Charity no 1097712
THE ST PAUL’S KNIGHTSBRIDGE FOUNDATION
ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022
THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022
History, objectives and activities furthering the public benefit
The St Paul’s Knightsbridge Foundation is a charity formed under a Declaration of Trust dated 31[st] October 2002. Its objects are to maintain and support in office a person who is appointed as or performs the function of a curate to the Vicar of St Paul’s Knightsbridge, London SW1 and to contribute towards the maintenance of the fabric, furnishings and equipment of the church and support worship, including performance of the choir and musical or artistic activities intended to encourage worship in St Paul’s Church.
There are three expendable endowment funds. The first was created in 2006 from the legacy of the Reverend GRJ Shea and comprised a leasehold property in Knightsbridge and a cash sum which has now been expended. The trustees have the power to spend the capital, but both the capital and any income are restricted to the provision of remuneration, accommodation or expenses of a curate or assistant clergy for the parish of St Paul’s Knightsbridge. The leasehold flat continues to be occupied by a retired clergyman who is an Honorary Assistant Priest at St Paul’s Church.
The second, The Richard Thornton Ministry Fund, was created from a £1,000,000 cash donation pledged during 2019 by the trustees of the Thornton Foundation to be used in support of the clergy and ministry of the parish of St Paul's Knightsbridge.
During the year, the trustees were notified of the appointment of two-thirds of the residue of the Virginia Susan Johnstone's Will Trust to the Foundation. Legacy income totalling £1,727,600 has been recognised comprising: a two-thirds share of an investment property, valued at £354,300, which was appropriated to the Foundation during the year; £1,133,300 cash paid on account after the year-end; and a further notified minimum final cash distribution of £240,000.
In 2017 the Foundation acquired a copy of a cello owned by the famous cellist Rostropovich. The Foundation has undertaken to provide and insure the instrument for use by the current music scholar of St Paul's Church.
The Capital Appeal, to raise funds for the redevelopment of the St Paul's Knightsbridge church site and restoration of the chancel, continues.
The charity makes regular donations to the Parochial Church Council.
The charity's trustees have complied with their duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.
Financial review and achievements
In addition to the appointment from Virginia Susan Johnstone's Will Trust, the Foundation received donations totalling £24,706 (2021: £53,035) of which £8,290 was restricted (2021: £50,000).
The carol service generated fundraising income after costs of £46,679 (2021: £40,482).
Donations to the Parochial Church Council of St Paul's Knightsbridge totalled £56,066 (2021: £87,720) of which £26,666 (2021: £32,000) was funded from the Richard Thornton Ministry Fund.
The Trustees have invested reserves in The Richard Thornton Ministry Fund in a specialist charity investment fund. Investment income for the year was £27,019 (2021: £3,086) and has been received into the unrestricted fund. The net loss on investments was £68,026 (2021: net gain of £6,999).
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022
Reserves policy and plans for future periods
At the year-end, the unrestricted reserves were £274,824. The restricted fund balances totalled £156,573 and the expendable endowment funds, £3,665,739. The Trustees maintain a level of reserves sufficient to cover future service charges pertaining to Flat 7 Wellington Court. It is also the Trustees’ policy to build up reserves in order to meet the needs of St Paul’s Church in years to come. They have the power to invest surplus funds as they see fit.
Risk management
The Trustees have considered the major risks to which the Foundation is exposed and have reviewed those risks and established systems and procedures to manage those risks.
Governance and management
The charity is governed by the trustees.
The Declaration of Trust states that a majority of the Trustees shall have power from time to time to appoint a new or additional trustee or trustees provided that:
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a) The Trustees shall appoint and maintain in office (a) the person who is for the time the Vicar (or if there shall be no Vicar, the Priest in Charge) of St Paul’s Church and (b) a person chosen by the said Vicar or Priest in Charge from among those who are service as Church Warden to St Paul’s Church and the persons so appointed under sub-paragraphs (a) and (b) of this clause shall hold office so long only as they respectively hold office as Vicar (or Priest in Charge) or as Church Warden.
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b) The Trustees being at least two in number may act in the trusts hereof notwithstanding any vacancy in their number pending the appointment of a Vicar (or Priest in Charge or Church Warden).
Administrative details
The address of the charity is St Paul's Church, 32A Wilton Place, London SW1X 8SH.
The Trustees of the charity are:
Mr John Sunderland - Chairman
The Reverend Alan Gyle - Vicar of St Paul’s Mrs Susan Thornton
Ms Lorna Gradden - Churchwarden of St Paul’s
The leasehold property in Knightsbridge is held in the names of all the current trustees.
Bankers: Messrs C Hoare & Co 32 Lowndes Street London SW1 Accountants: Begbies Chartered Accountants Unit 14, Park Barn Evegate Business Park Smeeth Ashford Kent TN25 6SX
The Trustees have appointed Mr Daniel Valentine ACA to act as Independent Examiner for the Foundation.
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022
Trustees’ responsibilities in relation to the financial statements
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which Report give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue operations.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
THE REVERAND CANON ALAN GYLE
TRUSTEE
13 November 2023
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INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE ST PAUL’S KNIGHTSBRIDGE FOUNDATION
Charity no 1097712
I report to the trustees on my examination of the accounts of the St Paul's Knightbridge Foundation ('the Foundation') for the year ended 31 December 2022, which are set out on pages 5 to 13.
Responsibilities and basis of report
As the trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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2) the accounts do not accord with those records; or
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3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Daniel Valentine ACA
Begbies Chartered Accountants Unit 14, Park Barn Evegate Business Park Smeeth Ashford Kent TN25 6SX
15 November 2023
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THE ST PAUL’S KNIGHTSBRIDGE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
Charity no 1097712
| Note Income: Donations and legacies Donations Legacies 12 Other trading activities Fundraising events 2 Investment income Total income Expenditure: Raising funds 3 Charitable activities Grants and donations 4 Property management costs Insurance and legal costs Governance costs 5 Staff costs 11 Total expenditure Net gains/(losses) on investments Transfers between funds 8 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Net (expenditure)/income |
Expendable Total Endowment 2022 Funds £ £ £ £ Note 8 Note 8 16,416 8,290 - 24,706 - - 1,727,600 1,727,600 16,416 8,290 1,727,600 1,752,306 75,716 - - 75,716 27,019 - - 27,019 119,151 8,290 1,727,600 1,855,041 41,037 - 1,974 43,011 56,066 8,290 - 64,356 21,187 - - 21,187 - 571 - 571 5,386 - - 5,386 3,000 - - 3,000 85,639 8,861 - 94,500 126,676 8,861 1,974 137,511 - - (68,026) (68,026) (7,525) (571) 1,657,600 1,649,504 47,853 - (47,853) - 40,328 (571) 1,609,747 1,649,504 234,496 157,144 2,055,992 2,447,632 274,824 156,573 3,665,739 4,097,136 Unrestricted Fund Restricted Funds |
Total 2021 £ Page 6 53,035 - |
|---|---|---|
| 53,035 62,994 3,086 |
||
| 119,115 | ||
| 34,581 | ||
| 87,720 16,457 376 1,941 3,000 |
||
| 109,494 | ||
| 144,075 | ||
| 6,999 (17,961) - (17,961) 2,465,593 |
||
| 2,447,632 |
The charity has no permanent endowment funds.
The notes on pages 8 to 13 form part of these accounts
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THE ST PAUL’S KNIGHTSBRIDGE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
COMPARATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Donations and legacies Donations Other trading activities Fundraising events 2 Investment income Total income Expenditure on: Raising funds 3 Charitable activities Grants and donations 4 Property management costs Insurance and legal costs Governance costs 5 Staff costs Total expenditure Net gains/(losses) on investments Net (expenditure)/income Transfers between funds 8 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Restricted Expendable Total Fund Funds Endowment 2021 Funds £ £ £ £ Note 8 Note 8 3,035 50,000 - 53,035 |
|---|---|
| 62,994 - - 62,994 3,086 - - 3,086 |
|
| 69,115 50,000 - 119,115 |
|
| 34,512 - 69 34,581 87,720 - - 87,720 16,457 - - 16,457 - 376 - 376 1,941 - - 1,941 3,000 - - 3,000 |
|
| 109,118 376 - 109,494 |
|
| 143,630 376 69 144,075 |
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| - - 6,999 6,999 (74,515) 49,624 6,930 (17,961) 45,371 - (45,371) - (29,144) 49,624 (38,441) (17,961) 263,640 107,520 2,094,433 2,465,593 |
|
| 234,496 157,144 2,055,992 2,447,632 |
The charity has no permanent endowment funds.
The notes on pages 8 to 13 form part of these accounts
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THE ST PAUL’S KNIGHTSBRIDGE FOUNDATION BALANCE SHEET
AS AT 31 DECEMBER 2022
Charity no 1097712
| Note Fixed assets Tangible assets 6 Investments 7 Current assets Trade debtors Prepayments and accrued income Investment properties held for sale 12 Cash at bank Liabilities Accruals Net assets Represented by: Unrestricted fund Restricted funds 8 8 Expendable endowment funds Creditors: amounts falling due within one year |
Unrestricted Expendable Total Fund Endowment 2022 Funds £ £ £ £ - 47,000 1,200,000 1,247,000 - - 736,911 736,911 1,400 - - 1,400 - - 1,383,095 1,383,095 - - 354,300 354,300 276,424 117,863 (8,567) 385,720 277,824 117,863 1,728,828 2,124,515 3,000 8,290 - 11,290 274,824 156,573 3,665,739 4,097,136 274,824 - - 274,824 - 156,573 - 156,573 - - 3,665,739 3,665,739 274,824 156,573 3,665,739 4,097,136 Restricted Funds |
Total 2021 £ 1,247,000 406,269 1,050 7,685 - 788,128 |
|---|---|---|
| 796,863 | ||
| 2,500 2,447,632 |
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| 234,496 157,144 2,055,992 |
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| 2,447,632 |
These accounts were approved by the trustees on 13 November 2023 and signed on their behalf by:
THE REVERAND CANON ALAN GYLE
TRUSTEE
The notes on pages 8 to 13 form part of these accounts
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
Charity no 1097712
1 Accounting policies
The following policies have been used in dealing with items which are considered material in relation to the charity's accounts.
a) Basis of accounting and assessment of going concern
The accounts have been prepared under the historic cost convention. The accounts have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and UK Generally Accepted Practice.
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
b) Funds structure
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor. Details of the restricted funds are disclosed in note 8.
There is no requirement to spend the capital of an expendable endowment fund, however the Trustees are in their power to do so if they so decide. The capital and income from the fund is restricted to the use as specified by the donor. Details of the funds can be found in note 8.
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.
c) Income
All income is recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of income can be measured with sufficient reliability.
d) Expenditure
Liabilities are recognised as resources as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis with the irrecoverable element of VAT included within the category of expense to which it relates.
Expenditure on raising funds includes direct costs of events and other fundraising expenditure and is detailed in the notes. Expenditure on charitable activities are direct costs of the charity in undertaking its work to meet its charitable objectives and consists of grants to St Paul’s Knightsbridge PCC, property expenses and governance costs. Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the charity and are detailed in note 5.
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
e) Tangible fixed assets and depreciation
The long leasehold property is stated as the probate value as at 1 January 2005 less any provisions for impairment. No depreciation is provided.
The cello is stated at cost and no depreciation is provided because in the opinion of the trustees any charge would be immaterial due to a high residual value.
f) Fixed asset investments
Listed investments are initially recognised at their transactions value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market value. Net gains and losses arising on revaluation and disposals are combined in the Statement of Financial Activities.
g) Current asset investments
Investment properties held for sale are valued at fair value less future costs of disposal. Net gains and losses arising on revaluation and disposals are shown in the Statement of Financial Activities.
h) Other financial instruments
All other financial assets and financial liabilities are initially recognised at transaction value and subsequently measured at their settlement value.
| 2 Other trading activities - fundraising events Unrestricted Fund Carol Service 3 Fundraising costs Unrestricted Fund Carol Service Staff costs - see note 11 R Thornton Ministry Fund (expendable endowment) Investment charges Total |
2022 2021 £ £ 75,716 62,994 |
|---|---|
| 2022 2021 £ £ 29,037 22,512 12,000 12,000 |
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| 41,037 34,512 |
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| 1,974 69 |
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| 43,011 34,581 |
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| 4 Grants and donations payable Unrestricted Fund: Grants to St Paul's Knightsbridge PCC Professional fees paid on behalf of St Paul's Knightsbridge PCC Restricted Vestments Fund - grant to St Paul's Knightsbridge PCC 5 Governance costs Accountancy and independent examination charges - prior year (over)/under provision Bank charges - Unrestricted Fund 6 Tangible fixed assets Cost Balance brought forward and carried forward Net book value Balance brought forward and carried forward 7 Listed investments Market value brought forward Additions Disposals Net unrealised investment gains/(losses) Market value carried forward Historical cost carried forward |
2022 2021 £ £ 26,666 72,000 29,400 15,720 56,066 87,720 8,290 - 64,356 87,720 2022 2021 £ £ 3,000 3,240 1,670 (1,690) 716 391 5,386 1,941 Long leasehold Cello property Total £ £ £ 47,000 1,200,000 1,247,000 |
2022 2021 £ £ 26,666 72,000 29,400 15,720 |
|---|---|---|
| 56,066 87,720 8,290 - |
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| 64,356 87,720 |
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| 2022 2021 £ £ 3,000 3,240 1,670 (1,690) 716 391 |
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| 5,386 1,941 |
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| 47,000 | 1,200,000 1,247,000 |
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| 2022 2021 £ £ 406,269 - 399,592 399,366 (1,001) (96) (67,949) 6,999 |
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| 736,911 406,269 |
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| 797,870 399,270 |
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8 Analysis of movement in funds
| Unrestricted fund Restricted funds: Capital Appeal Cello Fund Vestments Fund Reverend GRJ Shea Total Prior year information Unrestricted fund Restricted funds: Capital Appeal Cello Fund Reverend GRJ Shea Total Expendable endowment funds: Expendable endowment funds: R Thornton Ministry Fund Virginia Susan Johnstone's Will Trust R Thornton Ministry Capital Appeal - external works Capital Appeal - external works |
Balance at Transfers Funds 1 January Gains and between 31 December 2022 Income Expenditure losses funds 2022 £ £ £ £ £ £ 234,496 119,151 (126,676) - 47,853 274,824 |
|---|---|
| 59,958 - - - - 59,958 50,000 - - - - 50,000 47,186 - (571) - - 46,615 - 8,290 (8,290) - - - |
|
| 157,144 8,290 (8,861) - - 156,573 |
|
| 1,093,976 - - - (21,187) 1,072,789 962,016 - (1,974) (68,026) (26,666) 865,350 - 1,727,600 - - - 1,727,600 |
|
| 2,055,992 1,727,600 (1,974) (68,026) (47,853) 3,665,739 |
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| 2,447,632 1,855,041 (137,511) (68,026) - 4,097,136 |
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| Balance at Transfers Funds 1 January Gains and between 31 December 2021 Income Expenditure losses funds 2021 £ £ £ £ £ £ 263,640 69,115 (143,630) - 45,371 234,496 |
|
| 59,958 - - - - 59,958 - 50,000 - - - 50,000 47,562 - (376) - - 47,186 |
|
| 107,520 50,000 (376) - - 157,144 |
|
| 1,110,433 - - - (16,457) 1,093,976 984,000 - - 6,999 (28,983) 962,016 |
|
| 2,094,433 - - 6,999 (45,440) 2,055,992 |
|
| 2,465,593 119,115 (144,006) 6,999 (69) 2,447,632 |
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8 Analysis of movement in funds (continued)
Capital Appeal Raising funds for the redevelopment of the St Paul's Knightsbridge church site and restoration of the chancel.
Capital Appeal - A donation to the Capital Appeal to be directed to external works. external works
Cello Fund The provision and maintenance of the cello purchased for use by the current music scholar of St Paul's Church.
Vestments Fund The provision of vestments for St Paul's Church with the balance for general use at the church.
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Reverend GRJ Shea This fund was created from the legacy of the Reverend GRJ Shea and comprised a leasehold property in Knightsbridge and a cash sum which has now been expended. The trustees have the power to spend the capital, but both the capital and any income are restricted to the provision of remuneration, accommodation or expenses of a curate or assistant clergy for the parish of St Paul’s Knightsbridge. The property currently houses an assistant clergyman for the parish.
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The Richard Thornton £1,000,000 of expendable capital was donated by the trustees of the Thornton Ministry Fund Foundation in keeping with the wishes of Richard Thornton, the founder of the Thornton Foundation. The capital must be used in support of the clergy and ministry of the parish of St Paul's Knightsbridge.
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Virginia Susan £1,727,600 was appointed to the charity from Virginia Susan Johnstone's Will Trust. Johnstone's Will Trust No restrictions have been placed on the use of income or capital.
| 9 Analysis of net assets between funds Tangible fixed assets Investments Prepayments and accrued income Investment properties held for sale Cash at bank Other net current assets Tangible fixed assets Investments Cash at bank Other net current assets 2022 2021 |
Unrestricted Expendable Total Fund Endowment Funds £ £ £ £ - 47,000 1,200,000 1,247,000 - - 736,911 736,911 - - 1,383,095 1,383,095 - - 354,300 354,300 276,424 117,863 (8,567) 385,720 (1,600) (8,290) - (9,890) Restricted Funds |
|---|---|
| 274,824 156,573 3,665,739 4,097,136 |
|
| - 47,000 1,200,000 1,247,000 - - 406,269 406,269 235,946 110,144 442,038 788,128 (1,450) - 7,685 6,235 |
|
| 234,496 157,144 2,055,992 2,447,632 |
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10 Related party transactions
The Reverend Alan Gyle and Ms Lorna Gradden are respectively Vicar and Churchwarden of St Paul’s Church, Knightsbridge which benefits from the activities of the Foundation. Both the Reverend Alan Gyle and Ms Gradden are trustees of the PCC.
During the year, the Foundation reimbursed the PCC for the cost of a members of staff employed by the PCC but engaged on activities of the Foundation as disclosed in note 11. Costs were apportioned on a time incurred basis.
There were no other related party transactions.
11 Trustees remuneration and staff costs
There were no direct employees during the year (2021: nil) however the Foundation reimbursed the Parochial Church Council of St Paul's Knightsbridge for the costs of one member (2021: one member) of staff as follows:
| Wages and salaries Social security costs Pension costs |
2022 2021 £ £ 12,588 12,744 1,531 1,364 881 892 |
|---|---|
| 15,000 15,000 |
Staff costs are allocated to raising funds and charitable activities on a time incurred basis.
| Raising funds - unrestricted Charitable activities - unrestricted |
12,000 12,000 3,000 3,000 |
|---|---|
| 15,000 15,000 |
No trustee, or other connected persons, received any remuneration, benefit in kind or reimbursement of expenses.
12 Legacy income and current asset investment
During the year, the trustees were notified of the appointment of two-thirds of the residue of the Virginia Susan Johnstone's Will Trust to the Foundation. Legacy income totalling £1,727,600 has been recognised comprising: a two-thirds share of an investment property, valued at £354,300, which was appropriated to the Foundation during the year; £1,133,300 cash paid on account after the year-end; and a further notified minimum final cash distribution of £240,000.
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