ST ANDREW HOLBORN & STAFFORD'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity No. 1095045 KNOX CROPPER Chartered accountants
ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 We present our report and financlal statements for the year ended 31 December 2024. WHO WE ARE The St Andrew Holborn Charlty and Stafford's Charity were brought together at the beglnning 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 reachlng back to the 1300s. What all those charities 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 Charlty is the relief elther generally or individually of the beneficiaries resident In the following areas of beneflt; i) the ancient parish of St Andrew, Holborn; 2) the parlshes of St George the Matyr and St George Bloomsburyi 3) the parish 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 CÉty of London and that part of the ancient parish of St Andrew Holborn outside the Ilmits of the Clty. We alm to continue the traditlon of the charltie5 that have gone before us by helplng individuals who Ilve wlthin our area of benefit and who need some extra support. We offer this help on the basss of need and irrespectlve of background or rellgious belief. We alm to help Indlvldua15 in two ways: by buying energy efflclent appIsanS and other household goc*Js to help them and thelr famlly- these mlght Include washlng machlnes, cookers, fridge-freezers, beds and mattresses or carpets In a limited number of special cases, by maklng an annual cash awardi paid lCe a year, to supplement thelr household income We also support organlsatlons that promote inclusion and community cohesion withln our area of beneflt. Our plans for the future We plan to contlnue to develop and improve our grant maklng in order to make the most effectlve use of the resources avallable to us. We wlll contSnue to revlew our systems and worklng practices and monitor our performance agalnst 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 2024 gave us an income of £747,937 (2023: £724,079). In 2024, we made grants and annual awards totalllng £671,804 (2023: £548,927). HOW WE HELP- ACHIEVEMENTS AND PERFORMANCE Public benefit In carrying out our work and preparing thls report, we have had regard to the Charity Commission's public benefit guldance. We aim In making our grants to Indlvlduals 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 providlng a washing machine or a cooker or a tsble can help to Improve life beyond simply maklng Ilfe easier. However, a washlng machine can mean that a family can spend more time together and that children can attend school with clean clothe5 and not be stigmatised. a cooker that they have the capaclty to cook healthier meals rather than rely on costly convenience food. and a table that they can sit down to eat together or have somewhere to work, do homework and so on.
Pa(Je | 2 ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 HOW WE HELP- ACHIEVEMENTS AND PERFORMANCE (contlnued) We make grants to organlsatlons that alm to support as many people as possible to access setvlces and actlvitles that mlght otherwise be difficult for them to access and will help them participate in and contribute to the local communlty and society more generally. 2024 The poorest In our communlty have On agaln been hardest hit by circumstances beyond thelr control during the cost of livlng crisis and we continue to do what we can to help those in greatest need of our assIstan. At the beglnnlng of the year, we decided to use substantial cash reserve5 to offer three-year funding for the appolntment of three caseworkers. After competitlve biddlng and 5ntervlews, we agreed to fund caseworkers at The Mary Ward Legal Centre, Citlzens Advi Camden and Age UK Camden. We hope that this approach wlll Increase our reach and enable us to help the people who Ilve In our area of benefit and who need extra support in a way that we cannot do directly ourselves. Beeen them, these charltle5 wlll be able, for example, to offer advlce on debt relief or restructurlng debt, Identlfylng and applying for benefits or additlonal Ilving support and advice on landlord issues including property disrepair. During the year, we received 126 grant applications (2023: 129), which resulted by the end of the year In 120 grants belng made to 114 households or individuals (2023: 119 and 117 respectlvely). As in previous years, the grants we provlded were for household Items (white goods In particular, but increaslngly also for flooring), clothing and educatlonal needs. In another difficult year for many of the people and organisatlons within our area of beneflt, grants totalled £671,804 (2023; £548,927). Thls comprlsed £113,700 (2023; £126,525) in annual award5 and termly grants; £63,795 (2023.. £66,599) In Indlvldual or household grants; and £494,309 (2023: £355,803) to organlsations. Annual awards are for £750 per recipienti pald half In May and half In November. At 31 December 2024 there were 154 reclplents (2023; 165), Temily grants are pald to families with one or more children wlth a disabillty and are pald In Instalments three tlmes a year at the start of the School term and are pald on a scale between £450 and £750 a year depending on the needs of the child. In 2024, £2,100 (2023: £2,100) was awarded In termly grants. There is a slgnificant number of hostels and refuges within the Charity'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 administered by key support workers to support individuals. We contlnued to recelve appllcations from key supporf( workers on behalf of residents of other hostels (including for move on costs for independent Ilvlng) at a steady rate and we agreed grants totalling £5,750 (2023: £5,750). We contlnued to work closely with social and health support workers from the local authorlty and NHS Trust5 to ensure those who are not ellgible for social funding or whose needs exceed statutory 5UPPOrt may receive some asslstance. These cases often requlre 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 St Giles & St George Alms and the St Pancra5 Welfare Trust. We work wlth these charities in order to direct additional support to those individuals and families who are In m05t need of it. In 2024 we administered funding amounting to £3,120 (2023: £3,651) on behalf of St Glles and St George Alms and £3,728 (2023: £4,430) on behalf of the Sl Pancras Welfare Trust, included in the total.
Paoe 13 ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Results for the year During 2024, the Charity returned net income of £1,130,888. Excluding net galns on Investments of £1,128,253, the Charity achieved net income of £2,635. At the year end, balance sheet resources had Increased from £18,691,243 to £19,822,131. These a represented by endowment funds of £15,297,321, restricted funds of £4,276 and unrestricted funds of £4,520,534. Investments At the end of the year, income from investments was up at £742,762 (2023: £720,746). Reserves At 31 December 2024 unrestricted funds were £4,520,534, of which £335,836 were deslgnated by the Trustees, meanlng reserves were £4,184,698. STATEMENT OF TRUSTEES, RESPONSIBILITIES Law applicable to charities in England and Wales requ1$ trustees to prepare flnanclal statements for each financlal year whlch glve a true and fair view of the state of the charity's financlal actlvStles during the year and of its financial position at the end of the year. In preparing those flnanclal statementsi giving a trLJe and falr vlew, trustees should follow best practlce and.. selett suitable accounting policles and apply them consistentlyi obseNe the methods and prlnclples in the Charltles SORP make Judgments and estlmates that are reasonable and prudent; state whether appllcable accountSng standards have been followed subject to any material departUS dlsclosed and explained In the financial statements; prepare financlal statements on the going conrn basls unless it Is Inappropriate to presume that the Charity wlll contlnue to operate. Trustees are responslble for keeping proper accounting records whlch dlsdose wlth reasonable accuracy at any time the financSal position of the charity and whlch enable them to ensure that the financial ststements comply wlth relevant legislation and the trust deed. They are also responsible for safeguardlng the assets of the charlty and hence taklng reasonable steps for the pvenOn and detection of fraud and other Irregularltles. Governance and adminlstrative detalls of the Charity are to be found on pages 4-7 of thls report. Approved by the Trustees and signed on thelr behalf by: The Rt Revd lonathan Baker Chairman Date: 16 June 2025
Page 14 ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees are appointed in accordan wlth the governing document taking into account any skills gaps. Inltial meetlngs are held wlth the Chalrman, 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. One new Trustee was nominated by the City of London Corporation and two new Trustees were co-opted during the year to flll vacancies and to meet specific needs. New Trustees are mentored by an existing Trustee and are provided with a Trustee flle, whlch includes a copy of the governing document, a copy of the latest annual accounts and a copy of CC3 The Essentlal Trustee publlshed by the Charlty Commlsslon. All Trustees have the opportunlty to accompany the Grants Officer to meetings and appointments with prospective beneficiaries of the Charlty and have the opportunity to attend trustee tralning. Policy Is set by the Trustees, Resp)nsibility for operational dellvery Is delegated to the Clerk to the Trustees. The Trustees met on three occaslons durlng the year. The Charity, Its sister charities at St Andrew Holborn (Bromtleld's Educatlonal Foundatlon, the St Andrew Holborn Church Foundation, Parlsh Estates Charity and Lady Elizabeth Hatton's Charlty) and St Andrew Holborn Tradlng Ltd have delegated to the Finance and Investment Committee the revlew of flnancial and Investment matters, The Finance and Investment Committee met tw1 during the year. The Grants Officer carrles out the day-to-day adminlstratlon of the Charlty. Wlthln this role the Grants OffIr meets Individuals and representatives of local organlsatlons to provide background informatlon to the Trustees regardlng the needs of the area. In additlon, the Grants Offer liaises wlth other grant glvlng organlsatlons within the area of benefit and the surroundlng area to share best practi. Her work Is overseen by the Clerk to the Trustees. The Charlty carrles out Internal reviews and where necessary appoSnts professlonal advisors to adv15e on the Charity's strategles. The Trustees consldered the outcome of a review of the flnanclal clrcumstances of Annual Awardees and wlll take a declslon as to the future of the annual awards durlng 2024. The Charity has joint contracts of employment wlth Its 4 slster charltles at St Andrew Holbom, and with St Andrew Holborn Tradlng Ltd. Employment costs a shared on a tlme spent basls. The Flnance and Investment Commlttee reviews salarles on an annual basis and consKlers these In Ilne wlth slmllar organisatlons. The Trustees are very aware they rely on the support of the dedicated and hardworklng staff to dlscharge thelr responslbilities for the smooth running of the Charity. They are partlcularly grateful for the support provided by Anna Paterson in her role as Grants Officer. Risk management The Trustees have given consideration to the major risks to which the Charity is exposed and 5atlsfied themselve5 that systems and procedures are established in order to manage those risks, Risks are revlewed annually. The Trustees have recognlsed the risk to the Grants Offir when visiting grant applicants alone. The Trustee5 continue to monitor this risk. The Grants OffIr is encouraged to attend lone worker training and regular revlews are carried out. The Trustees are aware of the risk In respect of the volatlllty of Investment income restrlcting the ability to alleviate need in the area of benefit. The Finan and Investment Committee formally meets the Investment Managers twice a year. The Charity has adopted a baland investment strategy wlth a medlum risk toleran.
Page 15 ST ANDREW HOLBORN & STAFFORD'S CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 srRUCTURE, GOVERNANCE AND MANAGEMENT (continued) 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 portfollols managed on a total return basis. The Trustees are committed to responsible investment and take into account envlronmental, soclal and governan issues. Our exposure to Investments in assets limited under guidellnes issued by the Church of England's Ethical Investment Advisory Group Is monitored regularly by the Finance and Investment Committee in discussion with our Investment managers, Sarasln & Partners LLP manage the bulk of the Charity's investments as part of the Sarasln Endowments Fund Class A Inc. The Charlty also holds a small investment in the Property Investment Trust for Charlties (prrcH) managed by Swlss Life Asset Managers UK Ltd and a second, larger, investment in prrcH whlch forms part of the permanent endowment. A further investment is managed a5 part of M&G Equltles Investment Fund for Charltles (Charlfund). Reportlng 5s quarterly and the overall Investment portfolb Is reviewed tw[ a year by the Flnance and Investment Q)mmittee. Reserves Pollcy The Trustees aim to achleve a balan beeen generating a sufflclent Income to support the ongolng activitie5 of the Charity whilst malntalnlng the real capltsl 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, objectlves. The Trustees have recognised In thelr rlsk register the potentlal for loss of Income arising from volatlllty In Investment markets and they therefore malntaln a level of reserve5 sufflclent to meet their expected future commitments, together wlth an element of contingency provislon against any significant, unforeseen need. GRANT MAKING POLICY Grants to organlsations The Charlty awards grant to organlsatlons working wlth peop wlthin the area of benefit and providing relief of need. All appllcants are vlsited 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. All organisations that are In recelpt of a grant from the Charlty provide an evaluatlon measuring the success of the project at the end of the period to which the grant related. These are revlewed and monltored by the Trustees to ensure that funds granted to the project have been taryeted within the area of beneflt and applied as agreed. Grants to Indlviduals People eligible for grants are those living In the area of benefit who can prove that the items provided wlll improve the quality of their lives. All applicants are assessed by the Grants Offir who carries out a home visit. Proof of income Is requlred and tho* with a low income are el31ble for a grant. For education grants proof that a person Is a bona fide student is required. There Is no age Ilmit for a grant and these are provided to students on low income. Grdnts are awarded for book5, laptOP5 and subslstence. All recommendations by the Grants Offir 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 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) Annual awards are awarded to the long term Sick or those with a chronic illne55 who are on a low weekly Income I,e. using guidelines in the region of less than £75 (for a slngle person) or £120 (for a couple). In 2024 the beneflclaries received £375 in May and £375 in Novemker. At 31 December there were 154 people in recelpt of annual awards. Termly grants are awarded in a very small number of cases to famllles with children with additional needs. The amount awarded varies accordlng to need, but does not exceed £750 a year, At 31 December there were 4 families in receipt of termly grants. Both annual awards and termly grants are audlted annually. ADMINISTRATIVE DETAILS St Andrew Holborn and Stafford's Charity Is a registered charlty governed by a Trust Deed. It Is registered with the Charity Commission under number 1095045. The Charlty's offIS are at 5 st Andrew Street, London EC4A 3AF. Trustees ex officlo The Rt Revd Jonathan Baker, B5shop of Fulham Mr Paul Weston The Revd Chrlstopher Smlth The Revd Jamle Haith Nomlnated Cllr Naslm All, OBE Mr Paul Martlnelli Co-opted Mr Neil Anderson Mr Davld Ballance Mr Jeremy Simons, OBE Offlcers Clerk to the Trustees Grants Officer Guild Vicar St Andrew Holborn (Chalrman) Churchwarden of St Andrew Holborn Incumbent of St Alban the Matyr Incumbent of St George the Matyr Nomlnated by the London Borough of Camden Nominated by the City of London Corporation Mr Nicholas Hills Mlss Anna Paterson Principal advisers Investment managers: Sarasln & Partners LLP Juxon House 100 St Paul's Churchyard 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 2024 Auditors: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers: Lloyds Bank plc Holbom Circus Branch London ECIN 2HP Solicltors: Charles Russdl StEechlys LLP 5 Fleet Pla London EC4M 7RD
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 Dernber 2024 which comprise the statement of financial attivltles, the balance sheet, the statement of cash flows and notes to the financial statements, includlng a summary of significant accounting policies. The financial reporting framework that has been applied In thelr preparatlon is applicable law and United Klngdom Accounting Standards, including Financlal Reporting Standard 102, the Financlal Reporting standard appllcable in the UK and Republtc of Ireland (Unlted Kingdom Generally Accepted Accounting Practice). In our oplnion, the financial statements: give a true and fair view of the state of the charity's affairs as at 31st Dember 2024 and of Its Incoming resources and application of resources for the year then ended. have been properly prepared in accordan with Unlted Kingdom Generally Accepted Accountlng Practice; and have been prepared in accordan with the Charitles Act 2011. Basls for oplnlon We conducted our audit In accordance with International Standards on Audltlng {UK) (ISAS (UK)) and appllcable law. Our responsibilities under those standards are further described In the Auditor's responslbilities for the audit of the financial statements section of our report. We are Independent of the charlty In accordance with the ethical requlrements that are rdevant to our audit of the finanaal statements In the UK, Includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibllities in accordance with these requirements. We believe that the audit evidence we have obtalned Is sufficient and approprlate to provide a basls for our oplnlon. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the golng concern basls of accountlng In the preparation of the financial statementsls appropriate. Based on the work we have performed, we have not identified any materlal UnrtaIntieS relatlng to events or condltions that, indlvidually or collectively, may cast slgnlficant doubt on the charity's ablllty to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilitles of the trustees with respect to golng concern are descrlbed In the relevant sections of this report, Other information The other information comprises the information included In the annual report, other than the flnanclal statements and our auditor's report thereon. The trustees are responsible for the other information. Our oplnion on the flnancial statements doe5 not cover the other Information and we do not express any form of assurance condusion thereon. In connection wlth our audlt of the flnanclal statements, our resp)nsibility is to read the other information and, In doing so, cons5der whether the other information is materially inconsistent wlth the flnanclal statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materlal Inconslstencles or apparent materlal misstatements, we are required to detemiine whether there Is a material mi55tatement 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 material misstatement of thi5 Other InformatSon, we are requlred to rep)rt that fact. We have nothlng to report In this regard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN & STAFFORD'S CHARITY Matters on which we are requlred to report by exception We have nothlng to report In respect of the followlng matters In relation to which the Charltles (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinlon: the information given in the financial ststements is inconsistent In any materlal respett with the trustees, report; or sufflclent accountlng records have not been kept; or the flnanclal statements are not in agreement with the accounting records. or we have not received all the Information and explanations we require for our audlt. Responslblllties of trustees As explalned more fully In the trustees, responsiblllties statement t out on page 3, the trustees are responsible for the preparation of the financial statements and for being satlsfled that they give a true and fair vlew, and for such Internal control as the trustees detemiine Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparlng the financial statements, the trustees are responsible for assessing the charity's abillty to continue as a going concern, disclosing, as applicable, matters related to golng concem and uslng the going concern basls of accountlng unless the trustees either intend to liquldate the charity or to ase operations, or have no reallstic alternative but to do so. Audltor's responslbllltles for the audit of the financial statements We have been appointed a5 auditor under section 144 of the Charltles Act 2011 and report in accordance wlth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance alx)ut whether the flnanclal statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to issue an auditor'5 Port that Includes our opinlon. Reasonable assurance is a high level of assuran but Is not a guarantee that an audit conducted In accordance with ISAS (UK) will always detect a material misstatement when It exists, Mlsstatements can arise from fraud or error and are considered material if, indlvidually or In the aggregate, they could reasonably be expected to Influen the economic declsions of users taken on the basls of these flnancial statements. Irregularities, Includlng fraud, are Instan5 of non£0mplian with law5 and regulatlons, We design procedures In Ilne wlth our responslbilltles, outllned above, to detett material misstatements In respect of irregularities, including fraud. The extent tt) whlch our procedures are capable of detectlng Irregularitles, Includlng fraud Is detalled below.. The Charity Is requlred to comply wlth charity law and based on our knowledge of Its actlvlties, we identifled that the legal requirement to accurately account for restrlcted and endowment funds was of key slgnificance. We gained an understanding of how the charty complied with its legal and regulatory framework, Includlng the requlrement to properly account for restricted and endowment funds, through dlscussions wlth management and a review of the documented policiesi procedures, and controls. The audlt team, whlch Is experienced in the audit of charitie5, considered the charity'5 susceptlblllty to materlal mlsststement and how fraud may occur. Our consideratlon5 induded the rlsk of management overrlde, Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valld and appropriate expenditure was charged to restricted and endowment funds. This included reviewing journal adjustments and unusual transactions. Based on this understanding we designed our audit procedures to Identify non-compliance with such laws and regulatlons. Our procedures involved review of the reporting to the trustees with respect to the applScatSon of the documented pollcie5 and procedure5 and review of the flnancial statements to ensure Complian wlth the reporting requlrements of the charity.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN & sfAFFORD'S CHARITY There are inherent limitations in the audit prOdureS 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 hlgher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or Intentional misrepresentstlons, or through collusion. A further descrlption of our responsibilities for the audlt of the flnanclal statements Is located on the Financlal Reporting Council's website at.. www.frc.org.uk/auditorsre5ponslbllities. This description forms part of our auditor's report. Use of our report Thls report Is made solely to the charity's trustees, as a bodyi In accordance with Part 4 of the Charltles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, 50 that we mlght state to the charity's trLlStees those matters we are required to state to them In an auditor's report and for no other purpose. To the fullest extent pemiltted by law, we do not acpt or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audlt work, for this report or for the opinions we have formed, Knox Cropper LLP Chartered Accountants and Ststutory Audltors 65 Leadenhall Street London EC3A 2AD Knox Cropper LLP is ellglble for appolntment as audltor of the Charlty by virtue of its eligiblllty for appolntment as auditor of a company under sectlon 1212 of the Companks Act 2006.
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Page | 12 ST ANDREW HOLBORN & STAFFORD'S CHARITY BALANCE SHEET AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Investments 19 299 868 19,299,868 18,135,416 18,135,416 CURRENT ASSETS Debtors Cash at Bank 24,337 608 361 632,698 23,637 585,686 609,323 Credltors: Amounts falling due within one year 110,435 Net Current Assets 522,263 575 827 Total Assets Less Current Llabllltles 19,822,131 18,711,243 Credltors; Amounts falllng due in more than one year 10 (20,000) TOTAL NET ASSETS 19,822,131 18,691,243 FUNDS Endowment Funds Permanent Expendable 12 12 10,844,747 4,452,574 10,362,463 4,110,903 15,297,321 14,473,366 Unrestrlcted - General Fund Deslgnated Funds 13 13 4,184,698 335 836 3,796,401 420 000 4,520,534 4,216,401 Restrlcted Funds TOTAL FUNDS 11 19,822,131 18,691,243 Approved by the Board of Trustees on 16 June 2025 and signed on Its behalf by: LL The Rt Revd Jonathan Baker Chairman
Pc)gp | 13 ST ANDREW HOLBORN & STAFFORD'S CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total Funds 2023 Total Funds Note Net Cash Provlded by (used in) Operatlng Actlvltles (688,605) (573,547) Cash flows from investing actlvltles Dividends and Interest from investments Movement in Investment Managers Cash Proceed5 from sale of investments Purchase of Investments Net cash provided by (used in) investing artivities 747,479 (19,445) 723,778 (8,465) 16,754 711280 690 474 Change In cash and cash equivalents in the reporting period 22,675 116,927 Cash and cash equlvalents at the beglnnlng of the reporting periLKI 585 686 468 759 Cash and cash equlvalents at the end of the reporting perlod 608,361 585 686 A. Reconciliation of net Incomel(expendlture) to net cash flow from operatlng actlvltles 2024 2023 Net Incomel(expenditure) for the reportlng perfod (as per statement of financial actlvStles) (Gains)ILosses on Investments Dividends and Interest from investments (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provlded by (used In) operating artivities 1,130,888 (1,128,253) (747,937) (242) 56,939 688,605 528,520 (420,767) (724,079) (215) 573 547) B. Analysls of changes In net funds At Oll0112024 Cashflows At 3111212024 Cash at bank 585,686 608 361
Page 114 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 srATUS St Andrew Holborn & Stafford's Charity is an unincorporated charity, registered wlth the Charity Commlsslon with registered number 1095045, The Charity's registered address is 5 St Andrew Street, London, EC4A 3AF. A descriptlon of the Charlty's operations and principal activities can be found In the Report of the Trustees. ACCOUNTING POLICIES (a) Basis of Accounting The Accounts have been prepared under the hlstorical cost convention as modlfled by the revaluation of investments at market value and in accordan with appllcable Accounting Standards. They have been prepared in accordance with the Statement of Recommended Practlce (Accountlng and Reporting by Charities) preparing their accounts in accordance wlth the Financial Reportlng standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Flnanclal Reporting Standard appllcable In the UK and Republic of Ireland (FRS 102 March 2018) and the Charities Act 2011. The Charity constitutes a public beneflt entity as defined by FRS 102. The accounts have been prepared to glve a'true and falr view, and have departed from the Charltles (Accounts and Reports) Regulations 2008 only to the extent requlred to provide a 'true and falr view,. This departure involved following Accounting and Reportlng by Charltles preparing thelr accounts In accordance wlth the Flnancial Reporting Standard applicable In the UK and Republlc of Iland {FFiS102) issued In October 2019 rather than the Accounting and Reporting by Charltles ststement of Recommended practi effectlve from 1st Aprll 2005 whlch has Sin been wlthdrawn. The Trustees conslder that the are no UnrtaIntIeS about the ChariVs ablllty to contlnue as going concern, The functlonal currency of the Charlty Es the £ Sterllng. (b) Income Income Is recognlsed In the year once the charlty has entitlement to the income, It Ss probable that the Income will be received and the amount of Income recelvable can be measured reliably. Investment incomels recognlsed on the date on which the dividend is payable or the interest arlses, Income is deferd only when the Charity has to fulfil condltions before becoming entitled to It or the donor has specified that the income has to be spent in a future period. (c) Resources Expended Llabilltles are recognised as expenditure as soon as there is a legal or construttive obligatlon committing the Charlty to that expendlture, it Is probable that settlement wlll be requlred and the amount of the obllgation oin be measured reliably. All expenditure 15 accounted for on an accruals basis. Costs of Raising Funds The cost of raising funds conslsts of investment management fees, costs Incurred in maintalnlng the Investment property and an allocation of support costs. Charitable Activlties Costs of Charitable Activlties include grants paid to individuals and organisations, direct costs associated with grant-making as well as an apportionment of support costs. Support Costs Support costs have been allocated betw&n activities based on staff time and include Governance costs, which comprises all costs involving the public accountability of the Charity and its compliance wlth regulation and good practice.
Paije | 15 ST ANDREW HOLBORN & sfAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) (d) Grants Grants payable are charged in the year in which the offer is conveyed to the reclplent eXpt In those cases where the offer is conditional, such grants being cognISed as expend5ture when the conditions attaching are fulfilled, There are also individual grants, which represent annual awards payable to eliglble appllcants, as well as other onef payments, to relieve hardship as approved by the trustees. (e) Fund Accounting (i) Unrestrltted Funds.. The unrestricted fund may be used by the Charlty In furtheran of its charitable objectlves at the dlscretlon of the Trustees. (li) Endowment Funds.. Permanent endowment funds are restricted capital funds where there Is m power to convert the orlginal capital to Income. Expendable endowment funds represent sums whSch the Trustees intend to retain intatt but can if necessary be used in furtherance of the Charlty objectlves subject to any restrlttlons Imposed by the donor. (lil) Restrlcted Funds.. Restrlcted funds are funds whlch are to be used in accordan wlth 5peclflc restrlttions Imposed by donors or which have been ralsed by the Charlty for partlcular purposes. The alm and use of each restrlcted 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 expendlture incurred Is inclusive of VAT. (g) Investments The Charity's Investments are a form of basic financial Instrument and are Inltlally recognlsed at their transaction value and subsequently measured at thelr falr value as at the balance sheet date UsSng the closing quoted market price. The Statement of Financial Activities Sncludes the net galns and105ses arlslng on the revaluations and disposals throughout the year. Realised galns and losses on Investments are arrlved at by comparlng the net sale proceeds wlth the market value at the end of the previous financial year. Unrealised galns and losses represent the difference belween the market value of investments still held at the end of the financial year with their value at the beginnlng of the year or with their cost if purchased subsequently. (o Debtors Trade and other debtors are recognised at the settlement amount due after any trade dlscount offered. Prepayment5 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 liquld Investments wlth a short maturlty of three months or less from the date of acquisition or openlng of the deposlt or 5imllar account. Cash held in accounts with Investment managers in included within fixed a55et investments. (f) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that wlll 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 prov151ons are nomially recognised at their settlement amount after allowing for any trade dlscounts due.
ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVEsfMENT INCOME 2024 2023 Investment Income Interest Recelvable 742,762 720,746 747,937 724,079 CHARITABLE ACTIVITIES 2024 2023 Grant-maklng Annual Award to Indlviduals Grants - Indivlduals Organlsatlons (Note 4a) 113,700 63,795 494,309 671804 126,525 66,599 355,803 548 927 Staff Costs Other Costs Support Costs (Note 5) 44,091 1,287 44,770 1,085 31,207 Total Charltable Actlvities 756,702 625,989
Page 117 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE ACTIVITIES (continued) (a) Grants awarded to organisations are shown below: 2024 2023 Organlsation Action Space Akash Resldents, Association Age UK Camden Age UK City of London Age UK East London Bloomsbury Football Foundatlon Calthorpe Projett Cltlzen Advice Camden cawBS Coram's Fields Growing Hope Klng's Cross Holborn Communlty Assoclatlon Home-start Camden InterAct Stroke Support KCBNA Kids - Home Learnlng Support Local Vlllage Network Mary Ward Legal Centre Mental Flght Club Mount Pleasant H05tel October Gallery Only Connect Pan Intercultural Arts Remarkl Communlty Royal Free London NHS Foundatlon Trust Single Homeless Project Shoe Lane Llbrary Solace Women's Aid Songhaven St Albans CE Prlmary School St George the Martyr Primary SchcM)I St Mungo's Support Through Court The Salvatlon Army Women@thewell Project YMCA Young Camden Foundatlon 20,000 7,533 65,740 14,740 12,000 19,040 10,000 4,771 2,520 20,000 9,000 20,000 18,000 54,819 20,000 5,500 38,112 10,000 3,200 1,400 25,000 5,000 43,430 10,500 800 9,700 15,000 17,940 8,500 33,063 8,000 60,000 17,964 20,964 8,500 1,200 6,000 15,000 1,452 1,000 1,300 1,190 20,000 5,600 11,410 13,825 42,989 7,530 800 22,580 600 11,911 494,309 35,860 500 8,629 355,803
ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHAIUTABLE ACTIVITIES (continued) (b) Reconclliation of Grants Payable 2024 2023 Organlsatlon Commitment at l January Commitments made in year (above) Grants paid during the year Commitments at 31 December 41,260 671,804 609,808 103,256 3,582 548,927 511,249 41,260 Credltors due wlthln one year (Note 9) Credltors due In more than one year (Note 10) 103,256 21,260 20,000 41,260 103,256 SUPPORT COSTS 2024 2023 Staff Costs Adminlstratlon Cost Recharge Insurance Sundry Expenses Governance Costs 16,922 13,209 1,695 317 7,377 39,520 11,338 11,247 1,214 294 31,207 Governance Costs includes amounts payable to the audltor of £7,114 (2023,. £6,785). STAFF COSTS 2024 2023 Salarles Soclal Security Pension Contrlbution5 50,479 5,498 46,831 4,989 61,013 56,108 The Charity's employees have joint contracts of employment with the 4 slster charltles at 5t Andrew Holborn and with St Andrew Holborn Trading Ltd. Together they employed an average of 5 (2023: 5) staff during the year, one of whom received employee benefits of £60,000 - £70,000 (2023: one). Employment costs are shared on a time spent basis. Key management personnel is deflned as the trustees and the Clerk to the Trustees. No trustee received any remuneration for their role as a trustee (2023: £NII). The total remuneration of key management personnel was £83,977 (2023: £80,619) of whlch the Charity's share was £9,982 (2023., £7,899).
ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7. QUOTED INVESTMENTS 2024 2023 (a) Quoted Investments at Market Value Cash wlth Investment Managers Total Investments (b) Movement In Investments Market value as at l January 2024 Additlons Dlsposals Investment galnsl(losses) 19,271,868 28,000 19,299,868 18,126,861 8,555 18,135,416 18,126,861 16,754 17,681,255 24,839 Realised Unrealised Market value at 31 December 2024 1,128,253 19,271,868 19,149,158 420,767 18,126,861 19,132,404 Cost at 31 Dember 2024 Quoted Investments with more than 5% of market value, which are consldered to be materlal. 0/0 of Portlollo Securlty Sarasin Endowment Funds Property Income Trust for Charltles M&G Charlfund 71.6 15.1 13.3 13,794,051 2,917,762 2,560,055 The carrylng amount of flnanclal assets measured at fair value through income and expendlture wlthln Investments is £19,271,868 (2023: £18,126,861).
Page. 120 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DEBTORS 2024 2023 Prepayments & Other Debtors Investment Income Receivable Parish Estates Charity Bromfield's Educatlonal Foundation 341 22,444 1,552 167 21,986 1,484 24,337 23,637 CREDITORS DUE WITHIN ONE YEAR 2024 2023 St Andrew Holborn Church Foundatlon Accruals & Deferred Income Grants Payable (Note 5b) 5,269 6,967 7,179 103 256 110,435 33,496 10. CREDITORS DUE IN MORE THAN ONE YEAR 2024 2023 Grants Payable (Note 4b) 20,000 11. RESTRICTED FUNDS Balance at 0110112024 Income Expenditure Balance at 3111212024 St Glles Sn the Fields and Bloomsbury Unlted Charity St Pancras Welfare Trust 3VB Westmlnster Almshouses Other 1,700 125 5,620 4,028 (3,120) (3,728) 4,200 425 (349) (349) 200 (200 4,276 Balance at 0110112023 Income Expendlture Balance at 3111212023 St Glles In the Flelds and Bloomsbury United Charlty St Pancras Welfare Trust Westmlnster 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) 2,476 1,476
Page 121 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 I I. RESTRICTED FUNDS (continued) st Glles-In-the-Fields and Bloomsbury Unlted Charity This fund represents monies received in respect of Charitable Donations from St Giles-In-the-Fields and Bloomsbury Unlted Charity to provide grants to individuals. st Mungo's This fund represents monles reIVed from collectlons at Christmas carol servi5 specifically to be donated to St Mungo's. st Pancras Welfare Trust This fund represents monies recelved to support families livlng within the overlapplng area of beneflt. 12. ENDOWMENT FUNDS Pernianent Expendable Total Balan at l January 2024 Net Movement In Funds Transfer Balance at 31 December 2024 10,362,463 482,284 4,110,903 341,671 14,473,366 823,955 10,844,747 4,452,574 15,297 321 Balance at l January 2023 Net Movement In Funds Transfer Balance at 31 Dember 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 13. UNRESTRICTED FUNDS General Deslgnated Total Balance at l January 2024 Net Movement In Funds Transfer Balance at 31 Dember 2024 3,796,401 467,322 420,000 (163,189) 4,216,401 304,133 4,184,698 335,836 4,520,534 Balance at l January 2023 Net Movement in Funds Transfer Balance at 31 ember 2023 3,925,729 290,672 420,000 3,796,401 3,925,729 290,672 420 000 420,000 4,216,401 The Deslgnated fund was established to provide for the costs of additional general advlsors at organisations within the Charity's area of benefit. These funds are expected to be spent out over the course of three years.
Page 122 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. NET ASSETS BETWEEN FUNDS Unrestrfcted Funds Restrlcted Funds 2024 Total Endowments Flxed Assets Current A55ets Current Liabllltles 3,998,049 632,920 110,435 4,520,534 15,301,819 (4,498) 19,299,868 632,698 110,435 19,822,131 4,276 4,276 15,297,321 Unrestrlcted Funds Restrlcted Funds 2023 Total Endowments Flxed Assets Current Assets Current Liabllltles Non-current Llabllities 3,657,552 612,345 (33,496) 14,477,864 (4,498) 18,135,416 609,323 (33,496) 20,000 18,691,243 1,476 4,216,401 1,476 14,473,366 15. TRUSTEES, REMUNERATION AND EXPENSES No remuneration, dlrectly or indirectly, out of the funds of the Charlty was paid or payable for the year to any Trustee or to any person or persons known to be connected wlth any of them. No trustees were reimbursed for expenses durlng the year (2023: none). 16. TAXATION St Andrew Holborn & Stafford's Charity Is a reglstered charity and Is potentially exempt from taxatlon In respect of income and capital galns received within the categorles covered by Part II of the Corporation Tax Act 2010 or Section 256 of the Taxatlon of Chargeable Galns Act 1992 to the extent that such Income or gains are applied to charitable purposes.
Page 123 ST ANDREW HOLBORN & STAFFORD'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. 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 Guild Church Council of St Andrew Holborn, the London Borough of Camden and the Corporatlon of the aty of London plus flve co-opted trustees. The following parties are considered related to the Charity by vSrtue of havlng common trustees and shared employees: st Andrew Holborn Church Foundation St Andrew Holborn Trading Limited Parlsh Estates Charity Bromfield's Education Foundation Lady Elizabeth Hatton's Charity st Andrew Holborn Church Foundatlon acts as paymaster for the staff employed under jolnt contract5 of employment, The Charity paid £61,013 (2023: £56,108) to St Andrew Holborn Church Foundatlon for its share of employment costs. Sl Andrew Holborn Church Foundatlon charged the Charity £13,209 (2023: £11,247) as a contribution to overheads and recharged expenses incurred on the Charity's behalf amounting to £237 (2023: £Nil). At the year end, £NII (2023: £5,269) was owed to St Andrew Holborn Church Foundation. The Charity recelves a 2127th share of income from Parlsh Estates Charity amounting to £1,552 (2023: £1,484). At the year end £1,552 (2023: £1,484) was due from Parish Estates Charlty. St Andrew Holbom Tradlng Ltd charged the Charity £263 (2023: £322) for meetlng facilltles. At the year end, £NII (2023: £Nil) was owed to St Andrew Holbom Trading Ltd. 18. FUNDING COMMITMENTS During the year, the Charity awarded multi-year grants to three organlsatlons payable in quarterly instalments. The remalning instalments in respect of year l of the grants have been recognised as grants payable within creditors, Payment of years 2 and 3 of the grants are Subject to the Trustees, review of the funded projects and as such are not recognlsed as a Ilabllity at thls time. The commltments will be funded from the deslgnated fund and future Investment Income.