REGISTERED CHARITY NUMBER: 1120505
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024
for
THE ST GEORGE'S HANOVER SQ FOUNDATION
Maven Accountants Limited PO Box 1882 Southampton Hampshire SO15 9JZ
Doc ID: f7f50701b4c0d91f537777060bcdc8ff426ef99c
THE ST GEORGE'S HANOVER SQ FOUNDATION
Contents of the Financial Statements for the Year Ended 31 December 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Cash Flow Statement | 7 |
| Notes to the Cash Flow Statement | 8 |
| Notes to the Financial Statements | 9 to 13 |
Doc ID: f7f50701b4c0d91f537777060bcdc8ff426ef99c
THE ST GEORGE'S HANOVER SQ FOUNDATION
Reference and Administrative Details for the Year Ended 31 December 2024
TRUSTEES G E Barnes Trustee M A Hewitt Trustee Rev 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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 5 & Note 9 to the financial statements, respectively.
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.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The Foundation still takes pride in the role played in facilitating the successful repair and refurbishment of St George's and the installation of a new organ 15 years ago. Since then, through a mix of both regular and one-off donations the Foundation has been able to help fund further capital projects at St George's, though at a much-reduced financial level.The charity, in 2020, received an unrestricted legacy as part of the residue of an estate. These funds can be spent at the complete discretion of the Trustees in accordance with the Charitable objects of St George's Hanover Square Foundation.These funds do not represent a permanent endowment and the Trustees have complete discretion over the usage of the capital of the legacy.
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.
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THE ST GEORGE'S HANOVER SQ FOUNDATION
Report of the Trustees for the Year Ended 31 December 2024
FINANCIAL REVIEW
Going concern
The charity had net assets at the year-end of £363,327 (2023: £298,800). 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 charity will continue to focus both on seeking and then managing pledges to enable it to continue to support specific projects of St George's as the trustees decide.
It is anticipated that these could include funding towards:
-
Both internal and external fabric works of a capital nature
-
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.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Approved by order of the board of trustees on 31 October 2025 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 2024.
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:
-
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 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
31 October 2025
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THE ST GEORGE'S HANOVER SQ FOUNDATION
Statement of Financial Activities for the Year Ended 31 December 2024
| 31.12.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 55,912 Investment income 3 11,477 Total 67,389 EXPENDITURE ON Raising funds Other trading activities 216 216 Charitable activities 4 Charitable Activites 2,646 Total 2,862 NET INCOME 64,527 RECONCILIATION OF FUNDS Total funds brought forward 298,800 TOTAL FUNDS CARRIED FORWARD 363,327 |
31.12.23 Total funds £ 488,754 8,883 497,637 216 216 464,556 464,772 32,865 265,935 298,800 |
|---|---|
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 2024
| 31.12.24 | 31.12.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors: amounts falling due within one | Debtors: amounts falling due within one | ||
| year | 6 | 6,027 | 550 |
| Debtors: amounts falling due after more | |||
| than one year | 6 | 120,160 | 111,533 |
| Cash at bank | 239,240 | 188,817 | |
| CREDITORS | 365,427 | 300,900 | |
| Amounts falling due within one year | Amounts falling due within one year 7 |
(2,100) | (2,100) |
| NET CURRENT ASSETS | 363,327 | 298,800 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 363,327 | 298,800 | |
| NET ASSETS | 363,327 | 298,800 | |
| FUNDS | 8 | ||
| Unrestricted funds | 363,327 | 298,800 | |
| TOTAL FUNDS | 363,327 | 298,800 |
The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2025 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 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by 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 |
31.12.24 £ 38,946 38,946 11,477 11,477 50,423 188,817 239,240 |
31.12.23 £ 16,312 16,312 8,883 8,883 25,195 163,622 188,817 |
|---|---|---|
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 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Net income for the reporting period (as per the Statement | ||
| of Financial Activities) | 64,527 | 32,865 |
| Adjustments for: | ||
| Interest received | (11,477) | (8,883) |
| Increase in debtors | (14,104) | (7,670) |
| Net cash provided by operations | 38,946 | 16,312 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Total |
At 1.1.24 Cash flow At 31.12.24 £ £ £ 188,817 50,423 239,240 188,817 50,423 239,240 188,817 50,423 239,240 |
|---|---|
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 2024
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 2024
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
| Donations Gift aid Grants Grants received, included in the above, are as follows: HPPEC 3. INVESTMENT INCOME Deposit account interest Interest from loan 4. CHARITABLE ACTIVITIES COSTS Charitable Activites |
Direct Costs £ 2,903 |
31.12.24 £ 9,403 1,053 45,456 55,912 31.12.24 £ 45,456 31.12.24 £ 2,850 8,627 11,477 Support costs £ (257) |
31.12.23 £ 414,786 550 73,418 488,754 31.12.23 £ 73,418 31.12.23 £ 1,203 7,680 8,883 Totals £ 2,646 |
|---|---|---|---|
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THE ST GEORGE'S HANOVER SQ FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
6. 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 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 8. MOVEMENT IN FUNDS At 1.1.24 £ Unrestricted funds General fund 298,800 TOTAL FUNDS 298,800 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 67,389 TOTAL FUNDS 67,389 |
31.12.24 £ 6,027 120,160 126,187 31.12.24 £ 2,100 Net movement in funds £ 64,527 64,527 Resources expended £ (2,862) (2,862) |
31.12.23 £ 550 111,533 112,083 31.12.23 £ 2,100 At 31.12.24 £ 363,327 363,327 Movement in funds £ 64,527 64,527 |
|---|---|---|
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THE ST GEORGE'S HANOVER SQ FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.23 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 265,935 | 32,865 | 298,800 |
| TOTAL FUNDS | 265,935 | 32,865 | 298,800 |
| Comparative net movement in funds, included in the above are as | follows: | ||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
| General fund | 497,637 | (464,772) | 32,865 |
| TOTAL FUNDS | 497,637 | (464,772) | 32,865 |
| A current year 12 months and prior year 12 months combined position is as follows: | |||
| Unrestricted funds | At 1.1.23 £ |
Net movement in funds £ |
At 31.12.24 £ |
| General fund | 265,935 | 97,392 | 363,327 |
| TOTAL FUNDS | 265,935 | 97,392 | 363,327 |
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 | 565,026 (467,634) |
97,392 |
| TOTAL FUNDS | 565,026 (467,634) |
97,392 |
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THE ST GEORGE'S HANOVER SQ FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
9. 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 £nil (2023: £457,174) 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 the year, the charity charged interest of £8,627 (2023: £7,680) 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 £120,160 (2023: £111,533).
The charity received grants in the year of £45,456 (2023: £73,418) from Hyde Park Place Estate Charity, a charity of which The Rector, Revd. Roderick N S Leece, Mr M Hewitt and Mr G EBarnes are Trustees.
10. UNRESTRICTED GENERAL FUND BALANCES
The general fund balances at 31 December 2024 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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Final SGHS Foundation Accounts- Year Ended 31st December... Title Title File name File name Final_Accounts_20...at_30.10.2025.pdf Document ID Document ID f7f50701b4c0d91f537777060bcdc8ff426ef99c Audit trail date format Audit trail date format DD / MM / YYYY Status Status 9 Signed Document history G 30 / 10 / 2025 Sent for signature to Mark Hewitt SENT 18:14:10 UTC (mahewittesq@btopenworld.com) and Maven Accountants Ltd (andy@mavenaccountants.co.uk) from andy@mavenaccountants.co.uk IP: 185.60.5.63 © 30 / 10 / 2025 Viewed by Maven Accountants Ltd VIEWED 18:14:45 UTC (andy@mavenaccountants.co.uk) IP: 185.60.5.63 30 / 10 / 2025 Signed by Maven Accountants Ltd SIGNED 18:15:03 UTC (andy@mavenaccountants.co.uk) IP: 185.60.5.63 31 / 10 / 2025 Viewed by Mark Hewitt (mahewittesq@btopenworld.com) VIEWED 08:01:33 UTC IP: 195.224.238.194
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