REGISTERED CHARITY NUMBER.. 1120505 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023 THE ST GEORGE'S HANOVER SQ FOUNDATION Maven Accountants Limited PO Box 1882 Southampton Hampshire S015 9JZ
THE ST GEORGE'S HANOVER SQ FOUNDATION Contents of the Financial Statements for the Year Ended 31 December 2023 Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report Stalemenl of Financial Activities Balance Sheet Cash Flow Slalement Notes to the Cash Flow Slalement Notes to the Financial S18tements 10 to 15 Detailed Statement of Financial Activilies 16
THE ST GEORGE'S HANOVER SQ FOUNDATION Reference and Administrative Details for the Year Ended 310ecember 2023 TRUSTEES G E Barnes Trustee M A Hewitt Trustee Rev R N S Leece Rector PRINCIPAL ADDRESS Sl George's Vestry 2a Mill Street London W1S 1FX REGISTERED CHARITY NUMBER 1120505 INDEPENDENT EXAMINER Maven Accountants Limited PO Box 1882 Southampton Hampshire S015 9JZ SOLICITORS Lee Bolton Monier-williams 1 The Sanctuary Westminster WC2A 3JF Page 1
THE ST GEORGE'S HANOVER SQ FOUNDATION Report of the Trustees for the Year Ended 31 December 2023 The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Pr8clice applicable lo charities preparing their accounts in 8ccordance with the Financial Reportir)g Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Structure, governance and management The Sl 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 bNO Church Wardens are the ex-officio trustees. The Rector is appointed by the Bishop of London Ilhe 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 lo 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 Iruslees, expenses and related party transactions are disclosed in Note 7 to the financial statements. OBJECTIVES AND ACTIVITIES Objectives and aims The Foundation was established lo support the repair and maintenance of the fabric and facilities of Sl George's Chur¢h, Hanover Square, London W1. The Iruslees confirm that they have had due regard lo the guidance issued by the Charity Commission relating to public benefit when planning their objectives and activities. Its immediate purpose was lo raise funds to support the continuing responsibility of the PCC to complete the restoration and refurbishment of Sl George's carried out in 2010 and to complete the project to replace the organ two years later. Having fulfilled these objectives, il has a further purpose lo raise funds to provide endowment income lo maintain the fabric of the building and its facilities for future generations. ACHIEVEMENT AND PERFORMANCE Charitable activities The Foundation can take pride in Ihe role it 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 subslanlial reduction in the capital sum loaned to the PCC by the Hyde Park Place Eslale Charity. Page 2
THE ST GEORGE'S HANOVER SQ FOUNDATION Report of the Trustees for the Year Ended 31 December 2023 FINANCIAL REVIEW Financial position Details of the financial position of the Foundation are sel out on the following pages. Reserves policy All of the funds raised by the Foundation will be used lo fund work at Sl George's Church. Hanover Square. The Foundation therefore has no formal reserves policy. Going concern The charity had nel assets at the year-end of £298,800 (2022.. £265,935). The trustees continue to adopt the going concerri 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. Miligaled by vigilance of trustees and key personnel. PLANS FOR FUTURE PERIODS Funding will continue to be required to facilitate the following:_ Interior fabric work. Future work lo 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 stonework as identified in the 2014 Quinquennial Report. Routine fabri¢ maintenance. It is to be anticipated that a substantl81 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 Sl George's if il is to retain its current high level of slruclural and decorative integrity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document, a deed of trust and conslilules an unincorporated charity. Approved by order of the board of trustees on 29, October 2024 and signed on its behalf by: A Hewitt - Trustee Page 3
Independent Examinerfs Report lo the Trustees of St Georye's Hanover Square FoLJndalion Independent examlnerfs report to the trustees of The St George's Hanover Sq Foundatlon I report to the charity Iruslees on my examination of the accounts of The St George's Hanover Sq. Foundation {Ihe Trust) for the year ended 31 December 2023. 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'l. I report in respect of my examination of the Trust's accounts carried out under Section 14S of the Act and in carrying out my examination I have followed au applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner musl be a member of a listed body. I can confirm that l am qualified lo undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no rralerial matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act., or the accounts do not accord with those records- or 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 maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which 811ention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. L- Maven Accountants Limited The Institute of Chartered Accovnlants in England and Wales Maven Accountants Limited PO Box 1882 Soulhamplon Hampshire S015 gJZ Dale.. ZgZ+ Page 4
THE ST GEORGE'S HANOVER SQ FOUNDATION Slalemenl of Financial Activities for the Year Ended 31 December 2023 31.12.23 Unrestricted fund 31.12.22 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 488,754 44,354 Investment income 8,883 4,301 Total 497,637 48,655 EXPENDITURE ON Raising funds Other trading activities 216 216 216 216 Charltable activities Charitable Activites 464,556 60.229 Total 464.772 60,445 NET INCOMEIIEXPENDITURE} 32,865 111,790) RECONCILIATION OF FUNDS Total funds brought forward 265,935 277.725 TOTAL FUNDS CARRIED FORWARD 298,800 265,935 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 5
THE ST GEORGE'S HANOVER SQ FOUNDATION Balance Sheet 31 December 2023 31.12.23 Unrestricted fund 31.12.22 Total funds Notes CURRENT ASSETS Debtors.. amounts falling due within one year Debtors.. amounts falling due after more than one year Prepayments and accrued income Cash at bank 560 111,533 550 188.817 103,853 163,622 300,900 268,035 CREDITORS Amounts falling due within one year {2,100} 12,1001 NET CURRENT ASSETS 298,800 265,935 TOTAL ASSETS LESS CURRENT LIA81LITIES 298,800 265,935 NET ASSETS 298.800 265,935 FUNDS Unrestricted funds 298,800 265,935 TOTAL FUNDS 298,800 265,935 The financial slalements were approved by the Board of Trustees and aulhorised for issue on 29 October 2024 and were signed on its behalf by.. A Hewltt - Tnjstee The notes form part of these financial statements Page 6
THE ST GEORGE'S HANOVER SQ FOUNDATION Cash Flow Statement for the Year Ended 31 December 2023 31.12.23 31.12.22 Notes Cash flows from operating activities Cash generated from operations 16,312 122,3771 Nel cash provided byl{used in) operating activities 16,312 {22,3771 Cash flows from investing activities Interest received 8,883 4,301 Nel cash provided by investing activities 8,883 4,301 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 25,195 {18,0761 163,622 181,698 Cash and cash gquivalonts at the end of the reporting period 188,817 163,622 The notes form part of these financial slalements Page 7
THE ST GEORGE'S HANOVER SQ FOUNDATION Notes lo the Cash Flow Statement for Ihe Year Ended 31 December 2023 RECONCILIATION OF NET INCOMEI{EXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.23 31.12.22 Net incomel{expenditure} for the reportlng period {as per the Statement of Financlal Activities) Adjustments for: Interest received Increase in debtors Decrease in creditors 32,865 {11,790) 18,8831 17,6701 14,301) 13,994} 12,292) Net cash provided byllused in) operations 16,312 {22,377) ANALYSIS OF CHANGES IN NET FUNDS Al 1.1.23 Cash flow At 31.12.23 Net cash Cash al bank 163,622 25,195 188.817 163,622 25,195 188,817 Total 163,622 25,195 188.817 The notes form part of these financial statements Page 8
THE ST GEORGE'S HANOVER SQ FOUNDATION Notes to the Financial Slalements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalemenls of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'Ac¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial slalements have been prepared under the historical cost convention. Income Voluntary income and donations {including legacies) are accounted for once the charity has entitlement lo 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 lo the charity for its use, these are capilalised at the estimated market value al the dale of the gift and included under income. Expenditure (il Expenditure is accrued as soon as a liability is considered probable, discounted lo present value for longer term liabilities. Charitable expenditure includes all support costs in respect of the charity's activities. lill Raising funds includes all expenditure in relation to obtaining funding for the charity to meet ils charitable aims including exchange gains or losses. {iiil Governance costs cotnprise all experTrditure to comply with statutory and legal requirements and are included in charitable expenditure. Grants offered subject lo conditions which have not been met at the year end date are noted as a commitment bul not accrued as expenditure. Raising funds Unreslricled 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 exempl from lax on ils charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives al the discrelion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restri¢lions 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 slalements. Page 9 continued...
THE ST GEORGE'S HANOVER SQ FOUNDATION Notes to the Finan¢ial Statements- continued for the Year Ended 31 December 2023 ACCOUNTING POLICIES- contlnued Foreign currencies Assets and liabilities in foreign currencies are translated into sterling al the rates of exchange ruling al the balance sheet date. Transaclions in foreign currencies are translated into sterling al the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. DONATIONS AND LEGACIES 31.12.23 31.12.22 Gifts Donations Gift aid Grants 414,786 550 73,418 2,360 561 41,432 488.754 44,354 Granls received, included in the above, are as follows.. 31.12.23 31.12.22 HPPEC 73,418 41,432 INVESTMENT INCOME 31.12.23 31.12.22 Deposit accoLtnt interest Interest from loan 1,203 7,680 308 3,993 8,883 4,301 CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct Costs Support costs Totals Charitable Activities 3.060 459,174 2,322 464,556 Page 10 continued...
THE ST GEORGE'S HANOVER SQ FOUNDATION Notes to the Financial Statements - continued for the Year Ended 31 December 2023 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustoes. expenses There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 44,354 Investment income 4,301 Total 48,655 EXPENDITURE ON Raising funds Other trading activities 216 216 Charitabl¢ actlvities Charitable activities 60,229 Total 60,445 NET INCOMEI(EXPENDITURE) (11.7901 RECONCILIATION OF FUNDS Total funds brought forward 277,725 TOTAL FUNDS CARRIED FORWARD 265,935 Page 11 continued...
THE ST GEORGE'S HANOVER SQ FOUNDATION Notes to the Financial Statements - continued for the Year Ended 31 December 2023 DEBTORS 31.12.23 31.12.22 Amounts falling due within one year.. Prepayments and accrued income 560 Amounts falling due after more than one year.. Loan to SGHS Enterprises Limited 111,533 103,853 Aggregate amounts 111.533 104,413 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other creditors 2.100 2.100 MOVEMENT IN FUNDS Net movement in funds At 1.1.23 31.12.23 Unrestricted funds General fund 265,935 32,865 298,800 TOTAL FUNDS 265,935 32,865 298,800 Nel movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General fund 497,637 1464,772) 32,865 TOTAL FUNDS 497,637 1464,7721 32,865 Page 12 continued...
THE ST GEORGE'S HANOVER SQ FOUNDATION Notes to the Financial Statements - continued for the Year Ended 31 December 2023 MOVEMENT IN FUNDS - continued Comparatlv¢s for movement in funds Nel movement in funds At 31.12.22 Al 1.1.22 Unrestricted funds General fund 277,725 111.7901 265,935 TOTAL FUNDS 277,725 111,7901 265.935 Comparative nel movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General fund 48,655 160,4451 (11,790) TOTAL FUNDS 48.655 160,4451 {11.7901 A current ye2r 12 months and prior year 12 months combined position is as follows- Net movement in funds Al 31.12.23 Al 1.1.22 Unrestricted funds General fund 277,725 21,075 298,800 TOTAL FUNDS 277,725 21.075 298,800 A current year 12 months and prior year 12 months combined nel movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unreslrlcted funds General fund 546,292 {525,2171 21,075 TOTAL FUNDS 546,292 {525.2171 21,075 Page 13 continued...
THE ST GEORGE'S HANOVER SQ FOUNDATION Notes to the Financial Slalements - continued for the Year Ended 31 December 2023 10. RELATED PARTY DISCLOSURES The charity is connected to Sl 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 £459.174 {2022= £60,000) to St George's Church, Hanover Square, of which The Rector, Revd. Roderick N S Lee¢e, Mr M Hewitt and Mr G E Bames, are Trustees. During the year, the charity charged interest of £7.68012021'. £3.9931 to, SGHS Enterprises Limited, of which The Rector. Revd. Roderick N S Leece. Mr M Hewitt and Mr W M C Beckett, are directors. Al the year end the company owed the charity £111,53312022'. £103,853). The charity received grants in the year of £73,418 {2022'. £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 al 31 December 2023 all relate to unrestricted funds for the purposes of the Slalement of Recommended Practice Accounting and Reporting by Charities (Charities SORP IFRS102}}. Page 14
THE ST GEORGE'S HANOVER SQ FOUNDATION Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donations and lega¢les Gifts Donations Gift aid Grants 414,786 550 73,418 2,360 561 41,432 488,754 44,354 Investment income Deposit account interest Interest from loan 1.203 7,680 308 3,993 8.883 4,301 Total incoming resources 497,637 48,655 EXPENDITURE Other trading a¢tlvities Miscellaneous fundraising cost 216 216 Charltable activltles Accountancy fees Independent Examination fees Grants lo inslilulions 1,860 1,200 459,174 900 1,200 60,000 462,234 62,100 Support costs Governance costs Realised Currency GainslLosses 2,322 11,871) Total resources expended 464,772 60,445 Net incomellexpenditurel 32.865 {11,790} This page does not form part of the statutory financial statements Page 15