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-w￿l1iaMS
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 unt￿1 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 offi￿r$..
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 re￿nI 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 SOUT￿S, 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 SerV￿ceS 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 Li￿nCe 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 Uli￿rtainl1es 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 balan￿5 and Iransaclions and checked these were eliminaled on
consolidation.
There are inherent limitations in our audit pro￿dureS 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 prO￿dUr&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.
Olherfixtii￿S. 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.
Unde￿rOtt 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 Incol￿e 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 fO￿ard 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 lOn￿ard 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 SlI￿e1 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 Go1￿ClI0n5
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 SI￿et
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 re￿iVed 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