income and capital growth in order to preserve the value of the funds in real terms over the longer term. The portfollo Is managed ona total return basls,

The Trustees are committed to responsible investment and take into account environmental, social and governance issues. Our exposure to Investments in assets limited under guidelines Issued by the Church of England's Ethica! Investment Advisory Group is monitored regularly by the Finance and Investment Committee In discussion with our Investment managers.

From 2005-2020, the investment portfollo was managed by Cazenove Capital on an advisory basis. Following a tender process, Sarasin & Partners LLP were appointed to manage the portfolio in May 2020, the transfer from Cazenove Capital being substantially completed by the end of the year. The portfollo now forms part of the Sarasin Endowments Fund Class A Inc. Reporting is quarterly and the overall Investment portfolio is reviewed twice a year by the Finance and Investment Committee. The Charity also holds a small Investment In the Property Investment Trust for Charities (PITCH) managed by Mayfair Capital Investment Management Ltd.

Reserves Policy

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The Trustees alm to achleve a balance between generating a sufficient Income to support the ongoing activities of the Charity whilst malntalning the real capital value of the investments over the longer term.

The St Andrew Holborn and Stafford’s Charity has substantlally endowed funds and Income from those funds supports the Trustees’ objectives. The Trustees have recognised In their risk register the potential for loss of Income arlsing from volatility in investment markets and they therefore maintain a level of reserves sufflctent to | meet their expected future commitments, together with an element of contingency provision agalnst any : significant, unforeseen need. | GRANT MAKING POLICY | Grants to organisations : The Charity awards grant to organisations working with people within the area of benefit and providing relief of ) need. All applicants are visited by the grants officer whose assessments and recommendations are considered by two Trustees for grants up to £1,500 and at a full meeting of the Trustees for grants over £1,500.

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Annual awards are awarded to the long term sick or those with a chronic illness who are on a low weekly Income l.@. using guidelines in the region of less than £75 (for a single person) or £120 (for a couple). In 2020 the beneficiaries received £375 In May and £375 In November. At 31 December there were 200 Annual Awardees. Annual awards are audited annually to ensure that recipients continue to meet the residence requirement.

ADMINISTRATIVE DETAILS

St Andrew Holborn and Stafford’s Charity Is a registered charity governed by a Trust Deed. It Is registered with the Charity Commission under number 1095045, The Charlty’s offices are at 5 St Andrew Street, London EC4A 3AF.

Trustees

Trustees
ex Officio
The Rt Revd Jonathan Baker, Guild Vicar St Andrew Holborn
Bishop of Fulham
Canon Susan Johns Churchwarden of StAndrew Holborn (until 19 May 2021)
Mr Paul Weston Churchwarden of StAndrew Holborn (from 19 May 2021)
The Revd Christopher Smith = Incumbent of St Alban the Martyr
Vacancy Representing the Incumbent of St George the Martyr
Nominated
Cllr Nasim All, OBE Nominated by the London Borough ofCamden
Dr Brian Hanson, CBE Nominated by the Guild Church Councll of St Andrew Holborn
MrJeremy Simons, OBE Nominated by the City of London Corporation (until 31 December 2021)
Mr Paul Martinelli Nominated by the City of London Corporation (from 10 March 2022)
Co-opted
Mrs Jane Cruse (until 20 February 2022)
MrJeremy Simons, OBE (from 1 January 2022)
Mrs Janie Spring
Officers
Clerk to the Trustees Mr Nicholas Hills
Grants Officer Miss Anna Paterson
:
 Principle advisers
Investment managers:		 Sarasin&Partners LLP
Juxon House
: 100 St Paul’s Churchyard London W1G OPU
London EC4M 8BU
Auditors: Knox Cropper LLP
: 65 Leadenhall Street
? London EC3A 2AD
: Bankers: Lloyds Bank plc
Holborn Circus Branch
7 London EC1N 2HP

Solicitors:
LondonEC4M7RD

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| Other information | The other information comprises the information included In the annual report, other than the financial statements | and our auditor’s report thereon. The trustees are responsible for the other Information. | Our opinion on the flnanclal statements does not cover the other information and we do not express any form of : assurance conclusion 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 flnancdial statements or our 3 knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material | inconslstencies or apparent material misstatements, we are required to determine whether there is a material : misstatement In 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 materlal misstatement of this other information, we are : required to report that fact. We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN & STAFFORD’S CHARITY

Opinion

We have audited the financial statements of St Andrew Holborn & Stafford’s Charity (the ‘charity’ for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financlal statements, 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, Including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described In the Auditor’s 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 financlal statements In the UK, Including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficlent and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the golng concern basis of accounting [In the preparation of the financlal statements Is appropriate.

Based on the work we have performed, we have not Identified any material uncertalnties relating to events or conditions that, Individually or collectively, may cast significant doubt on the charity’s abillty to continue as a going concern for a period of at least twelve months from when the financial statements are authorlsed for Issue.

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

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN & STAFFORD’S CHARITY

Matters on which we are required to report by exception

Responsibilities of trustees

As explained more fully in the trustees’ responsibllities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfled that they give a true and falr 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 financial statements, the trustees are responsible for assessing the charlty’s ability to continue as a golng concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees elther intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial 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 flnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 materlal misstatement when It exists. Misstatements can arlse 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 basls of these financlal 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 irregularitles, Including fraud, The extent to which our procedures are capable of detecting irregularities, including fraud is detalled below:

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE ST ANDREW HOLBORN & STAFFORD’S CHARITY

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 mlsrepresentations, or through collusion.

A further description of our responsibllities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www. frc.org.uk/auditorsresponsibilitles. This description forms part of our auditor's report.

Use of our report

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. Our audit work has been undertaken, so that we might state to the charity's trustees those matters we are required to state to them In an auditor’s 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 the charity's trustees as a body, for our audit work, for this report or for the opinions we have formed.

Masay Co

Knox Cropper LLP

Chartered Accountants and Statutory Auditors

65 Leadenhall Street | London EC3A 2AD ) laceSha= 2022 | Knox Cropper LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as | auditor of a company under sectlon 1212 of the Companies Act 2006. | ! | |

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

BALANCE SHEET AT 31 DECEMBER 2021

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|||||||| |---|---|---|---|---|---|---| |Notes|2021|2020| |£|E|E|£| |FIXED|ASSETS| |Investment|Property|8|5,750,000|5,750,000| |Investments|9|14,173,253|13,167,213| |19,923,253|18,917,213| |CURRENT|ASSETS| |Debtors|10|14,257|7,713| |Cash|at|Bank|368,448|926,755| |382,705|534,468| |Creditors:|Amounts|falllng|due| |within|one|year|il|(10,587)|(12,125)| |Net|Current Assets|372,118|522,343| |Total Assets|Less Current|20,295,371|19,439,556| |Liabilities|’| |TOTAL|NET ASSETS|20,295,371|19,439,556| |FUNDS| |Endowment|Funds| |-|Permanent|13|11,556,153|11,154,399| |-|Expendable|13|4,469,272|4,160,022| |16,025,425|15,314,421| |Unrestricted|-|General|Fund|14|4,268,580|4,049,549| |-|Designated|Funds|14|-|75,000| |4,268,580|4,124,549| |Restricted|Funds|12|1,366|586| |TOTAL FUNDS|20,295,371|19,439,556|

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Approved by the Board of Trustees on 28 June 2022 and signed on its behalf by:

TheRtRevdJonathanBakerss” Chairman

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |Note|Total|Funds|Total|Funds| |£|£| |Net Cash|Provided|by|(used|in)|Operating|Activities|A|(544,371)|(661,492)| |Cash|flows|from|investing|activities| |Dividends,|Interest|and|rents|from|Investments|413,369|549,660| |Movement|in|Investment|Manager’s|Cash|1,827|591,480| |.|Proceeds|from|sale|of|Investments|372,291|12,431,868| |Purchase|of Investments|(401,423)|(12,571,588)| |!|Net cash|provided|by|(used|in)|investing|activities|386,064|1,001,420| |Change|in|cash|and|cash|equivalents|in|the|reporting|period|(158,307)|339,928| |||Cash and cash equlvalents at the|beginning|of the|reporting|period|B|526,755|186,827| |||Cash and cash equivalents at the end|of the reporting|period|B|368,448|526,755| |A.|Reconcliilation|of|net income/(expenditure)|to|net|cash|flow|from|operating|activities| |||2021|2020| ||| |3Net|income/ (expenditure)|for the|reporting|period| |||(as|per statement|of financial|activities)|855,815|(1,279,562)| |||(Galns)/Losses|on|Investments|(978,735)|1,098,704| |||Dividends,|interest and|rent from|investments|(422,068)|(457,088)| |||(Increase)/decrease|in|debtors|2,155|2,165| |||Increase/(decrease)|In|creditors|(1,538)|(25,711)| |Net cash|provided|by|(used|in)|operating|activities|(544,371)|(661,492)| |B.|Analysis|of changes|in|net funds|At|01/01/2021|Cashflows|At|31/12/2021| |£|£|£| |Cash|at bank|526,755|(158,307)|368,448|

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(c) Resources Expended : Liabilities are recognised as expenditure as soon as there Is a legal or constructive obligation committing | the Charity to that expenditure, it is probable that settlement will be required and the amount of the | obligation can be measured reliably. All expenditure is accounted for on an accruals basis. | e — Costs of Ralsing Funds | The cost of raising funds consists of investment management fees, costs incurred In maintaining | the Investment property and and an allocatlon of support support costs. | * — Charitable Activities | Costs of Charitable Activities Include grants paid to Individuals and organisations, direct costs | associated with grant-making as well as an apportionment of support support costs. | e Support Costs Costs | Support costs have been allocated between activities based on staff time and include Governance

ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

  1. STATUS

St Andrew Holborn & Stafford’s Charlty is an unincorporated charity, registered with the Charity Commission with registered number 1095045, The Charity’s registered address Is 5 St Andrew Street, London, EC4A 3AF. A description of the Charity’s operations and principal activities can be found In the Report of the Trustees.

  1. ACCOUNTING POLICIES

  2. (a) Basis of Accounting

    • The Accounts have been prepared under the historical cost convention as modifled by the revaluation of investments at market value and In accordance with applicable Accounting Standards. They have been prepared !n accordance with the Statement of Recommended Practice (Accounting and Reporting by Charities) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102 March 2018) and the Charities Act 2011. The Charity constitutes a public benefit entity as deflned by FRS 102.

The accounts have been prepared to give a ‘true and fair view’ and have departed from the Charlties (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charltles Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.

The Trustees consider that there are no uncertaintles about the Charlty’s ablilty to continue as a golng concern.

The functional currency of the Charity is the £ Sterilng.

(b) Income Income {s recognised in the year once the charlty has entitlement to the income, It Is probable that the income will be received and the amount of Income receivable can be measured reliably,

Investment Income Is recognised on the date on which the dividend is payable or the interest arises.

Income Is deferred only when the Charity has to fulfil conditions before becoming entitled to It or the donor has specifled that the Income has to be spent in a future period.

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7 transaction value and subsequently measured at their falr value value as at the balance sheet date uslng the | closing quoted market price. The Statement of Financial Activities Includes the net gains and losses | arising on the revaluatlons and disposals throughout the the year. | Realised gains and losses on Investments are arrived at by comparing the net sale proceeds with the | market value at the end of the previous financial year. Unreallsed gains and losses represent the : difference between the market value of investments still held at the end of the financlal year with their value at the beginning of the year or with their cost if purchased subsequently. : (f) TradeDebtorsand other debtors are recognised at the settlement amount due after any trade discount offered. , Prepayments are valued at the amount prepald net of any trade discounts due. | (f) Cash at bank Cash at bank is defined as 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. Cash held in : accounts with Investment managers in Included within fixed asset Investments, | (f) Creditors and provisions | Creditors and provisions are recognised where the charity has a present obligation resulting from a : past event that will probably result in the transfer of funds to a third party and the amount due to | settle the obligation can be measured or estimated reliably. Creditors and provisions are normally | recognised at thelr settlement amount after allowing for any trade discounts due.

ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES (continued)

(d) Grants Grants payable are charged in the year In which the offer is conveyed to the reciplent except in those cases where the offer Is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. There are also Individual grants, which represent annual awards payable to eligible applicants, as well as other one-off payments, to relieve hardship as approved by the trustees.

(e) Fund Accounting

(i) Restricted Funds;

(g)} Investments The Charlty’s investments are a form of basic financlal Instrument and are initially recognised at thelr transaction value and subsequently measured at their falr value value as at the balance sheet date uslng the closing quoted market price. The Statement of Financial Activities Includes the net gains and losses arising on the revaluatlons and disposals throughout the the year.

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES (continued)

(h) Significant Judgements and Estimation Uncertainties

Fair Value of Investment Property

Investment Property is measured at fair value at each reporting date with changes in fair value recognised In the Statement of Financial Activities. The trustees assess the fair value of the investment property based on recent market values and perlodically obtain a professional valuation. In determining the fair value on this basis, the valuation remains sensitive to fluctuations In the property market.

As described In note 8 to the financial statements, land and buildings are stated at fair value based on the valuation performed by an independent professional valuer Knight Frank, Chartered Surveyors with experience in the location and category of property valued. The vaiuer used observable market prices adjusted as necessary for any difference in the future, jocation, or condition of the specific asset.

  1. INVESTMENT INCOME
INVESTMENT INCOME
Total Total
2021 2020
£ £
Rental Income ~ 118,949
Investment Income 422,041 337,792
Interest Recelvable 27 347
422,068 457,088

4. RAISING FUNDS

RAISING FUNDS
2021 2020
£ £
Investment Managers Fees 70 44,892
Investment Property Costs — Insurance, Repair & Renewals 122,334 64,538
Support Costs (Note 6) 6,050 4,710
128,454 114,140

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

5. CHARITABLE ACTIVITIES

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: : : |

Total Total
2021 2020
£ £
Grant-making
Annual Award to Indlviduals 147,525 157,050
Grants - Individuals 71,230 69,473
- Organlsatlons (Note 5a) 146,129 238,694
364,884 465,217
Staff Costs 37,890 37,647
Other Costs 1,314 2,919
Support Costs (Note 6) 19,971 21,750
99,175 61,916
Total Charitable Activities 424,059 527,133
(a) Grants awarded to organisations are shown below;
2021 2020
Organisation £ £
Akash Residents’Association - 9,150
Age UK Camden - 15,200
Age UK East London 10,000 -
C4WS Homeless Project 1,000 200
Calthorpe Project
Citizen AdviceCamden
CCIWBS		 -
.
9,500		 19,400
15,000
9,514
Coram’s Fields 14,544 30,000
Fitzrovia Community Centre 800 -
Holborn Community Association 20,000 35,400
Home Start Camden & Islington - 8,000
KCBNA 13,240 41,620
Kids — Home Learning Support 15,782 15,854
MaryWard Legal Centre 21,323 9,656
October Gallery 10,000 -
Only Connect 15,000 10,000
Salvation Army - 200
Single Homelessness Project - 200
StGeorge the Martyr School 5,005 -
St Mungo’s 6,935 600
Street Storage 3,000 2,200
Women@thewell Project - 16,500
146,129 238,694

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

  1. CHARITABLE ACTIVITIES (continued)

(b) Reconciliation of Grants Payable

(b) Reconciliation of Grants Payable
2021 2020
Organisation £ £
Commitment at 1 January 6,045 14,939
Commitments made in year (above) 364,884 465,217
Grants pald durlng the year (368,494) (474,111)
Commitments at 31 December 2,435 6,045
Creditors due within one year (Note 11) 2,435 6,045
6. SUPPORT COSTS
2021 2020
£ £
Staff Costs 10,579 11,817
Administration Cost Recharge 7,680 7,098
Insurance 1,480 1,442
Sundry Expenses 162 211
Governance Costs 6,120 5,892
26,021 26,460

Governance Costs Includes amounts payable to the auditor of £6,120 (2020: £5,892).

  1. STAFF COSTS
STAFF COSTS
2021 2020
£ £
Salaries 40,237 40,861
Soclal Security 4,208 4,517
Pension Contributlons 4,024 4,086
48,469 49,464

The Charity’s employees have joint contracts of employment with the 4 sister charities at St Andrew Holborn and with St Andrew Holborn Trading Ltd. Together they employed an average of 5 (2020: 7) staff during the year, one of whom received employee benefits of £60,000 - £70,000 (2020: none). Employment costs are shared on a time spent basis.

Key management personnel is defined as the trustees and the Clerk to the Trustees. No trustee recelved any remuneration for their role as a trustee (2020: ENil). The total remuneration of key management personnel was £73,484 (2020: £72,392) of which the Charity’s share was £7,305 (2020: £7,253).

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

  1. INVESTMENT PROPERTY
INVESTMENT PROPERTY
2021 2020
£ £
Investment Property at MarketValue
At 1 January 2021 5,750,000 5,750,000
Revaluation in Period - -
At31 December 2021 5,790,000 5,790,000
CostofProperty 6,000 6,000

The Investment property was valued at £5.75m In October 2016 by Knight Frank, Chartered Surveyors, on an open market value basis on the assumption of vacant possession In accordance with the guidelines used by the Royal Institute of Chartered Surveyors. The trustees commenced marketing the property for sale during the perlod.

9, QUOTED INVESTMENTS

1 |

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QUOTED INVESTMENTS
2021 2020
£ £
(a) Quoted Investments at MarketValue 14,173,252 13,165,385
Cash with Investment Managers 1 1,828
Total Investments 14,173,253 13,167,213
(b) Movement In Investments
Market value as at 1 January 2021 13,165,385 14,124,369
Addltions
Disposals		 401,423
(372,291)		 12,571,588
(12,431,868)
Investment
- Reallsed
gains/(losses)
- Unreallsed		 808
977,927		 (1,272,076)
173,372
Market value at31 December 2021
Cost at31 December 2021		 14,173,252
Pl
ekldLarc
12,946,446		 13,165,385
ea eao
12,924,398
Investments with more than 5% ofmarket value, which are considered to be material.
%of
SarasinEndowmentFunds 96.2 13,636,807

Quoted Investments with more than 5% of market value, which are considered to be material.

The carrying amount of financlal assets measured at fair value through Income and expenditure within Investments is £14,173,252 (2020: £13,165,385).

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

10. DEBTORS AND PREPAYMENTS

.

DEBTORS AND PREPAYMENTS
2021 2020
£ £
Prepayments &Other Debtors 745 4,430
Investment Income Recelvable 11,148 2,449
Parish Estates Charity 2,215 834
Bromfleld’s Educational Foundation 149 -
14,257 7,713
  1. CREDITORS DUE WITHIN ONE YEAR
2021 2020
£ £
StAndrew Holborn Trading 21 -
StAndrew Holborn Church Foundation 210 128
Accruals & Deferred Income 7,921 5,952
Grants Payable (Note 5b) 2,435 6,045
10,587 12,125

7 12. RESTRICTED FUNDS | Balance at Income Expenditure Balance at | 01/01/2021 31/12/2021 | |St Glles in the Fields and : Bloomsbury United Charity 461 2,950 (2,170) 1,241 | St Pancras Welfare Trust 125 2,300 (2,300) 125 : Other - 780 (780) - ; 586 6,030 (5,250) 1,366 ? Balance at Income Expenditure Balance at 01/01/2020 31/12/2020 £ £ £ £ : St Giles in the Fields and : Bloomsbury United Charity 906 1,593 (2,038) 461 | St Pancras Welfare Trust 125 700 (700) 125 | _ 1,031 2,293 (2,738) 586

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7 | )

ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12. RESTRICTED FUNDS (continued)

St Giles-in-the-Fields and Bloomsbury United Charity

This fund represents monies received In respect of Charitable Donations from St Giles-in-the-Fields and Bloomsbury United Charity to provide grants to indlviduals,

St Mungo’s

This fund represents monies recelved from collections at Christmas carol services specifically to be donated to St Mungo’‘s.

St Pancras Welfare Trust

This fund represents monies received to support familles Ilving within the overlapping area of benefit.

  1. ENDOWMENT FUNDS

14.

ENDOWMENT FUNDS
Permanent Expendable Total
£ £ £
Balance at i January 2021 11,154,399 4,160,022 15,314,421
Net Movement in Funds 401,754 309,250 711,004
Transfer - - -
Balance at 31 December 2021 11,556,153 4,469,272 16,025,425
Balance at 1 January 2020 11,630,992 4,526,878 16,157,870
Net Movement in Funds (476,593) (366,856) (843,449)
Transfer - - -
Balance at 31 December 2020 11,154,399 4,160,022 15,314,421
UNRESTRICTED FUNDS
General Designated Total
£ £ £
Balance at 1 January 2021 4,049,549 75,000 4,124,549
Net Movement in Funds 144,031 - 144,031
Transfer 75,000 (75,000) -
Balance at 31 December 2021 4,268,580 - 4,268,580
Balance at 1 January 2020 4,495,217 65,000 4,560,217
Net Movement in Funds (435,668) - (435,668)
Transfer (10,000) 10,000 -
Balanceat31December2020 4,049,549 75,000 4,124,549

UNRESTRICTED FUNDS

| The Designated fund was established to provide for the costs of refurbishing the Charity’s investment property, : which was completed during the year.

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

15, NET ASSETS BETWEEN FUNDS

Unrestricted
Funds		 Restricted
Funds		 Restricted
Funds		 Endowments 2021
Total
£ £ £ £
Fixed Assets 3,897,828 - 16,025,425 19,923,253
Current Assets 381,339 1,366 - 382,705
Current Liabillties (10,587) - - (10,587)
4,268,580 1,366 16,025,425 20,295,371
Unrestricted
Funds		 Restricted
Funds		 Endowments 2020
Total
£ £ £ £
Fixed Assets 3,602,792 - 15,314,421 18,917,213
Current Assets 533,882 586 ~ 534,468
Current Liabillties (12,125) - - (12,125)
4,124,549 586 15,314,421 19,439,556

16. TRUSTEES’ REMUNERATION AND EXPENSES

No remuneration, directly or indirectly, out of the funds of the Charity was pald or payable for the year to any Trustee or to any person or persons known to be connected with any of them.

No trustees were reimbursed for expenses during the year (2020: none).

  1. TAXATION

St Andrew Holborn & Stafford’s Charity Is a reglstered charity and fs potentially exempt from taxation In respect of income and capital galns recelved within the categories covered by Part II of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Galns Act 1992 to the extent that such income or gains are applied to charitable purposes,

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ST ANDREW HOLBORN & STAFFORD’S CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

18. RELATED PARTIES

The Charity Is under the control of Its Trustees who are the Vicar and one of the two churchwardens for the time being of the Guild Church St Andrew Holborn, the Incumbent of the benefice of St Alban the Martyr Holborn with St Peter Saffron Hill, the Incumbent of St George the Martyr Queen Square, one nominee each of the Gulld Church Council of St Andrew Holborn, the London Borough of Camden and the Corporation of the City of London plus five co-opted trustees.

The following parties are considered related to the Charity by virtue of having common trustees and shared employees:

St Andrew Holborn Church Foundation acts as paymaster for the staff employed under jolnt contracts of employment. The Charity pald £48,469 (2020: £49,464) to St Andrew Holborn Church Foundation for Its share of employment costs. St Andrew Holbom Church Foundation charged the Charity £7,680 (2020: £7,098) as a contribution to overheads and recharged expenses incurred on the Charity’s behalf amounting to £497 (2019: £977). At the year end, £210 (2020: £128) was owed to St Andrew Holborn Church Foundation.

The Charity receives a 2/27th share of income from Parlsh Estates Charity amounting to £1,381 (2020: £834). At the year end £2,215 (2020: £834) was due from Parish Estates Charity.

St Andrew Holborn Trading Ltd charged the Charity £21 (2020: E£Nil) for meeting facilltles. At the year end, £214 (2020: ENIl) was owed to St Andrew Holborn Trading Ltd.

  1. EVENTS AFTER THE END OF THE REPORTING PERIOD In early 2022 the Charity completed the sale of Its investment property achieving a sale price of £6,250,000.