THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity No 1134811
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Contents Page Officers and Advisors Annual Report Independent Auditors, Report Consolidated Slalemenl of Financial Activities Consolidated and Charity Balance Sheet Conscjlidaled Statement ol Cash Flows Notes lo the Consolidated Financial Statements 4-12 13-16 17 18 19 20-36
OFFICERS AND ADVISORS Rector The Reverend R N S Leece Prlest-ln-chaige The Reverend Dr R M Fermer (10 1 5th Jaiiuary 20231 The Reverend Stephen Coleman lappoinled 12th November 2023> Correspondence Addresses Sl George's Vestry 2A Mill Slreel London W1S 1FX Grosvenor Cliapel Office 24 Soiilh Audley Street London W1K 2PA Bankers The Royal Bank of Scollancl pl¢ London Drumnionds Branch 49 Charing Cross London SW1A 2DX CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent Auditor Rolhmans Audit LLP Chartered Accountants Chilworth Point 1 Chilworlh Road Southampton S016 7JQ Solicitors Lee Bolton Monier-wl1iaMS 1 The Sanctliary Weslminsler London SWIP 3JI- Parlsh Referellce 0311 St George's Hanover Square 0311A - Grosvenor Chapel Charlty No 1134811
ANNUAL REPORT The Parochial Church LoLin¢il ol the E¢¢lesiaslical Parish of Sl George Hanover Square IPCCI has pleasure In presenliiig ils report and the financial statements of the church for the year ended 31 sl December 2023. Referen¢e and administrative infomiatlon Trustees The lollowiiig were Iruslees Irom 1 * January 2023 to the dale of this report. Mark Andrew Hewill The Revd Roderick Neil Stephen Leece The Revd Di Richard Ferm&r lunlil 15 JanLiary 20231 Graham E-dward Baine5 Diana Mary Dennis The Revd Or Alan Robert Lennox PiqqLII The Revd Dr Alan William Mccormack Janel Sl John-ALislen George Charles the Earl of Lur.an Gaiy Eaborn lunlil 1 July 20231 The Revd Stephen Coleman (from 12 November 20231 Charles Chamberlain Stephens Stewart Jaiiies Munro Alicia Mallier lunlil 30 June 20231 Sally Rieu lunlil 30 June 20231 Andrew Alexander Jone5 Pamela Yayra Alekpe Alislair Henry Milward John Crichton Oliver Chubb Emnia Kale Godfrey Simon Jon Roberts (from 21 May 20231 Charlotle 8cntt-MiJllings Ilrom 23 July 20231 Benedict John Anthony Clarke (from 19 May 2024) Gavin Charles J Areiidl (from 19 May 20241 Council Membershi fvlembers ol Ihe PCC are èither ex ollicio or elected by the Aniiual Parochial Church Meeting IAPCMI in accordance with the Church Representation Rules Following thè elè¢lions of PCC members al the APCM on 281 May 2023. the PCC was conslituled as follows Rector of Sl George's, Hanover Square.. The Reverend Roderick N S Leece Priesl-in-charge of the Grosvenor Chapel. The Revd Dr Richard Fermer (until 15 Jaiiuary 2023) The Revd Stephen Colemai) Ilroiii 12" November 20231 Non-slipendiary Assistant Priest al Sl George's.. The Reverend Dr Alan Mccormack Non-slipendiary Assislaiil Priest al Grosvenor Chapel. The Reverend Dr Alan Piggot Chiirch Wardens". Mr Mark A Hewill Mr Graham E Barnes
ANNUAL REPORT Icontinuedl Grosvenor Chapel Wardens.. Ms Kale Godfrey Mr oliver Chubb Deputy Church Wardens.. Mr Alislair Milward Mr Stewart Munro Ms Kate Godfrey Mr Oliver Chubb Other Elected Members Mr Geoigo Bingham Mr Andrew Jones Mr Charles Stephens Ms Pamela Alekpe Mr Alislaif Milward Mrmc Mr Stewart Munro Mr Simon Roberts {elected al the APCM on 28 May 20221 Ms Chailolle Scott-mullings Ico-opled al the meeting of the PCC on 26111 July 20231 Deanery Sync>d Represenlalives.. Mr Johii Crichton Mrs Diana Dennis Mrs Janel Sl John-Auslen (Chapel represeF)lalivel Secret8ry to the PCC". Mr John-Paul de Soissons Hon. Secretary to the Chapel Committee. Ms Irene Agnell lappoinled May 20231 Parish Treasurer.. Mr Mark Hewill Lay Vice Chairman of the PCC.. Mr Mark Hewill standing Committee.. Recloi. Church Waidens, ITreasLirerl. Messrs Alislair Milward & Slewarl Munro. the Priest-ln-charge & the Chapel Wardens Finance & FLindraising Committee= Mr Mark Hewill (Chairman & Treasurer), Rector, Messrs George Biiigham. Stewart Munro, Charles Stephens & Janine Manning (Chapel Treasurer) Fabric Committee.. Mr Graham Barnes Ichairnianl. Rector. M8 Pamela Alekpe. Messrs Andrew Jones, Alistair Milward, Charles Stephens and Simon Roberts Grosvenor Chapel Commlttee.. The Revd Stephen Coleman, IPriesl-in-Charge from 12, November 2023), The Revd Dr Alan Piggol, Mr Oliver Chubb (Chapel Warden). Ms Kale Godfrey Ichapel Warden), Ms Irene Agnell (Hon Secretary). Ms Janine Manning IHc)n Tieasurerl, Ms Janel Sl John-Auslen (Deanery Synod Tepresenlalivel. Ms Sally Rieu IDeaneiy Synod Represenlalive unt1 3011h June 20231. Mr Gary Eaborn {Chapel Repiesenlalive until I, JLily 20231, Mr Richard Hobs01I {Ex officiol, Messrs Rory Gordon. Robert Coleman. Godfrey Barker & Edward Hasted, & Ms Harriet Hedden Safeguarding offir$.. Mr Grahair Barnes ISG'S Sale9Liarding Otticerl Mrs Sarah Jackson-slevens ISG'S Childreii's Champion) Ms Hariiel Hedden IGC Safeguarding Officerl Ms Virginia Allel Mazar and Mr Robeil Coleman IGC Children"s Champions)
ANNUAL REPORT Icontlnuedl Stewardship Records Officers. Mr John-PaLII de Soissoiis Ms Jaiiel Si John-ALislen Electoral Roll Officers. r John-Paul de Soissons ISI George'51 Vacant (Grosvenor Chapel) Main Office. The Vesliy. Sl George's Chiirch. 28 Mill Street, London W1S 1 FX Tel. 020 7629 0874 structure, Governance and Management The Parochial Church Council IPGCI is a corporate body eslabliqhed by the Church ol England. The PCC operates Lin(Jer Ihe Parochial Church Council Powers Measure The PCC is a Registered Charity. The method ol appointment of PCC members is sel out in the Church Representation Rules All Church allendees are encoLiiaged to Fegislei on the ESecloral Roll and sland for ftleclion lo the PCC Cominiltees The Standing Committee is the only Gommillee of Ilie PC,C which is required by Law. 11 has power lo Iransacl Ilie bLisiness of the PCC between ils meetings. subject lo any directions giver) by the Council. Three other commillees continued lo co-ordinate key areas of PCC tiusiness. The Finance Committee and the Fabric Committee al St George's, and the Grosvenor Chapel Coiiiinillee met periodically IhroughoLII the year. The Standing Commillee mel as required. oinlnieipl and indLiclion of PCC meinbers PCC members are elected al the AnnLJal Parochial Council Meeting and are eligible lor re-election annually. New PCC members are required lo familiarise themselves with the day-lo-day funning ol the Parish which may include an induction lo brief them on their legal obligations under charity and church law. the Council and Ilie decision-making processes and the renI performance ol the churoli. They meet key employees and Ihe other PCC members Risk assessme17t oli¢ The PCC and sub-¢ominillees. which meet on a regular basis, consider any risks as and when necessary Froim these Comiiiitlee meetings appropriate fecommendalions are made lo the PCC members Al ils meeting on 22fid April 2015 the PCC adopted a cc)mpiehensive Risk Register. This analysed governance, exislei)lial, financial and operalioiial risks and was able lo give details of measures lo miligale all the risks idenlilied. The Risk Register is reviewed annually and updated as necessary. The key slr8legic risks include.. Subslanlial damage lo building8 and the associated repair costs. Failure lo geiierale income. Fraud - both internal and external. To miligale the risk of subslanlial damage lo the buil(Sings, the PCC Inaintains a programme of ongoing repairs lo the church buildiiigs. The PCC mainlaiiis sufficient reserves lo cover any urgent repairs, and will seek donations lo assist willi any major repairs. for example. the PCC received donations lo cover the damage sustained lo the portico disciissed more fully later In these arcounls The PCC is required lo generate income lo cover the operations ol the churches, in¢liJding the repair costs as mentioned above. To achieve this (lie PCC receives Income from a wide range of SOUTS, including fees lor events, hire costs, rental Iiicome, Inveslmenl Income. volLinlary doiialions. and grants.
ANNUAL REPORT Icontlnuedl The PCC ensiiies ils staff are aware of the risks of external fraud and has appropriate approval procedures in place lo miligale the risk of unaLJlhorised bank payments. The PCC prepaies quarterly n)aiiagement acctsunls, which are reviewed by the merribers for any unexpected Iransaclioiis. ai?isalional olic The PGC members meei every three nioiiths and there are sub-committees covèring issues re131iiig lo Fabric, Finance, the Grosvenor Chapel and Slandiiig Committee las required) Other sub-committees are formed as and when required. Adminislralors are appoiiiled lo manage the day-lo-day opei'ations of the parish Tts facilitate effective opei'alions, Ihe Paiish Adminislralor al Sl George's, and Ihe Administrator, Chapel Wardens and Honorary Treasurer al Giosvenor Chapel l)ave delegated aulhorily, williiii the terms of delegation approved by the PCC Inembers, lor operalional mallers includiiig finance. einployment and other elements of the charitable Work of the parish and ils places ol worship. As such they are deemed lo be Key Maiiagemenl Persoiiiiel along with the Rector and Churchwardens aiid the Piiest.in-Charge of Grosvenor Chapel. The Administrators, reinuneralion is contained within the costs noted in Note 4 to the Financial Slalemenls The pay ol all staff is reviewed annually and normally Increased in accordance with average earnings. No formal bench maiking wilh salaries paid by similai charities is in pla. The PCC is commilled lo paying all staff in excess ol Ihe agreed London Living Wage. As is the case with most churches, the Parish of Sl George Is heavily depÈndenl on the input ol volunleers. Key voluntary supporteis form the core of the PCC. and their Involvement, coiNmilmenl, and support is vital to the activities and successes of the sub-committees established lo support the overall aims and mission of the PCC, Ihrougl)OLII the Parish. Additionally, volunteers act as sidesmen, servers. and readers al regLilar church services. as well as the welcoming of guests and visitors lo both chLirehes, lor services and related social gatherings. Objectives and activities Sl Georoe's PCC has the responsibility of co-operating with the incijnibenl, The Revd Roderick Leece, and the Priest-in-charge of the Grosvenor Chapel in promoting wrthin and beyond the ecclesiastical parish the whole mission ol the Church.. spirilLial, pastoral, social and eciimenical. 11 also hds responsibilities for maintaining the Chiirch of Sl George. Hanover Squarp. and the Grosvenor Chapel, South ALJdley Street The PCC confirms that It has had due règard lo the guidance on public benefit issued by the Charity Commission when planning ils objectives and activities lor the year Polic of tIFe Churcl? The policy of the Parish is lo promote the Gospel of our Lord Jesus Christ according lo the doctrines and practices ol the Church of England. The PCC endeavours lo cooperate with the priesls in the whole mission of the Church.. spiritual, pastoral. social and ecumenical. Tlie strategies il has adopted lo lullil this are I provide regular SerVceS of woiship, access lo the lioly sacraments, leaching through the Sunday school and spiritual giiid2nce lor the parishioners and visitors lo the Parish. The chiirch seeks lo be a Christian Comtnunily iii Ilie catholic Iradilioii of the ChLJrch standing as a beacon of faith in Ilie heart of Mayfair, with a welcoming. friendly and supporting congregation. The number of parishioners on the Chliich ESecloral Roll al the 2023120221 APCM was 29112981, of whom 25 (271 were resident iii Ihe parish. These figures break dowi) as follows. Sl George's Church 14411551 of whom 7 {81 were iesideiil in Ilie parish, and Grosvenor Chapel, 14711431 of wliom 181191 were resident in the parish. The Iiyures Iof 2022 are in brackels. The usual Sund2y attendarn al Sl George's. during October 2023. was 6012022.. 521. At the Grosvenor Chapel the USLial Sunday allendancE, during October 2023, was 3012021.. 351.
ANNUAL REPORT Icontinuedl Special Servlce5 held in the yeai 202312022 in brackets) St George's Grosvenor Chapel Baptisms Weddings & marriage blessings Funerals & memorials Confirmations Adn)ission lo Holy Communion 10181 61131 71101 1101 DIOI 3112) 91121 6131 0101 0101 Revlew of o erations for the ear 2023 was once again a busy year for both churches in the parish. Messrs Mark Hewitt and Graham Bames were re-elected Church Wardens al Ihe Annual Parochial C,h41rrh Mepling held on 28, May 2023. The PCC mel frjur limes during the year with a good allendari al all meetings. As In previous years. the Parish remains a nel contributor lo the Diocesan Coinmon Fund1£55,692 in 2023, £52.080 in 20221. Due lo a general deciease in foollall on Fridays as a result of changing working patterns in ceiilral London posl-covid. the PCC decided lo change the day of the regiilar 1.1 Opm Holy Communion service Iroin Friday lo Thursday from Jiily 2023. This has been mel with some suc¢ess with a maiked Increase in sttendees. We continue lo stream this service over zoom las we also do with the Suiiday 11.00am SLing Eltcharisll although numbers over zoom on Thursdays have continued lo decline. The Parish was delighted to welcome I"he Reverend Stephen Coleman who was licensed into the role of Priesl-in-charge al Grosvenor Chapel in Noveimber 2023. Dui"ing the year the PCC siib-commitlees continued lo Ixeel iegularly. each otTre meeting shortly before the PCC iiieelings. with reports Iheii provided lo the PCC The Finai)¢e Cominillee under the chairmaiiship of Mr Mark Hewill approved a budget for 2023 and monitored ils Implemenlalioii Ihiouglioiil the year. The Fabric Cnnimittee chaiied by Mr Graham Bames, with Charles Stephens as Deputy Chairinan. continued the task of maintaining St George's wotEderful bLiilding, notably in the context of Ilie restoration ol St George's portico ceiling aiid the replacement ol Sl George's boileT, as well as an ongoing project to Lipgrade and bring more up lo dale the cliurch's elecliical inslallalions. st George's Haiiover Square Neither allendance numbers nor donation income during the year recovered lo pre-covid levels. In the 1211er part of 2022, we discovered that our healing boiler could iio loiiger be Lised. because of iI)SLifficienl ventilation In the boiler room. We were thus wilhoul central healinq throLighoul the winter of 2022- 2023 Fortiinalely. a new miich more efficient healing system was installed during 2023, and was ready for use during the Autumn of 2023 and Winter 012023-2024. We are exlremely grateful to the Hyde Park Place Eslale Charity lor providii)g the c. £80,000 Itinding required by way ol moielies aiid a grant from the Ecclesiastical Trustees.
ANNUAL REPORT Icontinuedl As mentioned ill last year's accounts, 01) tlie eveiiing 0119 December 2022, Just before Christma8, a section ol the cl)urch portico at the front of St George's collapsed. ThanklLilly. nobody was IILIrt but the church had lo lake Immediate action to Install scaffolding lo ensure the safely ol the public and lo enable the church lo remain open for Christmas services. The cost of the expected repairs and restoration of the portico ceiling and the lead roof above the portlCD were eslimaled lo be iii the region of £400.000. As hoped. the repair and preservalion works were completed duiing 2023 aiid the hoarding and scaffold all taken down in time lor Chiislmas 2023 A majoi lundraising iriilialive was laijiiched with a largel amount lo raise of £400,000. Fortunately, as a result of the great generosity ol parishioners as well as olhÈr grants and donations, bul In particular a subslanlial donation Iioni the Taylor Fainily Ti usl. approximately £440.000 was raised The works weie completed under budget. Nel Df a VAT refund uiider the Lisled Places ol Worsliip Scheiiie, thè cost ol the works was approximately £335,000 leaving a surpliis for olhei works on the fabric of the Church of £103,208. 2023 showed a redLJ¢ed level ol weddiiig activity compared lo 2022, with 4 weddings and 2 wedding blessings. The high level in 2022 had reflected a cateh-LlP POSt-Covid, and Ihis level was evidently not replicated in 2023. We also had 1 fLineral and 6 memorial services In 2022, again. a strong posl-covid recovery. Concert income in 2023 was also strong. conliniiing lo Increase from pie-Covi¢J levels What Is the outlook Into the coming year7 The number of weddings booked foi 2024 is already significantly higher with 11 weddings or blessings currently booked. Concert activity is continuing slronoly in 2024, and the diary is filling up well foi events In the lun up lo Advent and Christmas 2024. Regarding the Undercroft Ilie kitchen lil out is linder way and Il is hoped that trading will commence In eaily Summer 2024. The PCC continues lo keep a light rein on expenditure. St George's, Hanover Square School - Unfortunately, numbers al the school remain low. Under the leadership of Elizabeth Barneg. operational mallers have conlinLied lo improve. After the previous Ofsled Inspection in October 20211"reqiiires improvement"), the school's efforts to seek a further iiispection proved successful.. following another inspection on 28 and 29" November 2023. the new reporl classified the school al the upper end of "good" The parttTrership with three other schools Is going well. The Undercroft- After lenglhy negotiations during 2022, stage 2 of Ilie redevelopment of the Undercroft and the related invesliiienl by SGHS Enterprises was presented lo and approved by Ilie PCC on 3, May 2023. A licence agreement between SGHS Enterprises and Undercroft Mayfair Ltd, was signed in December 2023 with work expected lo commence in 2024. The Food Voucher scheme redeeirable at the Cabinens. Shelter calé In Hanover Square remained in abeyance throughout 2023. Now that the new Elizabeth Line Stop in Hanover Square has opened, and the remodellin9 of Hanover Squafe is complete, Il is hoped that with the re-opening of the café, we will be able lo re-launch the sclieme. Grosvenor Chapel The Grosvenor Chapel spent mlich of 2023 in interiegnum following the departure of Fr Richard Fermer in January. Cover for Sunday services and occasional offices was arranged by the Chapel Adminislralor Rosslyn Okumu, and various individuals from across the Diocese throughout the nine months ol the interregnum before the appointment ol Fr Stephen Coleman in September 2023.
ANNUAL REPORT l¢ontinuedl CoiMmLinily Events iiicluded participation in the Mount Slieel Gardens Suilliner Fair, hosting ol Ilie Thursday LLinch Club for the Homeless {in partiier8hip with local law firm Forslerq LLPI for refLigees and international homeless Milh no recourse lo public funds. Carol Singing in Shepherd Market lin support of the Healthcare Workers Foiindalionl, and a woll-alloi)ded Community Carol Service EcLimeni¢81 serviGe5 were also held with Farm Street Church and the Ukrainian Catholic Cathedral Due to their relocation lo Baker Street Iio)wever Forster5 have made the decision that il will no longer be practical for them lo run the Thursday Lunch Club as of December 2023 and so the c.hapel committee will look into new ways lo renew this form of oulieach and hospilalily The Femaining work of phase 2 of the East elevation of Ihe Chapel was carried over Into Phase 3 due lo weather constraints and Advent aclivilies. Namely. repair of the low level roofs of the vestry and Garden Room. along with redecoration of Ilie Narthex. This, and Phase 3 work on Ihe North Elevation, commenced on 30th May and was completed in Sepleirber. with a final payment of 2.50/0 lo be paid in a year's lime providinq all the works are sound. Flnancial review For the 11rsl time. these acroiinls are presented as a ctsnsolidaled basis ol not only Sl CJeorge's and Grosvenoi Chapel, but also 1ncludin9 the resiills ol the Sl George's H¥nover Sqiiare Foundation and SGHS Enterprises During the year. as iioled earlier, sizeable donations were received for the portico works. Addilion211y. the signing ol the Li¢en¢e with Undercroft Mayfair by SGHS Enterprises brought in income upon signaliirp in later December 2023. These two evei)Is. on lop ol the normal financial activities piished lolal revenlie 3bove the £1 m Ihieshold. which in turn triggers the requiremeiil lo produce consolidated accounts lor all aclivily, under current accounting regulations Iii light of this, the PCC will need lo continue lo piodLice accounts on this basis. The parish is dependent oli funding from charitable trusts. regula¥ giving by members of the congregation, income from events and special services. and Ineome generated by Inveslmenls. rental properties, room hire and parking bays plus occasional lega¢ies. The PCC does not cuirenlly anlicipale specific la¢lors likely lo have a negative effect on future performance. As refererlced in last year s accolinls and above, the reqiiiied repairs oiTr the poitl¢D and the boiler meanl that the Parish's largest cost for the year was on repair5 and Inaintenaiice. As sliown in Note 3 to Ihe accoLirils, this lotalled £364k lor the year As menlionpd above, this Cost was covered fully by donations and uranls. the 10121 of which is shown In Note 2 below. Most notable was a single £400k grant lor the repairs required lo the portieo, bul we were also supported and heartened by Ihe generosity of many in the conoregalion. Diiring the year, property valiies iii Mayfair were affected by a general downturn in prices. As a result of this, a charge was taken during the yeai of1£293, 1161. lo ensure oui 1nveslmenls are held al market valLie. This is an accounting adjuslmenl and not a cash movement. As a direct result of all these laclors, before the non-ca5h effects of revaluation of Ihe Parish's investments, 2023 saw a nel surplLJS DI incoine over expenditure of £491 678 Following the adjuslmenl lo the carryiiig value of our inveslmenls. shown in Note 7 below, the resiills for the year showed a nel surplus of £180.155. As a result ol this. the Balance Sheet saw an improvement of £180,155. Investment policy 11 is the Church's policy to invest fiinds with the C8F Chiirch of England Investment Fund and M&G Seciirilies Charifund. The Chiirch has made such inveslmenls lo generate a return and has no social investments currently in place During the year. we saw a marginal fall in the value of the quoted investments, which closect the year at £1,022.175. This reduction was compounded by a reoLiired reduction in the carrying value of Ilie Parish's Invpstmenl Properties. which closed the year al £3, 100,000 10
ANNUAL REPORT Icontinuedl As a long-lerm Investor. the PCC has no plans to change ils inveslinenl policy, ar details of the assets held can be found in Note 7 to these accounts Reserves policy The Council coiisiders Ihal il is appiopriale lo maintain a level of incc)me reserves equivalent ID approximately six iiioiitlis, expendilLire of unreslri¢led fiinds in order lo meet Ils needs. Incllidiiig Ils legal and Gonslruclive obligations. Following both the surplus of Income over expenditiire recorded in the year and Ilie reduction in the inveslmenls, both detailed above. during the course of the year undef review the lolal reserves increased from the previoLlS year and stood al £4,752.465 ofwhich £4,309,583 is sel aside fof restricted and endowment purposes. Of these, £3.100,000 is inclLided in the Rector and Churchwardens, Property Fund, which could be realised on the disposal ol investment pioperties. and the Endowment Fund of £965.934. which could be realised on the disposal of the M&G Securities Charifund income units. The level of unreslricled free funds al the year end. showii in Note 15 below, ainounled lo assets of £442,88212022. £349,9621 lincluding ii)veslinenlsl. Related parties The Hyde Park Place Estate Charity is a graiil making charity The Rector, the Revd R N S Leèce, and the Churchwafdens, Mr DA A Hewill. and Mr G E Barnes are Trustees ot Ihis charity. The Church receives grant funding and 5oans from this charity. The St George s Hanover Square Foundation. is a charity whose oL)iective is the repair, resloralion and enhancenienl of Sl George's Church Hanover Square. The Rector, the Revd. R N S Leece. and the Churchwardens, Mr M A Hewill. and Mr G E Barnes are Trustees of this charity The ChLJrch receives giant fLir)ding and loans from this charity. The activity of this charity is consolidated into these accounts. SGHS Enterprises Limited, is a company registered in England and Wales (number 100237601 and is the trading arni ol the PCC. The activitiès of this company have been the restoi'alion ol the fabric of Sl Geoi'ge's Undercrofl. Al the time ol willing this process is virtually complete. Once complete, the Undercrofl will be operatèd as a restaurant by Undercrofl Mayfair Ltd which will pay licence lees lo SGHS Enterprises The Revd R N S Leece, Mr W M C Beckell, and Mr M A Hewill ale Directors ol Iliis company The Church has made loans ID this company duriiig the year. The activity ol this company is consolidated into these account5. Details of transactions taking place between the Church and ils related parties, in¢luding the Sl George's Hanover Square Foundation, the Hyde Park Place Estate Charity and SGHS Enterprises Limited are shown in Note 11 to the financial slatemenls. Plans foy the future Oijring early 2024 congregation numbers conlinLied their growth, IhoLigh still not lo pre-COVID levels and collection proceeds remain lower. Booking levels lor concerts and weddings in 2024 are encouraging Ongoing plans include fiirlher development of our links witli Grace Church, Broadway, ManhallaJ, as well as the commencement in 2024 and conlinuatioii In 2025 of our lercenlenaiy celebrations. Aiiolher important factor for the futuré of the parish will L)e the lorlui)es ol Undercroft Mayfair Ltd's reslaurai)l in the undercroft, opening in 2024, and the future ability of SGHS Enlerprises Limited lo slarl upslreaming cash lo the parish.
ANNUAL REPORT Icontinuedl The fundraising exercise for the portiw ceiliiig restoration in 2023 raised a surplus over the actual oulconie ol the costs ol the resloralion. The Fabric Committee is carÈfully assessing priorities as lo liow this reslri¢led surplus might be spent, bijl the first Committee meetings in 2024 have led lo a clear expression of Intent that signiliLanl portioii of Ilie SLJrpliis should be kept back unspeiil as a buffer against other Linexpecled fabric re131ed events. Both elements of the Parisli continue lo concenliale on Iheir Inission lo the commuiiily In which they are silualed. SGHS Enterprises anticipates that commercial aclivily should commence, under the LinCe agreement signed, with Undercroft Mayfair Limited in summer this year. This will lead to incofne being received by the pcc. Auditors A resolution was proposed and passed al a Special Parochial Chiirch Council meeting on 291h October 2023 Ihal Rolhmans LLP be 8ppoinled as audilf)rs. PCC members, responsibilities The PCC niembers are responsible for preparing the Annual Report and the linaiicial slalemenls in accordance with applicable law and United Kingdom Generally Aecepled Accounting Practice. Chaiily law requires the PCC members lo prepare financial slalements for each financial year which give a true and fair view ol the slate ol affairs of the church and of its financial activities lor that period. In preparing Iliose financial slalemei)Is, Ilie PCC members are required lo. Select suitable accounting policies and apply them con8islently', make judgements and eslimales that are reasonable and prudent., slate whether applicable accoiinting standards have been followed. subject lo material departures disclDsed 8nd explained in the financial slalemenls". and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the activities of the church will continue The PCC members are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the church and enables them lo ensure that the financial slalemenls comply with the Charities Act 2011 and the Chuych Accounting Regulations 2006. They are also responsible lor safeguarding the assets of the church and hence for taking rpasonable steps for the prevention and deleclion ol fraud and oll)ei irregLilarilies. In so far as the PCC Irember5 are aware., there is no relevaiil auclil iiiformalion ol which the charity s auditors are unaware. aiid the PCC membeis have taken all steps that they ought Ic> have taken lo make Iheillselves aware ol any relevant audit infornialion and to establish that Ilie auditors are aware of that Information. ON BEHALF OF THE COUNCIL Dated 2AP M A Hewltt Church Warden 12
INDÉPENDENT AUDITOR'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE Opli)lon We have audited the coiisolidaled financial slalemenls of The Parochial Church Council of the Ecclesiastical Parish ol Sl George Hanover Square I'llie parenl'l and Its subsidiaries I'the group'l lor the year ended 31 Deceimbei 2023 which comprise the Consolidated Statement ol Financial Aclivilies. the Consolidated Balaiice Sheet, the Consolidated Slalemenl ol Cash Flows and noles lo the finaneial slatemeiits. Includiiig significant accounting policies. The financial reporting framework Ihal has been applied in their preparation is applieable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) In our opinion, the financial slalemenls". give a true and fair view of the stale of tlie groLlP'S and ol tl)è parent's affairs as al 31 December 2023 and of the group's incoming resoLirees and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally A¢pIed Accounting Practice., and have been prepared in accordance with the requiiemenls ol The Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our re5ponsibililies linder those standards are fLlrther described in the Auditor's responsibilities for the audit DI the financial statements section ol our report. We ale independent of the group in accordance with the ethical requirements that are relevanl lo our audit of the financial statements in the UK, including Ilie FRC'S Ethical Slandard. 31)d we have ILilfilled oiir other ethical responsibilities in accordance with these requirenienls. We believe that the audit evidence we have obtained Is sufficient and appropriate lo provide a basis lor our opiiiioii. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the Iruslee's use of the going concern basis ol accounting in Ilie preparation ol the financial slalemenls Is appropriate Based on the work we have perforiiied. we liave not ideiililied any malei'ial Ulirtainl1es relating lo events or conditions that. individually or ¢olletlively. may cast significanl doubl on the group and parent's ability to continuè as a going concern for a period of al least 12 months from when the financial slalements are aulhorised for issue. Our respoi)sibililies and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this reporl. Oiher inforination The other iiiformatioii conipiises Ilie inforinalioi) Iiicliided In the annual report, iiicluding Ihe Iruslees. report, other than the financial slalemenls and our alidilor's report Ihereon. The truslees ale responsible for tlie olhei iiilormalion conlaii)ed within the anriual repoil OLir opinion 01) the financial statements does not cover the other information and. except lo the exlenl otherwise explicitly slated in our report, we do not express aay form ol assuran conclusion Ihereon. Our responsibility is lo read Ilie other Information and. in doing so. consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we Ideiilify such material inconsistencies or apparent material misslalemenls, we are reqLllI'ed lo delei'mine whell)ef this gives Ilse lo a nialerial misslatemenl Iii the finan¢ial slalements themselves If, based on the work we have performed, we concliide. th31 there Is a material misslalemenl of this other inlornialion, we are required to report that fact.
INDEPENDENT AUDITOR'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (continuedl We have nothing lo report in this regard. Matters on whlch we are requlred to report by exception li) 11)e liglil of11)e ki)owledyL ¢iiicI uiid¥isldllLliiig vl Ilie Llidrily dii¢A Ils eiiviiviiiTieiil oblained in the course of the audit, we have not ideiilified material misslalemeiils in Ilie Ii'uslees, I'eporl. We have nothing lo report in respect of the lollowng mallers in relation lo which the Charities (Accouiils and Reports) Regulations 2008 require us lo report lo you If in our opinion.. the infomalion given in the Iruslees. report is inconsislenl in any material respeGI wlh the financial slalemenls", or SLifficieiil accounliiig records have not been kept by the parent. or Ihe parefil's linanGial slalemenls are not in agreement with the accoiinting records., or we have not received all the information and explanations we requirè lor oiii audit. Respoiisibilities of PCC Inembers As explained more lully in the trustees, responsibilities statement set out on page 13 the Iruslees are iesponsible for the preparation of the financial statements and for being salislied Ihal they give a Irue and fair view, and lor such internal control as the Iriislees determine is necessary lo enable the preparation ol Iinancial slalemenls that are free from material misslalemenl, whether dlie lo fraud or error In preparing the financi81 statements. the trustees are responsible for assessing the group and the parent'5 ability lo continue a% a going concern, disclosing, as applicable, matteTS related lo going concern alld using the going coiicern basis of ac¢oLJnling unless the trustees either intend lo liquidate the group or the parent charity or lo cease operations, or have no realistic alternative bul lo do so. Aiiditor's responsibilities for the audit of the financial statements We liave been appointed as aLJdilor under Section 151 01 the Ch8rilies Act 2011 and report in accordance with the Act and relevant regulations made or having ellecl Ihereunder. OLir objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud 01 error, and Io iSSLie an audiloi's report that includes OLir opinion. Reasonable assurance Is a high level of assiirance. but is not a guarantee that an audit cc>nducled In accordance with ISAS IUKI will always delecl a material misslaleme.nt when It exists. Misslalemenls can aiise from fraud OT error and are considered material if, individually or in Ilie aggregate, they could re8soiiably be expected lo Influence the economic decisions ol users taken on the basis of these financial slalemenls Irregularities. including fraud. are instances of non-compliance with laws and regiilalions, We design procedures in line with our respoiisibi111ies, oiillined above, lo delecl material misslalemeTrls in respect of irregularities. Including fraud The exlenl lo which our procedures are capable of delecling irregul8rilies, including fTaiJd is detailed below. The objectives of our audit, in respect of fraud or error are. To identify and assess the risks of material niisslalemenl of the financial slalemenls diie lo fraud. To obtain sufficient appropri8le audit evidence regarding the assessed risks of maleiial misslalemenl due lo IraLid. through designing and implementing appropriate responses. To respond appropriately lo fraud or sLispecle¢J fraud identified during the audit. 14
INDEPENDENT AUDITOR'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (continued) However. the primary responsibility for the prevention and detection of fraud rests with both those charged with 9oveinance of the enlily aiid managenienl. Oui approacli was as follows.. Enquiring of management, inclLiding obtaining and reviewing supporting documenlalion, Gonce¥ning the PCC'S policies and procedures relating lo.. idenlilying. evallialing and complying with laws and iegiilations and whether they wpre aware ol any Instan$ of noii-compliance.. delecling and respondii)g lo the risks of Iraud and whether they have knowledge of any actual, suspe¢led or alleged fraud, and the internal corilrols established lo miligale Fisks related lo fi'aud or non-compliance with laws and regulations. Discussing among the engageinent team how and where fraLid might occur in the Financial Slalemenls and any potentia1 indicators of fraud. Obtaining an undeislandiiig of the legal and regulatory Irainewofks thal the PCC operates in, IooLisino oli those laws and regulalioi)s that had a direcl effect on the Finaneial Slalemenls or that had a fundamental effect on operations These Included Ihp c.harities Acl 2Q11 and relpvanl UK lax and employment legislation We identified the greatest risk of maleriaS impact on the financial slalemenls from iiregularilies, including fraLid, lo be with the valLJation of Investments, the consoliL1alion ol the group eiililies, the recognition of Income and the override of controls by management. To address the Iisk of fraud In these areas, we.. reviewed investment costs and the impairment model and compared our expected valuation lo the PCC'S assessinenl", reviewed material solirces of income. including Investment income, and compared expected Income lo that recorded in the financial slalemenls.. performed analytical procedures lo identify any unusual or unexpected relationships, tested jouinal enliies during the year and at the year-end lo identify Linusual Iransaclions., investigated the rationale behind sigiiificanl or Uf)USLial Iraiisaclions reviewed all inter group balan5 and Iransaclions and checked these were eliminaled on consolidation. There are inherent limitations in our audit produreS desciibed above. The more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would become aware of non- compliance. Aiidiling standards also limit the audit prOdUr&S required lo identify non-coinpliance with laws and regulations lo enquiry ol the Iiustees and other mai)agemenl and the Inspeclioii ol regulatory and legal correspondence, if any. Material misstalemenls that arise dlie lo fraud cali be harder lo detect than those that arise froni error as they may involve deliberate concealment 01 colliision. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportiiig Council's website al www frc or .ukldudilorsres 15
INDEPENDENT AUDITOR'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE Icontinuedl This desci'iption foi'irs pail ol oui auditor's Teport. Use of our report This repoil is iiiade svlely lu Ilie Llidiily's lius1. cl& d budy, In accordance Part 4 01 the Charities IAccoLJnts and Reportsl Regulations 2008, OLJr audit work has been undertaken so that we might slale lo the Iruslees those matters we are required lo stale lo Iheni in ali aLidilor s report and for no other purpose To the lullesl exlenl permitted by law, we do not accept oi assLiine responsibility lo anyone otliei. tlian the charity's IILlStees as a body, for our audit work. for this repDrt. or lor the opinions we have formed Rolhinans Atsdil LLP, Slaluloiy Auditors Ch&rterecJ Accounlanls Chilworlh Point 1 Chilworth Road Soulhailiplon S016 7JO Oate. 27 Au.gust 2024 Rolhmans A(Idil LLP is eligiblè for appoiritment as aiiditor ol the ehaiity by virtue of ils eligibility loi appoinlmenl as auditor of a company under section 1212 01 the Companies Act 2006 16
U) O) O? w o ¢J ¥
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL} CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 Group 2023 Chafity 2023 Group 2022 Charity 2022 Noies FIXED ASSETS Tangible fixed assets nveslmenls 2.042.085 4.122.175 6,164,260 54.515 4,122,175 4,176,690 1,855.341 4,433,698 6,289.039 53,752 .433.698 4,487,450 LONG TERM DEBTORS 2.294,868 2. 127.500 CURRENT ASSETS Debtors Short term deposits Cash at bank and In hand 76,537 46.475 715.187 838,199 73,531 46,475 347,336 467,342 67,545 45.031 476.182 SB8,758 66.985 45.031 271.342 383,358 CREDITORS. amounis falling due within one year NET CURRENT ASSETS 9 12, 129.9941 12.125,2261 12,035,297) 12,028,529) 11,291,795) 11,657,884) 11,446,5391 11,641,171) TOTAL ASSETS LESS CURRENT LIABILITIES 4,872,465 4,813,674 4,842,500 4,969,779 CREDITORS." amount5 lalling due more Ih8ft one year Provisions 1120,DOOI 10 1270, 1901 1270.1901 NET ASSETS FUNDS. 4,752,46S 4,813,674 4.572,310 4.699,SB9 Unresliicled fLinds R$slricied fiinds Endowment lurNJs 14 442,882 13 3,343,649 Is 965,934 376,696 3.471,044 965,934 349.962 3,233.171 989.177 477.240 3.233.172 989.177 4,752,485 4,813,674 4,572,310 4,699,589 ove bylheP chial ChLlI'ch Council on and signed on ils behalf by.. M A Hewitt Church Warden 18
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 DECEMBER 2023 2023 2022 Cash lusod in) operating attivit1è5 (see below) 363,341 1168.7461 Cash flows from investlng activities Interest and dividends received Payments lo acqvire tangible fixed assets Proceeds from disposal of inveslrnents 65,243 1195,1351 73,077 163,7471 196,547 Cash provided by investing activtties 1129,8921 205,877 Cash fltsws from financing activit1&5 Repaynient ol loan Increase in loan 118.0001 25,000 160.0001 95.000 Cash provided by financlng activitle5 7,000 240.877 Net cash loutflowl 240.449 C8sh and cash eqiiivalenls al 1 January 2023 521.213 449,082 Cash and cash èquivalents ai 31 Dècèmber 2023 761,662 521,213 Cash flows from operating actlvitiès.. Net Incomellexpendlturel Interest ènd divid8nds received shown In Investing aciivilies Interest accrued on loan Deprecialion Unrealised Igainllloss on revaluation of inveslmenl property Unrealised Igainllloss on revalLlation of Investmenls Ilncreaselldecrease In debitsrs Ii)creaselldecre8sel in creditors Inttèaselldecreasel in provisions 180,155 165,2431 120,836 8.391 293.116 18.407 96.244 118.3741 1270.1911 141 S,8691 173.0771 66.648 6965 1129.6631 83.576 1124.6161 147, 100 270, 190 Cash (used Inl for operatlng actlvltles 363,341 1168,7461 Analysis of changes in net debt Asal fj January 2023 Cash flows Non-cash changes Asal 31 Decen)ber 2023 Cash and cash equlvalènts Cash Short lerm deposits Total Cagh and cash equivalents 476.182 45.031 521,213 239,005 1,444 715,187 46,475 761.662 Borrowings Loans lallin9 due within onè year 11.897.427) 17.0001 1120,8361 12,025,263) Total Net Debt 11,376,214) 233,449 1120,8361 11,263,601) Exemption has been claimed from producing an individual Cash flow slalemenl in accordance with FRS 102. 19
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE IAND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The princ'ipal dLcouiilirig policies adopted, judgements and key sources of eslimalion uncertainly in the preparation ol the financi81 slalemenls are as follows Basts of preparation The financial slateimeiils have been prepared 151 accordance with the Church Accounting Regulations 2006 and in accordance with the Charities Slalemenl of Re¢onimenoled Practice Icharilies SORP IFRS 10211 and Financial Reporting Standard 102 IFRS 102). They have been prepared on the accruals basis and under the historical c()sl eonvenlion except lor the valuation of inveslmenls. which are 5howii al fair value. The PCC meets the definition of a public benefit enlily linder FRS 102. Tlie financial slatemenls have beeii prepared lo give a 'lriie and fair, view and have departed from the Charities IAccoLinls and Reports) RegLilaliDns 2008 only lo the exlenl I"equired lo provide a 'lrue and fair view,. This departure has involved following the relevant ver5ioiI ol the Slalemenl of Reconimended Praclice applicable lo charities preparing their a¢c.oiinls in accorcsance with the Financi81 Reporting Slandard applicable in the UK anc* Republic of Ireland IFRS1021 rather than the Accoiinliiig ancs Reporting by Charities.. Slalemenl ol Recommended Practi effective from 1 April 2005 which has since been withdrawn. The preseiilation ¢urfency ol the financia1 slalemenls is the Pound Sterling (£1. Going concern The Parochial C.hLirch C)C)uncil of the Ecc.Ip8iaslical Parish of £t Georg? Hanover Sqiiare (And The Grosvenor Chapel) (the PCCI has reviewed the circumstances of the ChLiYch and considers that adeqliate resoLir¢es continue lo be available lo meet Ils financial obligations as they fall due in the coming 12 months. In light ol the above. based on the most recent budgeting exercise. the PCC lias not Identified any material uncertaiiilies with respect lo going concern, aiid believes that tliere will be adequate resources available lo flind the Jclivilies of the Church lor the foreseeable future. The PCC is therefore of the view that the Church is a going concern. Significant judgements and estimates Inherent In the appli¢alion ol many ol the accoiEnling policies used in preparing the financial slalemenls is the nee.d for Irusleeg lo make iiidgemenls. eslimales and assumpliDns that atte¢l Ilie reported amount of assets and liabilities al the dale of the liiiancial slalemenl and the reporting amounts of Income and expenses dLiring the year Actual OLilcomes could differ from those eslimales and assumptions used The accounting judgements and estimates that co(Ild have signific.ant impact on the resLills of the charity are set OLII below and shoiild be read in conjiinclion with the inform21ion provided in the Noles lo the financial slatemenls.. Critical Jud emenls Management determine whellier finanaal instruments are basic 01 advanced and when lo deal with recogi)Isiiig. dere¢ognising. Ineasuring and disclosing financial inslrumenls. These decisions depend on an assessment made of the accounting standards. 20
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconlinuedl ACCOUNTING POLICIES Iconlinuedl nificanl Eslimales To determine the lair value of Ihe charills inveslnienl assets. Factors taken into consideralion in reaching such a decision include the economic viability and expected lulure financial perftsrinance of the asset. To delerinine whether there are indicators ol Impairment ol the chaiily's tangible assets. Factors taken into consideration in l'eaching such a decision Include Ilie economic viability and expected future fii)ancial performance of the asset. Group financial statements The liiiancial slalemenls consolidate the results ol Ihe charity and its wholly controlled subsidiaries, Tlie Sl George's Hanover Sqiiare Foundation and SGHS Enterprises Limited, on a line by line basis. Funds General funds represent the funds of the PCC that are not SLibjecl lo any reslriclions fegarL1ii)g their use and are available for application on the general purposes of the PCC. Funds designated by the PCC for a specific purpose are also unreslrieled. Reslficted fuiids are Ihose subject lo specific trusts, whicli may be declared by the donor or with their authority The reslri¢led funds ol the PCC, are reslricled income funds which are expendable al the discrelion ol the PCC In furtherance of some particular aspects of the activities ol the church. A permanent endowment fund is a particiilar type of reslricled fund which musl be held permanently. The accounts include the Iransa¢lions. assets and liabilities for which the PCC is responsible in law. They do not Incliide the accounts of church groups that owe thèir main alfilialion lo another body nor those Ihal are informal gatherings of Church members. Income Donations and legcicies Donalioiis and legacies lincluding collections and Income lax recoverable under Grft Aid) 8re accounted lor once the charity has enlillemenl lo the income, il is probable the income will be received and the amouiil ol income receivable can be reliably measured. Conditional grants receivable are recognised as reslricled income on the dale the contract agreement is signed. reflecting the full amount expe¢led lo spend or claim by the end of the grant period. Income froiF7 investniei?Is Interest and dividends from inveslmenls are accounted lor when receivable. Rental income from the letting of investment properties is recognised in accordance with the terms of the rental leases when the rental Is due. Othei" Iradii?g aclivilies ai?d oll?ei" incoine The chLirches chaige fees for events held in the churches, which are recognised when the event lakes place. The churches also hire OLIt the varioLlS rooms and ear parking spaces available, whieh are recognised in accordance with the licencing agreements. over the period ol hire The PCC makes claims IhroLigh the Listed Places of Vvorship VAT recovery scheme, which is recognised iii the period the related expenditure is incuried. 21
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STAI EMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 (continued) 1 ACCOUNTING POLICIES Iconlinuedl Expendlture Expenditure is accrued as sooii as a liability is considered probable, discoiinled lo present value fcir longer term liabilities. Expendiliire is allocated lo the activities the Chaiity undertakes in propoilion lo the level of resources used by each aclivily. Ouring the curienl and PTevious years all expendilure has related lo the single activity of furtheriiig the Missioii of the PCC Cliiircl? activilies Gills and doiialions are accounted lor when paid over. or when awarded, if that award cieales a binding obligation on the PCC. The diocesan parish qiiota Is accounted for when payable Any qiiola iinpaid al 31 Deceiiiber Is provided lor In these accounts as an operational Ilhough not a legall liability and is shown as a creditor in the balance sheet. All costs iii suppoil ol achie.ving Ilie church'5 objeGtives are ac¢D(Inled for in this calegoiy. This include.s governance costs which represent all costs in ensuring that the church complies with all legal and regLJlalory requirements that are relevant lo it. Fixed assets Coi?.gecraled land ai?d biiildiiigs a17d Inovable chiircl? fiiri?isl?ings Consecrated or beneliced property is excluded from the accounls by section 101211al of the Charities Act 2011 Movable church furnishings held by the Rectoi and Church Wardens on special trust for the PCC an(J which require a faculty for disposal. are accounted as inalienable property unless consecrated. Tliey are listed in the Church's Inventory which can be inspected lal any reasonable lime). For inalienable property acquired piior lo 31 December 2000 there is insufficient cost information available ancs Iherefoie such assels aro i)ol valued in the accouiils All expenditure incurred during the year on coiisecraled or benelice buildings. whether mainleiiance or Improveinenl. is wrillen oll as expenditure iii the SOFA and separately disclosed. OlherfixtiiS. filliiigs a17cI oflice eoiiiijmeiit and 177iiiislry eqiiipi??eiil Equipment used within the church premises is depreciated on a slraighl-line basis over 4 10 5 years wilh the exception of a boiler which Is depr(>¢ialed over 20 years Individual items of eqiiipment with a purchase price of £250 or less are wrillen off when the asset Is acqiiirèd. The piano is depreciale(J on a slraighl-line basis over 10 years. UnderOtt developmeiil The groiip is developing the undercroll of the church lor use as a res13uranl under 8 licence agreement. No depreciation has yel beoii applied as the asset is incomplete and Is not yel generaliiig income. Investments Investments include investment shares in the Central Bond of Finance of the Church ol England and MSG Securities Charifund income uiiils (together the 'porlfolio invesliiienls l and two iiiveslmenl properties. Portfolio investments are a form of basic financial Instrument and are initially recognisecl al their Iran8aclion value and subseqlienlly measured al Ilieir fair valLie as al the balance sheet dale using the closing quoted market price. The slalemenl of financial activities includes the net gains and losses arising on revalualioii and disposals IhioLighoiil Ilie year. 'I'he charity does not acqiiire pul options, derivatives or ollier complex financial inslrumenls. Inve8linenl properties are valiie(J al fair valve at the year-end based on available market data 011 or close lo the year end dale, lakii)g into accour)l any variables that may arise in the Intervening period 22
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 IcontinLJedl 1 ACCOUNTING POLICIES (conlinliedl All gains cind losses are lakei) lo the Slalemenl ol Financial Activities as they arise Realised gains and losses on portfolio investmen15 ale calculated as the difference between sales proceeds and their opening carrying value or their purchase value il a¢qiiired subsequent lo the first clay of the financial year. Unrealised gains and losses are calculated as the difleretTrce between the fair valLie at the year- end and their carrying value. Redlised and unrealised Investment gaiiis and losses are ¢ombined in the Slalemenl of Financial Aclivilies. Ciirrent assets Income lax recoverable and other debtors are included al the settlement amount due. Prepayinenls are valuéd al the amount prepaid Cash al bank and In hand inclLJdes cash and short term highly liquid investments with a short malurily of three months or Ivss from the dale ol opening ol the deposit. Cash and cash equivalenls comprise the Cash al bank and In hand and short lerin deposits as shown on the consolidated balaiice sheet. Curreiit liabilities Creditors and provisions are recognised where the Church has a present ok)ligalion arising from a past event that will probably result in the transfer of funds lo a third party and the amount due lo sellle the obligation can be measured or estimated reliably Creditors and provisions are recognised al their selllement amDLinl. Flnanclal instruments The ch8rily only has financial assets and IiaL)ililies of a kind that qualify as basic linancial Instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al theii settlement value. Taxation The PCC is ctsnsidered lo pass the lesls sel oul in Pafa9iaph 1 Schedule 6 Finance Act 2010 and therelofe Il meets the definition ol a charitable trust foi UK Income lax purposes. Aceordingly, the Charity is polenlially exempl from laxalion in respect ol Incole or Lapi131 gains received within calegoi'ies covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxalioii of Cl)argeable Gains Act 1992, lo the exlenl that SLich income or gains are applied exclusively to charitable purposes. The Charity's activities are exempl from VAT and accordiiigly iriecoverable VAT is charged lo the Slalenienl of Financial Activities when incurred and incllided within the expenditure category lo whicb il relates or capilalised linder langible fixed assets if relating lo capital expenditure. The charily is however eli9ible to recovef VAT relating lo repairs of over £1,000 lo listed buildings used as places of worship by way of a grant under the Listed Places of Worship grant scheme and receipts from this are Irealed as ollier Income as described above. The results of SGHS Enlerpiises Limitèd, a trading siibsidiary, al'e include in the consolidated accoiinls. This company is registered for VAT, so income and expeiidilure relating lo th31 enlily is presented nel of VAT Pension costs and other post-retirement beneflts The charity has Lommilled lo paying a pension of £2,000 per annuin lo Ilie rector on his retirement No provision has been made in the financial slaleinents because Ilie amoiinl is immaterial. 23
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE {AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconlinued) INCOME Unrestricted Restricted Endowment funds funds funds 2023 Total 2022 Total a] Donatlons and legacle5 Gift Aid and lax rg¢overable Collections Grants Donations Legacies 40,233 30.073 220,780 152,883 40.233 31.764 222.030 592 869 12.774 37.898 214,434 112.890 1.691 1.250 439,986 443.970 442,927 886,897 377.796 bl Investmenl Income Interest Oiviclends Rents receivable 7,691 7.691 57 553 128,506 193.749 3.071 70,008 42,948 116.027 57.553 9.608 67.160 118,898 126,589 c] Church activities Fees Music and concerts Church H811 lettings Flower stall 8nd car parking 41.226 52,784 29.738 73,425 197.172 41 226 52.784 29,738 73 425 197,172 65,319 51,805 30,188 98,137 245,449 dl Other illcome Cost recoveries VAT recoverable Other inconie 237,016 98,432 5,9dO 341,389 237.016 98.432 5,940 341,389 32,105 20,959 391 Total income 1,109,120 510,087 1,619,207 792,726 24
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 Icontinuedl EXPENDITURE Unrestricted Restricted Funds Funds 2023 Total 2022 Total Church activStles Direct costs M1nislry.' Diocesan quota Ministry. Rector's & verger's accommodatiDn Church rLJnning costs Church maintènance Choir and organist Staff and other staff ielaled costs Other giving Total direct costs 117,692 117,692 112.080 5,842 27.083 32,925 125,042 85,685 149.760 129.819 156.139 489 645.427 7,75U 214,498 6,785 93,435 98,847 364.258 455.091 136,603 133,809 156,139 107.705 3,894 61,363 9D4,947 1.093,937 3,405 259,521 Su orl costs Office running costs Accountancy lees Audit lees Professional fees Total support cosls 17,754 19,529 17.592 17,009 71.884 17.754 19,529 17.592 17,009 71,884 15.938 11,534 12,198 5,300 44,970 717,311 259.521 976.831 1,138,907 bl Raising funds Iiiveslmenl property costs Loan interest IHPPEC loaiil 29,862 120,836 150,698 29,862 120.836 150,698 49,128 66,648 11 5,776 Total expendÉture 868,008 259,521 1,127,529 1,254,683 Governance costs comprise audit and accouiilancy fees and lolalled £37,121 (2022.. £23,732). Grants and other giving made mainly comprise the onwards transmission ol Special Offerings ai)d Homelessness Vouchers received. 25
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE IAND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl EXPENDITURE l¢ontinuedl Total expenditure is slated aller charging.. 2023 2022 Auditor's remuneration iii respect ol audiling the accounts Auditor's remuneralioii IR respect of non-aLidil relaled coinpliance services Dcprccialion chargos for the year 14,660 3,275 8.391 10,165 2,483 6.965 26,326 19.613 STAFF COSTS 2023 2022 Tolal staff Gosls cotnprise the following. Vvages and salaries Social security costs Pension costs Other slafl Costs 115.733 5,564 2.380 32,462 87.988 1.638 16.705 156,139 107,705 Average numbers ol employees by headcount During the year none of the employees were paid more than £60,000 Aggregate employee benefits of the Key Management Personnel were 58,039 59.507 26
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconlinliedl TRUSTEE'S REMUNERATION AND EXPENSES During the year the rector, RoLlerick Lee was paid £2.73612022' £2.8091 Iii respect af parochial fees clue to him in accordance with the policies of the Church of England. During the year Pamela Alekpe1£26412022". £nil)I, Simon Roberts1£50512022". £49511 and Charles Slephens1£6031£52211 were paid for providing verger cover. OLII ol pocket expei)ges were reimbiirsed lo Itustees as follows". 2023 2022 No. of trustees No. of trustees Adminislralion Rectory costs Travel Sub51slence & office costs Leaving gift 110 6,541 326 8.461 5,191 3,525 3,937 1,756 14,410 18,B84 TANGIBLE FIXED ASSETS Group Mlnlstry Computer Flxtures equipiTrent Valuables Pi3llO 8qulpm8iit & Fittings Uiidercroft Dev8lopment Total COST Brought fofward 1 January 2023 Additions 49.988 7,435 15.250 5.860 11.562 1.801.589 1.891.685 6,695 2.460 12,3381 185,960 195,135 12.3381 Disposals C&rri8d fopAfard 31 December 2023 56,683 7.435 1 5.250 5,982 11,562 1,987,570 2,084,482 ACCUMULATED DEPRECIATION Brought forward 1 Januafy 2023 Charge lor the year Depreciation on disposal Carried fokward 31 Deoembef 2023 12,343 15,250 5,860 2.891 36,344 4,886 615 2.891 8.391 12,3381 12,3381 17,228 15,2S0 4,137 5,781 42,397 Net book valuo- 31 Decembèr 2023 39,454 7,43S 1.845 5,781 1,987.$70 2,042.085 Net book value- 31 December 2022 37,646 7,435 8.672 1,801,589 1,8S5,341 27
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinued) TANGIBLE FIXED ASSETS Icontinuedl Ch&rlly Msnistry Computer Fixtures equlpment Valuables Piano equlpinent 8 Flttlngs Total COST Bioiight fOard l JanLiary 2023 Additions 49.988 7.435 15,250 5.860 11,562 90.095 6.695 2.460 12,3381 9,1S5 12.3381 Disposals Carrled forwaid 31 December 2023 56,683 7,435 15,250 5,982 11,562 96,912 ACCUMULATED DEPRECIATION Brought lOnard l JaiiL18ry 2023 Charge for the year Depreciation on disposal Carrled forward 31 December 2023 12.343 15.250 5.860 36.343 4.886 615 2,891 8,392 12,3381 12,3381 17,228 15,2SO 4,137 5,781 42,396 Net book value 31 December 2023 39,454 7.435 1,845 5,781 54,515 Net book value 31 Decembef 2022 37.646 7.435 8,672 53,752 The Chiirch also owns 2 charitable properties which are shown al £nil {2022. £nil}. 28
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl INVESTMENTS Investment property Quoted investments Total Market value at l January 2023 Additions Disposals Unrealised gain I (loss) Gainlllossl on revaluation of Inveslnient property 3,393,116 1,040,582 4,433,698 118.4071 {18,4071 1293,1161 1293,1161 Market value at 31 December 2023 3,100,000 1,022,175 4,122,175 There were no additions or disposals of investments In the year. 2023 Investments comprise the following:_ Investment shales in the Central Bond ol Finance ol the Cliurch of England M&G Seburilies Charilund Income units Flats 3 & 7 Grosvenor Hill Court, London. W1 56,242 965.933 3,100,000 4,122,175 The Ilals al 3 and 7 Grosvenor Hill Court were re-valued ss al 31 December 2023 by the trustees. The PCC is not aware ot any material change since this valuation. The quoted ii?veslnienls were valued on the basis of the available m8rkel data 29
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconlinuedl 8 DEBTORS Group 2023 Charity 2023 Group 2022 Charity 2022 Debtors due after more than one year: Amounls owed by SGHS EiileTprises 2.294.868 2,127,500 Debtors due in less than one ypar.. Prepayments and accrued income Other debtors 58,582 44.377 29,154 73.531 41,746 25.798 61.306 5.679 66,985 Total debtors 76,537 2,368,399 67,54S 2,194,485 The Charity loaii balance above is gwed by a trading subsidiary, receives interest al the Barclays basè rale plus 2 75,/0 and Is repayable on demand. The balance Is incliided in debtors due In more than one year becaiise thè charity dnes not Intend lo recall thi5 until the trading subsidiary has begiin trading 9 CREDITORS Group 2023 Charity 2023 Group 2022 Charity 2022 Credltors due more than one year.. Deposits held 120,000 Creditors due within one year.. Oiher creditors Accruals and deferred income Loan from the Hyde Park Place Estate Charity Deposits lield HMRG creditors 60,666 60.665 33.328 36.378 2,025,263 2,025,263 62,454 59.036 73,135 69.785 1.897,427 1,897.427 10,737 2,920 2,281 2,281 2,129.994 2.125.226 2,035,297 2,02B,529 Total Credltors 2,249,994 2,125,226 2,035,297 2,028,529 30
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL} NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconliiiuedl 10 PROVISIONS 2023 2022 Portico repair costs 270,190 270.190 DLiring the prior year the portico of Sl Geoi"ge Hanover Square sustained significant damage, as Ilie PCC had an oblig81ion lo repair this, a provis101i was recogriised. The provision was calculated on Ilie basis ol actual aiid estimated costs calculated prior lo the dale of signiiig this report. The Portico repairs were complgled in the year hence an absence of any provision in the current year. 11 RELATED PARTY TRANSACTIONS AND SUBSIDIARY UNDERTAKINGS PCC Membeis Reimbursed expenses ol £14.41012022.' £15,438) for parish expenses and ulilily bills were reimbursed 10 4 PCC members. No expenses were paid lo third parties on behalf of the PCC. This is in the Iruslees expenses note During the year, total unrestricted income of £26,46612022' £10.6001 was received from PCC members. The PCC has two subsidiaries, the Sl George's Haiiover Square Fouiidalioii aiid SGHS Enterpiises Limited. A summary ol these together w11h the Iransactioiis with the two entities follows.. The Sl Gec)r e's H&nuver' S siipport lo 11?e cl?urcli iiare FJiii?dalioi? cliaril nlllFiber. 1120505 &i?tily wl?ic17 piovides Address." Sl George's Vestry, 2a Mill Street. London. W1 S 1 FX Gross assets.. £ 300.900 Liabilities.. Turnover.. Expenditure.. Surplus Ideficil).. £ 85.180 £ 3,498 £ 34,965 During the yeai, the Church received grènls of £47.25812022' £60,000) from the Foundation. Al the yp.ar end the Foundation owed the church £111,53312022". £nill. SGHS Ei?ler rises Limiled oni d17 n11177ber. 10023760 a Iicidiiig siil)sidiary ol Ilpe cliuich Address. Sl George's Vestiy. 2a Mill Street. Londoi), W1 S 1 FX Gross assets.. £ 2,180.259 £12,534.2191 £ 203.076 £ 163.823 £ 39,254 Turnover.. Expeiidilure.. Profil Ilossl.. 31
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconlinuedl Durinq Ihe year. the Church made a loan of £25,00012022.' 120.0001 lo the company. and charged inleiesl nl £147,36712022. £79.8421 lo the company. Al the year ond the Chui'ch was owed £2,294.86812022.. £2.127.5001 by the company. Tl?e H de Park Place Estate Charit Duriiig the year. Ihe Chiirch received granls of £252,73Q12022". £113,002) from HPPEC, and unpaid Interest due of £121, 13512022.. £66,648) lo HPPEC. HPPEC - an entity iiiider c¢>mmon coi?trol HPPEC arranged a loan for the PCC al an annual inl8resl rale of 2.75°/o over base. Al the beginning ol Ihe year an amoiinl of P1.897,427 was owed. and after interest of £121,135 charged: a drawdown of £25.000 and repayments of £18,299, an amount or £2,025.263 was owed. 12 ANALYSIS OF NET ASSETS BY FUNO Current year Unrestrlcted funds R8stricted funds Endowmeiit funds Total Tangible fixed assets Investments Nel curienl Iliabililiesllassels 2,042,085 56.241 11,655 4441 2.042.085 4,122.175 11.411,7951 3,100,000 243,649 965.934 Total 442,882 3,343,649 965,934 4,752,465 Prlor year Unrestricted funds Restrlcted funds Endowment funds Total Tangible fixed assets Investments Nel curronl Iliabililiesllassels 1.855,341 51,405 11.556,7841 1,855,341 4,433 698 11.716.729) 3,393,116 1159,9451 989,177 Total 349,962 3,233,171 989,177 4,572,310 32
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPELI NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconlinuedl 13 RESTRICTED AND ENDOWMENT FUNDS Restricted Fijiids Ciiirtriit year 01Jdn 2023 Expen¢lltL*rt Uiireallsed Trai)sfer$ 31-Dec gain 2023 57.553 1 691 57,553 1.542 3,100,000 27.826 14,716 4.962 951 Special Colle¢lions Fund 3,25F Hector and Churchwardens, Pund 3,393,116 Homeless VOLichers fund 27 826 13,4051 ChLJrr.h Ory8n Fund South SlIe1 Fund 16.250 22 437 1,250 9,608 12.7851 127,0831 RAA Art Proieci Piiest In Charge F.xiernal Redecoration 951 25.452 17,5001 1149,6681 17.952 149.668 Chapel Organ Fund Souiid System Fuiid Vestments 2,520 640 3,746 3.196 3.970 2,520 14.0001 12501 3,360 3,596 3.196 5.628 Hymns & Pimms Music for Special ServKe5 Westminster Foiincsaiion 1.658 Repaits Fund Porfico 103,208 1270,1901 335.020 103.208 164.8301 Total 3.233,171 510,087 1259.6211 1293,1161 163.028 5.343,650 33
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE (AND THE GROSVENOR CHAPEL) NOTES TO TFIE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 Icontinuedl 13 RESTRICTED AND ENDOWMENT FUNDS Iconlinuedl Re5tri¢ted Fiinits Prlor year 31 December 2022 Jaiiiiary 2022 la5 reslaledl lllcome Expeiidltiire Unreali5ed Transfers 8urial Groiino Fun Chapel exiernal cedecoraiioii Ch8pel Pnesi In charge 22.469 27814 70.008 96 4fj41 3.947 Char¢1 Spe¢131 Go1ClI0n5 Church Organ Flind Church spp.cial collecliDns lomeless VOLiclieis ymns and Pimms Mu51c for speci1< I seTvices 019ao Scholai FLJnd Pilgrimage RAA Art Project Retlor & Church Wardens Propeny Vesinienls FunLI Portico Solilh SIet 2,652 1.250 2.652 16.250 605 27,828 3.196 3.970 640 3.746 13,750 605 18.726 3196 1.5DO 3.640 120 951 1 250 9.100 2,470 13.0001 3,951 3010000 129,663 253.453 3.393.116 2,520 1270 1901 22.436 1270.1901 f?6.855 Total 3,130,743 120,773 1645,083 129,683 497,076 3,233,172 The purposes of tlie funds ale". Biirial Gioiiiid FLiiFcY- Income from the funds from tl)e sale of Ihe old Burial Ground ol Sl George's Church which is applied to the lollowinq. provision of living accommodation foi the Reclol 8nd his successors the preservation and maintenance ol the fabric and organ of the parish chijrch the lormatitsn ol a fund. the income ol which shall be used for Ihe maintenance of the parish church and Its service5 Cl?cipel exterii&l recl&coralioii- Grosvenor Chapol donalions loi exlerfjal redecoration of the chapel. A Iransler of £149.668 was mado from unrestricted funds Io feslricled funds lo cover the deficil OD this fund Cliiipel Piiest-ii?-ClirllyP rli.%crelinii Priesl-in-charge. Grosvenor Chapel donations given to be iised al the discrelion of the Clir?pp.I Si)ecial Collectioi?s Fill- Chapel collections lo be paid lo other charities and causes Cliiiicli Oroc?11 Fiiricl- Donations received to preserve tlie new organ in Sl George's through a planned Schedule of mainlenance by the niakers. 34
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE {AND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl RESTRICTED AND ENDOWMENT FUNDS Iconbnuedl ChiJrGlI Spuci¢il CollL'LIiuiib Fiiii(l- Churcli collections lo be paicl to other chaiities and causes. HoiFieless voiicl?ers- Donations received lo support a food programm¢ lor the HomeSess. Hy177iis ancl Piii?Ins- An outreach prc>gramm* sorving those with dementia aiid their carers. AliisL loi" Special Services- includes grant reiVed from the Champniss Foundation lo fund the Choir. Oigaij Scholar FLiiid- Donatsoiis lo assist with 11)e eKpenses of an Organ Scholar at the Chapel A Iranslei ol £3.360 was made from unrestricted resefves to cover the deflcil ID this fun(J. RAA Arl Pn)Jeol - Donations to pay for cosls end professional Iirne In connection with the 'Gaidens of the IINagill4lion' project exhibition al the Chapel. Rectoi" & Cliuicli Wairleiis Propvfly- Funds held fof Ihe provision ol accoinmodalion for the Rector and Veigei Soui?d Syslein F1113d- Donaiions towards a sound system lor the Chapel. Soiilli Streel Fiiiid- Funds received lor tlie repair, maintenanee and upkeep ol the woperties al 49 and 49A South Street. Londcin VQ1 VesliF)eiils Fiiftid- Donations for maintenance and iepair of Chapel vestments. Weslinii?stei"Foiii?dcl1ioi?- A chaiitsble giant from the Foundalion lo offset the cost ol employing a Community and Events Officer al Grosvenor CliapeS. Portico- To repaii datnage suffered 10 the Sl George Square Hanover church al the end of 2022. The PCC collecled donations lo fund the reouired repair works. which a1ts5e becausè the PCC has an obligation lo make these repairs. Endowment Fund Current year 1 January 2023 Galii on Investments Iiicome Expendlture Transfer 31 Decefflber 2023 8Lirial groLind fund 989,177 123,2431 965,934 Prlor year 1 January 2022 Galn on Investmethts Income Expenditure 31 December 2022 Traiisfer Burial ground fund 1.515,584 76,407 450.000 989,177 35
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST GEORGE HANOVER SQUARE IAND THE GROSVENOR CHAPEL) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconlinuedl 13 RESTRICTED AND ENDOWMENT FUNDS Icontiniiedl Endowment Fund Biiiial GFDiind Fiind Fuiids from the sale ol the old Buiial Grouiid of Sl. George's Chuich which in accordaiice with the Sl. George Hanover Square Burial Ground A¢t 1984 section 6131 is ID be applied as lo capital and Ihe in¢ome from which Is to be applied as noted above, as a periranenl endowment fund As disclosed above. in the prior year permission was ieceived lo Iransler F450,000 out of this fund lor Ihe maintenance ol properties. £253,453 was transferred Its the Rector and Churchwardens fund for the maintenance of the nveslmenl properly and £136.855 was Iransforred lo the South Street fund lor the maintenance of the properties described above. The remaining £59.692 was transferred lo the unreslricled general fund lo reimbiirse costs IncLiired in the year prior. 14 UNRESTRICTED FUNDS Current year 1 Janiiary 2023 Galns on Investments 31 December 2023 Income Expendltiire TraiisfeTS General Funds 349,962 1,109,120 1888.0081 4.836 1153,0281 442,882 349,962 1,109.120 1868.0081 4.836 1153.0281 442,882 Prior year 1 JanLiary 2023 Income Expenditure Gains on investments Transfers 31 December 2023 Genèral Funds 247.701 671,953 1609,6001 17.1891 47,076 349,962 247.701 671,953 1609,6001 17,1691 47,076 349,962 15 CAPITAL COMMITMENTS Al the year end. Ilie group had ¢Dmmilmeiits for the pijrchase of £433,472 01 capital assels12022.. £n111. 36