REGISTERED CHARITY NUMBER: 1120505
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FOR
THE ST GEORGE'S HANOVER SQ FOUNDATION
Maven Accountants Limited PO Box 1882 Southampton Hampshire SO15 9JZ
THE ST GEORGE'S HANOVER SQ FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022
TRUSTEES G E Barnes Trustee M A Hewitt Trustee Revd R N S Leece Rector PRINCIPAL ADDRESS St George's Vestry 2a Mill Street London London W1S 1FX REGISTERED CHARITY 1120505 NUMBER INDEPENDENT EXAMINER Maven Accountants Limited PO Box 1882 Southampton Hampshire SO15 9JZ SOLICITORS Lee Bolton Monier-Williams 1 The Sanctuary Westminster WC2A 3JF
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THE ST GEORGE'S HANOVER SQ FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
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
Objectives and aims
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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
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:
-
Managing pledges made earlier in the fundraising campaign and processing occasional larger donations.
-
Funding a substantial reduction in the capital sum loaned to the PCC by the Hyde Park Place Estate Charity.
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THE ST GEORGE'S HANOVER SQ FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
Financial position
Details of the financial position of the Foundation are set out on the following pages.
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.
Going concern
The charity had net assets at the year-end of £265,935 (2021: £277,725). The trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
PLANS FOR FUTURE PERIODS
The working group expects to:
-
Raise its fundraising profile.
-
Solicit new pledges and renew those that have time lapsed.
Funding will continue to be required to facilitate the following:-
-
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.
-
Exterior fabric work. Cleaning high levels under the portico. Repair high level exterior stone work as identified in the 2014 Quinquennial Report.
-
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.
-
The undercroft. Long-discussed plans to open up the undercroft are now underway.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
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THE ST GEORGE'S HANOVER SQ FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the 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.
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:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material
-
departures disclosed and explained in the financial statements; and
-
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.
Approved by order of the board of trustees on 29th October 2023 and signed on its behalf by:
M A Hewitt - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ST GEORGE'S HANOVER SQ FOUNDATION
Independent examiner's report to the trustees of The St George's Hanover Sq Foundation
I report to the charity trustees on my examination of the accounts of The St George's Hanover Sq Foundation (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Maven Accountants Limited The Institute of Chartered Accountants in England and Wales
Maven Accountants Limited PO Box 1882 Southampton Hampshire SO15 9JZ
Date: .............................................
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THE ST GEORGE'S HANOVER SQ FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Other trading activities Charitable activities 4 Charitable Activites Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.22 Unrestricted fund £ 44,354 4,301 48,655 216 216 60,229 60,445 (11,790) 277,725 265,935 |
31.12.21 Total funds £ 44,536 3,511 48,047 216 216 63,486 63,702 (15,655) 293,380 277,725 |
|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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THE ST GEORGE'S HANOVER SQ FOUNDATION
BALANCE SHEET 31 DECEMBER 2022
| Notes CURRENT ASSETS Debtors: amounts falling due within one year 7 Debtors: amounts falling due after more than one year 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
31.12.22 Unrestricted fund £ 560 103,853 163,622 268,035 (2,100) 265,935 265,935 265,935 265,935 265,935 |
31.12.21 Total funds £ 559 99,860 181,698 282,117 (4,392) 277,725 277,725 277,725 277,725 277,725 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29th October 2023 and were signed on its behalf by:
M A Hewitt - Trustee
The notes form part of these financial statements
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THE ST GEORGE'S HANOVER SQ FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.12.22 £ (22,377) (22,377) 4,301 4,301 (18,076) 181,698 163,622 |
31.12.21 £ (22,228) (22,228) 3,511 3,511 (18,717) 200,415 181,698 |
|---|---|---|
The notes form part of these financial statements
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THE ST GEORGE'S HANOVER SQ FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Net expenditure for the reporting period (as per the | ||
| Statement of Financial Activities) | (11,790) | (15,655) |
| Adjustments for: | ||
| Interest received | (4,301) | (3,511) |
| Increase in debtors | (3,994) | (3,374) |
| (Decrease)/increase in creditors | (2,292) | 312 |
| Net cash used in operations | (22,377) | (22,228) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Total |
At 1.1.22 Cash flow At 31.12.22 £ £ £ 181,698 (18,076) 163,622 181,698 (18,076) 163,622 181,698 (18,076) 163,622 |
|---|---|
The notes form part of these financial statements
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THE ST GEORGE'S HANOVER SQ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
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.
Expenditure
(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.
(ii) Raising funds includes all expenditure in relation to obtaining funding for the charity to meet its charitable aims including exchange gains or losses.
(iii) Governance costs comprises all expenditure to comply with statutory and legal requirements and are included in charitable expenditure.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Raising 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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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THE ST GEORGE'S HANOVER SQ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES - continued
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 operating result.
2. DONATIONS AND LEGACIES
----- Start of picture text -----
||||
|---|---|---|
|31.12.22|31.12.21|
|£|£|
|Gifts|1|-|
|Donations|2,360|2,600|
|Gift aid|561|560|
|Grants|41,432|41,376|
|44,354|44,536|
|Grants received, included in the above, are as follows:|
|31.12.22|31.12.21|
|£|£|
|HPPEC|41,432|41,376|
|INVESTMENT INCOME|
|31.12.22|31.12.21|
|£|£|
|Deposit account interest|308|91|
|Interest from loan|3,993|3,420|
|4,301|3,511|
----- End of picture text -----
3. INVESTMENT INCOME
4. CHARITABLE ACTIVITIES COSTS
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Grant|
|Direct|funding of|Support|
|Costs|activities|costs|Totals|
|£|£|£|£|
|Charitable Activites|2,100|60,000|(1,871)|60,229|
----- End of picture text -----
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THE ST GEORGE'S HANOVER SQ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 44,536 |
| Investment income | 3,511 |
| Total | 48,047 |
| EXPENDITURE ON | |
| Raising funds | |
| Other trading activities | 216 |
| Charitable activities | 216 |
| Charitable Activites | 63,486 |
| Total | 63,702 |
| NET INCOME/(EXPENDITURE) | (15,655) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 293,380 |
| TOTAL FUNDS CARRIED | |
| FORWARD | 277,725 |
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THE ST GEORGE'S HANOVER SQ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
7. DEBTORS
| Amounts falling due within one year: Prepayments and accrued income Amounts falling due after more than one year: Loan to SGHS Enterprises Limited Aggregate amounts 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 9. MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund 277,725 TOTAL FUNDS 277,725 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 48,655 TOTAL FUNDS 48,655 |
31.12.22 £ 560 103,853 104,413 31.12.22 £ 2,100 Net movement in funds £ (11,790) (11,790) Resources expended £ (60,445) (60,445) |
31.12.21 £ 559 99,860 100,419 31.12.21 £ 4,392 At 31.12.22 £ 265,935 265,935 Movement in funds £ (11,790) (11,790) |
|---|---|---|
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THE ST GEORGE'S HANOVER SQ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.21 | in funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 293,380 | (15,655) | 277,725 |
| TOTAL FUNDS | 293,380 | (15,655) | 277,725 |
| Comparative net movement in funds, included in the above are as | follows: | ||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
| General fund | 48,047 | (63,702) | (15,655) |
| TOTAL FUNDS | 48,047 | (63,702) | (15,655) |
| A current year 12 months and prior year 12 months combined position is as follows: | |||
| Unrestricted funds | At 1.1.21 £ |
Net movement in funds £ |
At 31.12.22 £ |
| General fund | 293,380 | (27,445) | 265,935 |
| TOTAL FUNDS | 293,380 | (27,445) | 265,935 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 96,702 (124,147) |
(27,445) |
| TOTAL FUNDS | 96,702 (124,147) |
(27,445) |
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THE ST GEORGE'S HANOVER SQ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. RELATED PARTY DISCLOSURES
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 (2021: £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 2022, the charity charged interest of £3,993 (2021: £3,420) 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 £103,853 (2021: £99,860).
The charity received grants in the year of £41,432 (2021: £41,376) 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.
11. UNRESTRICTED GENERAL FUND BALANCES
The general fund balances at 31 December 2022 all relate to unrestricted funds for the purposes of the Statement of Recommended Practice Accounting and Reporting by Charities (Charities SORP (FRS102)).
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THE ST GEORGE'S HANOVER SQ FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| FOR THE YEAR ENDED 31 DECEMBER 2022 | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | 1 | - |
| Donations | 2,360 | 2,600 |
| Gift aid | 561 | 560 |
| Grants | 41,432 | 41,376 |
| Investment income | 44,354 | 44,536 |
| Deposit account interest | 308 | 91 |
| Interest from loan | 3,993 | 3,420 |
| 4,301 | 3,511 | |
| Total incoming resources | 48,655 | 48,047 |
| EXPENDITURE | ||
| Other trading activities | ||
| Miscellaneous fundraising cost | 216 | 216 |
| Charitable activities | ||
| Accountancy fees | 900 | 678 |
| Independent Examination fees | 1,200 | 1,674 |
| Grants to institutions | 60,000 | 60,000 |
| Support costs | 62,100 | 62,352 |
| Governance costs | ||
| Realised Currency Gains/Losses | (1,871) | 1,134 |
| Total resources expended | 60,445 | 63,702 |
| Net expenditure | (11,790) | (15,655) |
This page does not form part of the statutory financial statements
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THE ST GEORGE'S HANOVER SQ FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 15 |
| Detailed Statement of Financial Activities | 16 |