Charity no 1097712
THE ST PAUL’S KNIGHTSBRIDGE FOUNDATION
ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024
THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024
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.
The third was formed in 2022 from the appointment of two-thirds of the residue of the Virginia Susan Johnstone's Will Trust to the Foundation. The total legacy has now been agreed at £1,768,583 (including income tax recoverable of £5,148) and of this, £10,983 is included in 2024 income.
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 was created to to raise funds for the redevelopment of the St Paul's Knightsbridge church site and restoration of the chancel.
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
During the year, the Foundation received total income of £197,580 (2023: £175,279 including legacy income of £30,000).
The Foundation Carol Service generated income after costs of £33,580 (2023: £34,209) and drove a substantial proportion of the £4,777 donations to the Foundation.
The Trustees have invested reserves in the Richard Thornton Ministry and the Virginia Susan Johnstone's Will Trust funds in a specialist charity investment fund and long term deposits. Total investment income for the year was £106,972 (2023: £71,095) and has been received into the unrestricted fund. The net gain on investments was £30,545 (2023: £19,829 ).
Donations to the Parochial Church Council of St Paul's Knightsbridge totalled £177,958 (2023: £150,410) including the payment of accumulated reserves from the Capital Appeal restricted funds totalling £109,958. More details are provided in note 3.
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024
Reserves policy and plans for future periods
At the year-end, the unrestricted reserves were £350,116. The restricted fund balances totalled £45,595 and the expendable endowment funds, £3,641,729. 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 Canon Alan Gyle - Vicar of St Paul’s
Mrs Susan Thornton
Ms Lorna Gradden - Resigned 13 September 2024 - Retired Churchwarden of St Paul’s Mr Gregory Walker - Appointed 13 September 2024 - Current 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 2024
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)
JOHN SUNDERLAND CHAIRMAN
6 August 2025
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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 2024, which are set out on pages 5 to 14.
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
9 October 2025
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THE ST PAUL’S KNIGHTSBRIDGE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
Charity no 1097712
| Note Income: Donations and legacies Donations Legacies Other trading activities Fundraising events Investment income Total income Expenditure: Raising funds 2 Charitable activities Grants and donations 3 Property management costs Insurance costs Governance costs 4 Staff costs 13 Total expenditure Net gains/(losses) on investments Transfers between funds 10 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Net (expenditure)/income |
Expendable Total Endowment 2024 Funds £ £ £ £ Note 10 Note 10 4,777 - - 4,777 - - 10,983 10,983 4,777 - 10,983 15,760 74,848 - - 74,848 106,972 - - 106,972 186,597 - 10,983 197,580 41,268 - 2,281 43,549 68,000 109,958 - 177,958 21,123 - - 21,123 - 642 - 642 4,572 - - 4,572 5,500 - - 5,500 99,195 110,600 - 209,795 140,463 110,600 2,281 253,344 - - 30,545 30,545 46,134 (110,600) 39,247 (25,219) 21,123 - (21,123) - 67,257 (110,600) 18,124 (25,219) 282,859 156,195 3,623,605 4,062,659 350,116 45,595 3,641,729 4,037,440 Unrestricted Fund Restricted Funds |
Total 2023 £ Page 6 4,610 30,000 |
|---|---|---|
| 34,610 69,574 71,095 |
||
| 175,279 | ||
| 49,584 | ||
| 150,410 18,744 378 7,469 3,000 |
||
| 180,001 | ||
| 229,585 | ||
| 19,829 (34,477) - (34,477) 4,097,136 |
||
| 4,062,659 |
The charity has no permanent endowment funds.
The notes on pages 8 to 14 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 2024
COMPARATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies Donations Legacies Other trading activities Fundraising events - carol service Investment income Total income Expenditure on: Raising funds 2 Charitable activities Grants and donations 3 Property management costs Insurance and legal costs Governance costs 4 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 2023 Funds £ £ £ £ Note 10 Note 10 4,610 - - 4,610 - - 30,000 30,000 |
|---|---|
| 4,610 - 30,000 34,610 69,574 - - 69,574 71,095 - - 71,095 |
|
| 145,279 - 30,000 175,279 |
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| 47,365 - 2,219 49,584 150,410 - - 150,410 18,744 - - 18,744 - 378 - 378 7,469 - - 7,469 3,000 - - 3,000 |
|
| 179,623 378 - 180,001 |
|
| 226,988 378 2,219 229,585 |
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| - - 19,829 19,829 (81,709) (378) 47,610 (34,477) 89,744 - (89,744) - 8,035 (378) (42,134) (34,477) 274,824 156,573 3,665,739 4,097,136 |
|
| 282,859 156,195 3,623,605 4,062,659 |
The charity has no permanent endowment funds.
The notes on pages 8 to 14 form part of these accounts
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THE ST PAUL’S KNIGHTSBRIDGE FOUNDATION BALANCE SHEET
AS AT 31 DECEMBER 2024
Charity no 1097712
| Note Fixed assets: Tangible assets 5 Investments: Cash held on deposit Listed investments 7 Total fixed assets Current assets: Debtors 8 Cash at bank Total current assets Liabilities: Creditors: amounts falling due within one year 9 Net current assets Net assets Represented by: Unrestricted fund Restricted funds 10 10 Expendable endowment funds |
Unrestricted Expendable Total Fund Endowment 2024 Funds £ £ £ £ - 47,000 1,200,000 1,247,000 82,451 - 1,794,549 1,877,000 - - 782,788 782,788 82,451 47,000 3,777,337 3,906,788 48,665 - 14,318 62,982 224,340 (1,405) (149,926) 73,009 273,005 (1,405) (135,608) 135,992 5,340 - - 5,340 267,665 (1,405) (135,608) 130,652 350,116 45,595 3,641,729 4,037,440 350,116 - - 350,116 - 45,595 - 45,595 - - 3,641,729 3,641,729 350,116 45,595 3,641,729 4,037,440 Restricted Funds |
Total 2023 £ 1,247,000 1,480,000 754,478 |
|---|---|---|
| 3,481,478 | ||
| 306,029 333,019 |
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| 639,048 57,867 |
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| 581,181 | ||
| 4,062,659 | ||
| 282,859 156,195 3,623,605 |
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| 4,062,659 |
These accounts were approved by the trustees on 6 August 2025 and signed on their behalf by:
JOHN SUNDERLAND
CHAIRMAN
The notes on pages 8 to 14 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 2024
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 10.
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 4.
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 and other financial instruments
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.
All other financial assets and financial liabilities are initially recognised at transaction value and subsequently measured at their settlement value.
| 2 Fundraising costs Unrestricted Fund Carol Service Staff costs - see note 13 R Thornton Ministry Fund (expendable endowment) Investment charges Total 3 Grants and donations payable Grants to St Paul's Knightsbridge PCC: Unrestricted Funds: General Restricted Funds: Capital Appeal Capital Appeal - external works R Thornton Ministry Fund Professional fees paid on behalf of St Paul's Knightsbridge PCC: Unrestricted General Fund |
2024 2023 £ £ 41,268 35,365 - 12,000 |
|---|---|
| 41,268 47,365 |
|
| 2,281 2,219 |
|
| 43,549 49,584 |
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| 2024 2023 £ £ 68,000 65,010 59,958 - 50,000 - - 71,000 |
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| 177,958 136,010 - 14,400 |
|
| 177,958 150,410 |
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 4 Governance costs Accountancy and independent examination charges - prior year (over)/under provision Bank charges - Unrestricted Fund 5 Tangible fixed assets Cost Balance brought forward and carried forward Net book value Balance brought forward and carried forward 6 Investments - cash held on deposit Cost brought forward Transfers from cash at bank Cost carried forward 7 Listed investments Market value brought forward Additions Disposals Net unrealised investment gains/(losses) Market value carried forward Historical cost carried forward |
2024 2023 £ £ 4,200 5,000 - 2,100 372 369 4,572 7,469 Long leasehold Cello property Total £ £ £ 47,000 1,200,000 1,247,000 |
2024 2023 £ £ 4,200 5,000 - 2,100 372 369 |
|---|---|---|
| 4,572 7,469 |
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| 47,000 | 1,200,000 1,247,000 |
|
| 2024 2023 £ £ 1,480,000 - 397,000 1,480,000 |
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| 1,877,000 1,482,023 |
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| 2024 2023 £ £ 754,478 736,911 - - (2,216) (2,291) 30,526 19,858 |
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| 782,788 754,478 |
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| 793,054 797,870 |
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 8 Debtors Unrestricted Fund: Trade debtors Due from St Paul's Knightsbridge PCC Prepayments and accrued income Expendable Endowment Funds Income tax recoverable Accrued legacy income 9 Creditors: amounts falling due within one year Unrestricted Fund: Accrued grants payable Trade creditors Other accruals |
2024 2023 £ £ 14,395 5,600 705 - 33,565 30,429 |
|---|---|
| 48,665 36,029 5,148 - 9,170 270,000 |
|
| 62,982 306,029 |
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| 2024 2023 £ £ - 47,000 340 767 5,000 10,100 |
|
| 5,340 57,867 |
10 Analysis of movement in funds
| Unrestricted fund Restricted funds: Capital Appeal Cello Fund Reverend GRJ Shea Total Expendable endowment funds: Virginia Susan Johnstone's Will Trust R Thornton Ministry Capital Appeal - external works |
Balance at Transfers Funds 1 January Gains and between 31 December 2024 Income Expenditure losses funds 2024 £ £ £ £ £ £ 282,859 186,597 (140,463) - 21,123 350,116 |
|---|---|
| 59,958 - (59,958) - - - 50,000 - (50,000) - - - 46,237 - (642) - - 45,595 |
|
| 156,195 - (110,600) - - 45,595 |
|
| 1,054,045 - - - (21,123) 1,032,922 811,960 - (2,281) 30,545 - 840,224 1,757,600 10,983 - - - 1,768,583 |
|
| 3,623,605 10,983 (2,281) 30,545 (21,123) 3,641,729 |
|
| 4,062,659 197,580 (253,344) 30,545 - 4,037,440 |
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10 Analysis of movement in funds (continued)
| Prior year information Unrestricted fund Restricted funds: Capital Appeal Cello Fund Reverend GRJ Shea Total Capital Appeal - external works Expendable endowment funds: Virginia Susan Johnstone's Will Trust R Thornton Ministry |
Balance at Transfers Funds 1 January Gains and between 31 December 2023 Income Expenditure losses funds 2023 £ £ £ £ £ £ 274,824 145,279 (226,988) - 89,744 282,859 |
|---|---|
| 59,958 - - - - 59,958 50,000 - - - - 50,000 46,615 - (378) - - 46,237 |
|
| 156,573 - (378) - - 156,195 |
|
| 1,072,789 - - - (18,744) 1,054,045 865,350 - (2,219) 19,829 (71,000) 811,960 1,727,600 30,000 - - - 1,757,600 |
|
| 3,665,739 30,000 (2,219) 19,829 (89,744) 3,623,605 |
|
| 4,097,136 175,279 (229,585) 19,829 - 4,062,659 |
Details of funds:
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.
Reverend GRJ Shea 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. The transfer to the unrestricted fund reflects maintenance costs of the property incurred during the year.
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10 Analysis of movement in funds (continued)
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 and the transfer between funds represents the amount released to the unrestricted fund during the year in the support this objective.
Virginia Susan £1,768,583 has been appointed to the charity from Virginia Susan Johnstone's Will Johnstone's Will Trust Trust. No restrictions have been placed on the use of income or capital.
| 11 Analysis of net assets between funds (comparative information) Tangible fixed assets Investments Net current assets 2023 |
Unrestricted Expendable Total Fund Endowment Funds £ £ £ £ - 47,000 1,200,000 1,247,000 - - 2,234,478 2,234,478 282,859 109,195 189,127 581,181 Restricted Funds |
|---|---|
| 282,859 156,195 3,623,605 4,062,659 |
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THE ST PAUL'S KNIGHTSBRIDGE FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12 Related party transactions
The Reverend Alan Gyle and Mr Gregory Walker (replacing 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 Mr Walker (replacing Ms Gradden) are trustees of the PCC.
During the year, the Foundation paid grants to the PCC as disclosed in note 3. The trustees also 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 13. Costs were apportioned on a time incurred basis.
There were no other related party transactions.
13 Trustees remuneration and staff costs
There were no direct employees during the year (2023: nil) however the Foundation reimbursed the Parochial Church Council of St Paul's Knightsbridge for the costs of one member (2023: one member) of staff as follows:
| Wages and salaries Social security costs Pension costs |
2024 2023 £ £ 4,847 13,290 653 1,563 - 147 |
|---|---|
| 5,500 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 5,500 3,000 |
|---|---|
| 5,500 15,000 |
No trustee, or other connected persons, received any remuneration, benefit in kind or reimbursement of expenses.
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