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 (con11n￿d) 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 ir1d￿dUa1S 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 CHARl￿s 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 n￿mber0f 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 (cL￿tinued) 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 sol￿on'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 s￿iety £4.000 y intervention therapy services Bursaries for Westminster chsldren Centre for Y¢)LJng Musicians £ 5.604 Doorstep Llbrary £ 5,CrfXI To Or￿Ur8ge 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 c￿le￿ne￿ 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-Off￿10 by virtu8 of their ro￿8 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 co￿pted 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 De￿mber 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 one￿ff 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 r￿1Ved 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 A￿epted 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 De￿rnber 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 fU￿illed our other ethical responsibilities in accordance with these requI￿m8nts. 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