ST GILES-IN-THE-FIELDS AND BLOOMSBURY UNITED CHARITY CHARrrY REGIsfRATION NUMBER: 1111908 ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022
Page I RY REFERENCE AND ADMINisfRATIVE DEfAILS Constitution: St Giles-in-the-Fields and Bloomsbury United Charity is a Registered Charfty No: 1111908, and is governed by a sole cortK)rate Trustee. This is St Giles-in-the-Fields and Bloomsbury United Trustee Limited (company number: 11322099). Trustee: The prewous trustees of the Charlty became the Dlrectors of the Corwdte Trustee. Rewd T Sander The Revd D Peebles Dr W James Rert( d St GNe5-In-thfrFlelds Rector of St Ge)rge, Bkun5bury Churchwarden of St Glles-In.thFlelds (res&ned 10 Aprfl 2022) Churdhvarden of St Giles-ltFldS (appolntj 26 Aprll 2022) Churchwarden of St Georye, BxSbury M5 C CampbeN Mr J Sharpe Mr J Eveleigh Ms P Tuckman Ms F Aslf Ms J SkIpn Rtslgned 24 FetKuary 2023 Offlcer: ChairFerson Ckrk to The Trustee Mr J Evdh (rtrappolnted 25 January 2022) Ms H Capper Professlonal Advlger4: Bankers: C Hoare & Co 37 Fleet Street LorKlon EC4P 4DQ vestment Managers: Investec London E(2V 7QP Independent Ex•mln¢r. Rkhard 8llllnghurst FCA KrK)x Croprer LLP ststutory A1[tOrS 65 Le*nhall Street London EC3A 2AD Solicitor. Ju15en Rutler RLS Law ite 31F33, The Hop Exchange 24 S(Mrthwark Street London SEI ITY Prlndpal Office Addrw: 5t Giks-in-the.Fidds thurch 60 St Giles H¥Jh Street WC2H 8LG
Page 2 THEY The Trustee submits its report arml accounts ts the year ended 31st December 2022. srRucfuRE, GOVERNANCE AND MANAGEMENr St Giles-In-thtrFlelds and Blwmsbury United Charity is a Registered Charity (NO 1111908). It was set up by a scheme of the Charity Commission dated 10th A(st 2005. Thls con5011dated frjur fomer charities: St GIles-in-th*elds Almshouse and Pension Charfty,. The Bloomsbury Dispensary for the Relief of the &"ck arKI P¢J)r (founded 1801). Thomas Leverton s Charity (founded 1824); and The Dlbdln Brand Charty (founded 1904). The charfty now has a sole corporate trustee - St-Glles-In-trE-eldS and Bloomsbury United Trustee Ltd. The individuals who were Trustees of the char/ are now the Dlrectors of that Ilmited company. The Dlrectors of corporate ITUStee comwlse four ex-ofndo Dlrectors, the Rectors and one Churchwarden from St Giles-in-thtrFlelds and St George's, Bloomsbury and up to four co-opted Directors who are apwlnted by the other Directors for a perlod of three years (after Véhlch they can be rapPOinted). The Charity has adopted a recrultmen¢ sdectlon and Induction policy for new Dlrectors of the corporate trustee. New Directors may be sought by open advertisement or through open dialogue with relevant organlsatlons. Ail potential Dirertors are appropriately vetted and on appolntJnent new Directors son a model declaration statement commrtting them to giving their tlme and their expertlse. New Dlrectors are provided wlth a file, which indudes a cow of the govemlng dooJmenL a copy of the latest annual accounts and a copy of CC3 The Essential Trustee publlshed by the Charlty Commission. They are initially suppted by the Chair and are encouraged to attend relevant trdining courses. All Directors give their time freely and remunerabon was pald durlrrfJ the year. Detslls of trustee expenses and related party transactlons are dlsdosed in Notes 6 and 19 to the accounts. Directors are required to disclose all relevant interests and register them with the Clerk and in accordance with the Charlt<s pollry to witmraw from decsions where a confllrt of Interest arlses. The Directors of the Tnjstee meet quarterly to agree the broad strategy areas of athity for the Charity, includlng the management of the almshouses, consideration of grant making, investment, reseNes arKJ risk management pdicies and perfom)an. Additional meetings may be scheduled to discuss strategbc planning and governan issues.
Page 3 OFTH RTHE R ENDED IsfD EMBER 2 STrUCTURE, GOVERIIANCE AND MANAGEMEiif (Contlnued) The day-trday operations are managed by the aerk induding the finarKial admlnistration, the operation5 of the Alrnshouses, and the administration of the grants. The Clerk (and other stsff) are employed by trE St Glles-In-the-Fields arKI Wllllam Shelton Education tharity to undertake administration on behalf of both charities and salary costs are shared. This relationship with the other charfty has been fornialised through the agreement of a fomal Memorandum of Understanding agreed by the Trustee of both charities, which was ewed in 2021. Together the tharities a knNn as St Giles & St George. The Charlty is a member of The Amshouse Asgxiation. This provides much helpful Infonnation on good pracuce, changes in law affecttng almshouse charitles and acts as an authorltatlve lobby on behalf of almshouse charTties with the government and regulators. OBJECTS AND ACTIvrrIES The objects of the Charlty are the rellef of flnandal hardshlp lyy: The PS1On of housing accommodatlon In trE area of benefft for wklows or splnsters In finandal hardshlp, vAth a preferen for the fomer, who are not less than 60 years of age; The proslon of grants of money, pang for Items, Servi or facllltles to persons Ilvlng In the area of benefit. In exceptional cases, the tnjstee may declde to asslst someone who does rK)t Ilve In the area of benefft. and The relief of ck or infirm persons in finanoal hardship generally or indNidualty, with preferen for sd( or infimi persons in financial hardship Ilving or working in the area of beneflt. The Trustee conflrms that It has referred to the gUIdan contslned In the Charfty Commlsslon's general guidance on publlc benefit vthen revIeng the Charivs alrns and objertlves and in plannlng future artivEttes and setting the grant making policy for the year. The Charfty carrles ¢xrt these objects by: Providing almshouses in the area for 8 older byomen. The St Giles Almshouses comprise small communSty of elght setf-contalned llats sltuated around an attractive courtyard - an oasis of calm in busy Covent Garden; Providing grants to indiwduals living in the area in financial hardshlp; Providing grants to charitsble oryanisations working in the area who provide servlces to people in financial hardship or who are Sbck or infirm. Area of Benefft The Charity's grant-making is geographical, the area of benefit is the m(Klern ecdesiastTrcal parishes of St GIles-in-thtrelds. St George s, Bloomsbury; arml St Paul's, Covent Garden. In local authorlty terms, thls Indudes the mafvrTty of Bloomsbury and Covent Garden & Holbom wards, in Camden and small parts of St James and West End wards in Westminster. It is a small area to focus on and dose to 50% of the Charivs area of benefft is non-residentsal (open spa, museums, university campuses as wdl as office and retail). None of the ward areas fall into the 20% most deprived nationally.
Page 4 ACHIEVEMENTS AND PERFORPUNCE Summary of the Year The focus throughout 2022 has been our response to the cost of libing crisls- thinking ab)ut the variety of impact that it has had on our stsff, almshouse residents, grantees and local residents. a) Grant Making The strdtegic reNfjew (started in 2021) adopted new values of Compasslon; Connection; and Cont6nuity. Eady in 2022, another strategic revlew sesslon considered how our grant-maklng policy refiects our values. Tr charity dedded to be more generous wlth our grants to indivlduals In response to need by: Increasing the maxlmum grant level from £500 to £600 per person Fundlng food or enwgy costs (rather than Just one-off purchases) where needed Extending discretionary applications from outside of the area, especially where there Is a health need (and often In pathershlp with other funders). Our oryanisational grants programme remalned unthanged txJt the Charity dld Identlfy a thSrd pdorfty area - access to afvice. b) Almghouse5 Following a review of the Maintenan and health and saw pthsion, the Trustee to appoint a new oryanisatton to provlde these Serv1 at the Almshouses. Durlng Ihe year, the tharfty undertcx)k a thorough assessment of health and safety requlrements. A detsiled schedule and actton plan were prepared for tr rEw Fjrovider. c) Human Resources A revlew of stsff capactty was completed In early 2022. The Twstee agreed (In partnershlp with St Giles in the eldS and William Shelton Education Charity who are the employer) agreed to rectt a new part-time Grants Offlcer to support the ae In the admlnlstrauon and assessment of the grants pyogrammes, and they started in October 2022. The Charity chose to host an Assoaate through the 2027 programme as a dlverse recrultment method. The expansion of the stsff team seemed an OPPtUne time to undertake a comprehenslve HR assessment so we." Revtewed renumeratlon by benthmarklng to similar roles arKI then updated salaries. Engaged HR consultant to review and uwlate eMplOent contracts and policies. Review and updated job descrlptfons to refieLt up to date responsibiles.
Page 5 ELD ACHIEVEMENTS AND PERFORMANCE (Contlnued) Almshouse Accornmod*ion The main propety project planned for 2022 was the creatlon of a nLVI design for the communal Almshouse garden, as thls was Idenfied as the prlorlty followlng the ftnandal glft reIved In 2021 from the scaffoldiThJ licence. The Trustees prepared a specification and selected a landscape designerlgardener to undertake the work. There was a con5ultstion meeting wlth resldents In June to better understand what they Ilkeldislike In the garden and how they space. The initial design was presented to the residents but they exPrSed a lot of ccK1M and reseNatlons. In the , the Trustee decided to suspend the plans for the moment. A draln survey was undertaken to provlde InfOat[On atM)ut the stste of the underground dralnage as thls can potentially be addressed ff the garden redevelopment Is undertaken In the future. Further cyclical malntenance works undertaken durfng the year are an asbestos survey and the fixed wlrlng tests. The tharfty contracted trE property maintenance of the almshouses to DARV who are an experlenced property management company who work wlth a number of almshouse charftles. The Trustee continued to ensure that the charlty provides hlgh quality almshouse properties by approvlng routine Maintenan and minor repairs. The Trustee undertook the annual reVIe of the monthly malntenance contribution. After the slgniflcant Increase for 2020, they agreed that the MMC woukl not Increase In 2023. Almshouse Welfarn Charlty usually arraThJes tvffj social events for the resldents and trustees each year- Summer Tea Party and thristmas Lunch. The Summer Tea Party had to be postp( from July to September due to the h&?twe and then took place Inslde at Dragon Hall Community Centre due to rain. It is aayS a ni occasion to brirKJ the residents and directors together. As have a small number of Te5idents, y tske them out for Christmas LurKh to one of the numerous restaurants nearby. It was a large gathering of resdents, dlrectors and other people connetted wlth the tharity and a very enjoyable aftemoon. Our eldest resident Sad passed away at the beginning of December. She enjoyed soclallslng and her Presen was missed at the Christmas Lunch but we toasted her memory, which she would have approved of.
Page 6 RT FTHE ACHIEVEMENfs AND PERFORMANCE (contin1d) .Grant Making It was a challenging year for many, but the thaiity responded as needed ty increaslng its grant- mang. The ¢yiginal grants tXKJget of £62,000 was similar to last year (£61,000) but slightly hlgher than the previous year (2020: £58,0). In October, the Indivldual Grants budget was increased to £18,000 In reswnse to tr£ rising demand. but overall the budget was overspent. Indlvldual Grdnts St Glles Amshouses Block Gronts New Or anisab'on rants Existlng organisatlon grant £18,CJJO £16,777 £8,OCKI £10,502 £0 £16,(X)O TOTAL £62,000 £91279 Grnnts to Charltles Durlng year, the charity awarded 3 nl¥ grants: St Glles PCC: £I,CKKJ in April to enable St Giles Churth to open on Saturdays to provbde toilet and WIFI fadllties for dlents of ShowerBox. They yovlde free and secure shower space for homeless groups in London. ShowwBox: É24,OCKJ (£8,000 per annum for three years) In October to contlnue providing free arKJ secure showers for the homeless group across London. They also glve out toilethes, urKlerwear and other essentiats to ensure each day Ls less of a challenge for the vulnerable groups in society. Street Stsrdge: £24,000 (£8,[ Fer annum for th years) In October to continue provlding free, accessible and Secu storage for people experierKlng homelessness. Thls reduces people's vulnerability while alone on the street and prevents the physical strain of having to move with belongings. The grant figures in Note 5 also indude the firkil payments of £8,(LIO each made to C4WS Homeless Project and Swp Kitchen that was not accounted for in 2020, tre year that they were approved.
Page 7 RY ACHIEVEMENTS AND PERFORMANCE (Contlnu•d) Grants to Charities (continul) In prevlous years, the ttrSty has awarded multl-year funding ts the following organisatlons: C4WS Homeless Project: £24,000 equalty over thrne years In October 2020. The grant contributes to the salaries of the Welfare team for three sea)nS of the Winter Night Shelter. They provtde additlonal hdp and support trj dients whilst they are In the Shelter also run w*kly Job Club and Frlday lunch throughout the year. They secured a hostel for the Winter Night Shelter In 20221 as relying on volunteers in thurch Halls was rN)t appropriate under Covld re5trfctlons and thls contlnued for 2021-22 wlnter season. Soup IOtch¢n (Whltefield Charlty SK Corpontlon): £24,000 equalty over three years In Ottober 2020. The grant contrfbutes to tr£ salary costs of tr Head ClKItChen Manager. The Soup Kltchen provides hot meals, free clothing and toiletrles five days a week for an average of 125 people a day. It contlnued its provlslon thriyjghwt lockdown. Drngon Hall: £7,910 equally over the three years In September 2021. The grant will contribute to their Older People's programme which indudes a wide range of activities. Due to Covld the early focus was on outdoor activitles at Phoenlx Garden and connectlng wlth nature, and offsite vistts induding Kew Gardens armj London Zoo. Grants to Indlvlduals: Block Grants The thar(ty provldes 'blcKk grants, to pather organlsations to dlstrlbute as small grants to thelr beneficiaries (who also Ilve in our aw of bwEfit). We renewed grants to all three partners durtng the year: St Andrew Holbom - Awarded £2,CKKI in Septanber The block grant is used to match or lopup, their indNidual grants (of £500) by up to £500 extra per person. They carried forward £1,342 into 2022 from a previous grant in 2021. They awarded five grants during the year totslling £990. They carry fonNard £2,352 Into 2023. Joining Communities Together (Jcn- London Hub (fomerly London Jegug Centre- Awarded £5,000 in Aprfl They provtde custornised and wactical support to rough sleepers arKI those at risk of trK)melessness in Camden and Westminster. Bets¥e June- August they spent £502 on 11 grants on 8 dients. In SeptrmLv the Jcr London Hub closed an(t the remalning £4,498 was repald.
Page 8 ACHIEVEMEKfs AND PERFORMANCE (Contlnued) Grnnts to Indlviduals (colrtlnued) St Mungo's- Awarded £3,CMJ) In ju to help people move off the street and support them to independent livirvj. From octob 2022, they spent £2,218.96 on 7 clients wlth an average grant of £130.53. The grant was spent on malntalnlng wellbelng and supporting independence. Changlng Llves - Awarded £8,( In July 2022 to support homeless groups and those at a risk of becoming homeless. This helped people move forward and have control over thelr fubjre, V¥he they can move to their own property and Ilve and Independent Ilfe. They spent £1,363 on three beneficiaries arKI carrled foNard £6,640 into 2023. St Glles Indlvldual Grant Programm• The budget allocated for individual grdnts In 2022 was £18,(IXJ after the budget had to be Increased In 2021 In resp)nse to demand. During 2021, the Charfty approved £16,677 to 32 irKliwduals (2021: £16,843 to 32 individuals) plus £100 annuity for the fomer Leverton ality. The actual cost of the grants awarded was £15,316 as one grant was not taken up and savings were made en purchasing the items on behalf of the t)eneficiaries. Tr totsl grant payment was £16,217 as it Includes £900 extra awarded by St Pancras Weffare Trust for three beneficiaries. The figures in the accounts below show grants that were paid dur6n9 the year which may IrKlude grants approved In an earller year. We continued to work In partnership with St Andrew Holbom, with their Grants Officer undertaking grant assessments on our behalf. They started urertakir home visits agaln durlng the year, where appropriate. The majorfty of grants a for new washiThJ machines and other whlte goods but also beds, furniture and a sofa. There have been an increasing number of requests for flooring as this is not provided for rEw tenants in 9)dal houslngi despite it often being a condition of their tenancy.
Page 9 ACHIEVEMEKfs AND PERFORMANCE (C(xrtlnued) FINANCE REVIEW Results for the Year Rentsl income is derived from a commercial office spatr in Covert Garden, 24125 Macklln Street. The current tenant slgned a 10-year lease In Juty 2015 and has been an excellent tenant stn then. The net defiot for the year. after taklng Into aCcnt the net losses on Investment assets for the year of £130,130 (2021: net gains of £108,628), amounted to £151,688 (2021: net deftclt of £100,023). Total Income amounted to £164,886 (2021: £187,611) and included rental Income In respert of the Charft¢s properties amountfng to £71,247 (2021: £71,247); £23,028 (2021: £19,575) from dlvldend5 and Interest of Investments, and contrtbuttons from Resldents amountlng to £67,254 net of volds (2021: £64,341). Totsl expend6ture amounted to £186,+H (2021: £164,222) with £171,389 (2021: £153,154) belng InoJrred on Charitsble Acbvities, £40,910 (2021: £59,819) of which was SncuTred on the Almshouses, and £92,324 (2021: £63,678) on grants and annuitles. Cost of Ralslng Funds amounted to £15,055 (2021: £11,108). ExperKliture is analysed in more detail in note 4 of the accounts. Thls has resulted In Unrestrlcted Funds at the year-end of £521,107 (2021: £538,121) Including £275,311 (2021: £343,926) of Designated Funds, and Pemanent Endowment Funts of £2,490,241 (2021: £2,624,915). The assets of the charfty comprise investment Fyoperties of £1,495,OLK) 24125 Macklln Stre¢ London WC2, Invesbnents of £1,041,828 managed by Investec; different deposit accounts totslling £460,898 via Charities Aid Foundation Deposlt Platform managed by Flagstone; and cash balances of £74.250 p1)minant1Y In the Current Account.
Page ID ECE FINANCE REEw (continued) Reserves Pollcy The Trustee has agreed that the charlty should aim to hold reser equivalent to at least slx months core running costs for the charity, (including the almshouses and the individual grants budget). Tr level of costs h&4e been reviewed and uwlated and the mlnimum level of reserves Is £98,000. In addition, the charfty has a number of deggnated funds and these have been drawn on during the year rather than trE general reserves (more In Note 14). Extraordinary Repalr FurKJ has £95,058 CyclScal maintenan Fund has £93,835 Residents Welfare Fund has £69,709 Grants Fund has £16,709 The generdl reseNes stand at £245,796 so the tharity has slgnlficanty hlgher reseNes so the Directors wlll conslder how best to utillse them. Investment Polky The Trustee has provlded Instrucuors to the Investment Brokers to manage the investment portfolio wlth a view to achieving a balanced retum between capltal growth and Income wlth a moderate risk proflle. For 2023, the Trustee has instructed the Investment Brokers to manage the portrollo to protect the (real) value of the permanent endowment In the current VIrOnMent of hlgh Inflatlon. Therefore the charity will uS on caixtal growth and not seek to ger£rate Income from dividends. This decision will be reWed for 2024. The Trustee revlews pothlio and cash balan on a regular basis.
Page 11 E-FIEL PIUNCIPAL RISKS AND UNCERTAINTIES The Tnjstee conslders risks in five key areas: straw, governan and management; operational; financial; environmental and extemal; and legal and ststtjtory. hjl identified risks are assessed for both likelihty)d of occurrence and the wenlial impaLt to give gross rfsk. Mitigating controls are considered, giving a net remaining risk. The rfsk management strategy fonns part of the plannlng process, against whith the Trustee rewews risks fomially every year. The charlty needs to malntsln appropriate sktlls and commltrnent within its trustee tody. Failu to do so glves rfse to the risk that the board cannot operate effecbvely. The charlty has eStaSshed a recrultment and IrKluctlon pr(Kess for ne trustees and Offe exlsting trustees access to a range of training opportunltles. Tr trustees undertook a skllls audlt to revlew and agreed a 115 actim plan. The charity Is dependent upon the instibjtlonal memw provlded ty the a&*. Should the aerk reslgn or retlre, the charfty rlsks loslng access to key stakeholder relationships and knowledge. In future, the charity wlll seek to expand the way In which key stakeholder relatlonshlps are managed so that these a shad more widely across the trustee boty. The charfty Is rellant upon a Ilmlted number of Inc(yne streams and could be subjett to a sudden loss of income, pacularlY arislng from a vold In ntaI of sts property In Mackiln Street. The charity aLtively monitors monthly income and seeks to Identify any potential threats of future loss of Income. In the coming pwlod, the charity will make finandal plans for a fvture vold at ma1n Street and assess the reser¥es. The charity is dependent upon a third-party gjppller (DARV) for the malntenance of the almshouses, with significant relian on their expertlse, knowledge and access to other contractors. A seDAce-level agreement is in pla and they deliver monthly rewrts on activity. PLANS FOR THE FirruRE The aims of the Trustee indude: Almsh(MJses- to selert a new resldent for the Wdcant flat Almshouses- to undertake full re1ShMert of the vacant flat Grants - to Identlfy potentlal new grant reclplents partlojlar the new theme of ac5 to advl Governan - to engjre succession to a new thair of trustees AlMSh(ses- to Ppare for the digitsl %wtchover comiThJ in 2025
Page 12 srATEMElff OF TRUSTEE'S RESPONSIBILrrIES The Charws Trustee Is res[M)nble for preparing accounts for each finanaal year that give a true and fair view of the Charitys financial actlvlt5es during the year and of Its state of affairs at the end of the year. In preparing the accounts, the Tnjstee should follow best practi and: sdect suStable accountlng pollcles and ap*y them cons15tently; make Judgements and estimates that are reasonatrAe and prudenL' stste whetrer appllcable accountlng stsndards have been followed subjett to any materlal departures disclosed and explalned In the accounts. prepare the accounts on the going concem basis unless It Is Inappropriate to presume that the Charlty will contlnue to operate. The Trustee is responsible for keeping proper accounting records which disdose with reasonable accuracy at any tSme the financlal posEb'on of the Charity and which enable them to ensure that the accounts comply with Charities Act 2011. TPEY are also responsible for safeguarding the assets of the Charity and hence for takn'ng asonable steps for the prtron and detection of fraud and other Irregularities. By order of the TrLtstee and signed on its behalf Revd Thomas Sander Chair of the Directors of cote Trustee /s Ap4- 2023
Page 13 Independent examlns report to the ljvstee of St Glles•lTrthtrFlelds and B1(M$bUry Unitod Charity. I report to the trustee on my examination of the accounts of the St Giles-in-th&Fields arKI B1mSbUry United Charity (the Charity) for the year ended 315t December 2022. whlch comprise the Statement of Financial Activities, the Balan Sheet and related notes. Thls report Ss made to the Trustee, as a bth. In accordance with the terms of my engagement. My work has been urKiertaken so that I might cary out an Independent Examination of the flnanclal statements in accordan with the Generdl Direttrons given by the Charity Commissioners. To fullest extent permitted by law, I do not accept or assume responslbS11ty to anyone other than the Charity and the Charivs as a bottrf my worl( or for thls Responslbllltles and basls of reptyt As the charlty trustee of the Charity you are responsible for the preparation of the accounts In accordan wtth the requlrements of the tharltles Art 2011 (Ihe A. The Charltys Trustee conslders that an audlt bs not required for this year (under Section 144(2) of the Charities Act 2011) and that an IrK1epent EXamInaOn Is requlred. I report In respect of my examinatlon of the a)ariVs accounts carried out under seLtlon 145 of the 2011 Act and In canwng out my examSnation I have followed all appllcable Dlrertions glven by the a)arlty c0mmb0n under section 145(5)(b) of the Act. Independent examlnerfs statem I have completed my examlnatlon. I conflm that no materlal matters have c(ne to my attentlon In connectlon wlth the eXam1rtion gNing me cause to believe that in any rnaterial respect: accounting recorts were not ke0 in respect of the Charity as required by section 130 of the Art; or the accounts do r#)t accord wlth those records; or the accounts do not CoMY with the applicabte requirements ConmIng the form and content of accounts set wt in the Charities (Accounts and Repts) Regulations 2008 other than any quIrernent that the accounts give a true and fair view which is not a matter consldered as part of an Independent examinatton. I have no conttms arKI have cL¥ne across no other matter5 In conneclion with the examlnauon to which attenOft should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Richard Billinghurst FCA KrK)x Cropper LLP Chartered Accountsnts 65 Leadenhall Street London EC3A 2AD 2023
Page 14 l 4X)
Page 15 E-FIE AND FOR THE YEAR ENDED 31¥T DE MBER 2 Note Investment Properties Investments 1,495,(MX) 1041828 1,495,C 1182 196 2,536,828 2,677,196 CURRENT ASSErs Debto Investments Cash at Bank and In Hand io li li 26,2n 47,730 396,477 102 703 546,910 561.419 CREOThORS Amunt FalliNJ Due Wlthln One Year 12 NET CURRENT ASSErs 474,520 485,840 NEf ASSErs £3 163 036 Represented UNREsfRicfED FiINDS General Funds . Deslgnated FurKIs 14 14 245,7% 193,838 521,107 2,490,241 538,121 1624,915 PERMANEiif ENDOWMErir TOTAL FUNDS £3 163 036 Approved by the Tw5tee on 2023 a1 skJrEd on thelr beh*. Revd T Sander Chair of Directors of the corpYKate Tn
Page 16 AccouritING POLICIES a) Basls of Preparntion and Asses af 90ing coiicern The accounts have been prepar&J urnler the htstorkal cost conventlon wth the eXptIOn of lnvestffnts which are irKlu(kd at market value. The fIal ststwnents have tÉen prepared in accordan wlth the strtt of RecixnmerKled Practi. AccountiTrJ and Reportlng by Charldes prepadng their &counts in accordan wtth the Flnandal Re[m)rn9 Stsndards applicable in the UK and Republic of IlarKI (FRS 102) and the Finanaal Repytiro Stsndard applicable in the Unfted Klngdom arKI ReputAt of I1)r (FRS 102) and the Charltles Act 2011. The Charity a publlc txnefft th as defined by FRS 102. The Trustee considets that there a rn matetial untrrtaints atout tre Charivs aljilty to contlnue as a golng conrn. In forniirKJ thls oplnlon, It has considered the impact of the COVIt> 19 parthic, the war in Ukraine arxl the ajrrent economlc cllmate on carryiThJ value of assets and ItabIlle5 and ftjture Incc4ne streams arthy experKlItU for a Fedcd of at least twelve months fr the date of apprcNal of these financial siaternts. b) Fund• General fvnds preSert the funds of the Qrity that are not subJe(t to any restrictlons wardiTrJ their use and a avaIlale forappllcatlon to tre general purFrf)5es of the Charfty. Funds designated for a parucular purpose ty the Charity are unrestricted. Restrictsj Funds are furmls whlch are usal in accordar£e viith sffic restrlLkn Imp)5ed by doror5 whlch have been rntsed by the Charity ftK a particular pur. c) Income l inccrfne i5 rwJnlsed On the charlty has entitiement to the IrKoff, It Is probable thjt Income wlll be refved, and the amount of Incorne recetvabk can be measured rellably. Donatlons we reLyJgnll when banw try or on Irr of the Charty. Rental Inccffie Is rKcgnlsed on a strahJht41ne basb over the l&)se term. The aggregate cost of lease IntiveS is rwnised as a reduction to income the lease temi on a 5tsawht41ne basls. Dividend interest income are accoun for when recelved a5 Is any Inccffie tsx recoverable on such Inc0Th. d) Expendlturn Liabilities are recr)Jnlsed as exFwdlture as as there ts a Wl or construttlve oblSgatlon commltting the charlty to that exTraIlure, it is protsable that s&Yement will be requlred. and the amountof the clgatIOn can measured rellabty. All eypendthre Es acanted for on an acuuals basis. exr*nses indLMIIThJ SUPFKKt costs and governan o)Sts are alkxated or appytned to the aOicable expendlture headlngs.
Page 17 ljk THE ACCOUI(fiNG POUCIES (contlnued) Investm propyt$ are stated at falr Val as det&mlnèJ ty the Trustee. f) Inve¥tments Invesbrerts are a fomi of bask flnanckil Investnrt and are initially reLYyJnL at theirtransactlon value and subseqw)Uy measured at fair fdlue a5 at the bar Sheet date u51ry lthe closlng quoted market pri. The siateffent of finandal actlv115es Indth the net galn5 and ksses arlslng on revaluatbns and dlspjsals throughout the year. Reallsed galns and losses on Investments are calojlated as the drfferen betrn sales prcceets and their 0[nIng carryirvj value cff thelr purchase value If aCquIr subsequent to the flrst day of the flnanclal year. Unrea15sed gains and105ses a calculated as the dIfferen b&ween the falr value at the year end and thelr carrylng value. g) Current AM•ts and Uabllltles AJI knu•vn current assets a br(wht into the accounts at the amounts whth tfw are expected to reallse. Al knch¥n liabllltles are brought irto the LUnts at ttrr expeded cosL h) Sl9nlflcant M•nagemert judgem and Ertlm•tk Un¢¢rtalntl The foll0vrj are the crftlcal Jtyments and %)Ur cl elmthn untrrtalnty that the Tru5tse have made In the proc5 of apkqylng ts drI5 roUntirrfJ poliaes and that have the most slgnifkant effert on arnounts reaNJn15ed In the fina1 siatwnents: The awrfty carries its Invest property at falr value, wlth thange5 Ixlng rnISed In the ststement of Anandal Activits. Tr Trustee has a55essed the values based ¢)n current market rates and are of the optnlon that the fair value of the Investrt properties has changed materfalty slr£t the last extemal valuations as disclosed in Th]te 7 to the fln)1 ststements. Delxors a rffc#Jnlsed Inltlalty at the settknrt due after any tT dlscount (Ifered. In re$t of accounts ttre are IrKJtakns that a deitor may t Impalred or rKJt collectllAe, a provislon Is rEcorded bas&1 on best estimates to redu the receivable balan to the amount that ts exFeCted to be collected. Factors consIdeI in maknn9 a prortsbn Include the historlcal paywEnt arKI collecth)n e¥perlerKe arKI <*ttors' credf( worthlras. INCOME FROM IIIVEsfMENT5 2022 UThresltkW Deslgnated Funds Funds 2021 Total Rents ReceNabfe DNidends and Interest on Loan Stock Intest Recelydble 71,247 23,028 47 94,322 71,247 23,028 47 94,322 71,247 16,762 ,822
Page 18 -FIELD AND NrrED INCOME FROM CHARrrABLE ACTivrriES 2022 2021 Resident maintenan Contnlyjtions Vothys 67.254 64,341 EXPENDmiRE ON 2021 Totsl RAISING FUNDS Funds Endowm•nt Legal Professlonal Fees Prorrty RefurIshMent Securtty Insurdnce Uts'lities (LhJh¢ Heat and SuThJrs) Investment Managers F 2,IlXI 2,100 2,137 2,137 2,187 439 2022 2021 Almshou Expendlture Careline Repairs and Maintenan Cyclical Repalrs Prcferty Refurt)Ishment Managennt Fee ht and Heat Water Rates ar&1 CourKII Tax Insuran aeaniry arml Sundrs Welfare 2,082 9,911 2,557 2,082 6,836 18,438 10,649 6,576 1,827 1,479 13,329 1,102 1,358 3,071 Grants Annulty Grants to IndwKluals Grants Payable to AImSuse Resldents Grants to Organlsat6ons (Note 5) 16,722 15,318 aerks Salary and Social Securfty Grnnts Offlcer Legal and Professmy1 offi Expenses Ns%)dthn MemrshIP Fee 23,512 2.015 3,756 3,497 187 424 4,080 429 255 17,045 1,860 2,620 2,509 182 421 3,840 426 754 Sundrles IndeFendent Eyaminattiin Bank IargeS 171389 No Dlrector of the corpordte trustee recewejj any reMunerntjn. The Indepvmdent Exam[7t10n Fee amount& to £3,4CM) eXdIlng VAT. (2021: £3,2LKJ).
Page 19 THEA GRAPMS TO ORGANISATIONS 2022 2021 BknMsIry Centrat Baptst Churth C4WS Changing Lives Covent Garden tkngon Hall Trust London Jesus Centre (nand Loth) 5,OOD 23,rJo 24,L ngle Homeless Promt St Andrews Holbom St George's P St Glles, PCC st Mungo's Street Stor•3e" Whitefield Charty SK Corwratkx (Soup Kltthn) 3,530 3,000 3,000 24,COJ 75,502 48,260 Awarded muluwrs grarrts KEY WINAGEMErir PERSONNEL Key Managnert Personrd Is defiwl as the Dlrthrs crf the Cuwrate TrLLStee and the aerk to the Trustee. None of the DlreLtcrfs rece6wJ any enKlurrMts. The emoluments of the aet to the Tntstee, durlng the year, were as fdlows: 2022 2021 Emoluments 23,512 17,045 Total expenses ffimbursed to the Dre(tors 35 28 EMPLOYEE INFORMATION There were no ernthe5 who pke Lfits eK(Eediry £60,0(XI (2021: None). The average weekty numlw rf ysons (Indudlry Clerk to the Tru5tee5) empw durlng the year WRS: Offts staff Wages arJ Satarles Soaal Securtty C05ts Pension ContributDJns 22,987 16,fA3 525 23,512 402 17,1)45
Page 20 E-FIELD MSB RYU L• Contin THE isf DE 22 FIXED ASSEfs- INVEsfMENT PROPEKllES 2022 2021 At 1st January 2022 Revaluation DIsFxal At 31st DeCter 2022 1,495,ClXI 1,727,CrtlO (232,OC(I) The atrKNe Is repre$ted ty tre folkyAryng property: 24125 Mackjln StreeL Lorthjon WC2 1,495,OCKI 24125 Macklln Street was reval1 as at 31st Decanbex 2021 by matth & GlMan LLP. The valuauon was caThied out by a RICS Regi%t¥wJ Valuer In accordan wtth'RICS ValualJon- Professlonal Standards (incorporntiro the Intwnational Valuauon Stsndards) - Global UK edltbn published by The Royal Instltution of Chartered Survryors, effecOve from 31 January 2022).. The current COMMclaI lease on thls property is due for renewal In Juty 2025. The Trust has considered current rentsl market and Its expeL1ations for renewlng the knse and, basèj on ttr conskleratlons, has fornkd the Iylnlon that the falr value of the property has t Chaed sKJnlfkanty. The Charlty a150 u•ms the Freeh(Ad of 17A Macklin Strt Lon WC2, wherethe ChariVsAlmshouses are kncabj. Thls property [5 IF4ilknable and ts not 1j in the unts. FIXED ASSEfs INVEsfMEIITS QIIOTED INVEsfMEIITS 2021 Total Fund• Endovfflimt fot41 Market Value at irt January 2022 AddithJns Transfers Dlsposal PrrKeeds Unrealise(IIRealised Gains Market val at 31* December 2022 46,751 4,447 I,L(kS,449 105,242 1,153,2C 109,689 1,050,578 79,376 (4,886) (115,643) 124 295 971,753 (120,529) 129 547 1,012,813 (85,382) 108 628 1,153,200 41,060 Broker Cash BalarKes 42,236 999,591 1,041,827 1,182,196 In additK)n to the alThe, there ts £583 of unreallzed [n TnIZed on the SOFA kn COnnlon with the CAF Deposit platfom IrUdg wlthln current a55ets. 10. DEBTORS 2022 2021 Resldents Incoffe Recdvable Rentsl Income Receivable Investment IrK(The Receivable Trade Debtors Prepayments 23,914 31677 2,358 15,053
Pa9e 21 IN-THE-FIELD AND NOTES TO THE ACCOUK 11. CASH AT BANK AND IN HAND 2022 2021 Current ACcnt Deposli kcount 74,250 102,703 12. CREDrroRS: Amounts falllry due wlthln l Year 2022 2021 rcted Charlty (Note 13) Trade Cr&Jltors P£cruals and dderred Income 8,070 2,757 4,899 1,348 13. CONNEcfED CHARMES The St Giles.in.the.Fd5 paTla1 CIKrlile5 whKh comfv . St Glles.1n-thtreks and Wllllarn Sheltcffi's Educattonal Foundatlon • St Glles-In4htrHekJs aThJ Bl¢x¥n5bury Untted Charlty are rdated because therf have common trectors, althOJh any trnnsacuons LEt¥•n the Charltles are at ami's n9th. St Glles-In-thFlelds arkl William Shelton Ijrfty Incurred o)sts on behalf of St Glles- In-thFlelds aTrJ Blcom5twry United Charlty anK)unttng to £27,298 (2021: É19,775). £8,070 (2021: £4,899) wa5 due to be pakl at the year e1.
Page 22 BER 14. UNRESTRIcfED FUNDS At Iir Janry 2022 Transfer At 314 December 2022 Movement in FuThts Funds Unrestrkted Fund• neral Funds 193,838 64,830 (12,872) 245,796 DeNlgnated Funth ERF (YF RWF Grants 90,322 88,256 73,494 4,736 8,136 95,058 93,835 69,709 {2,557) {3,785) 344,283 (81,844) 12,8n 275,311 At 3111 Decemter 2022 521107 The Charty mlntslns t de5Wted funds set up to carry rnar repalts JNI wlkal malntenan at bts Almsh(e5. The funds are detslled below. Extraordlnary Repalr FuTrJ (ERF)- Thts Isa resen fund for fjre major expdturetO whth transfers re made from the Geral Fund. It can be drawn uFwi to meet tstr6 of repalr as agreed by the Board. Cyclical maIntenan FurKI (CMF) - Thb fund, to whkh transfers are made from the Generdl Fund, Is to meet Maintenan occurring at wular InteNaLs. FLY examp, Intemal {refurbishing kftchens aTr bathrooms), extemal redec<Yatk)n and ts cost of pros1onal fees sh as for Quinquennkryl InsOn5. Restdents Welfare Fund (RWF) - Thls fund will offer support to Almsh(xJse resklents at the dlscretbn of the Twstees. It can ay a rarye of general supwt for all alr resklents or suppjrt for a re5KknL Grants FurKI - This fu1 wlll ensure that the arity can rnainiain aThl even exparKI ts grants to oryanisabons over the next few years. The ERF artrJ CMF are topped up each year from the unrestrtted reserves b3sed on Weted figures, wlth transfers In 2022 of £4,736 and £8,136 re5tive.
Page 23 R THE YEAR ENDED Isf DE EMBE 15. NEf ASSEfs BEIWEEN FUNDS Fun Total Investment Proraties oted Investments Current Assets credr5 1,495,IJ)O 995,241 1,495,000 1,041,828 561,419 46,587 561,419 521 107 2 45YJ 241 3 011348 16. UNrrs IN MANAGEMENT At 31* December 2022 arKI at 31st Dec•nber 2021, the Charty had dght unlts of AIrn5hOe acXx)mrnat1On. 17. C014TINGEi¥f LIABILrriES At 311t December 2022, the were no knNn contlngent Hat4iitles. 18. CAprrAL COMMm4ENTS 2022 2021 Captsi &Ypwkliture that has beffi (¥)ntracted for txrt pThided for Sn the FlrKindal 5tl 19. RELATED PARTY TRANSAcfIoNS There are no rdated party trarsKUons for 2022.