THE ST GEORGE’S HANOVER SQUARE FOUNDATION
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
Charity number 1120505
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
| Contents | Page |
|---|---|
| Report of the Trustees | 1-3 |
| Report of the Independent Examiner | 4 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Statement of Cash Flows | 8 |
| Notes to the Financial Statements | 9-10 |
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees have pleasure in submitting their report and the audited financial statements for the St George’s Hanover Square Foundation for the year ended 31 December 2021, which have been prepared in accordance with the Charities Act 2011, the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).
Reference and administrative details
The trust is registered as a charity under reference number 1120505.
The trustees and key management personnel during the year were:
Mr G Barnes (Trustee) The Reverend R N S Leece (Trustee) Mr M Hewitt (Trustee) John-Paul de Soissons (Parish Administrator)
The principal office of the foundation is at:
St George’s Vestry 2A Mill Street London W1S 1FX
The principal professional advisers to the trust are:
Bankers The Royal Bank of Scotland plc 49 Charing Cross London SW1A 2DX
Solicitors Lee Bolton Monier-Williams 1 The Sanctuary Westminster WC2A 3JF
Independent Examiner Nicola Wakefield FCA Mazars LLP 2[ND] Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, SM1 4FS
Page 1
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)
Structure, governance and management
The St George’s Hanover Square Foundation was created by a trust deed dated 20 July 2007 and commenced activities on 1 November 2007.
The Rector and two Church Wardens are the ex-officio trustees. The Rector is appointed by the Bishop of London (the Patron of the Parish) and the Church Wardens are elected annually by the Annual Parochial Church Meeting of St George’s Church, Hanover Square, London W1.
The key management personnel of the charity as listed on page 1 are in charge of directing, controlling, running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee received any remuneration in the year. The Parish Administrator received no remuneration from the charity. Details of trustees’ expenses and related party transactions are disclosed in Note 7 to the financial statements.
Objectives and activities
The Foundation was established to support the repair and maintenance of the fabric and facilities of St George’s Church, Hanover Square, London W1. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission relating to public benefit when planning their objectives and activities.
Its immediate purpose was to raise funds to support the continuing responsibility of the PCC to complete the restoration and refurbishment of St George’s carried out in 2010 and to complete the project to replace the organ two years later. Having fulfilled these objectives, it has a further purpose to raise funds to provide endowment income to maintain the fabric of the building and its facilities for future generations.
Achievements and performance
The Foundation can take pride in the role it has played in facilitating the successful repair and refurbishment of St George’s and the installation of a new organ. Fundraising in a difficult financial climate proved challenging. Support from the Parish Community and its wider circle of friends was exemplary but, with honourable and notable exceptions, this was not matched by similar levels of support either from businesses within the geographical parish or from grant making trusts and foundations.
Activity during the year under review consisted of:
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ꞏ Managing pledges made earlier in the fundraising campaign and processing occasional larger donations.
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ꞏ Funding a substantial reduction in the capital sum loaned to the PCC by the Hyde Park Place Estate Charity.
Financial review
Details of the financial position of the Foundation are set out on pages 5 to 10.
Reserves Policy
All of the funds raised by the Foundation will be used to fund work at St George’s Church, Hanover Square. The Foundation therefore has no formal reserves policy.
Risk assessment
The major risks to which the Foundation is exposed, as assessed by the Trustees, have been reviewed.
Based on this risk review, the Trustees consider the most relevant risks, and the means by which they may be mitigated, to be as follows:
- Risk 1: Failure to comply with requirements of charity & regulatory law. Mitigated by vigilance of trustees and key personnel.
Page 2
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)
Plans for future periods
The working group expects to:
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ꞏ Raise its fundraising profile.
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ꞏ Solicit new pledges and renew those that have time lapsed.
Funding will continue to be required to facilitate the following:-
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ꞏ Interior fabric work . The work carried out on the interior fabric was largely confined to that requiring high level scaffolding. Future work to the interior will concentrate on the refurbishment of pews both in the galleries and downstairs and the re-ordering of the baptistery and sanctuary areas.
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ꞏ Exterior fabric work . Cleaning high levels under the portico. Repair high level exterior stone work as identified in the 2014 Quinquennial Report.
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ꞏ Routine fabric maintenance. It is to be anticipated that a substantial sum (probably of the order of £20,000) a year will need to be spent yearly on routine repairs and maintenance to the fabric of St George’s if it is to retain its current high level of structural and decorative integrity.
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ꞏ The undercroft . Long-discussed plans to open up the undercroft are now underway.
Trustees’ responsibilities
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the surplus of the trust for that year. In preparing those financial statements, the trustees are required to:
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ꞏ select suitable accounting policies and apply them consistently;
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ꞏ observe the methods and principles in the Charities SORP;
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ꞏ make judgements and estimates that are reasonable and prudent;
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ꞏ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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ꞏ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in existence.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FOR AND ON BEHALF OF THE TRUSTEES
Mark A Hewitt
Mark A Hewitt (Oct 28, 2022 11:31 GMT+1)
Mr M Hewitt Date: 28-Oct-2022
Page 3
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ST GEORGE’S HANOVER SQUARE FOUNDATION
I report on the financial statements of The St George’s Hanover Square Foundation for the year ended 31 December 2021, which are set out on pages 5 to 10.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the financial statements under section 145 of the 2011 Act;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of The St George’s Hanover Square Foundation in accordance with section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Nicola Wakefield (Oct 28, 2022 13:57 GMT+1)
Nicola Wakefield, FCA
Mazars LLP, 2nd Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, SM1 4FS
Date 28-Oct-2022
Page 4
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Donations and legacies 2 Investment income Total income Expenditure on: Raising funds Charitable activities 3 Total expenditure Net movement in funds Funds brought forward at 1 January 2021 Funds brought forward at 31 December 2021 |
2021 Unrestricted £ 2020 Unrestricted £ 44,536 63,846 3,511 3,363 |
|---|---|
| 49,047 67,209 |
|
| 216 216 63,486 61,550 |
|
| 63,702 61,766 |
|
| (15,655) 5,443 293,380 287,937 |
|
| 277,725 293,380 |
Page 5
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note Current assets Cash at bank and in hand Debtors and prepayments 4 Creditors: Amounts falling due within one year 5 Net current assets Net assets Total funds: Unrestricted 8 |
2021 £ £ 181,698 100,419 282,117 (4,392) 277,725 277,725 277,725 |
2020 £ 200,415 97,045 297,460 (4,080) |
2020 £ 200,415 97,045 297,460 (4,080) |
£ 293,380 |
|---|---|---|---|---|
| 293,380 | ||||
| 293,380 |
The financial statements were approved by the trustees on 28-Oct-2022 and signed on their behalf by:
Mark A Hewitt
Mark A Hewitt (Oct 28, 2022 11:31 GMT+1)
Mr M Hewitt
Page 6
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| Cash (used in)/provided by operating activities Cash flows from investing activities Interest received Net cash (outflow)/inflow Cash and cash equivalents at 1 January 2021 Cash and cash equivalents at 31 December 2021 Cash flows from operating activities Net (expenditure)/income Interest received included in investing activities (Increase)/decrease in debtors Increase in creditors Cash (used in)/provided by operating activities |
2021 £ 3,511 |
2021 £ 3,511 |
2020 £ £ (22,228) 3,363 3,511 (18,717) 200,415 181,698 (15,655) (3,511) (3,374) 312 (22,228) |
2020 £ £ (22,228) 3,363 3,511 (18,717) 200,415 181,698 (15,655) (3,511) (3,374) 312 (22,228) |
£ 162,605 3,363 |
|---|---|---|---|---|---|
| 165,968 34,447 |
|||||
| 200,415 | |||||
| 5,443 (3,363) 158,485 2,040 |
|||||
| 162,605 |
Page 7
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 ACCOUNTING POLICIES
The St George’s Hanover Square Foundation is an unincorporated charity registered in England and Wales. The principal office of the foundation is at St George’s Vestry, 2A Mill Street, London W1S 1FX.
(a) Basis of accounting
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for Charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
(b) Going concern
The charity had net assets at the year-end of £277,725. The trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
(c) Income
Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Where material assets are donated to the charity for its use, these are capitalised at the estimated market value at the date of the gift and included under income.
(d) Expenditure
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(i) Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Charitable expenditure includes all support costs in respect of the charity’s activities.
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(ii) Raising funds includes all expenditure in relation to obtaining funding for the charity to meet its charitable aims including exchange gains or losses.
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(iii) Governance costs comprises all expenditure to comply with statutory and legal requirements and are included in charitable expenditure.
(e) Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net movement in funds.
Page 8
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
1 ACCOUNTING POLICIES (continued)
(f) Debtors
Gift aid recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
(g) Cash and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
(h) Creditors and provisions
- Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Concessionary loans are included at historic cost.
(i) Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
(j) Funds Unrestricted funds represent the funds of the charity that are not subject to any restrictions regarding their use, and are available for application to the general purposes of the charity.
2 DONATIONS AND LEGACIES
| Donations from individuals & institutions Legacy income Grants from institutions Standing orders Gift aid tax reclaimed |
2021 2020 £ £ 244 23,769 - 150 41,376 36,800 2,356 2,521 560 606 |
|---|---|
| 44,536 63,846 |
3 CHARITABLE ACTIVITIES
| Grants to St George’s Church Hanover Square Accountancy and other fees paid to Independent Examiner Independent examination fees Other – exchange loss /(gain) |
2021 2020 £ £ 60,000 60,000 678 678 1,674 1,134 1,362 (490) |
|---|---|
| 63,486 61,550 |
Page 9
THE ST GEORGE’S HANOVER SQUARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
| 4 DEBTORS AND PREPAYMENTS Loan to SGHS Enterprises Limited Accrued income 5 CREDITORS: Amounts falling due within one year Accruals |
2021 £ 99,860 559 100,419 2021 £ 4,392 |
2020 £ 96,440 605 |
|---|---|---|
| 97,045 | ||
| 2020 £ 4,080 |
6 EMPLOYEES' AND TRUSTEES' TRANSACTIONS
The Charity does not employ any staff directly.
No trustees or Key Management Personnel were reimbursed expenses in the year, nor were there any other transactions with trustees, or persons connected with them, other than those included in note 7.
7 RELATED PARTY TRANSACTIONS
The charity is connected to St George’s Church, Hanover Square, SGHS Enterprises Limited and Hyde Park Place Estate Charity by way of mutual trustees or directors.
During the year, the charity made grants of £60,000 (2020: £60,000) to St George’s Church, Hanover Square, of which The Rector, Revd. Roderick N S Leece, Mr M Hewitt and Mr G E Barnes, are Trustees.
During 2021, the charity charged interest of £3,420 (2020: £3,325) to, SGHS Enterprises Limited, of which The Rector, Revd. Roderick N S Leece, Mr M Hewitt and Mr W M C Beckett, are directors. At the year end the company owed the charity £99,860 (2020: £96,440).
The charity received grants in the year of £41,376 (2020: £36,800) from Hyde Park Place Estate Charity, a charity of which The Rector, Revd. Roderick N S Leece, Mr M Hewitt and Mr G E Barnes are Trustees.
8 UNRESTRICTED GENERAL FUND BALANCES
The general fund balances at 31 December 2021 all relate to unrestricted funds for the purposes of the Statement of Recommended Practice Accounting and Reporting by Charities (Charities SORP (FRS 102)).
Page 10