ST ANDREW HOLBORN & STAFFORD'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity No. 1095045
ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 We present our report and financlal statements for the year ended 31 December 2023. WHO WE ARE The St Andrew Holborn Charity and Stafford's Charity were brought together at the beginnlng of 2018 to form the new unlted St Andrew Holborn and Stafford's Charlty. The new Charity Is the successor to a long line of charities wlth thelr roots In some cases reachlng back to the 1300s. What all those charities had in common was a recognltlon that some people need more support than others and a desire, through Christian charity, to help them. WHAT WE DO The object of the Charlty Is the relief elther generally or Indlvidually of the beneficiaries resldent In the followlng areas of benefit. l) the anclent parish of St Andrew, Holborn; 2) the parlshes of St George the Martyr and St George Bloomsbury; 3) the parlsh of St Pancras and that part of the parlsh of Holy Cross, Cromer Street which is to the south of Euston Road. and 4) the City of London and that part of the anaent parish of St Andrew Holborn outside the limits of the City. We alm to contlnue the tradition of the charltles that have gone before us by helping individuals who Ilve withln our area of beneflt and who need some extra support. We offer this help on the basis of need and Irrespectlve of background or religious belief. We aim to help indivlduals In ways: by buylng energy efflclent applIan$ and other household goods to help them and thelr famlly - these mlght Include washlng machlnes, cookers, fridge-freezers, beds and mattresses or carpets In a Ilmlted number of speclal cases, by maklng an annual cash awardi pald twlce a year, to supplement their household Income We also support organlsatlons that promote Incluslon and communlty cohesion within our area of beneflt. Our plans for the future We plan to continue to develop and improve our grant making In order to make the most effettlve use of the resources available to us. We will continue to review our systems and working practlces and monltor our perfomiance against the Charlty's objects. WHERE OUR INCOME COMES FROM AND HOW WE SPEND rr Our income comes from generous glfts that local people have made in the past to help local people. These glfts have been carefully Invested and managed over the years and in 2023 gave us an Income of £724,079 (2022: £576,920). In 2023, we made grants and annual awards totsling £548,927 (2022: £360,899). HOW WE HELP- ACHXEVEMENTS AND PERFORMANCE Public beneflt In carrying out our work and preparing this report, we have had regard to the tharity Commlsslon's PLSbllc beneflt guidance. 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 obvlous how provlding a washing machine or a cooker or a table can help to improve life beyond simply making life easier. However, a washing machlne can mean that a famlly can spend more time together and that children can attend school wlth clean clothes and not be stigmatised. a cooker that they have the capaclty to cook healthler meals rather than rely on costly Convenien food; ar]d a table that they can sit down to eat together or have somewhere to work, do homework and so on.
ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 HOW WE HELP- ACHIEVEMENTS AND PERFORMANCE (continued) We make grants to organisations that aim to support as many people as posslble to access services and actlvltles that might otheNise be difficult for them to access and wlll hdp them partiapate in and contribute to the local communlty and society more generally. 2023 After the sadness of the Covid pandemic, 2023 felt more like°buslness as USLkil" despite the challenges presented by the continuing cost of living crlsis. The poorest In our community have once agaln been hardest hlt by circuffl5tans beyond thelr control and we continue to do what we can to help those In greatest need of our assistance. During the year, we received 129 grant appllcatlons (2022: 156), which resulted by the end of the year In 119 grants being made to 117 households or Indlvlduals (2021: 137 and 124 respectlvely), As In previous years, the grants we provided were for household items (white goods in partlcular, but Increasingly also for flooring), clothlng and educatlonal needs. In another dSfflcult year for many of the people and organisatlons wlthln our area of beneflt, grants totalled £548,927 (2022: £360,899). Thls comprised £126,525 (2022: £140,400) In annual awards and termly grants,, £66,599 (2022: £67,708) in individual or household grants; and £355,803 (2022: £152,791) to organlsatlons. Annual awards are for £750 per redplent, pald half In May and half in November. At 31 December 2023 there were 165 reciplents (2022.. 183). Termly grants are paid to families with one or more chlldren wlth a disability and are pald In Instalments three times a year at the start of the school term and are paid on a scale beeen £450 and £750 a year depending on the needs of the chlld. In 2023, £2,100 (2022: £1,900) was awarded In termly grants. Once agaln, we consldered three-year funding for certaln projects, but agreed In all but one case (payments for years two and three are conditlonal on satisfactory progress reports) to contlnue to make grants for one year only and to conslder further applications Sn Ilght of need and developments in subsequent years, We wlll contlnue to conslder three-year fundlng where approprlate. There is a significant number of hostels and refuges within the Charlty's relatlvely small area of benefit. We awarded a block grant to St Mungo's for use In all the hostels they run In our area of benefit to be admlnlstered by key support workers to support Indlviduals. We continued to recelve appllcatlons from key support workers on behalf of residents of other hostels (Includlng for move on costs for independent Ilvlng) at a steady rate and we agreed grants totalling £5,750 (2022: £4,780). We contlnued to work closely with soclal and health support workers from the local authorlty and NHS Trusts to ensure those who are not eligible for social funding or whose needs exed statutory Support may re5Ve some assIstan. These cases often requlre extraordinary grants beyond the usual £500 maximum and help the more vulnerable Ilvlng withln the Charity's area of benefit. Our area of beneflt overlaps in part wlth those of St Giles & St George Alms and the St Pancras Welfare Trust. We collaborate with these charlties In order to direct addltlonal support to those Indlvlduals and famllles who are most need of it. In 2023 we administered funding amounting to £3,651 (2022,. £1,874) on behalf of St Giles and st George Alms and £4,430 (2022: £3,575) on behalf of the St Pancras Welfare Trust, Included in the total. In addltlon, our Grants Officer made dlrect approaches on behalf of applicants to Westmlnster Almshouses Foundation and the Royal Theatrical Fund securing grants of £339 and £410 respectively.
ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Results for the year During 2023, the Charlty returned net income of £528,520. Excluding net galns on Investments of £420,767, the Charlty achleved net income of £107,753. At the year end, balance sheet resour$ had Increased from £18,162,723 to £18,691,243. These are represented by endowment funds of £14,473,366, restricted funds of £1,476 and unrestricted funds of £4,216,401. FINANCIAL REVIEW (continued) Investments At the end of the year, Income from investments was up at £724,079 (2022: £576,920). Reserves At 31 December 2023 unrestrlcted funds were £4,216,401, of whith £420,000 were deslgnated by the Trustees, meaning reserves were £3,796,401. STATEMENT OF TRUSTEES, RESPONSIBILITIES Law appllcable to charltles In England and Wales requlres trustees to prepare flnancial statements for each financlal year whlch glve a true and fair vlew of the state of the charlty's financial activitles durlng the year and of Its financlal position at the end of the year. In preparlng those financlal statements, glving a true and falr view, trustees should follow best practi and: select sultable accountlng policies and apply them conslstentlyi observe the methods and prlndples in the Charltles SORP make judgments and estlmates that are reasonable and prent. state whether appllcable accounb'ng standards have been followed subject to any materlal departures dlsclosed and explalned In the financial statements; prepare financial statements on the golng contrrn basis unle55 It Is Inappropriate to presume that the Charity wlll continue to operate. Trustees are responslble for keeping proper accounting records whlch di5dose wlth reasonable accuracy at any tlme the flnancial position of the charlty and which enable them to ensure that the finanaal statements comply wlth relevant legislatlon and the trust deed. They are also responsible for safeguarding the assets of the charity and hence taklng reasonable steps for the prevention and detectlon of fraud and other irregularities. Governan and admini5tratlve detalls of the Charity are to be found on pages 4-7 of this report. Approved by the Trustees and slgned on their behalf by: (aL. The Rt Revd Jonathan Baker Chalrrnan Date: 18 June 2024
ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees are appointed In accordance wlth the governing document taking into account any skills gaps. Inltlal meetlngs are held with the Chairman, fellow Trustees, the Clerk to the Trustees and the Grants Officer. The appolntment of co-opted Trustees is approved at a meeting of the full Trustee board. One new Trustee was nomlnated by the Clty of London Corporation and two new Trustees were co-opted durlng the year to fill vacancies and to meet specific needs. New Trustees are mentored by an existing Trustee and are provlded wlth a Trustee flle, which Includes a copy of the governing document, a copy of the latest annual accounts and a copy of CC3 The Essentlal Trustee published by the Charlty Commlsslon, All Trustees have the opportunlty to accompany the Grants Officer to meetlngs and appolntments with prospectlve beneficlarles of the Charity and have the opportunity to attend trustee training. Pollcy Is set by the Trustees. Responsibility for operatlonal ddlvery is delegated to the Clerk to the Trustees. The Trustees met on four occaslons durlng the year. The Charlty, Its slster charltles at st Andrew Holbom (Bromfield's Educational Foundatlon, the St Andrew Holborn Church Foundatlon, Parlsh Estates Charlty and Lady Elizabeth Hatton's Charlty) and St Andrew Holborn Tradlng Ltd have delegated to the Flnance and Investment Commlttee the revlew of finanaal and investment matters. The FInan and Investment Commlttee met during the year. The Grants Offlcer carrles out the day-to-day admlnlstratlon of the Charity. Within this role the Grants Offlcer meets Indlvlduals and representatives of local organlsatlons to provlde background Informatlon to the Trustees regarding the needs of the area. In addition, the Grants Offlr Ilalses with other grant glving organisatlons wlthln the area of beneflt and the surroundlng area to share best practice. Her work Is overseen by the Clerk to the Trustees. The Charlty carrles out Internal reviews and where neSSary appolnts professional advlsors to advlse on the Charlty's Strategies. The Trustees considered the outcome of a revlew of the flnanclal clrcumstances of Annual Awardees and wlll take a declslon as to the futu of the annual awards during 2024. The Charlty has Jolnt contracts of employment wlthlts 4 slster chartties at St Andrew Holborn, and wlth St Andrew Holborn Trading Ltd. Employment costs are shared on a time spent basls. The Finance and Investment Commlttee revlews salaries on an annual basls and considers these in Ilne wlth slmllar organisatlons. The Trustees are very aware they rely on the support of the dedlcated and hardworklng staff to dlscharge thelr responsibillties for the smooth running of the Charity. They are particularly grateful for the sUPPOrt provlded by Anna Paterson In her role as Grants offlr. Rlsk management The Trustees have glven conslderatlon to the major risks to which the Charity is exposed and satisfied themselves 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 OffIr when visiting grant applicants alone. The Trustees contlnue to monltor thls rlsk. The Grants Officer is encouraged to attend lone worker training and regular reviews are carrled out. The Trustees are aware of the risk in respect of the volat115ty of investment income restricting the abillty to allevlate need in the area of benefit. The Finance and Investment Committee formally meets the Investment Managers twice a year. The Charlty has adopted a baland investment strategy with a medium risk toleran.
ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Investment Policy The Trustee5' investment objectlve Is to achieve a balare between sustainable levels of Income and capitsl growth In order to preserve the value of the funds In real terms over the longer term. The portfollo is managed on a total return basls, The Trustees are corrmStted to responsible Investment and take Into account envlronmental, soclal and governance issues. Our exposure to Investments in assets Ilmlted under guidelines issued by the Church of England's Ethlcal Investment Advisory Group Is monltored regularly by the Flnance and Investment Committee In dlscusslon wlth our Investment managers. Sarasin & Partners LLP manage the bulk of the Charlty s Investments as part of the Sarasln Endowments Fund Class A Inc. The Charity also holds a small Investment In the Property Investment Trust for Charities (PcH) managed by Swlss Life Asset Managers UK Ltd and a second, larger, Investment In PITCH which forms part of the permanent endowment. A further Investment is managed as part of M&G Equities Investment Fund for Charltles (Charlfund). Reportlng Is quarterly and the overall Investment portfolio is revlewed a year by the Finan and Investment Commlttee. ReseThes Policy The Trustees alm to achleve a balan between generating a sufflclent Income to SUPPOrt the ongolng attlvltles of the Charlty whllst maintalning the real capltal value of the Investments over longer term. The St Andrew Holborn and Stafford's CharSty has substantially endowed funds and Income from those funds 5UPPOrts the Trustees, objectlves, The Trustees have recognlsed In thelr risk register the potentlal for loss of Income arlsing from volatlllty in Investment markets and they therefore malntaln a level of reserves sufflaent to meet thelr expected future commltments, together with an element of contlngency provislon against any signiflcant, unforeseen need. GRANT MAKING POLICY Grants to organisations The Charlty awards grant to organisations worl(Ing wlth people wlthln the area of benefit and provldlng rellef of need. All appllcants are visited by the grants offIr whose assessments and recommendatlons are consldered by two Trustees for grants up to £1,500 and at a full meeting of the Trustees for grants over £1,500. All organisations that are In re[pt of a grant from the Charity provlde an evaluatlon measurlng the suctrss of the projett 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 wlthln the area of benefit and applled as agreed. Grants to individuals People ellglble for grants are those living in the area of benefit who can prove that the Items provided will Improve the quality of their lives. All applicants are assessed by the Grants OffIr who carries out a home vlslt. Proof of income Is requlred and those wlth a low income are ellglble for a granL For educatlon grants proof that a person Is a bona sttxlent Is requlred. There is no age limit for a grant and these are provided to students on low Income. Grants are awarded for bwks, laptops and Subsistence. All recommendatlons by the Grants Offr 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 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) Annual awards are awarded to the long term slck or those with a chronic illness who are on a low weekly income l.e. uslng guidelines in the region of less than £75 (for a 5irKJle person) or £120 (for a couple). In 2023 the beneficiaries recelved £375 In May and £375 in Novemter. At 31 Dember there were 161 people in recelpt of annual awards. Termly grants are awarded in a very small number of cases to families with children wlth additional needs. The arnount awarded varies according to need, but does not exceed £750 a year. At 31 December there were 4 famllles In recelpt of termly grants. Both annual awards and termly grants are audlted annually. ADMINISTRATIVE DETAILS st Andrew Holborn and Stafford's Charlty is a registered charlty govemed by a Trust Deed. It Is reglstered wlth the Charity Commisslon under number 1095045. The Charltys offices are at 5 St Andrew Street, London EC4A 3AF, Trustees ex offlclo The Rt Revd Jonathan Baker, Blshop of Fulham Mr Paul Weston The Revd Chrlstopher Smlth The Revd Jamie Halth Nominated Cllr Naslm All, OBE Dr Brian Hanson, CBE Gulld Vicar St Andrew Holborn Churchwarden of St Andrew Holborn Incumbent of St Alban the Martyr Incumbent of St George the Martyr (from July 2023) Nomlnated by the London Borough of Camden Nominated by the Gulkl Church Councll of St Andrew Holborn (until November 2023) Nominated by the city of London Corporatlon Mr Paul Martinelll Co-opted Mr Nell Anderson Mr David Ballance Mr Jeremy Slmons, OBE Mrs Janle Sprlng Officers Clerk to the Trustees Grants Officer (untll December 2023) Mr NScholas Hllls Miss Anna Paterson Principal advlsers Investment managers: Sarasln & Partners LLP Juxon House 100 St Paul's Churthyard London EC4M 8BU Swiss Llfe Asset Managers UK Ltd 55 Wells Street London WIT 3PT M&G Investments 10 Fenchurch Avenue London EC3M SAG
ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Auditors; Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers: Lloyds Bank plc Holborn Clrcus Branch London ECIN 2HP Sollators., Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN & STAFFORD'S CHARITY Oplnlon We have audlted the flnanclal statements of St Andrew Holborn & Stafford's Charity (the 'charlty') for the year ended 31 December 2023 which comprise the statement of financial actlvities, the balan sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policles. The financial reporkn'ng framework that has been applled in their preparation is appllcable law and United Kingdom Accountlng Standards, Including Financlal Reporting Standard 102, the Flnancial Reportlng Standard appllcable in the UK and Republic of Ireland (Unlted KSngdom Generally ACpted Accounting Practlce). In our oplnlon, the flnanclal statements: glve a true and falr view of the state of the charltys affalrs as at 31st Dernber 2023 and of Its Incomlng resources and applicatlon of resour5 for the year then ended. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accountlng Pract1. and have been prepared In accordarKe wlth the Charities Act 2011. Basis for opinlon We conducted our audlt accordan wlth Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responslbllitles under those standards are further described In the Audltor's responslbilities for the audlt of the flnanclal statements sectlon of our report. We are Independent of the charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the financial statements In the UK, Includlng the FRC'S Ethlcal standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audlt evldence we have obtained is sufficient and appropriate to provide a basis for our opinion, Conclusions relatlng to golng concern In auditlng the financial statements, we have concluded that the trustees, use of the golng conrn basls of accountlng In the preparation of the flnanaal statements is appropriate. Based on the work we have performed, we have not Identlfied any materlal unrtaIntleS relatlng to events or condltlons that, Indlvidually or collectlvelyi may cast slgnlficant doubt on the charlty's ablllty to contlnue as a golng conrn for a perlod of at least twelve months from when the financlal statements are authorlsed for Issue. Our responslbllltles and the responsibilitles of trustees with respect to going conrn are described in the relevant sectlons of this report. Other information The other Informatlon comprlses the Informatlon Induded In the annual report, other than the financlal statements and our auditor'5 report thereon. The trustees are responsible for the other informatlon. Our oplnlon on the flnanclal statements does not cover the other infomiation and we do not express any form of assurance concluslon thereon. In connectlon with our audit of the financlal statements, our responsibillty is to read the other Informatlon and, In dolng so, conslder whether the other Informatlon Is materially Inconslstent with the finandal statements or our knowledge obtalned in the audlt or otherwise appears to be materlally misstated. If we Identify such materlal inconsistencies or apparent materlal mlsstatements, we are required to determlne whether there Is a materlal misstatement In the financlal statements or a material misstatement of the other informatlon. If, based on the work we have performed, we conclude that there is a material misstatement of thls other Information, we are required to report that fact. We have nothiTrJ to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN & STAFFORD'S CHARITY Matters on whlch we are required to report by exception We have nothlng to report in respect of the followlng matters In relation to which the Charlties (Accounts and Reports) Regulations 2008 require us to report to you If, in our opinion: the Infomation given in the financlal statements is Inconslstent in any material respect with the trustees, report, or suflicient accounting records have not been kept. or the financial statements are not In agreement with the accounting records; or we have not reIVed all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully In the trustees, responslbillties statement set out on page 4, the trustees are responslble for the preparation of the financlal statements and for being satlsfied that they glve a true and fair view, and for such internal control as the trustees determlne is necessary to enable the preparation of financial statements that are free from material mlsststement, whether due to fraud or error. In preparlng the financial statements, the trustees are responsible for assessing the charlty's ablllty to contlnue as a golng concern, dlscloslngi as applicable, matters related to golng cOnM and uslng the going concern basls of accounting unless the trustees elther intend to Ilquldate the tharlty or to ase operations, or have no reallstlc alternatlve but to do 50. Audltor's responsibllities for the audlt of the financlal statements We have been appolnted as audltor under *ction 144 of the Charltles Act 2011 and report in accordan wlth the Act and relevant regulations made or havlng effect thereunder. Our objectlves are to obtaln reasonable assuran about whether the financial statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue an audltor's report that Includes our oplnSon, Reasonable assurance is a hlgh level of assurance, but is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) wlll always detect a material misstatement when It exists. Misstatements can arlse from fraud or error and are consldered material if, indivldually or In the aggregate, they could reasonably be expected to Influen the economlc declslons of users taken on the basls of these flnanclal statements. Irregularltles, Indudlng fraud, are instances of non-compllance with laws and regulations. We deslgn procedures In Ilne with our responslbllltles, outlined above, to detect materlal mlsstatements in respect of irregularlties, Including fraud. The extent to whlch our procedures are capable of detecting irregularities, includlng fraud Is detalled below: The Charlty Is required to comply wlth charity law and, based on our thowledge of Its actlvltles, we Sdentifled that the legal requlrement to accurately account for restritted and endowment funds was of key significance. We gained an understandlng of how the charity complied wlth its legal and regulatory framework, Includlng the requirement to properly account for restrlcted and endowment fund5, through dlscusslons wlth management and a review of the documented polKies, produre$, and controls. The audlt team, which is experlenced In the audit of charities, considered the charity's susceptibility to materlal misstatement and how fraud may occur. Our conslderations Included the risk of management override. Our approach was to check that all restricted Income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted and endowment funds. This 1ndled reviewing journal adjustments and unusual transactions. Based on this understandlng we designed our audlt pnxedures to Identlfy non-compliance with such laws and regulations, Our procedures Involved review of the reporting to the trustees with respect to the appllcation of the documented policies and procedures and review of the financlal statements to ensure compliance wlth the reportlng requirements of the charlty.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN & STAFFORD'S CHARITY There are inherent limitatlons In the audit procedures descrlbed above and, the further removed non-complian with laws and regulations Is from the events and transactions reflected in the financial statements, the less Ilkely we would become aware of it. The risk of not detecting a material mlsststement due to fraud is higher than the rlsk of not detectlng one resulting from error, as fraud may involve dellberate conalMent by, for example, forgery or intentional mlsrepresentatlons, or through collusion. A further descrlptlon of our responsiblllties for the audlt of the finanaal statements Is located on the Flnandal Reportlng Councll's webslte at: www.frc.org.uklaudltorsresponslbllities. Thls descrlption forms part of our auditor's report. Use of our report Thls report is made solely to the charity's trustees, as a body, In accordance wlth Part 4 of the Charltles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we mlght State to the charlty's trustees those matters we are requlred to state to them In an auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume resp)nslblllty to anyone other than the charity and the charity's trustees as a body, for our audlt work, for thls report or for the oplnions we have formed. LLP Knox Cropper LLP Chartered Accountants and Statutory Audltors 65 Leadenhall Street London EC3A 2AD 2024 Knox Cropper LLP Is eligible for appolntment as audltor of the Charlty by vlrtue of Its ellglbllity for appolntment as audltor of a company under section 1212 of the Companies Att 2006.
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ST ANDREW HOLBORN & STAFFORD'S CHARITY BALANCE SHEET AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Investment Property Investments 18 135 416 18,135,416 17 681345 17,681,345 CURRENT ASSETS Debtors Cash at Bank 10 23,637 585 686 609,323 23,121 468 759 491,880 Creditors,, Amounts falling due withln one year 11 33,496 10,502 Net Current Assets 575 827 481378 Total Assets Less Current Llabllltles 18,711,243 18,162,723 Creditors: Amounts falling due In more than one year 12 (20,000) TOTAL NET ASSETS 18,691,243 18,162,723 FUNDS Endowment Funds Permanent Expendable 14 14 10,362,463 4 110 903 10,328,609 3 905,909 14,473,366 14,234,518 Unrestrlcted General FurKI Deslgnated Funds 15 15 3,796,401 420 000 3,925,729 4,216,401 3,925,729 2,476 18,162,723 Restrltted FLJnds TOTAL FUNDS 13 18,691,243 Approved by the Board of Trustees on 18 June 2024 and signed on its behalf by: The Rt Revd Jonathan Baker Chairman
ST ANDREW HOLBORN & STAFFORD'S CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total Funds 2022 Total Funds Note Net Cash Provlded by (used In) Operatlng Activities (573,547) (425,867) Cash flows from investing activltles Dlvldends and Interest from investments Movement In Investment Manager's Cash Proceeds from sale of Investments Net proceeds from sale of Investment property Purchase of Investments Net cash provlded by (used In) Investlng activities 723,778 (8,465) 566,383 (89) 6,121,002 6 161118 526 178 690 474 Change In cash and cash equlvalents in the reportlng perSod 116,927 100,311 Cash and cash equlvalents at the beginn1 of the reporng peric 468 759 368 448 Cash and cash equivalents at the end of the reportlng perfod 585,686 468,759 A. Reconclllatlon of net incomel(expenditure) to net cash flow from operatlng activitte5 2023 2022 Net incomel(expenditure) for the reporting perlod (as per statement of flnancial activities) (Galns)ILosses on Investments Dlvidends and Interest from investments (Increase)Idecrease In debtors Increasel(decrease) In credltors Net cash provided by (used in) operating actlvltles 528,520 (420,767) (724,079) (215) 42,994 (573,547) (2,132,648) 2,282,113 (576,920) 1,673 85 (425,867) B. Analysls of changes In net funds At OII0112023 Cashflows At 3111212023 Cash at bank 408,759 116,927 585 686
| 14 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATUS St Andrew Holborn & Stsfford's Charity 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 activlties can be found in the Report of the Trustees. ACCOUNTING POLICIES (a) Basls of Accountlng The Accounts have been prepared under the historical cost convention as modifled by the revaluatlon of investments at market value and in accordan with applicable Accountlng Standards. They have been prepared in accordan with the Statement of Recommended Practice (Accountlng and Reporting by Charities) preparing their accounts In accordan wlth the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) issued In October 2019, the Flnancial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102 March 2018) and the Charlties Act 2011. The Charlty constitutes a public beneflt entSty as defined by FRS 102. The accounts have been prepared to glve a 'true and falr vlew, and have departed from the Charltles (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 Charltles preparing their accounts in accordan wlth the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charitles statement of Recommended prattl effects've from 1st Aprll 2005 which has since been wlthdrawn, The Trustees conslder that there are no uncertainties about the Charlty's ability to continue as a going COnrn. The functional currency of the Charity Is the £ Sterllng. (b) Income Income is recognised in the year once the charity has entitlement to the income, it is probable that the income w511 be received and the amount of income receivable can be measured reliably. Investment income is recognised on the date on whlch the dSvldend 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 specified that the Income has to be spent in a future period. (c) Resource5 Expended Llabilities are recognised as expenditure as soon as there is a legal or constructive obllgation committing the Charity to that expenditu, it is probable that settlement will be required and the amount of the obligation can be meaSud reliably. All expenditure is accounted for on an accruals bas15. Costs of Ralslng Funds The cost of raising funds consists of investment management fees, costs incurred In maintaining the investment property and an allocation of support costs. Charitable Activlties Costs of Charitable Activities include grants pald to individuals and organlsations, direct costs associated with grant-making as well as an apportionment of support costs. Support Costs Support costs have been allocated between activities based on stafF time and include Governan costs, which comprises all costs involving the public accountability of the Charity and its compliance with regulatlon and good prattice.
ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) (d) Grants Grants payable are charged in the year in which the offer is conveyed to the recipient eXpt in those cases where the offer is conditional, such grants being recognised as expenditure when the conditlons 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 Accountlng (i) Unrestritted Funds.. The unrestricted fund may be used by the Charity In furtherance of its charitable objectlves at the discretion of the Trustees. (ll) Endowment Funds.. Permanent endowment funds are restricted capital funds where there Is no power to convert the origlnal capital to income. Expendable endowment funds represent sums whlch the Trustees Intend to retain intact but can if necessary be used in furtherance of the Charlty objectives subject to any restrlctlons Imposed by the donor. (111) Restricted Funds.. Restricted funds are funds whlch are to be used in accordan with specific restrictions imposed by donors or which have been ralsed by the Charity for partlcular purposes. The aim and use of each restricted fund is set out in the notes to the flnanclal statements. (f) Value Added Tax The Charity is not registered for VAT and accordingly where applicable, all expenditure incurred Is Inclusive of VAT. (g) Investments The Charlty's investments are a form of baslc financial instrument and a Inltially recognised at their transaction value and subsequently measured at their fair value as at the balan sheet date Using the closing quoted market pri. The Statement of Financial Activities includes the net gains and1055es arising on the revaluations and disposals throughout the year. Realised gains and losses on investments are arrived at by comparing the net sale proedS with the market value at the end of the previous financial year. Unrealised gains and losses represent the dlfference beleen the market value of investments still held at the end of the financial year with thelr value at the beginning of the year or with their cost if purchased subsequently. (n Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. (o Cash at bank Cash at bank is defined as cash and short term highly liquid investments wlth a short maturity of three months or less from the date of acqulsltlon or opening of the deposlt or slmllar account, Cash held in accounts with investment managers in included within fixed asset investments. (n Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from 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. CdItorS and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
l)dClP. 116 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME 2023 2022 Investment Income Interest Receivable 720,746 576,712 208 576,920 724,079 RAISING FUNDS 2023 2022 Investment Managers Fees Investment Property Costs - Insuran, Repair & Renewals Support Costs (Note 6) 5,677 5,677
ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITXES 2023 2022 Grant-making Annual Award to Individuals Grants - Individuals Organlsatlons (Note 5a) 126,525 66,599 355,803 548 927 140,400 67,708 152,791 360 899 Staff Costs other Costs Support Costs (Note 6) 44,770 1,085 31,207 77,062 43,058 1,763 74,703 Total Charltable Activlties 625,989 435,602 (a) Grants awarded to organisations are shown below: 2023 2022 Oryanisatlon Action Space Akash Residents, Association Age UK City of London Age UK East London Bloomsbury Football Foundatlon Calthorpe Project Citlzen Advice Camden CCIWBS Coram's Fields Fitzrovla Community Centre Holborn Cornmunity Association Home-start Camden Interact KCBNA Kids- Home Learning Support Mary Ward Legal Centre Mental Fight Club Mount Pleasant Hostel October Gallery Only Connect Royal Free London NHS Foundation Trust Single Homeless Project Solace Women's Ald Songhaven St Mungo's The Salvation Army Thomas Coram Nursery School Women@thewell Projett YMCA 14,740 12,000 19,040 10,000 4,771 2,520 20,000 9,000 20,000 4,800 10,000 10,000 20,033 4,932 15,000 33,063 8,000 3,500 20,000 11,200 60,000 17,964 20,964 8,500 1,200 6,000 15,000 1,452 1,000 20,000 5,600 35,860 500 4,800 20,000 4,820 16,500 7,206 152,791 8,629 355,803
ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTZVITIES (contlnued) (b) Reconcillatlon of Grants Payable 2023 2022 Organisation Commitment at l January Commitments made in year (above) Grants paid during the year Commitments at 31 December 3,582 548,927 511,249 41,260 2,435 360,899 (359,752) 3,582 Credltors due wlthin one year (Note 11) Credltors due In rnOnth one year 21,260 20,000 41,260 3,582 SUPPORT COSTS 2023 2022 Stsff Costs Administration Cost Recharge Insurance Sundry Expenses Governance Costs 11,338 11,247 1,214 294 12,946 10,025 222 337 6,352 29,882 31,207 Governance Costs includes amounts payable to the auditor of £6,785 (2022: £6,352). STAFF COSTS 2023 2022 Salaries Soclal Security Penslon Contrlbutions 46,831 4,989 46,626 5,082 4,296 56,004 56,108 The Charity's employees have joint contracts of employment with the 4 slster charltles at St Andrew Holborn and with St Andrew Holborn Trading Ltd. Together they employed an average of 5 (2022,, 5) staff during the year, one of whom received employee benefits of £60,000 - £70,000 (2022: one). Employment costs a shared on a time spent basis. Key management personnel is defined as the trustees and the Clerk to the Trustees. No trustee received any remuneration for their role as a trustee (2022: £Nil). The total remuneratlon of key management personnel was £76,899 (2022: £76,899) of whtch the Charlty's share was £7,659 (2022: £7,659).
| 19 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT PROPERTY 2023 2022 Investment Property at Market Value At l January 2023 Disposal At 31 December 2023 Cost of Property 5,750,000 5 750,000 The Investment Property was sold during the prior year. The woceeds of sale and galn on dlsposal was as follows: Sales Proceeds Carrying Value Legal & Professional Fees Realised gain on disposal 6,250,000 (5,750,000) 128,998 371,002 9. QUOTED INVESTMENTS 2023 2022 (a) Quoted Investments at Market Value Cash wlth Investment Managers Total Investments 18,126,861 8,555 18,135,416 17,681,255 90 17,681,345 (b) Movement in Investments Market value as at l January 2023 Addltlons Disposals Investment galns/(losses) 17,681,255 24,839 14,173,252 6,161,118 Realised Unrealised Market value at 31 December 2023 420,767 18,126,861 19,132,404 (2,653,115) 17,681,255 19,107,565 Cost at 31 Dernber 2023 Quoted Investments with more than 5% of market value, whlch are considered to be material. Securlty Portfolio Sarasln Endowment Funds Property Income Trust for Charities M&G Charifund 70.0 16.3 13.7 12,683,065 2,948,785 2,495,011 The carrylng amount of financial a55ets measured at fair value through income and expenditure within Investments is £18,126:861 (2022: £17,681,255).
ST ANDREW HOLBORN & sfAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. DEBTORS 2023 2022 Prepayments & Other Debtors Investment Income Receivable Parish Estates Charity Bromfield's Educational Foundation 167 21,986 1,484 21,685 1,428 23,637 23,121 11. CREDITORS DUE WITHIN ONE YEAR 2023 2022 St Andrew Holborn Tradlng St Andrew Holborn Church Foundation Accruals & Deferred Income Grants Payable (Note 5b) 81 17 6,822 3,582 10,502 5,269 6,967 33,496 12. CREDITORS DUE IN MORE THAN ONE YEAR 2023 2022 Grants Payable (Note 5b) 20,000 20,000 13, RESTRICTED FUNDS Balance at 0110112023 Income Expendlture Balance at 3111212023 st Giles in the Fields and Bloomsbury United Charlty St Pancras Welfare Trust Westminster Almshouses Other 2,351 125 3,000 4,430 339 410 8,179 (3,651) (4,430) (688) 410 9,179 1,700 125 (349) 1,476 Balance at 0110112022 Income Expenditure Balance at 3111212022 st Giles in the Flelds and Bloomsbury United Charity St Pancras Welfare Trust 3VB Westminster Almshouses Other 1,241 125 2,984 3,575 3,000 700 700 10,959 (1,874) (3,575) (3,000) (700) 700 (9,849) 2,351 125 1,366
ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. RESTRICTED FUNDS (contlnued) st Giles-In-the-Flelds and Bloomsbury United Charity This fund represents monies received in respert of Charltsble Donations from St Giles-in-the-Fields and Bloomsbury United Charity to provide grants to individuals. St Mungo's Thls fund represents monies reiVed from collectlons at Christmas carol seNices specifically to be donated to St Mungo's. st Pancras Welfare Trust This fund represents monies received to SUPPOrt famllies Ilvlng within the overlapping area of benefit. 14. ENDOWMENT FUNDS Permanent Expendable Total Balan at l January 2023 Net Novement In Funds Transfer Balantr at 31 December 2023 10,328,609 33,854 3,905,909 204,994 14,234,518 238,848 10,362,463 4,110,903 14,473,366 Balance at l January 2022 Net Movement In Funds Transfer Balance at 31 December 2022 11,556,153 (1,227,544) 4,469,272 (563,363) 16,025,425 (1,790,907) 10,328,609 3,905,909 14,234,518 15. UNRESTRICTED FUNDS General Deslgnated Total Balance at l January 2023 Net Movement in Funds Transfer Balance at 31 December 2023 3,925,729 290,672 420,000 3,796,401 3,925,729 290,672 420,000 420,000 4,216,401 Balance at l January 2022 Net Movement in Funds Transfer Balance at 31 December 2022 4,268,580 (342,851) 4,268,580 {342,851) 3,925,729 3,925,729 The Designated fund was establlshed to provide for the costs of additlonal general advisors at organisations within the Charlty's area of benefit. These fund5 are expected to be spent out over the course of three years,
ST ANDREW HOLBORN & STAFFORD'S CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Restrlcted Funds 2023 Total Endowments Fixed Assets Current Assets Current Liabilities Non-current Liabilities 3,657,552 612,345 (33,496) 14,477,864 (4,498) 18,135,416 609,323 (33,496) 1,476 4,216,401 7,556 14,473,366 18,691,243 Unrestricted Funds Restrlrted Funds 2022 Total Endowments Flxed Assets Current Assets Current Liabilities 3,442,329 493,902 10,502 3,925,729 14,239,016 (4,498) 17,681,345 491,880 2,476 2,476 14,234,518 18,162,723 17. TRUSTEES, REMUNERATION AND EXPENSES No remuneration, directly or indirectlyi Out of the funds of the Charlty wa5 paSd 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 (2022: none). 18, TAXATION St Andrew Holborn & Stafford's Charity is a registered charity and is tentIallY exempt from taxation in respect of Income and capital gains received within the categories covered by Part II of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitatAe purposes.
ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. 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 Holbom, the incumbent of the benefi of St Alban the Martyr Holborn with St Peter Saffron Hill, the incumbent of St George the Martyr Queen Square, one nomlnee each of the Guild Church Council of St Andrew Holborn, the London Borough of Camden and the Corporatlon 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 St Andrew Holborn Tradlng Limited Parlsh Estates Charity Bromfleld's Education Foundation Lady Elizabeth Hatton's Char5ty St Andrew Holborn Church Foundatlon acts as paymaster for the stsff employed under Joint contracts of employment. The Charlty paid £56,108 (2022: £56,004) to St Andrew Holborn Church Foundation for its share of employment costs. St Andrew Holborn Church Foundation charged the Charity £1 1,247 (2022: £10,025) as a contribution to overheads and recharged expenses Incurred on the Charlty's behalf amounting to £NII (2022: £483). At the year end, £5,269 (2022: £17) was owed to St Andrew Holborn Church Foundation. The Charity recelves a 2127th share of income from Parish Estates Charity amounting to £1,484 (2022: £1,428). At the year end £1,484 (2022: £1,428) was due from Parlsh Estates Charity. St Andrew Holborn Trading Ltd charged the Charity £322 (2022: £81) for meeting facllltles. At the year end, £Nil (2022: £81) was owed to St Andrew Holborn Trading Ltd. 20. FUNDING COMMITMENTS During the previous year, the Charity awarded a multi-year grant provlding for Instalments of £20,000 payable in 2023 and 2024. These payments are subject to the Trustees, revlew of the funded project and as such are not recognlsed as a liability at this time, The commitment will be funded from future Investment income.