STRAND PARISHES TRUST FINANCIAL STATEfv1ENTS 31 DECEMBER 2023 Charlty Number 1121754
STRAND PARISHES TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Members of the Board and professional advisers Trustees. Annual Report Audttors Report Report 10-12 Statement of financial activities 13 8alan¢e sheet 14 Notes to the financial statements 15-22
STRAND PARISHES TRUST MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS Roglstorad charity name Strand Parishes Trusl Charity nurnbor 1121754 Prlncipal officé 169 Strarm London WC2R 2LS Trustees Rev'd Dr P.G. 88bington Janet Crabtree Mrs M. Foster Professor Frank Kealing Mrs J.M. Ker-Reid Ms A. Kyei-merisah Mr P. Mapleslone {D8puty Chainnanl Mrs C. Munday Mrs M.D. Roberts (Chainnan) Mr C.R. Spanton Ms J. Thomas Clerk to tho Trust6es Roy Sully. ACIS Investment managors CCLA Investment Man8gement Llmlt8d, 1 Angel Lane, London, EC4V 4ET Auditor Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankèrs C. Hoare & Co. 37 Fleet Slreet London EC4P 4Da
STRAND PARISHES TRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The trustees present their report and the unaudtted financlal statements of th8 charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements. a. TRUSTEES AND CLERK Management of th6 Charity is vested in its Trustees. Members of the full Board of Trustees who held office during the year ar8 as follows.. Ex-officio: Rev'd Dr P.G. 8ablngion Pri8St in Charge, St Mary le Strand wth St Clement Danes Churchwarden. St Mary le Strand with St Clement Danes Mrs Janet Crabtre8 Nominated b Westrninster Ci Coundl: Mrs Mary Foster Co-o lallve.. Professor Frank Keating Ms Akua Kyei-mensah Mrs Jane Ker-Reid Mr Peter Maplestone (Deputy Chaiman) Mrs Christina Munday Mrs Margery Roberts (Chairman) Mr Charles Spanlon Ms Julie Thomas CLERK TO THE TRUSTEES Mr Roy Sully
STRAND PARISHES TRUST TRUSTEES, ANNUAL REPORT (con11nd) YEAR ENDED 31 DECEMBER 2023 b. OBJECTS AND ACTIVITIES ObJe¢ts The objects of the Charity are as set out in the goveming document: The relief in need of persons who S or have bèèn employed or are resldent within the London Borough of the City of Westminster: The advancement in lrfe for persons under the age of 25 and resident within the London Borough of the City ol Westminsler, Furtherance of the religlous work of the ec¢l6slastic41 parish of Sl Mary le Str8nd wtth St Clemenl Danes. The Charity's printipal alms are: to asslst those In need and to 8llew81e the effects of Indlvldual poverty: lo assist with the funding of organisalions vtho assist those in need or tho work to alleviate the effects of poverty on the indivbdual,. lo promole the furtherance of education and advancement In life 8nd to provide funding for the r81igious work of the ecdeslastical parish of Sl Mary le Strand with Sl Clement Dan8S. Key factors In 8chievlng thése alms are: Maintsining an appropriate level of income from end¢)wed and reserved funds; Improwng Ihe quality of gr8nl-making and administration Working in conjunclion w¢th third parties to idenlfy ir1ddUa1S and organisations most in need. Developlng 8nd maklng full use of the skills of Trusteés and staff. c. STATEMENT OF PUBLIC BENEFIT The Trustees ¢onfimi that they have complied wlth their duty In Sectlon 4 of the Charftles Act 2011 and have due regard lo the Charity Commisslon's general guidance on public beneflt 'Charities and Public Benefrt.. HOW THE CHARls ACTIVITIES HAVE PROVIDED PUBLIC BENEFIT The City of Westmlnster, although ft Includes comparatlvely wealthy areas, contains indtviduals and sections of society who are disadvantaged through povety, ill-heallh, unemployment, lack of opportunity or lack of education. In order to address some or all of these concerns, the Trustees pursue their objects in a nmber0f ways. including maktng small gr8nls to indivlduals. paying regular amounts in the nalure of a pension lo a number of needy elderfy persons, and by awarding grants of {usu8lly) up to £6,0 to other charities which deliver care, support and advice to needy members of the Ioc81 community. 11 also makes 8n annual payment lo the parish of St Mary le Slrand with St Clement Danes in accordance wth its goveming document.
STRAND PARISHES TRUST TRUSTEES. ANNUAL REPORT (cLtinued) YEAR ENDED 31 DECEMBER 2023 In 2023, the Charity made 42 {2022'. 41) small grants to individuals and 38 {2022.. 371 larger grants lo olher charities. Of Ihe latter 23 were for relief in need and 13 for advancement in life- one grant was made lo the Sl Mary le Slrand PCC. In addilion up to 22 elderly people were supported with discretionary small payments. Full details of these grants are as follows.. Grants to Individuals During 2023 grants totalling £ 13,025 were made to 42 individuals. Grants to Or anisations Grants lotalling £ 233,253 were made. Grants made to organisations during the year were as follows: All SouL8 Clubhouse £ 5,OCK) Senior Care Project Church Hom¢bss frust £ 5,OCK) A hostel garden proloct Connèctl¢)ns al St Martln In the Fleld3 £ 6.OCrfJ Support for the homeless ETAT £6,0 Community work in South Westmlnster F8reshare £ 5,NJO For a Food Redistribullon Programme Groundswoll £ 5,000 Advice Servi for the homele$s Groundwork £ 5.000 For a bicycle repair and rérycllng project House of St 8am8ba8 £ 6.500 To train unemployed people to work in hospitality Open Age £ 5 ,IXY) Services lo older people P8ddlnglon L8w Centre £7.C LegBI advice sèrvitss The Passage £6,$ A stsirlift Plneapple Project al St Mary'g (Boume Street) £ 6,ONJ Fitting out a communty centre P(th8n House MaryletKJne £s.o Running a women's hostel
STRAND PARISHES TRUST TRUSTEES. ANNUAL REPORT (continu8d) YEAR ENDED 31 DECEMBER 2023 Royal Trlnhy Hospice £ 10.1)JO Services to We51min51er residents St Cuthbert Centre £ 6.0 Support for the htsmeless S8Tvlces lo Westminst8r residents St John's Haspice £ 7.000 St Marylebone HCC £ 6,000 Mental H8alth Pro9ramme St Vlncenl Family Centre £ 5,000 Chlidcare facilities Samadtsn8 £ 5,OC(I SgfviGQS In Wostmlnster Tell It Par8llts £5.C A communlty canlf8 In North Weslmlnslor Unfold £5,OC(I Famity Befriending Weslbourne Park Family Céntr8 £ 8.000 A communlly centre in North Weslmlnst8r Woman's Tnjsl £6,5 Athce s6rvic8s Z2K £ 5.OLYJ Athce seThices TOTAL RELIEF-IN-NEEO £ 141,500 AcGess Project £ 5,000 Mentoring in King solon'5 Ac8demy Adventure Pl8y Hub at Sl John's Wood £ 6.0(Xl Adventure playground Avenue$ Youth Project £ iO,OCK) Youth club in North Westminster Catholic Children's siety £4.000 y intervention therapy services Bursaries for Westminster chsldren Centre for Y¢)LJng Musicians £ 5.604 Doorstep Llbrary £ 5,CrfXI To OrUr8ge mding at horne To prowde perfomiing arts programmes Dream Arts £ 6.000 Sl Andrews Club £ 5.000 Youlh dub in South W8Stmlnsl8r St Bamabas Primary Sc £ 6.300 Musbcal education Sl Matthews Primary School £ 6.3(K) Muslcal education
STRAND PARISHES TRUST TRUSTEES. ANNUAL REPORT (continued) YEAR ENDED 31 DECEMBER 2023 UnNersity of Westminster £ 4.637 TVKI grants for Schools Saence clene In 2023 and 2024 Votta Inlemational £2.5 Educ4tron therapy setvices TOTAL ADVANCEMENT4N-LIFE £ 66,341 St Mary Le Slrand Church £ 25,412 TOTAL ORGANISATIONAL GRANTS £ 233,253 Pensions The charities that were amalgamated in 2007 to fom) Ihe Strand Parishes Trust made small regular discretionary pension payments to qualifying individuals. Following the amalgamation these commitments were carried on by Strand Parishes Trust, although no new recipients were addod lo the list of beneficlaries until 2023. In 2023 the Strand Parishes Trust received 8 donation of £112,082 from the Trustees of a n8ighbouring charity. The Uni18d Charities of St Paul's {Covent Garden) as part of the winding up of that charity. The Trustees of the Strand Parishes Trust agreed to add five beneficiaries, who had previously received a penslon frorn thè United Charities of St Paul's (Covent Garden), to the list of beneficiaries. As al December 31st 2023 th8 number of individuals on the benefidary register totslled 22 {2022'. 17). During 2023 the sums paid out to recipients tot811ed £14,950 (2022.. £11,500).
STRAND PARISHES TRUST TRUSTEES. ANNUAL REPORT (continued) YEAR ENDED 31 DECEMBER 2023 d. STRUCTURE. GOVERNANCE AND MANAGEMENT The Board of Trustees meets three limes a year and is responsible for managing the affairs of the Charity. It receives reF)Orts from the Finance and General Purposes Committee, which also usually meets three times a year in the monlhs preceding the Board of Trustees rn881ing to ov8rs88 the property and finances of the Charity and lo consider personnel and policy matters. The Board of Twstees also receive reports from the Grants Advisory Commlttae, which nomially meets at least once a year lo adwse on grant making matters. Three Trust88s are eX-Off10 by virtu8 of their ro8 associated wth St Mary18 Strand with St Clement Danes. One Truste8 is nominated by The London Borough of the City of Westminster. The remaining nine Trustees are copted in accordance with the charty's sthemg. Members of thè full Board of Trustees Trustees are listed under the heading of 'Ref8rence and Administrative Details. earfier In thls Report. Members of the Flnance and General Purposes Committee during the year w8ra: Mrs Ma Foster Mr Peter Ma lestone Mrs Janel Crabtree Mrs Christina Munda Mrs Mar Roberts Mr Chades S anlon Mambers of the Grants Advlsory Committee durlng the year were: Mrs Ma Foster Mrs Jan8 K8r-Reid Mrs Christina Munda Mrs Ma Robetts Mr Char18s S anton Ms Julie Thomas e. Statement of Trustees Responslbllltles Charity law requires the Trustees to prepare financial ststemenls for each financial period, which glve a true and falr wew of the stale of affairs of Ihe Charity and of the Ineomlng resources and application of resourc*s, Induding the income and 8xpenditure of the ch8rily for that period. In preparing those financial statements. the Trustees are required to.. Select suitable accounting poliaes and to appty them consistently, Observe Ihe methods and prindples in the Charity SORP. Make judgements and estirnales Ihat are reasonable and prudent- Stale whether applicable account standards have been followed. subject to any material departures disdosed and explained in the finanual stslements- Prepare the financial statements on a going concern basis un$ it is inappropriate to presume that the Charity wll continue in business.
STRAND PARISHES TRUST TRUSTEES. ANNUAL REPORT (continued) YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for keeping adequ8te accounting records which disck)se wth reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply wtth the Charities Act. They are also responsible for safeguarding the 8ssets of the chanty and hen for taking reasonable steps forihe prevention and detection of fraud and other irregularities. f. Management Day to day management is delegated to the cle to the Trustees. who works with the Chaimian and Tnjstaos to ensure the smwth and effe¢tive running of the Charity. g. Trustea Racwltment and Inductlon Truslees are recruited through a variety of methods. As slaled elsewhere Ihree Trustees are ex-officio by virtue oftheir office at St Mary le Strand wlh Sl Clemenl Danes and one Tnjstee is nominated by the London Borough of the City of Westminster. The remaining Trustees, who are CO4)pt. are identified through personal contact and recommendation and are chosen for their expertise and knowledge of the area of benefit. The Trustees endeavour to ensure that there is a balance of skills. gender, age and cultural backgrounds represented. The Trustee nominated by the London Borough of the City of Westminster and co-opted Trustees serve for a peri¢)J of four years. Trustees may stand again at the end of that term. New Trustees r8celve an Indudon pack and are Inducted by the Clerk lo the Trustees and more experienced Trustees. Trustees are encouraged to participate in external Iralnlng programmes as appropriate. Trustees agree to follow the Charity Commlsslon Good Governance Ccd8. h. FINANCIAL REVIEW OF ACTivmES The financial statements reflect the activiti&s of the Charity for the year ended 31 Dember 2023. Financial Positlon Strand Parishes Trust 1$ a p8manently endowed charity, resulting from the generoslty of varlous benefadors of fomier years. The Permanent Endowment Fund lotslled £ 6,036,219 al 31 December 2023 (2022.. £ 5,513,007). Upon amalgamalion in 2007, the Charity was also in receipt of accumulated income whlch the contributing charities had preserved, with due consideration to fL5ture n88ds, to 8nsure the ability to mainlain conslant levels of granl-making during more difficult times. amalgamation, the Charty Commlssion agreed that this prudent management could be maintained and that these income-generating funds be designated for that purpose. The lolal Designated Fund totslled £3,558,967 at 31 December, 2023 {2022.' £ 3,185.573). When considering the finances of the Charity the Trustees have continued to act prudentty and in the current best interests of the Charity and its future benefiaaries. In the year ending 31 December 2023. the Charty r8ceived income of £ 374,602 12022.. £257,259) from donations and r(s inv&8tments. from interest and from additional miscellaneous
STRAND PARISHES TRUST TRUSTEES. ANNUAL REPORT (Conllnued) YEAR ENDED 31 DECEMBER 2023 income. The pronounced increase in income on the previous year is largely due to a oneff donation of £ 112.082 from the United Charities of St Paul's Covent Garden. Expenditure on charitable activities and on necessary administratlon totalled £297,010 (2022: £256,348). This resulted in an increase in reserves by £896,60712022.' deficit £1,144,7221- Invostment Policy and Pèrfomianc8 Th8 Charity's investments are managed by CCLA Investment Management Limited. spltt betsveen the CBF Charities Investrnent Fund and the CBF Deposit Fund. The manager works within an inv8slmenl objective to protect the value of capital and income in real terms over the mediurn lo long lemi. In view of the continuing difficuh times in the financial markets ganerally, the Trust8es consld8r the retum In the year to be satisfactory. There were no sales or purchases of investrnents in 2023 hence no gains or losses were realised {2022.' realised gainsl losses were nll). There were nat unrealised gains on investments of £ 819,014 {2022'. loss of £ 1.145.633). Reserves Pollcy After expenditure on nee$S8ry administration the Trustees aim to expand the inrJ)m8 for the curr8nl year on grants and pensions in accordance with the Charitvs scheme. As tha expenditure for the current year is budgeted in accnrdance wth income r1Ved over the year. a minimum of fr68 r88erves are required to maintain the running of the Charity. To that end Trustees aim lo maintain reserves of up to four months, expenditure on the managem8nl of the Charity. Fr8e reseNes for this purpose toialled £ 146,346 at the year-end (2022.. £ 68,753). Rlsk Managamont Risk is assessed and managed by the FInan and General Purposes Committee who report to and advise the Board of Trustees in order to provide assurance to the Trustees that resources are efficiently allocated and utilised. The Finance and Gener81 Purposes Committee has adopted the Charity Commission standard for risk assessment and undertakes a full review annually and vIewS high risks at every meeting. The Trustees have assessed the major risks lo which the charity is exposed particulady those related to the operations and finance5 of the charity and are satisfied Ihal systems are in place to mitigate exposure lo major risks. Signed on behalf of the trustees 169 Strand London WC2R 2LS Roy Sul Cletl( to the Trustees Date
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE STRAND PARISHES TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 Oplnlon We have audited the financial stalements of Ihe Strand Parishes Trust (the 'chariVI for the year ended 31 December 2023 which comprise the Siatement of Financial Activities. the Balance Sheet and notes to the financial slaternents, including a summary of significant accounting policies. The financial reporting frdmework that has been applied in their preparation is applicable law and United lQ"ngdom Accounting Standards, including Financial Reporting Standard 102 The Finanual Reporting Siandard applicable in the UK and Republic of Ireland. (Unitèd Kingdom G8nerally Aepted Accounting Practice). In our opinion, the finandal statements: give a true and fair view of the state of the charity's affairs as at 31 Dernber 2023 and of tls incoming resources and application of resour$ for the year then ended; have been prop8rly prepare(l in accordance with Uniled Klngdom Gen8rally Accepted Accounts'ng Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicab in the UK and the Republic of Ireland- and have been prepared in accordance wrth the requirern8nls of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance wth Intemational Standards on Auditing (UK) (ISAS IUKII and applicabl6 law. Our SponSibl1111es under those standards are further described in the Auditorfs responsSbillties for the audit of the financial statemonts soclion of our rewrt. We 8re independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fUilled our other ethical responsibilities in accordance with these requIm8nts. W8 believe Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditsng the financial stalemenls, we have CLsncluded Ihal the Injslees, use of the going ¢oncern basls of accounting in the preparation of the flnandal statements is appropriate. Based on the work we have performed, we have not identified any rna16ri21 uncertainties relating to events or condilions that, indlvldually or collectively, may Ggst significant doubl on the ch8rity's ability to continue as a going concem for a period of at least e1ve months from when the finanaal statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concem arè describ8d in the relevant sections of this report. Other Infomiatlon The other information comprises the information included in the annual report, other than the finanGial ststements and our auditor's report thereon. The trustees are responsible for the other Infomation. Our opinion on the financial statements does not cover the other informalion and we do not exp$$ any form of assurance conclusion thereon. 10
Our responsibility is lo read the other infomiation and. in doing so, consid8r ether the other infomiation is mat8rially inconsisterFI with the financial statements or our knowledge obtained In the course of Ihe audrt or otherwse appear5 to be materially misstated. If we identfy such material inc<y)sislencies or apparent matertal misstatements. we are required to determine whether there is a material misstaternent in the financial statements themselves. If, based on the work we hav8 performed. we nClude that there is a material misstatement of this other information, we are required to report that fact. W8 have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters In relation lo which the Charftles (Accounts and Reports) Regulations 2008 require us to report to you if, In our opinlon.. the inforrnatson given in the financial 5tat8m8nts is inconsistent in any material respect with the trustees. rewt.. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records: or we have not recelved all the infomatlon and explanations we require for our audit. Responsibilitiés of trustees As explained more fully in the Trustees. Responsibilities Stalement sel out on page 4, the Tnjstees are responsible for the preparation of the financial statements and for being $8tisfied that th8y glve a true and falr vlew, and for such Int8rn81 control as Ihe tnJste8s determine is necessary to enable the preparabon of financial stslem8nts that are free from material misstatement. whether due to fraud or error. In prepadng the financlal slatemenls. the trustees are responsib18 for assessing Ihe charity's ability to continue as a going GOnrn, disclosing, as applicable, matters related lo going concem and using the going concem basis of acLounting unless the tnjstees either intend to Ilquldate the cornpany or to cease operatlons. or have no realistic alt8mative but to do so. Audltorf8 re8pon8lbllltle8 for the audlt of the flnanclal 8tstamènt8 We have been appointed as auditors under section 144 of the Charities Act 2011 and report In accordance wth the Act and relevant regulaticS made or hoving effect theraunder. Our objectives are to obtsin reasonable assurance about whether th8 financlal statements as a whole are free from m81erial misstatement. wheiher due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance 15 8 high level of assuranca but is not 8 guar8ntee that an audf( conducted in accordance wth ISAS IUK) will ahmays detect a mal8ri81 misstatement when it exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in the aggregate. they could reasonably be expected to inftuence the economic decisions of users taken on the basis of these financial statements.
Irregularities. induding fraud. are instsnces of n-COmplIance with laws and regulations. W8 design procedures in line with our responsibilities, outlined above, to detect material mi8Statemenls in respect of irregularities, induding fraud. The extent lo which our procedures are capable of detecting Iegular1tie$. induding fraud is det8iled bekjw: The Charity is reqUId to comply with charity law and, based on our knovA8dge of its activlties, we identified that the legal requirement to comply with the Charity SORP was of key significance. We gained an understarKling of how the charity MplI8d with its legal and regulatory framework, induding the requirement to compty with the Charity SORP, through dlscussions wth management and a review of the documented policies, procedures and controls. The audit team. which is experienced in the audit of charities, considered th8 charity's susceplibilily to material misslaternent and how fraud may occur. Our conslderallons included the risk of management override. Our approach was to check that all incorne was propedy identif5ed and accounted for and to ensure that only valid and appropriate exp8ndilure w8s charged to the Gharity's funds. This included reviewing journal adjustments and unusual transaL*ions. A further description of our responsibililles for Ihe audll of Ihe flnanclal statements is located on the Financial Reporting Councll's websile al.. www.frc.org.uklaudilorsresponsibilities. This description forms part of our audilofs rep)rt. Use of our report This report is made solety lo the charitys trustees. 8$ a body, In accordan wth Part 4 of the Charities IAccounls and Reports) Regulations 2008. Our audit WO has been undertaken, so that we might state to the charivs trustees those matters we are required to slate to them in an auditor's report and for no oiher purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's truste8S as 8 body, for our audit work. for this report or for the opinions we have fomed. M., ty LL( Knox Cropper LLP, Stalutory Auditor 85 Le8denhall Street London EC3A 2AD Date 12
STRAND PARISHES TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDrruRE ACCOUNT) YEAR ENDED 31 DECEMBER 2023 Total Funds 2023 Total Funds 2022 Unrestrlcted Funds Endowment Funds Note INCOME Donab'ons Investment Incorr Bank Intsrest TOTAL INCOME 112,082 261W7 674 112,082 261,847 674 374 603 257,223 36 257 259 EXPENDrnIRE Expenditure on Charltsble Acdvfttes Investrnent Management 297,010 297,010 256,348 TOTAL EXPENDrnJRE 297 010 297 010 256 348 NEf EXPENDrruRE 77,593 77,593 911 OTHER RECOGNISED GAINS AND LOSSES Gainsl(Losses) on Revaluations of Investment Assets NEF MOVEMENT IN FUNDS io 295,802 373,395 523,212 523,212 819 014 896.607 1 145 633 (1,144,722) RECONCILIATION OF FUNOS Total funds Ought FoTh¥ard 3,185,573 5,513.007 8,698,580 9,843,302 TOTAL FUNDS CARRIED FORWARD 3,558,968 6,036,219 9,595,187 8,698,580 All of the above amInIS relat8 to continuing actimties. 13
STRAND PARISHES TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 FIXED ASSETS TangilJe Lssets Investments io 8 629,827 8,629,827 9,448,841 CURRENT ASSErs Cash at Bank Cash on Deposit 22,335 46,194 162,182 73,960 CREDrroRS: Amounts falllng due wlthln one year li 15 36 NEf CURREtIT ASSErs TOTAL ASSEfs LESS CURREifr LIABILITIES 9 595 187 8 698 580 FUNDS Endowment Funds Unrestrfcted Income Funds 12 13 6,036,219 3,558,968 5,513,007 3,185,573 TOTAL FUNOS 9 595 187 £8 698 580 These finanaal statements were approved by the Trustees and aulhorised for issue and are signed on their behalf by.. Mrs M.D. Roberts Date 14
STRAND PARISHES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES 8a818 of accounting The financial stalem8nts have b88n pr8pared in accordanc8 with applicable United Kingdom accounting standards and the requirements of the Stalerrienl of Recommendad Practice'Accounting and Reporting by Charilies, ISORP 2019). preparing these accounts in 8ccordanc8 with the Financial Reporting Standard applicable in the UK IFRS 1021 and the Charities Act 2011. The chanty is a public benefit entity as defined by FRS 102. The Trustees consider Ihat there are no malerlal unc£rt8inties about the Trust's ablllty lo continue as a going concern. Fund ac¢ountlng Pemianent endowment funds are funds which the trustees are legally required lo invest orto keep and usa forthe Chanty's purposes. They musl be held permanently. to produce an income for Ihe charity. Unrestricted funds are available for use al the discretion of the trustees in furtherance of the 98ner81 objeclives of the chanty. Designated funds are unrestrlcted funds eamiarked by the trustees for particular purposes. Incomlng resources All incoming reSIrceS affj induded in the statement of financial activities when the charity is 8nlitled to the income and the amount can be quantifi8d with r8asonable accuracy. The following spectfic policies are applied to particular categories of income: Voluntary income is receNed by way of grants, donations and grfts and is induded full in the Statement of Financial ACtivitS when receivable. Donated seNices and facilities are induded at the value lo the charity where thls can be quanttfied. The value of seNces provided by volunteers has not been included in these accounts. Investment incorne is included when recewable. 15
STRAND PARISHES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Resources expended Expenditure is recognised on an acuual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recover, and is r8wrled as part of the expenditu to which it relates= Charitabl8 eXp8nditU comprises those costs incyjrred by the charfty in the delivery of ils activities and serv$ for its beneficiaries. It indudes both costs that can be 81bcaled directly to such aLalvltles and those sts of an indirect nature necessary to support them. Govemance costs include thos8 Costs associated wilh meeting the conslitutional and statulory requirements of the charity and include the examinallon costs. and costs link8d lo the strategic management of the charity. Grants payable are ch8rged In the year when the offer is m8d6 except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met at the y8ar-end are notad as a commitment, but not accrued as expendlture. Inveslment assels and Incomo Investments are staled al m8rkel value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughoLrt the year. Flxed assets Fixed assets (excluding investments) are slated al cost less accumulat8d depreciation. The costs of minor additions or those costing below £500 ar8 not capitslised. Depreclatlon D8pr8cialion is calculated so as to write t)ff the cost of an asset,18ss its estimated r8sidual value, over the useful ecK)nomi¢ lrfe of that asset as follows.. Fixtures and Fittings 30% straight line. 16
STRAND PARISHES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 DONATIONS Unrestricted Funds Total Funds 2023 Total Funds 2022 Donation from the United Charit*s Of Sl Paul's (Covenl Garden) 112,082 112082 INVESTMENT INCOME Unrestrlcted Fund$ Total Funds 2Q23 Total Funds 2022 Diwdends and Interest Received 262,520 262 520 £257 259 COSTS OF CHARITABLE ACTivrriES BY ACTivrrY TYPE Total Funds 2023 Total Funds 2022 Granis lo Indlvkluals - Penslons Grants lo IndivJdual8 Other Grants lo Inslitulions Support Costs (Nota 5) 14,950 13.025 233,253 35.782 297,010 ii,soo 10,172 202,653 32,023 258,348 SUPPORT COSTS Unrestrlcted Funds Total Funds 2023 Total Funds 2022 S8larfes and Employment Costs Premises Cos15 Accountancy fee8lAudi feel Legal Fees Travel and Sub&stence Printing, postage and 51alionery Telephone and ICT Other Costs Tralning Bank Charges Depreciation 21.352 21.352 19,774 5,082 3,300 5,412 5,412 1,927 573 1,927 573 860 170 1,827 575 903 16D 402 170 35,782 35.782 32,023 17
STRAND PARISHES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 6. OTHER RESOURCES EXPENDED Unrestricted Funds Total Funds 2023 Total Funds 2022 Investment Management Charges STAFF COSTS AND EMOLUMENTS Total staff costs were as follows: 2023 2022 Wag8s and salaries Soclal securlty costs PayToII Administration 19,348 1,774 230 21.352 17,921 1,637 216 19,774 Partlculars of émployees: The Clerk to the Trust, who works on a part Ilme basis, is th8 only employee. No 8mploy88 r8c8ived r8muneration of more than £60,000 during the year {2022'. Nill. TRUSTEE REMUNERATION & RELATED PARTY TRANSACTIONS No members of the Board of Ttuslees ralVed any r8muneration during the year or the previous year (2022.. Nill. No reimbursement of expenses and cost of meetings fcf trustses (2022.. Nil) was paid. No trustee or other person related to the charity had any pernonal interest in any contract or transaction enlered inlo by the charity during the year or the previous year. 9. TANGIBLE FIXED ASSETS Flxtur8s & Fittings COST At 1 January 2023 Addltlons Al 31 December 2023 571 571 DEPRECIATION Al 1 January 2023 Charge for the year Al 31 December 2023 571 571 NET BOOK VALUE At 31 December 2023 At 31 December 2022 18
STRAND PARISHES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 10. INVESTMENTS Movement in market value 2023 2022 Market valu8 at 1 January Acquisitions at cost Disposals at opening tXKJk value Unrealised gains on revaluations In the year ended 31 December Market value at 31 Oec8mber ,629,827 9,775,460 750.268 (765,422) 819.014 1,145,633 9,448,841 8,629,827 Galn8111088os) on Invostments 2023 2022 Unrealised (lossesygains on revaluations in the year ended 31 December Realised losses on the sale of Inv8Stm8nts 819.014 {1,145,633) Total realised and unrealised gains 819 014 1,145,633 Listed investments comprfse portfollos managed by CCLA Investment Management Limited. 11. CREDrroRS: Amounts falllng due wilhln one year 2023 2022 Audit Fee Grants Agetj but not yet Paid 5.412 10.424 3,314 1.893 5,207 15,836 19
STRAND PARISHES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 12. ENDOWMENT FUNDS Balance at Gains and 31 December losses 2023 Balance at 1 January 2023 Permanent fjndowmènts Pemianent Endowment Fund £5,513.007 523.212 £6,036.219 The endowment funds are held to provide the income for the charitys charitsble activities and govemance. Comparatlv8 Endowment Funds: Balance al Gains and 31 D8cemb8r Ioss8S 2022 Balance at 1 January 2022 Permanent endowTnents Permanent Endowment Fund £6.244,873 £731.866 £5 513,007 13. UNRESTRICTED INCOME FUNDS Balance at 1 January Incomlng 2023 rosources Balance at Oulgolng Galns and 31 December resourug losses 2023 Designated Fund General Funds 3,116,820 68.753 3 185 573 93,281 281,322 374 603 (93.281) 203.728 297 010 295,802 3,412,622 295 802 3 558 968 Deslgnated Reserves comprise unspent income brought forward from closed ch8rilies and 'ring-fenced' to provide future ncome. These are available for expenditure al thè Tnjslees, discretion. Comparative Unrostricted Income Funds: Balance at 1 January 2022 BaLgnce at Gains and 31 Decernber Ios58S 2022 Incoming resources Outgoing resources Designated Fund General Funds 3.530,587 67,843 3,598,429 92.768 164.490 257.258 {92,7681 1163,5801 1256,3481 {413,7671 3,116.820 68,753 3.185,573 1413,7671 20
STRAND PARISHES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 14. ANALYSIS OF NET ASSETS BEfwEEN FUNDS: 2023 Tanglble fbxed assets Net Current assels Investments Total Endovmont Funds: Peanent Endowment Fund Unrestricted Income Funds: Designated Funds Gen8ral Funds 6,036.219 6,036,219 3,412.622 3,412,622 146,346 146,346 Total Funds 9.448.841 146.346 9,595,187 Comparatlve Analys18 of Net Assets between Funds: 2022 Tangible fixed assets Nel current assets Inv8slm8nts Total Endowment Funds.. Pemanent Enéowm6nl Fund Unrestrfcted Income Funds.. Deslgnated Funds General Funds 5,513,007 5,513,007 3,116.820 3,116,820 68,753 Total Funds £8.629.827 £68.753 £8,698,580 15. TAXATION The charity is exempt from tax on income and gains lo the extent that these are applied to its charitable objects. No lax charg8s have arisen in the Charity. 16. RELATED PARTIES There were no related party transactions during the year. 21
STRAND PARISHES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 17. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY Unrestricted Funds Endowment Funds Total Funds 2022 INCOME Donatior Investment Income Bank Interest 257,223 257,223 36 TOTAL INCOME 257,259 257,259 EXPENDrruRE Expenditure on Charltsble Actlvltles Investment Management 256,348 256,348 TOTAL EXPENDrnIRE NEf EXPENDrruRE 911 911 OTHER RECOGNISED GAINS AND LOSSES Galnsl(Lossesl on Revaluaucns of Investsnent Assets NET MOVEMENT IN FUNDS 413 767 (412,856) 1145 633 (1,144,722) (731,866) RECONCILIATION OF FUNDS Total Funds Brought Forward 3,598.429 6.2+1,873 9,843,302 TOTAL FUNDS CARRIED FORWARD £3 185 573 £5 513 007 £8 698 580 22