ST GILES-IN-THE-FIELDS AND WILLIAM SHELTON EDUCATIONAL CHARITY CHARrrY REGIsfRATION NUMBEIL. 1111907 ACCOUNTS FOR THE YEAR ENDED 31sf DECEMBER 2023
Page I HEL NED REFERENCE AND ADMINISTrATIVE DEfAILS Constltutlon: St Giles-in-the-Fields and William Shelton Educational Charity (the-LTrai7) is a Registered Charity NO: 1111907 and Is govemed by a sole corporate Trust. This is St Glles-in-the-Flelds and 111aM Shelton Educatlonal Trustee Limlted (company number: 11325502) (the" Tnt). Trustees: The Directors of the Trustee are: Revd T Sander Revd D Peebles Ms H Roden Mr O Flory Mr H Robinson Ms N Wllson Revd J Pearson-Hlcks Ms J Hannon Rector of St GlIeS-In-thtrelds Rector of St George's, Bloomsbury Churchwarden of St George's, BloomSry Churchwarden of St Glles-In-the-Flelds (Re-app)Inted 7 February 2023) (Re-appolnted 7 February 2023) Officer: Chalrman Clerk to Trustee Revd T Sander MsHCap Professlonal Advlsers: Bankers: C Hoare & Co 37 Fleet Street London EC4P 4DQ Unlty Thjst Bank Nine Brindleyplace Blnnlngham Bl 2HB Investment Managers: Tower5 Watson Investment Management Limited 21 Tothlll Street London SWIH 9LL Reglstered Audltors: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Solicitor RLS Law Prlnclpal Office Address: clo St Giles Churth 60 St Giles Hlgh Street London, WC2H 8LG
Page 2 EL RT FTHE R THE YEAR ENDED 31ST DECEM 023 The Trustee submts ts retx)rt and accounts for the year ended 31 December 2023. srRucfuRE GOVERNANCE AND MANAGEMEpir St GIleS4n-thFlelS and William Shelton Educatlonal Charlty Is a Registered tharity (No: 1111907). It was set up by a scheme of the Charity Commission dated 10th August 2005. This consolldated fomier tharfoes.. William Shelton's Educatlonal Fwndati¢M (founded 1672). St Glles and Bltyjmsbury Educatlon Foundation (origins In St GTles Chaiity School founded 1705). The Charlty has a sole corporate trustee- St Glles-In-the-Flelds and Wlllam Shelton Educational Trustee Ltd. The Dlrectors of the Trustee comprtse four ex-offido Director5 (the Rectors and one Churchwarden from St Glles-In-the-Fields and St George, Bloomsbury) and up to four COpted Directors who are appointed ty the Directors for a peri of three years (after which they can be rtraptx)Inted). The Charity has adopted a recruitmen¢ selectlon arKI Induttlon pollcrf for new Directors of the Trustee. New Dlrectors may be sought by open advertisement or through open dlalogue relevant organisations. All potential Directors a approprlately vetted and on appoinbnent new Dlrectors slgn a modd declardtlon statement commltting them to glvlng thelr tlme and their experdse. New Dlrectors are provided with a file, which includes a copy of the werning documenl a copy of the latest annual accounts and a copy of CC3 The Essentlal Trustee publlshed by the Charlty Commission. They are Inltially supported by the Chalr and are encouraged to attend relevant training courses. All Directors give thLyr time fr&ly and no remuneration was paid during the year. Detalls of Directors expenses and related paty transacuons are dlsdosed later In Notes 4 and 15 to the accounts. Directors are required to disdose all relevant interests and register them with the Clerk and in accord2AKe wlth the Charftys pollq to wlthdraw from deaslons Whe a conflict of Interest arfses. The Dlrectors of the Trustee meet quarterly to agree tr broad strategy areas of for the Charfty, including consideration of grant makingi investmen¢ reserves and risk management poliaes and perf0mlan. AddTtlonal m*tirwJs may be stheduled to dlscuss strdtegic planning and govemance issues.
Page 3 FTHETR ntln srRucfuRE GOVERNANCE AND MANAGEMEiif (cfjntinued) The day-to-day operations are managed by tr aerf( irKluding the financial adminiStratn, and the admlnistration of the grants. The Clerk (and other staff) are employed by the St Glles-ln-thtrfields and Willlam Shelton Educattonal Charlty to undertake admlnlstratlon on thelr behalf and that of the St Glles-In-the- Flelds and Bloomsbury United a)arity, and the salary costs are shared. This relationship with the other charfty has been fonnallsed through the agreement of a fom)al Memorandum of Understanding agreed by the trustees of both charities, whlch was re4Sewed durlng 2021. Together the charities are known as St Giles & St George. The tharity Is a member of the Association of Charitable Foundations. Thls provldes much helpfiJl Inforn)atlon on good pract1 In grant mak]ng and a wlde range of tralnlng courses and acts as an authoritative lobby on behalf of foundations with the govemment and regulators. OBJECTIVES AND ACTivmES The Trustee conflms that it has referred to the gUIdan contalned In the Charlty Commlsslon s general guldance on publlc benefft wtren revlewlng the Charfvs alms and objectlves and In anning future activities and setting tr£ grant making policy for the year. The Charity seek5 to dellver publlc benefit by makjng grdnts to reglstered charltles, sodal enterprlses, churches and schools for actiwties and projects, which help to advan the objects of the a)arity: (a) to promte the educatton of chlldren and young people indudlng those In need of financial assistan resident or being educated in the area of benefi¢ and (b) to promote the education in accordance Christian prinaples of children and young people who a resident or educated in the area of benefit. The Charlty alms to Improve the educational opportunitles of d)Ildren and young people from 1>25 years old, who are resldent, or attending an educational institution in our area of benefit. We understand educati in tts broadest sense, so we supwc a WKJe range of artlvities that extend thelr soclal, mental arKI emotional devdokynent as well as enhantr thelr leamlThJ. Area of Benefft In respett of the tharltys grant-makJng, the area of benefit Is defined by 18 modem ecclesiastical parishes including St GiIes-in-th&eldS, St George's Bloomsbury, St Paul s Covent Garden, St Anne's Soho, St James. Ptccadilly, St George's Hanover Square, St Martln-ln-th elds, St Matthew Westminster, St Stephen s Rochester Row, St Gabriel's Pimlico, St Sawourfs Pimlico, St Peterfs Eaton Square, St Michael's Chester Square, St Marfs Boume Stree¢ St Bamabas Pimlico, St James-thtrLess Westminster, St Paul's Knightsbridge, Hoty Trtnity Prin Consort Road. Durfng 2022, the Westmlnster wards were revtsed so our area of benefit Indudes all of West End, Knightsbridge and Belgravia, St jarns, Wincent Square, MIlCO Noth and Pirnlico South and a little bit of Lancaster Gate and Hyde Park. Flus, the majorlty of Bloomsbury and Covent Garden & Holbom wards in Camden.
Page 4 ELT NED CA THE TR DED IsfD EMBER 2 ACHIEVEMEf4TS AND PERFORMANCE Summary ofthe Year DurfThJ 2023, the Organ2t10n has malntalned Its grant-maklng. Although the focus has been more Intemal with strategic review of the orwlsatlon and plannlng for the futtjre. a) Human Resour The part-time Grdnts Officer recruited in October 2022 chose to leave at the end of their 12-month placement through the 2027 programme. The Charity Is proud to have glven a recent graduate (aged under 25) valuable work expetience and enable them to move onto an amazing opportunlty In local govemmenL Therefore, the Charlty chose to host another Assodate throLKJh the 2027 programme and they stsrted in Octobw 2023. Thls process has also developed very strong relationshlps wlth Westmln*r Almshouses Ftyjndatlon as the Grants Offir works part-tlme for them as well, g) we hold joint supetvlslons. b) Governance: Strategk Revlew This was a key objective identified in last yearfs accounts and there were slgnmcant steps forward during the year, but It Is still an ongolng process. A board aWayaY was held in September 2022. The sesslon itself l¢)oked at the core purpose of the organlsatlon and stsrted to define our Wision, Mlssion and Values. The Dlrectors also dlscussed various toplcal Issues includlng transparenq and engagement; aimate Crisis. and Collatorauon. A follow up sessSon was In March 2023 to focus speclflcally on Dlver5ity, Equity and Inclusion In relation to our ovffl organisation, the organisations that we fund and thelr beneficiaries. The Directors recognised the Importan of DEI arn1 wanted to incorporate St Into the new strategy. In Juty 2023, the Directors agreed a drdft thretryear strategy OLrtllnlng our new vislon, misslon and values lyjt also oudiniThJ our approach to grant-making. Later in the year, the Directors reviewed the bLKlget and future resour$ and agreed rEw grant levels. The intention is to launch thls next year On a new application and assessfftht process and new monitoring and evaluauon frdmework have been developed.
Page 5 RE RT FTHETR ntlh R THE YEAR ENDED isf DE EMB ACHIEVEMEKfs AND PERFORMANCE (continued) Grart Maklng The Charfty contlnwl Tts grants programme and encouraged projects that fall lrto flve categories: Children and Famllies; Education and Leaming; Emotional Well-Being; Youth Clubs and Activities and Christlan Education. We have several grants programmes that refiett our stratsglc approath: Small Grants: Max £3,000 for a revenue or capltal grant Project Grants: Max £IO,¢X)O for a revenue or capltsl grant Community Investment Grant- Max £15,000 revenue per annum for up to three years Strate9lc Grnnt - Between £15,CX)0 - 50,000 per annum for up to three years. Grnnts to Organlsatlon$ Durlng 2023, the Charfty awarded 15 grants totslllng £307,052. Thls is simllar to 2022 when the Charlty awarded 17 grants totslliThJ £315,574. Thls Is lower than 2021 whidi Included the excew'onal Covid EduGltion Recovery Programme but also more Community Investment Grants. Every thlrd year, recelve a hlgher number of CIG appllcattons, so we expect 2024 to be hlgher. Small Grants- 2 grants tota151ng £4,934 (2022: 6 for £14,900) Projert Grants - 5 grants totslllng £46,CKIO (2022: 4 for £38,500) Community Investment Grants - 4 grants totsllirmj £I56,oC (2022: 3 for £135,Crf)O) Strategic Grants- 4 grants totslling £100,118 (2021: 4 for £127,174) The strateglc and communlty Investment grdnts have contlnued as usual as organlsattons still need long-term fvnding. The majority of all grant reclplents have recelved grants from the Charity in the pas¢ although there were four new reapients. The total amount of grants paid, indudiThJ those awarded In prior years, during 2023 was £472,057 including grants later refvnded (2022: £508,353). Trt annual grant payments ranged from £1,934 to £46,5CM).
Page 6 IN-THE-FIEL AND WILLIAM SHE EMBE ACHIEVEMEKfs AND PERFORMANCE {conllnued) Grants to Oryanisations {contlnued) NEW Bloomsbury Football Foundation (Small Grart): £1,934 in April as a contrlbution to ts Pimlico Foundation progrdmme for yourMJ people commltted to attending weekly fcM)tball coaching. The grant SudiseS the fees for those who cannot afford £50 (knrall, 27 t benefitted from the project with IS of them attendirffJ on a regular basis. NEW Local Vlllage Network (ProJert.Grant): £10,000 In Aprti to deliver four Amplify Me: BrSdglng-the-Gap mentodng programmes for students at Wesbninster Klngsway College. Each programme consists of a ontrhour group sesslon for five weeks and a vlsit to a business In the sith week. Altogether 56 young people benefftted from across the four programmes and we supported by 34 volunteer mentors from coorate partners. Chlldren's Utwacy Charlty (PrnJKt Grant): £IOOO In July to deliver Uteracy Lab at S(tho Parish school. The grant was originally for £6,(KM) to ddfver for an academlc year but the new school leadershlp ended the project after one term. The programme supported slx chlldren throughout the autumn tem and prowded two specialist literacy sessions per week with experlenced tut(Y. Flve chlldren made g<x)d progress and one child dld not, but the tutor has helped to Identlfy speclal educatlonal neets. NEW St James the Less Church (Small Grant): £3,000 in September to continue to deliver thr Messy Church programme every month and special events at Christrnas and Easter. Posltive Wiew (PrOJt Grdnt): £10,000 in October to deliver their Youth Empowernient Pmgramme - a 10-week tography-ba5ed course for 10 young people recruited in partnerthip with Churchlll Gardens Youth Club. Coram Flelds (Project Grant): £10,000 in October to contribute towards their Youth Progrdmme which runs five days per weel 48 week5 per year for children aged F19 years at their self-contalned youth centre. NEW London Tlgers (ProJeLt Grnnt): £10,000 in October towards a relatelY new youth club for children aged 8-14 years on Grosvenor RegerKy Estate. It runs two evening5 0 week and offers a wlde range of actlvltles.
Page 7 ACHIEVEMENTS AND PERFORMANCE (Continu1) Grants to Oryanisations (continued) St AndrevKs Youth aub: £45,000 equally (Ner three years in February to contribute to the core costs of this unique youth club. It is a large building with several different Spa for lots of different activities, including a gym. It Is open seven days a week for children and young people aged F18 arKI has approx 71JO members at any one time. In lknber 2021, they achleved 'gold qualty mark, from London Youth. SouthWestFesL. £21,000 over three years in April to contrtbute to the core costs of thls Important cultural community fe5tlval for Ilmlico. Spread over two eks, includes a variety of communlty events, workshops, family programming, walktng tryjrs and Involve5 a wlde range of local partners. A key part Ss Festlval Day - a large fr& outdoor event vAth music stsge, Infornatton stalls, rides, activities arKJ refreshments. The plm11 Foundth: £45,000 aqually over three years In July to contrlbute to thelr Outbreak Youth programme whlth offers a range of aCe5. Schools Work: One-tone and small groups mentoring and lunthtime dropin sessions In local prlmary and secondary schools. Clubs: A juniors, group ages 8-1 l and a seniors, group for ages 11-16 offering a mixture of games, crafts, sports and activities. Also run in sch(Y)I holidays. Sports". Weekly football sesslons but also cycllng and glrls. roller-skatlng. Hot Chocolate Thursdays: Free hot drinks every Thursday aftemoon encouraging families to gather together. DreamArts: £45,000 equally over three years in OLtober to fijnd the Saturday Experlment programme at The Abbey Centre. It offers approx 3540 thlldren aged 7-13 years an affordable theatre schwl opportunty to develop their personal and social skills, and devise and present their own creative work.
Page 8 IL NAL HA THE TR STEE STDE ACHIEVEMEpifs AND PERFORMANCE (a>ntinued) Grnnts to oryanlsat1( (cnntinued) During 2014 Trustees agreed to all(Kate a more substsntial amount to support Inltlatlves to address one or more of the Charivs prioritles in a strateglc wayi to improve educational outcomes for young chlldren and young people In South Westminster. The process for these grants has evofved. There were four strdtegic issues or partnerships supported during 2023. i) Needs Analysls Young Wesknlnster Foundation Invtted a number of local seprfl Fxovlders and partners to a workshop to discuss the scope of the updated rEets ana1$ rewrt Tfv train young people to develop the quest5onnalre and to InteNiew treir peers. They were also involved In analyslng the Informatlon and presenting the reprt Thls Is Important research for our Charity, so we agreed to contribute £5,000 to Young Westmlnster Fndation. published Our City, Our Future In Ortober 2023. ii) Famlty Therapy In SdMK The Charlty has supported Famlly Therapy In schools for several years as it fits wtth our priorittes. Post-covid thls became even more important, so we offered to contlnue funding 65% of half-day prnSion. Schools had chosen to work wlth ether Anna Freud Centre or St Vlncent Famity Proje¢ but the fomier wlthdrew thls sen4lce. Durfng 2023 the tharlty explored other setvlce providers arKI circulated proposals from three provider (including SVFP) to schools and they chose to work with SVFP. In 2021 we supported nlne prlmary schools in our area of benefit, but thls reduced to slx SC1$ In 2022. In 2023 it was seven sctrthls (six with SVFP) and £4,971 for St Clement Danes school uyng the grant to fund in-house family therapist. The total cost was £34,794 (£38,258 in 2022). st Vlnonvs Famity Proiectr. £29.823 in July to deltver famlty therapy in six schools for one year from September (Pimlico Primaryi All Soul s, St Bamabas, St Matththvs, Soho Parfsh and St Gabriel's). 111) Speeth and Language Therapy in Sthools During 2020, trE tharity offered 50% contribution for sch<x)Is to agree an SLA wtth an external provlder, thls Includes Central London Community Healthcare NHS, Whittington NHS and London thlldren's Practi. Initially ten schools took part in the partnership programme and In 2022 it increased to 12 (xrt of 14 primary $thIS and a nurs.
Page 9 HEL NED EMBER 2 ACHAEVEMENfs AIID PERFORMANCE (Cltinued) Grants to Oryanlsatlons (contlnued) Speech and Language Therapy: £4124 durfng 2023 to fvrKI SaLT for 12 schools. 8 schools are workjng wlth Central LorKlon Communtty mea1ttKa mosty for half-day provision with two schools opting for quarter4ay promsion. 3 schools opted for half-day provlslon from Lon(k)n Children's Prattl. I school opted for halfthy provlslon vhth Whltty'rtyn NHS who covers Camden. Iv) Partnership wlth Young Westmlnster Fwndatlon Young WestrnInr Foundation manages the annual Brtghter Artures Fund offerfng fundlng to organisatlons sUppOng young people in Westminster, wlth fvnds coming from aty of Westminster and their corporate partners. The cle thaired the BFF Grants Panel meeting whlch declded the grants and the Charfty contrfbuted grant fvnds to those projects that work in the south of Westminster. December - £18,500 for thrne projects £10,000 to Platform Cricket for a pop-up youth cr1cket dub (wlth contributions from other funders) in Pimlico offering after school sesslons and regular matches. £5,1)JO for Westminster Supplementary School to run weekend sesslons In Plmlico. £3,500 for UnLoc to deliver their Futsjre Leaders wogrdmme In partnershlp wth Westmlnster Clty Ws school. The Covid Education Recovery Programrne grant was awarded in 2021 for the 2021-22 and 2022-2023 academic years. During 2022, the Tnjstee took the difficult decislon to wtttKlraw approval for three scho(As due to a lack of communication from them (see note 18 in 2021 accounts). The grant for a fourth school was later reduced Wh they could not provlde information for 2021-22. The grdnt for a fifth school VRS reduced when they could not provlde information for 2022-23. The Directors commissioned an independent evaluation report of the programme which 15 due to be published ShOrY.
Page 10 sr GILES-IN-THE- R ENDED ISID EMBER 2 ACHIEVEMENTS AND PERFORMANCE (contlnued) Grants to Oryanlsati¢)ns {contlnued) rded in Famlty Actlon (Frlendshlp Wo). £21962 In October 2017 to exparKI thelr mentorfng Into south Westminster through six new mentoring relationships over two years, with £15,Crf)O in first year and £7,962 in second year. The adult volunteers are carefulty screened and tralned before belng matched wlth a chlld. aged 7-13. They are encouraged to tske the chIldn out at weekends to build friendships and undertake educational activllles. Due to challenges in developlng referrals (and then Covid) the project has been slow to progress. By the end of 2022, seven matches had started but four had fallen throLKJh, two were ongoing (over one year) and one match has finlshed. Two chlldren were waiting to be matched. Doorstep Llbrnry Netw. £45.000 equally ovtr thr¢• years in February 2020 (completed In July 2023) to support home-reading supwt in Churchlll Gardens. They offered a WklY reading and library sep4ice delwered directly to family homes by thelr tralned volunteers. The grant funds two sessions, with eight volunteers each session Wong In pairs to vls5t 5-6 famllles each tlme. tring the last year of the programme, they supported 59 children aged I11 from 34 famllies induding 8 new chlldren from 5 families. St Clement Danes Primary School: £1,500 equally over three years in August 2020 (completed in July 2023) to support a multl-year arts project In pathershlp with OLtober Gallery. Durlng the last year, the proiett offered 3 faalitated art W0shopS for three different year groups benefittlro 90 children plus stsff CPD training for the Arts lead. They alm to embed art across the currfculum. Future Men: £45.000 equalty over three y•rs in October 2020 to run Churchill Gardens Youth Club. They provKle open access, sessional and tsrgeted youth work on three days per week from 4 pnrf pm, for chSldren and young people aged 8-19. Wutsninster Befriend a Famllr. £43.350 equalty over years in January 2021 (completed In March 2024) provldes core funding over three years for thelr work supporting south Westsninster families. Their two main programmes are Broadening Horfzons and Mentoring for Mums. The first IS to improve the educational aspirations of dlsadvantaged young people aged ICF18 through homework supp)rt and mentoring. The second programme supports mothers whose children are at sth(M)I vtho want to make positive charoes in their lives uslng a goal-focused appr<)ath. Plmllco Toy Llbrnry: £45.000 UallY over three years in January 2021 (completed in April 2024) to contribute to the core costs of the toy library for three years. vfL aims to provlde a safe and secure space for parents and carers to bring their young chlldren to play and to borrow from their k of 1,900 t. They open for two 2-hour session5 every Mon-wed in the mornlng and aftemoon. With capaaty for up to 15 children at any one session, they have 4,230 child play spaces each year. They also signpost to other services and offer 1-2-15essions.
Page 11 WILLIAM SHELT ACHIEVEMEKfs AND PERFORMANCE (ajntinued) Grants to Oryanisatims (continued) St Vlncenvs Famlly Project: £45,000 equally over thr•• yoars In January 2021 (completed in March 2024) to contribute to the salary of the Creatlve Arts Therapy Manager for three years. They oversee students provide therapeutic support (a¢ drama and dance) to thildren aged +•13 years so they can manage thetr ftelings and show better coping behaviours. They receive referrals from local schools, Eaty Help and other charltles. They support approx 25 chlldren per annum. Famlly Uvts: £37.500 equally over years in May 2021 to contrlbute towards a befrlendlng Se1 for famllles wlth chlldren aged F16 years offerfng 1-2-1 emotional and practlcal support. The volunteer befrienders provlde weekly support (up to 2 hours) for 51x months. The referrals come from dlfferent pla, and they expert to support 25 famllles p year. After the first year, the grant was amended to reflect number of participants from South so revlsed grant Is £25,500 (Year 1- £12,500 then £6,5LK) In Years 2 & 3). Cardlnal Hume Centre: £45,000 equally over thrno years In May 2021 towards the Famlly Centre and Garden offering support to famllles vlth chlldren of all ages to play, learn and grow. The Centre offers a nurturing environment v¥ith fun and educational activitie5 6 days a week. They alm to Increase leamlng and attainmen¢ social and emotional development of the children and Improve famlly res11[en. St Barnabas Prlmary School: £45,000 equally overthrn y•ars In July 2021 to contrfbute towards a whole school music intervention from London Music Masters for Sep 2021-July 2024, They teach violln arKJ music skills to all pupils and parents can also come In after-school. The pupils all receive a vlolin that they can tske home to practlse wtth. They have dellvered face to frdce where possible and offered digttal sessions when schools vfft dosed. Covent Garden Drngon Hall Trustr. £39,IM)O In November 2021 towards salary of youth worker delivering the after-school, transitions and senior youth club for the years from September. They provtde free weekly after-school Provion for childm aged 8-18. There are sessions every day for slighty different age groups. They have a range of acuvltyes Includlng homework support and fun stuff - stM)rts, arts and crafts and cinema club plus trrps. The Seniors, Club prowdes sessions that are intended to prepare for employment or further education.
Page 12 F THE TRusfE ACHIEVEMENfs AND PERFORMANCE (contlnued) Grants to Organisations (continued) Caxton Youth Centre: £45.000 equalty over three Yea in July 2022 to support core costs of their speaalist youth dub in Westsninster for young people wlth leaming dlsablltttes aged 11-25. They provide a safe and indusive space to be themselves, learn skills, make frlends and build independence. have five c<)re education programmes - Employment suppor¢ Health, Independence, Opportunltles and Sooal and Emollonal wdl-belng plus regular residential trips. Plmllco Muslcal Foundatlon: £45,000 equally over thrne years in November 2022 to keep offering free, high qualty muslc educauon for children from dlsadvantaged backgrounds In Plmllco and strengthenlng community coPS1on. They have five strands to thelr work.. In-schools programme offerfng hlgh-quallty muslc prOvIOn In local prlmarles. Pimlico Children's Choir run as an after-school dub, collerting children from local prfmarfes. Foundatlon Scholars offers free, aanCed muslcal tralning for chlldren who show potential. Pirnlico Chorus are a group of choral amateurs who suptM)rt the chIldn s perfonnances. Sing Out! Pimllco Is a communlty outreach cmr for anyone to Joln, foojslng on muslcals or pop. Holborn Communlty Assodatlon: £45,000 equalty over three years In November 2022 to maintain its free under 55 play servi, supporting over 300 families in the early social development of children and u(ing the Impact of Inequalty on their lives. They offer drop-ln soft play sesslons four momings a week durlng temi time and occasional sF*dal and trfps.
Page 13 NED R THE YEAR ENDED 1ST DECEM ACHIEVEMENTS AND PERFOR14ANCE (continued) Grants to Individua15 In response to the Cost-of-Livlng crisis, the Charity set up the Famlly Welfare Grant Prograrnme In 2021 making grants availabSe to families IMThJ (or with diildren at sthool) In our area of benefi¢ wlth an Inltlal get of £iO,(W. LL1[ . the programme wlll provlde grants that beneftt chlldren Nthin the famlly: Cooker/FridgelFreezer so childn wll not go hungry Washlng Machlne so they can have clean clothes Bedslmattresses so they get a good nighys sleep Table and chalrs for ean9 and Stn9 School Uniform. The MamuM grdnt is £500 although most are In the regkn of £300. There Is a max of £65 for primary school uniforni and £250 for secondary sch(x)l. All appllcaljons are assessed. The Chalr or aerk has delegated authorty to approve grants within the grants guldelines but if there are extra)rdinary orcurnstances it must be approved by two (out of 4) Dlrectors on the Grants commi1. Aw The Family Welfare Fund awarded 12 grants in 2023 (21 in 2022). The totsl amount approved was £4,400 (£10.232 in 2022) although the actual eXpend[tU was £4,289.39 due to savings athieved when orderlng. Although the individual grant payments during 2023 totslled £6009.49 as It Includes payments from grants appThl In 2022. The average grant was £357 (£537 In 2022). This year: 10 familles (83%) received grants for school unrfomi; 2 families (16%) received o grant for fuMTlu (bunkbed and table and chairs). 5 families (41%) received grants for unifomi and an aplafi fumlture. ThSs Induded I washlThJ machine, I washer dryer, I freezer, I mlcrowave and a mattress.
Page 14 FINANCE REWIEW Results for the Year The Charivs gfdnt-maklng Is now stmllar to FTrpandemic lerfds wlth Just over £3Th),000 awarded. However, the grdnt payments maIn higher as the final payments for the substantial Cowd Education Recovery Fkngramme were completed durlng 2023, This has depleted the cash reserve5, and the Charity has withdrawn fvnds from their finanaal investments- unfortunately due to the global financial circumstances It incurred an anti- dllutlon le to do this. On a t¥)sfcive note, the Charfty slgned a five-year lease extenslon th the current tenants at Hitcroft Street commencing at the end of the cuent lease In March 2024. Income amounted to £378,645 (2022: £392,520) and consisted of rental Income, Interest r1Vable and reimbursement of salary and office costs from the sister charity St Glles-In-thtrFlelds and 00SbUry Unlted Charity ( Note 13). Expenditure amounted to £472,902 (2022: £410,048) with £390,645 (2022: £376,917) being Incurred on Charttsble Activlttes, notably grants awarded, Including multl-year grants. Cost of ralsing funds amounted to £82,257 (2022., £33,131), the Increase In costs Is due to legal fees for the lease extension and the anti-dilution Iwy. Net expendture for the year before takSng account of gains losses on Investment assets amounted to £94,257 compared to £17,528 in the preceding year. The finanaal Invesbnents Increased In value durlng the year, In Ilne wlth global markets. After tak]ng account of the impact of gains on investments of £159,477 (2022: losses of £137,888) (2021: gains of £433,820) and no change on revaluation of the Investhent Propee$ (2022: gains on revaluats'on of £577,500), the Charity recorded net income for the year of £65,220 compared to the preceding year net Income of £422,084. The perfomiance for the year has resutted In Unrestricted Funds at the year-end amounting to £2,477,832 and Pemanent Endowment Ajnds of £8,580,843. The Assets comprlse Investment Properties of £8,082,6 (being 17 Castle StreeL Hlnckiey; 12 Hitcroft Street, London: and 4042a Parker Str London), Investments of £3,543,989, Debtors of £358,310 (induding ACCrl Rent of £16,670 and theTenanYs Deposit of £205,439) and Cash Balan of £97.866. The tKotx)ses to maintsin the ChariVs cash reserves at a level whlch Is approximately equivalent to six months totsl expendtture including its future grant maknng. The Trustees expect a hlgher than usual number of grant appllcations in 2024 but not until autumn due to the launch of our new strategy in spring, 9) the grants prow&on is ontrthird of this yearfs budgeL At the momenL this represents a tsrget of approximately £251.OCK) consi*ing of: general runnirvJ costs of £40,000 loan repayments of £18,O)0 grant payments of £293,OCK).
Page 15 FINANCE REVIEW (Continued) Based on flgures In the 2023 accounts, the tharfty has £123,666 In cash resew. There is also £2.5million of unrestricted funds in financial investments. The Charty wlll withdraw fijnds from the investments to support bts cash reserves as necessary. Invesbn•nt Policy The Trustee s objective Is to ensure that the Charws invested assets produ capltal growth to prowde current funds adequate to accompllsh its specific purposes, whilst malntsining to the extent posSie the real value of the portrollo over the longer term. They agreed to adopt a mixierate risk profile. The Trustee revlews the pothllo and cash balan on a perlodlc basls. PLANS FOR THE FITTURE The alms of the Trustee include: Grants - develop a new monltorlng and evaluati( fraMk to support tr£ strategy. Granp - launch rth¥/revlsed grants programmes followlng the strateglc revlew. Govemance - the Dlrectors have agreed that next extemal recruitinent should focus on selecung some(Yte wlth eXperIen of youth work and who comes from a global majority background. Prlnclpal Rlsks and Uncertalntles The Trustee conslders rfsks In llve kerf areas: strategyr govemancaiand management; operational; financial; environmental and extemal; and legal and statutory. All identified risks are assessed for both likelihood of Occurren and the potential financial and reputational impart to give gross risk. Mitigating controls are considered, giving a net remaining risk. The risk management strategy forms part of the planning processi against which the Trustee considers rfsks throughout the year. As a small charity, a key governan10perat10nal risk is the loss of core aff such as the Clerk or the Chair although the Charity is delOP11¥j VfiTtten PrUce arKf procedures to help with handover situations. The maln flnanclal rlsk relates to loss of Income, speclflcalty a tenant defaultlng on the rent but also poor investment PerfoMan leading to I0£r capitsl retums. In respect of financial risK the Trustee assesses the income risk and reserves levels, and believe5 that the readily realisable resenrfes at the levels #ated V11 provide sufficient resour in the event c unplanned events or adverse condltlons.
Page 16 ED TIONAL CHARTrY Conti R THE YEAR EN srDE EMBER 2 STATEMENT OF TRusfEE'S RESPONSIBXUTIES The Charlvs Trustee Is responslble for preparing accounts for each flnandal year that glve a true and fair view of the arit(S finanoal actiwties during the year and of its state of affalrs at the end of the year. In preparing the accounts, the Trustee should follow best prdctitr and: selert sultsble accountlng polldes and apFty them conslstenty, make JLKlgements and estimates that a reasonable and pruden¢ stste whether applicable accwntlng starrflards have been followed subject to any rnaterial departu dlsdosed and explalned In the accounts; prepare the accounts on the golng concern bas15 unless It Is Inapwoprlate to presume that the tharity w511 continue to operats. The Trustee is responsible for keeping proper accounting recorts which dlsdose with asOnable accuraq at any tlme the flnanaal position of the Charity and whlch enable them to ensure that the accounts comply wtth the Charitses kt 2011. They are also responslble for safeguarding the assets of the Charity and hen for tskJng reasonable steps ft)r the prevenljon and detertlon of fraud and other Irregulariti bl order of the Trustee and slgned on thelr behalf Revd T Sander Chair, for arKI on behalf of The St Giles-in-the-elds and Wllliam Shelton Educational Trustee Umlted 2024
Page 17 DEPEND ILES-IN-THE-FA AND IYILLIAM Oplnlon We have audited the financial statemats of St Giles-in-thtrfields and William Shelton Educational Charity (the 'ChariW) for the year ended 31st t)ecernber 2023 whlch comprlse the ststement of nanCIal Actlvltles. the Balan Sheet and notes to the financial statements, Including a summary of significant accounting potiaes. The financial rerting framework that has been applied in trEir preparation is applicable law and United Klngdom Accounting Stsndards, IncludirKJ Finandal RepKJrtlng Stsndard 102 The Finandal ReportTng Standard applicable in the UK and Republic of Ireland, (United Kingdom C*nerally Actrpted Accounting Practice). In our opinion, the financial statements: glve a true and falr vlew of the State of the Charivs affairs as at 31st December 2023 and of its incoming resources and application of resources for the year then ended have been properly prepared In accordan wlth Unlted Klngdom Generdlly Acwted Accountlng Prartice have been prepared in COrdan wlth Charitles Art 2011. Emphasls of Matter We draw attentlon to Note 6 of the Flnancial statements, dexrtbe the reasons that the Trustees have decided not to adjust the falr value of the propety at Hrtcroft Street desprte obtslnlng a professlonal revaluatlon. Our oplnlon Is not modffied In rwect of thls matter. Basls for oplnlon We conducted our audit In accordan wbth Internats'onal Standards on Audlting (UK) (ISAS (UK)) and appllcable law. Our responsibilities under those standards are further descrfbed In the Auditorfs responsibilities for the audlt of the financlal statements sectlon of our pOrt. We are independent of the charfty In accordance wlth the ethical requirements that are relevant to our audlt of the finandal statements in the UK including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responslbllltles In accordan wlth these requirements. We believe that the audlt eVIden we have obtalned Is sufficlent and appropriate to provide a basls for our opinion. Conclusions relating to golng conorn In auditing the financial statements, we have conduded that the trustees, use of the golng concem basis of accounong in the preparation of the financial statements is approprlate. Based on the work we have perfomed, we have not Identif any material uncertaintles relat5ng to events or conditiorE thal individually or collectivelyi may cast sIgnlCant doubt on the charlvs a'[Ity to continue as a gcing conrn for a perlod of at least twelve montr6 from when the finanoal 5tstements are authorised for issue.. Our respmsibilities and the responsibile5 of the trustees wth respect to golng Conrn a described in the relevant sections of this reprt Other Informatlon The other infonnation comprises the inforniation included in the annual report other than the flnancial statements and our auditorfs report thereon. The trustee is responsible for the other information. Our opinion on the finanaal ststements does not cover the other infMatiOn and we do not express any fonn of assurarKe condusion thereon.
Page 18 DEKf AUD TrUSTEE In connectlon with our audit of the finanaal statements, our reswn5ibS11ty Is to read the other infomation and, in doing so, conslder whether the other Infornation is Materially inconsistent with the financial statements, or our knowledge obtained in the audrt or otherwise appears to be materially misstated. If we identify such materlal Inconsistendes or apparent material misststements, we are required to detemine whether there is a materlal mlsstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed, Y condude that there is a material misstatement of this other information, we are requlred to rewrt that facL We have rthing to report In thls ard. Matters on whlth we are requiral to report by exptIOn We have nothing to rewrt in resFect of the folbwing matters where the Charktes Act 2011 requires us to rep)rt to you If, In our oiinion: the Information given in the Report of the Tnstee is inconsistent In any materlal r with the financial statements; or sufficient accounung records have not been kept; or the flnanclal ststements a not in agreement with the accountlng records; or we have not received all the infomiatlon and explanauons we requlre for our audlt. Responsibilltles of trustees As explained more fully In the Ststement of Trustee's Responslbllltles, the trustee is responsible for the PParatIOn of the financial ststements and for belng satisfied that they give a true and falr vlew, and for such Internal control as the trustee detemiines is necessary to enable the preparation of financlal statements that are free from material misststemen¢ whether due to fraud or error, In preparing the financlal ststements, the trustees are responsible for assessing the Charltys ability to continue as a golng concern, disdosing, as appllcable, matters ated to going concem and uslng the going cOnM basis of accounting unless the trustee ether Intends to liquidate the CharSty or to cease q)erations, or have no reallstlc alternative but to do so. Audltorfs responslbllltles for the audit of the finandal Staternts We have been apFX)inted as auditor under sectlon 144 of the Charltles Act 2011 and report in accordance with the Act and levant regulations made or having effect thereunder. Our objecbves are to obtsin reasonable assurance about whether the financial statements as a whole are free from materlal misstaternen¢ whether due to fraud or error, and to Issue an audftorfs report that includes our opinion. Reasonable assurance is a high level of assurance but Is not a guarantee that an audit conducted In accordan with ISAS (UK) will always detect a matsrial misstatement when It exists. Mlsstatements can arise from fraud or error and are consldered material If, Indlvldually or in the aggregate, they could reasonably be expected to Influence the economic decisions of user5 taken on the basis of these finanaal statements. Irregularftles, including fraud, are Instan of n0n-comp1lan with laws and regulatlons. We design procedu$ in line vffth our re9x)nslblllties. outlined aty)ve, to detect materfal mlsstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularltles, Includlng fraud is detsiled below: The Charity Is requlred to Corn with charity law and based on our knowledge of Its acbvities, we identified that the legal requirnent to accurately account for endowment fvnds was of key significance. We gained an understandlng of how the chaiity complied with its legal and regulatory framework, induding the requirement trj properly account for endowment funds, through discussions wtth management and a review of the documented poliaes, pr(edureS and controls.
Page 19 PEN L• AND The audit team, which is experienced in the audit of thrrtles, consldered the charivs SusPtIb1l1ty to material misststement and how fraud may occur. Our considerations included the rlsk of management overrlde. Our approath was to ct*ck that all income was property identtfied and Kcounted for and to ensure that only valid and appropriate expenditure was tharged. This included reviewing journal adients and unusual trdnsacttons. A further description of our responsitAlities for trE audlt of the finandal statements Is located on the Finanaal ReportirKJ Cwncil's webslte at: www.fr This descrlptlon ft)rms part of our auditorfs report. Use of the audlt report Thls report is made Sole to the charivs trust&s, as a bodyi in accordan with Part 4 of the Charlties (Accounts and Reports) Regulatlons 2008. Our audlt work has been undertaken, so that we mlght state to the charftr¢s trustees those matters we are required to stste to them In an audltorfs report and for no other purpose. To the fvllest extent pemiltted by law, we do not accept or assume reSpibIlIty to anyone other than the charity and the charlty s trustees as a body, for our audlt work, ft)r this report or for the opinions V have fornied. Rlchard Bllllnghurst 65 Leadenhall Str•et KNOX CROPPER LLP Chartered Accountants Knox Cropper Is ellglble for appolntment as auditor of the Charity rtue of its eliglblllty for appointment as auditor of a company under sectlon 1212 of the Companles Act 2006.
Page 21 cji HEL NED RTHEY 2023 2022 Investrnent Propertles Investsnents 8,082,600 8,082,6tKI 3 689 512 11,626,589 11,772,112 CURREiif ASSErs Debtors Cash at Bank and In Hand 358,310 472,256 456,176 526,902 CREDrroRS Amounts tslllng due wlthln one year io 312 203 NEf CURRENT ASSErs 143,973 41,661 CREDrroRS Amounts falllng due after more than one year 11 820 318 11,058,675 10,993,455 Represented by: UNRESTRICTED FUNDS 2,477,832 2,453,766 PERMANENT ENDOWMEKr 8,580,843 8,539,689 TOTAL FUNDS 11,058.675 10,993,455 2024 arKI signed on Its behalf. Revd T Sander Chair, for and on behalf of The st-Cles-In-tptrddS and Wllllam Shelton Educatlonal TNstee Umlted
Page 22 ILES-IN-THE-FIELDS AN LT YEAR END ACCOUNnNG pouaES a) Basis of PrepJrJtlon and Aoessment of goln9 concern The accounts have been prepared under the hlstorlcal cost convention wTth the exceptlon of Investments which are included at market value. The finandal ststements have been prepared in accordan wrth the Ststement of Recommended Prdttlce: Accounting and Reporttng by Charities preparfng thelr accounts in accordan with the nanclal Reporting Standards applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicabie In the Untted ngdorn and Republic of Ireland (FRS 102) and the Charltles Act 2011. The Charty con$tt a publlc benefft enuty as defined by FRS 102. The Trustee considers that there are no materfal uncertalntles about the tharftys ablllty to contlnue as a goln9 concem. In forning this opinion, it has consldered the Impatt of current geo-political risks and unrta1ft economic cllmate on the carrytng value of Its assets and liabilities and future Income streams and expendlture for a perlod of at least twelve months from the date of approval of these finanaal statements. b) Funds General fijnds represent tr fijnds of the Charfty that are rK)t subject to any restricbons regardlng thelr use and are available for application to the general purposes of the CharSty. Funds deggnated for a partlcular purpose by the Charity are unrestdcted. Restricted Funds are funds whlch are used in accordan wlth specific restrrcbons imposed by donors, or vthich have been raised by the Charity for a particular purpo. Pemanent endowment funds are Invested In propertles and Ilsted investments. Net Income generated by the Investments representing the permanent endowment fund are for the general purposes of the Chaiity reaS its capitsl must be maintsined. c) Income Ail Income Is recognlsed On the tharfty has entitlement to the Income, It Is probable that the income will be received, and the amourt of Income receivable can be measured rellabty. Rentsl Income from Invesknent propeeS is recognised on a stralght-llne basls over the lease term. The aggregate cost of lease inntiveS is recognlsèd as"a reduction to income over the lease term on a straKJht-line basis. Interest income is accounted for vthen received as is any income tax recoverable on such income.
Page 23 FOR THE YEAR ENDED ACCOUNTING POUCIES (Contln d) Expenditure Liabilities are recognised as expenditure as 5(K)n as tr£re Is a legal (Y c(Kthtttve obligation committing the Charity to that expenditure, it is probable that settlement wlll be requlred, and the amount of the obligation can be measured reliably. All expendlture Is accounted for on an accruals basis. All expenses induding support costs and govemance costs are allocated or aprmytloned to the appllcable expendlttjre headings. Expenditure in relation to multi-year grants Is accounted for In the year In whlch the grants are awarded. e) Invegtment Propertles Investsnent prope5 are stated at falr value as deteird by the Trustee, and they are professlonally valued e4ery fve years. f) Investmeiits Investments are a fomi of basic finanaal inVeStnnt and are initially recognised at thelr transaction value and subsequently measured at falr value as at the balance sheet date using the closlng quoted market pri. The statenent of financial acttvities Includes the net galns and l¢)sses arfslng on rluatIOnS arml disFx)sals throughout the year. Realised galns and losses on Investments are calculated as the d[fferen between sales proceeds and their opening carying value or their purchase value if acquired subsequent to the flrst day of the finandal year. Unreallsed galns and losses are calculated as the differen between the fair value at the year end and their carrying value. g) Curmt Assets and Uabllltl All kno1 current assets are brought Into the accounts at the amounts whlch they are expetted to realise. Al known liabilities a brought into the accounts at their expected cost. h) VAT The Charity has opted to tsx two of its investsnwit properties. Income and expenditure rdated to ttrese Is Included net of VAT. l) Slgnificant Judgemwts and Estimatss Depredatlon - The dewedatfon of flxed assets is tla1 on managemenys estimate of tr1r usefvl lives which is kept urth review. Impairnient of debtors- In respert of accounts vhlere there are inL1icabors that a debtor may te impaired or not collectible, a provision is recorded based on best estimates to reduce the recelvable balan to the amount that is expected to be collected. Factors considered in making a provisron indude the hlstorical payment and collertton experience and debtors, credit V¥X)rthinesS.
Page 24 GILES- AND EL TES TO THE R THE YEAR ENDED 3 - INVEsfMENT INCOME 2023 2022 Rental Income Interest Receivable 340,616 357,605 340 616 EXPENDrnIRE ON unrestrIc Pernianent Funds Endowment 2022 Totsl a) RAISING FUNDS Total Propety Management Fees Insur3n Property Maintenan Investment Management Fees Bank Loan Interest Legal and Professional Fees 4,639 447 785 24,632 35,963 4,639 447 785 24,632 35,963 4,692 3,122 21,007 b) CHARrrABLE ACTIVrnES 2023 2022 Grnnts Awarded Bloomsbury Football Foundati Cardinal Hume Centre. Caxton Youth Centre. Children's Literacy Charity Coram fields Covld Educatlon Recovery lkngramme. Dragon Hall Dream Arts Family Lives Family Therd Holb)m Communlty Association. Impact Dance Local Vlllage Network London Basketball Assodatlon London figers Plmllco Foundation Pimlico Musical Foundation Pimlico Toy Library Positive View Royal College of Music Royal Philharmonlc OrcWa Speech & Language Trrnpy pr¢)Jramme Soho Parish Sthool 1,934 45,000 10,000 io,oo) 45,0(M) 34.794 38,258 45,000 3,000 io.ocx) 10,000 10,000 45,000 45,000 10,000 10,000 2,212 2,089 32,366 41,824 Carrled Forward 214.552 249,425
Page 25 HARrrY R THE YEAR ENDED Isr DE EMBER 2023 EXPENDrruRE ON (Cwunued) b) CHARThABLE AcrIvTrIES ((x)ntinued) 2023 2022 Grants A¥Ad (contlnued) ught forward SouthWestFest St AndreWs Club St Barnabas CofE Primary SchcM)l St James the Less Church St Vincenys Famlly ProJert¥ Westminster Befriend a Fami West Slde Basketball aub Young Westminster FourKlation - Brighter Futtjres fvnd 214,552 21,000 45,000 249,425 1,599 3,(KiO 8,500 307,052 315,574 Grants to Indlvlduals Grants - Networking Event Grants Written Off 6,009 192 8,295 303 653 Salary and Social Securlty Grant Offir Costs and Exper Membership and Trainlng offi & Sundry Expenses Audit Fee Professlonal Fees 65,699 1,590 2,292 8,072 3,250 47,023 3,814 2,278 10,288 3,766 376 917 Multl Year Grants The Audlt fee amounted to £3,250 (2022: £3,766).
Page 26 ILES-IN- FORThEY isfD EMBER 2 KEY MANAGEMEpif PERSONNEL Key Management Pttsonnel Is defined as the Dlrecty5 of TnJstee and the ae to the Trustee. None of the Trustee s Dlrectors reiVed any emoluments. The emoluments of the Clerk to the Trustee, who seNed during the year, Vre as follows: 2023 2022 Gross Salary 45,312 45,312 34,754 34,754 Total travellsundry expenses relmbursed to the Trustees EMPLOYEE INFORMAllON There were no employees who received ernployee benefits exceeding £60,000 (2022: None). The average weekly number of persons (Indudlng the aerk to the Trustee) employed during the year was: No. Office Stsff The FfE of the average W*Y number of perscffis (Indudlng the aerk to the Trustee) employed during the year was: Offlce Stsff Stsff Costs Salades and Beneffts Employer PeIOn Contributions 64.379 45,973 65,699 47,023 FIXED ASSEfs INVEsfMEpif PROPERTIES Unrnstslcted Endowment Funds 2023 Funds 2023 Total 2023 Totsi 2022 Balan at l January 2022 Revaluation Balan at 31 December 2022 494,993 7,587,607 8,082,6CKi 7,505,IIXI 494,993 7,587,607 8,082,600 8,082,600 The above is represerted by the followirNJ freehold propertias valued as at 31 December 2022 by sher Geman (Flitcroft Street), and as at 31 December 2021 by Wards Chartered Surveyors (Castle Street) and at Marth 2012 by Farebrothers (Parker Street). The valuations of Flitcroft Street and Casde Street were carried out by a FUCS Registered Valuer in accordan with 'RICS Valuation - Professlorwl Standards 2014 Edition (Revlsed Aprfl 2015),.
Page 27 WILUAM SHELTON EDUCAnONAL CHARrrY As part of the ongoing update to loan agreement with Unity Trust BanK the Bank commissloned an updated valuatlon for the propm on Ritcroft Street. This was completed by Lambert Smith Hampton (LSH), and conduded that the dIue of the property as at 10 June 2024 was £5,160,000, which would suggesi an impairment of £2,550,(KIO. The LSH valuation used different assumpb'ons to those used try Fisher Gemian, which have given a much less profitsble wew of the property. The Dlrectors carefijlly considered the valuatton and the basls on which It has been prepared. Based on this and the fact that inflation has been high the Fisher Geman valuation, the Trustees have opted not to Impalr the property at thls tlme. The breakdown In value of the dlfferent propertles for Dec 2023 Is as follows: 12 Hltcroft Street 17 Casde Stre¢ Hlnckl 4)42a Parker Stre< LorKlon WC2 7,710,(XJO 370,WO 8 082 600 FIXED ASSEfs INVESn4Eiif PROPERTIES COMPARATIVE Unrestrlcted Endowment Funds 2022 Funds 2022 Total 2022 Balance at l January 2022 Revaluation Trdnsfers Balan at 31 December 2022 2,954,354 227,331 2 686 692 494,993 4,550,746 350,169 7,505.IIJO 577,500 7,587,607 8,082,600 breakdown In value of the different Fyoperttes for Dec 2022 Is as follows: 12 Hltcroft Street 17 Castle Street, Hinckley 4042a Parker Str4 London WC2 7,710,000 370,000 8 082 600
Page 28 4Jk NO FOR THE YEAR ENDED 315f D R 2023 Unrestricted Permanent 2023 Total 2022 Total Market Value at Isr January 2023 DIsFosal PICeets Transfer Realis&J Galnsl(Losses) In Year Unreallsed Galnsl(Losses) In Year Market val at 31° Dnber 2023 2,737,430 {226,294) 952,082 (78,706) 3fi89,512 (305,000) 3,827,399 110,421 38,405 148,826 2 629 459 914 529 3 689 512 The pothllo conslsts of unlts held In the Towers Watson Partners Fund for investors wth long-term investrnent time horizon. DEBTORS Amounts falllng due thIn one year 2023 2022 Connected Charity (note 13) Grant Refund Property Agents Prepayments Accr1 Rentsl Income 9,673 7,5(K) 108,441 10,587 8,071 110,274 152 871 151917 Amounts falllng due In more than one year Accrued Rentsl Income Tenant Deposit Account 16,667 303 672 320 339 205 439 205 439 472 256 CASH AT BANK AND IN HAND Current Account Unlty Trust Accounts 32,128 50,175 10. CREDrroRS: Amounts falling due wothln one year Trade Creditors VAT Grants Pasoble (Note 12) Accruals Deferred Rental Income Unity Trust bank loan 3,399 20,965 145,673 3,950 101,548 5,268 21,358 327,778 3,951 103,558 312 203 485 241
Page 29 HARrrY RTHE 11. CREDrroRS: Amounts falling du• after more than one year 2022 2021 Grants Payable (Note 12) Unlty Trust bank loan Tenant Deposit 60,000 446,485 45,000 471,665 303 653 711887 The bank loan is secured on the Charitys property at 12 FlIt<Toft Street and Is repayable over 23 years. Interest will be char9ed at 2.75% per annum over Unitys base rate, subjett to mlnimum charge of 2.75% per annum, per the varlath)n slgned on 7th July 2020. 12. GRAPs PAYABLE Annual Grants Multl Year Grants Totsl Balan Br(yJght Forward Grants Awarded Grants Paid Grnnts to be Refunded Grants Wrltten Off Balance Carrled Forvard Credltors - Amounts Falllng Due wlthin One Year Credltors - Amounts Falling Due after more than One Year 56,847 151,052 (159,522) (7,500) 315,931 156,CQO (305,035) 372,778 307,052 (464,557) (7,500) 40,877 164,796 205,673 40,877 104,796 145,673 205 673 13. CONNEcfED CHARMES The St Giles-in-ttrtrelds Parochlal Charitles which comprlse: • St Gile5-in-thtrFidds arKJ Bloomsbury Unlted Charfty; . St Glles-In-thfrFielts ar Wlllam Shelton Educatlonal tharlty; are related because they have directors in common, although any transactions between the arities are at arni s length. St Gile5-in-the-Fields and William Shelton Charity Incurred costs on behalf of St Giles-in-theIdS and Blwmsbury United Charity amounting to £36,543 (2022: £22,197). At the year-end £9,673 (2022: £8,071) was owed to the Charfty as dlsdosed In note 8. The Charity also paid £3,150 to the St Gile5-in-thFlelds Parthial Church Counal for rental of office space (2022: £3,150).
Page 30 FOR THE YEAR ENDED R202 14. NEfASSEfs BEfwEEN FUNDS Unre5trt Endowment Funds Funds Totsl 2022 Investment Propwtes Investsnents Current Assets Credltors 494,993 2,550,753 456,176 1024 090 2 477 832 7,587,607 993,236 8,082,600 3,543,989 456,176 1024 090 11058 675 NEf ASSEfs BETWEEN FUNDS . COMPARATIVE Unrestrfcted Endowment Funds Pundg Totsi 2021 Investment Propert5es Investments Current Assets Creditors 494,993 2,737,430 526,902 1305 559 2 453 766 7,587,607 952,082 ,082,600 3,689,512 526,902 1305 559 10 993 455 8 539 689 15. RELATED PARTY TRANSACTIONS There were no related paty trar6artSons durfng the yEar. 16. coNfiNGEKf LIABILMES At 31>% December 2023 and 311t December 2022, there were no known contingent Ilabllltles. 17. CAprrAL COMMrrMENrs At 31st December 2023 and 31A December 2022, there was no capltal expenditure that has been contracted for but not provided for in the Flnancial Statements.