WEST STREET CHARITY Registered Charity Number 1135436 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sr DECEMBER 2020
Page I EEf CHARrrY EFERENCE AND ADMINisfRATIV Constitution West Street Charity is a reglstered tharity, No 1135436. arK1 is managed ty a ixxjy of trustees. Trustees The West Street Trustee Mited (ClynnY nurntrr 11508044) was apwnted COfTX)rate trustee of West Strt Charity on 20th February 2019. At that date, the exists.ng trustees of the Charity became directors of the Corporate Ttee and act in the capaoty of truees of West Street Chanty. The tnJstees WIKJ served duriry the year were: The West Street Trustee Mited (apF#)Inted 20th February 2019) The Custodian Trustee is the L(dOn t)iocesan Fund, 36 CaUstC Street, London, SWIP 4AU. The Princlpal Offlcers are: Chalrman Rev. A.C ca {reggned 2P DmiEr 2019) Dr W Jame5 (app)inted 2P December 2019) Dr W James Mr O Hory (appointed 25th t)ecember 2019) Secretsry Mr R ThrcthN Treasurer Mr W Grutxly (appointed W July 2019) Standing Committee Chaimian, Churchwarders, Seuetsry and Twsu Vice Chairnian Professional Advisors: Registered Auditors: Knox crOpr LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Bankers: Unity Tnjst Bank 9 Brindleypla Blrmingham Bl 2H8 Sollcltors: Prince Evans Sollcitors LLP Craven House 40-+1 Uxbndge Road London W5 28S Property Agents: Farebrother Chartered Survey(Ks 27 Bream's BuildirKJs LoThJon EC 4A IDZ Property Agents: The LDG PartrErship LLP 39 Foley Street London WIW Trp Chartered SuNyors: KBW Chartered SuNeyors Oty Temple Holborn Viadutt LorKlon ECIA 2DE Principal Office Address: st. Giles-in-th*FElds, 60 5t Giles High Street, London WC2H 8LG.
Page 2 WEST sfREET CHARTrY PORT OF THE TRusfEES srDE EMBER 202 The trustees submit their reEx)rt and accounts of the Charity for year ended 31st t)ember 2020. Trustees have adopted the pmwsions of Accounts"ng and Rep)rting by Charities: Statement of Recommended practi applicable to charities prepariThJ tFEir accounts in accordance witb the financial Rewrting Stsndard applicable in the UK and Republic of IrelaTrJ (FRS 102) leffve l January 2019). srRucfuRE GOVERNANCE AND MANAGEMENT Legal Status and Constitution The West Street Chanty is registered with the Charity Commi55ion (No. 1135436). Trustees Appolntment and Trainin9 The West Street Trustee Mrtl [CnP5nY numlw 11508044) was appointed corrM)rate trustee of West Street Charity In February 2019. The Directors of the Company are the Trustees of the Charity and are the members of the Parochial Church Counal (PCC) of St. Giles-in-the-Fields who are elected at the Annual Porish Meeting and Annual Parochol Church Meeb'r¥J in April each year. New members are inducted by the Rector and the Parcthial Church Coun(il. Management Arrnngements Trustees met on seven occa5ton5 in year to 31st Decemter 2020 to consider maFkAgement matters in spect of the Charity's proFerty and to make grants to St Gile5-in-the-Fields PCC. The main topi of business COnml tr refurtH'shment of 24 West StreeL the resents.31 letbng of 26 West street and the commercial letting of the Lower Ground Flwr of 26 West Street. The Standing Committee met six times in the year to review management accounts and general matters relating to the prOpe"e$. Risk Management The Trustees continued to assess the mapr risks to which Charity is exposed, particularly those lated to the OFerations aTh1 finances of the Ctsrity. The Trustees recognise a number of key risks faced by the charity, which are outlined below, and are satssfied that wstems are in FA0 to mitr.gate the exposure of the Charity to these risks. External risks Tenant default- constitutes a risk to in(JJrne and ultimatel to ca itsl value Economic ouVook- adverse economic trends tFt may affe(t capital value Miti ations Use of professional agents in tenant d ence oTrJ mana ment C¢tr"nUed rnaintenan of low geariThJ and conservation of reserves Profes90nal advice in understsndirKJ char¥Jing demar5 and needs from reydential and commeroal tenants Su5tsin relationships with our bankers Obtsining profes510nal advice in arrarvJing and meeting new finanang requirements Availability of external finar on acceptsble terms- maintaining and enhancing the catrI value of the portfolio uires debt financi
Page 3 Esr srREEf CHARrrY REPORT OF THE TR OR THE YEAR END EMBER 2 Internal risks Portfolio conntra.On - COnntrated in West street Ersurirrfj propertie5 are 5Ulted to changing needs of I(al tenants Continued rna1ntenan of low gearirwJ and conservation of rese ROrOuS review of devebopment opportunitie5 and risks utilisirKJ extemal professional advice seekn.ng fixed price contracts with building contractors a05e monTtoring, tcMJether with our extemal advisers of active develo ments Development refurbishment- development and reftjrfoishment offers ability to maintsin or enhance capitsl val of asset but carries risks to plannirKJ, construrtion timing. costs and lettr'rrfj OBJEcfIvES AND ACTivmES, PUBLIC BENEFrr Objectives of the Charity and its Public Benefft Tnjstees a mirMJfvI of the rules of Charits"es Att 2011 and the guidan is51 by the Chartty Commission with regard to public benefit and arts in a(KOrdan with this guidan. Aims The aims of the Charity are to maintain improve propth of Charity124 and 26 West Street) and to support the PCC of St Giles-in-the-fields in its work of ministry arKI misson and maintsining the fabric and grounds of St GIl-1n-the-Field5. The Charity's Property The Crity owns proFwbes, 24 and 26 West Street (the latter named 'Tr Mission House? and reiVeS rental income from t#)th. Legal tttle to the properties 15 held by the London Diocesan Fund in Trust for the Charity. 24 and 26 (grou1 fli)or only} West Street were not let in the 2020. The upper floors of no. 26 COmpSe four resloenb'èl flats whitt) were let out to tenants dunng 2020. The lower ground floor of The Mission House is let as Offi accomm¢)Jatr"on. Aims •nd Objectives for the Year The trust. primary aim for the year wa5 to urertake the refijthshment of the (tmnmeroal offitr space in 24 West Street arKI the ground flwr of 26 West Street in order to maintsin and conserve the historic building and re-let the space to a commeroal tenant. At the same time, tr trustees contr'nued to ensure that the Charity's remaining prOrty was maintsined in go(xS order. In light of the chanty's redu income suItiNJ from the va¢Jncy in 24 West Street, the trustees tLK)k the deosion to temFKprarily suspend grant making to the St Giles-in-the-Fields PCC in (der to CorrVe its reseryes to help fund the refurbishment work. It is the trusts aim to resume grdnt maknng as 9n as possible following successful completion of the works.
Page 4 RE THE UStE THE REN Achievement of Objectives During the year the Trust and Directors providay a grant of £15,0(KJ (2019.. £205,WO) for the UPkp of Church of St. Giles-in-th&eIds. HavirKJ taken from its propetty agents and professional advisors, the Charity applEd for and was grantsl an In8501 trM)rrowing facility from Unity Trust Bank to finan the refurbishment of 24 West Street in am(nt of £2,437,101, including the refinancing of existing borrowing. Having sred this finaing. the CtrkHrity inib.ated yrk to refurbish and m¢xlernise the 0&Erty in November 2020. The Charty ccntinu&J to obtsin income from the letting of the IdentIal and cofftmercial proFty I(ated In 26 West str FINANCIAL REVIEW Results for the year The trustees made grants of £15.000 (2019: E205,0(K)) to the PCC of St Giles-in-the-Fields out of the rentsl income receiv1 frc¥n its properties. The trustees regard Charity as a significant financial resource. The trustees have revied bjdgets and cash flows for a 1cl of 12 months frc¥n the date of signature of these accounts. Surplus from rental incoffle. and the existing finarla1 resources, are deemed sufficient to ftjlfil the chariWs Obligati$, including the SeICIng and repayments of a loan from Unity Trust Bank plc. Trustees give carefvl thought to inVestmet of sh income. The trustees will continue to monitor the reseNes WltIOn to ensure that the level of reserves MaInS appropriate for its objectives. During the year the Trust$ pmwded grants sokly to the Parla1 Church CourKil of St. Giles-in-the- Fields. Trustees do not ld a fcymal Reserves PKY tyJt are min(fful of the red to have sums available to supwrt the ministry and mission of St G1les-in-ttrF1dS We it to experien unexrÉrted financial demands and to provK1e for the rna1ntenan and upkeep of its proEErties. During 2020 the trustees reduced the grants given to St Giles-in-the-Fields in order to ensure that it has capital sufficient to undertake refurbrshment and Maintn WO 24 West Street. Revaluation Reserve In June 2020, Unity Trust Bank Pk LFndutcw)k a Valuati of 24-26 W& Street throjgh external advlsors Sander50n Weatra11. This valuation detem)irEd that. pri to its refurbishment, the value of the prOlty had reduced versus iys caryiThJ amount by £2,708,942 (2019.. £nil) with a carrying value of £10,195,000 (2019.. £I2,3,492). As the refurbishment w0S are ongoing, we have determined to recognise this in the finarKial statements in of detemiining a refurbished value in 2021 On w5 are complete. FUTURE PLANS To continue to manage and let the prorErty of the Charity at 24 aTrJ 26 West Street. To maximise the income from 24 and 26 West Street. In order to meet these obFcbves, the TrLStees have urMJertaken the refurtmshMt and m(JYemisation of 24 West Street during 2020 and into 2021
Page 5 EEr R ENDED 1ST DECEMBER STATEMENT OF TRUSTEES RESPONSIBILMES The tharity's tnjstees a reSnsible for prepariThJ the Ret of the Trust aThJ the financial ststements in CCOrdan wth applicable law and Unrcd Kingkni AillNJntirwJ Standards (unit Kingdom Generally Accepted Accounting Practi) includirwJ Finanoal RerKrting Stsndard 102 'The Financial Rewrting Standard applicable in the UK and Republic of Ireland.. The law applicable to charitie5 in Engkind and Wale5. the Charrbes Act 2011. Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deaj requi$ the trust to mare finanaal statements for each financial year which give a true a1 fair view of the state of affairs of the Chanty and of the incoming resources and akylicati of resources, i[udir0 income and expEnditure, of the Charty for that period. In preparing those finarKial stements, the Trust are rUir1 to.. select 5utsble acccwnts.ro Folicies aTrJ apply t7 a)nsistentty: make itKlgements arKI estimates that are reasonab and prn1. Observe the methc(Js arKI prin0 in the Charity SORP. repare the financial statements on the goiThJ crmcern basis unless tt is inappropnate to presume that the Charty will ccx)b"nue to owate. The trustees are responsible for kping [Y(r accounbng records which disclose with reasonable accuracy at any time the financial posftion of the Charity orKJ whth EThble them to ensure that the financ1o1 statements comply with the Charities Act 2011, the Charity (Accounts and ReFQrtsl R8Jukitions 2008 and the provisions of the trust deed. They are also re5tx)nsible for SafUardlng the assets of the Charity atvj hen for taking reaSonae steps for the prevenb'on arKJ detettj'on of fraud and other irwularitES. AUDrroRS The tnjstees continue to hokl in very high regard work and 74Jvl provided by Knox Cropper LLP, Chartered Accountsnts. By order of the Trustees and Sig on their i*ha i . v. f feT¥Q 2021
Page 6 HARITY Opinion We have audited the finanoal ststements of West Street Charity (the 'charttyl for the year erKled 31st December 2020 which comprise statement of finan¢ial activioes, the balance sheet, and notes to the financial ststements, indLKiing a summary of %gnificant accwnts.ng rK)liaes. The finarrial reportiTrJ framework that has been applied in their preparation is applicatAe law aTrJ United KiThJdom Accounb'ng Stsndard5, (United Kingdom Generally Accepted AccountirKJ Practice), indudiTrJ Financial Repo.ng Standard 102 'The Financial Reporting Stsndard applicable in the UK aThl Republic of IrelarKI'. Thls port is made solely to the chariVs trustees, as a tmxjy. in accordance with Seth"on 144 of tharity.es Act 2011 and regulations made urKler Section 154 of that kt. Our audit work has been undertaken. so that we might state to the charity's trustees tFK)se matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent Femiitted by law, we do not accept or assume respon%bility to anyone other than the chanty and the chanty's thjstees as a bcxly. for our audit work, for this report or for the opinions we have fomied. In our opinion, the finarKial ststements: give a true and fair view of the state of oknrivs affairs as at 31%1 December 2019 aThJ of its incoming resour and application of rexIUr for the year then ended; have en properly prepared in accordan with United Kingdom Generally Accepted Accounting Prattice, IudIj nan0a1 ReiKKting StarKlard 102 'The Financial Re[ong Standard applicable in the UK and Republic of Ireland,; and have been prepared in aCcOrdae the requirements of the CPK4rities A(t 2011. Basis for oplnlon We conducted our aLt in KCOrdan with Intemational StsrNJards on Auditing (UK) (ISAS (UK)) and applicable law. Our SponsIbl11.eS under those stsn¢Jards are further described in the ALJditorfs restx)nsibilities for the audit of the financial ststements section of our rewrt. We are indendent of the charity in accordance with the ethical requirements that are relevant to our alt of the finan(ial statements in tIE UK, including the FRC'5 Ethical Standard, and we have fulfil our other ethical responsibilities in accordan with these requirements. We believe that the audit eden we have obtained is suffiaent and appropriate to provide a basts for our oplnion. Condusions relatlng to going concern In audrting the finanaal statements. have CCLed that the trustee's use of the going COrM basis of accounting in the prepardtion of the finarKial ststements is appropnate. Based on the work we have [rforn, we have rn)t identified any material Uncertaint relab.ng to events or condits'ons that, individually or (x)Ileth"vely. may cast significant doubt on the charity's ability to continue as a going COnM for a pericJ of at least Iee mcmths from when finanoal ststements are autlK)rised for issue. Our reswnsibilitres aThl the re4K)wbilitie5 of the trustees wth resm to going cOrern a described in the levant sections of this report. Other inforniation The other infomiatson comwises the information Ind in the annual report, other than the firsancial statements aThJ our auditor's rekKJrt there. Tr tnJstee5 are re5wnsible for the other infomiation. Our opinion on the finarrial statements does not cover the other information and, expt to the extent otherwise explicidy ststal in our pOrt. we do not express any fom of assuran conclusion therwn.
Page 7 EPORT OF THE ENDENT A 5TREEr In connertion with our audit of the finanoal ststements. crtjr reswnsibility is to re3é the other information and. in doing so, consider whether the other informab.on is materially inconsistent with the finanoal ststements or our knowledge obtained in the aLhlit or otherwise appears to be materially misstated. If we identify such material incon51stere5 or appant material misstatements, we are reqUId to determine wttether there is a material misstatement in finanoal ststements or a material misststement of the other information. If, based on the work we have ttrfomi&1, we COrude that there is a material misstatement of this other information, we are required to re[ that fatt. We have mthirrfj to retKsrt in this regard. Matters on whkh we are required to report by exception We have nothirKJ to repJrt in respett of the followiThJ matters the Charitres Act 2011 requires us to report to you if, in our opinion: the information gtven the Rert of Trt&s is ir(on5iStent in any material respect with the finanoal statements,. or sufficient accounb.ng records have not been kept: c trE finanoal ststements are not in agreement with the accounting Cords. or we have not received all the inforniation aThJ explanations we require for our al1t. Responsibilities of trustees As explained more fully in the Ststement of Trustees Re¥K)r6ibilib"es, the trustees are resporsible for the preparation of the financial ststements whith give a and fair wew, and for such internal control as the trustee5 determine is necessary to enable the weparab.on of financial ststements that are free from material misstatement, Whettr due to fraLKi or error. In preparing the financial statements, the trustees are responsible for assessirKJ the charity's ability to continue as a golng COnrn, disclosing, as applicable. matters felated to going corttrn and using the going COnM basis of accounttng unless the tW5tees either intend to liquidate the charity or to cease operab'ons, or have no alIstiC alternative but to th so. Audltorfs responsibilities for the aqHIIt of the flnancial statements We have bn apinted as asJdtiK urKler section 144 of charrt Act 2011 and reF#Yt in accordan wlth the Act and levant regulations made or hawng effect thereuThJer. Our objecti.ves a to obtsin reaSonae assurarKe aut whether the finala1 statements as a whole are fr from material misstatement, whether due to fvaud or error, arKI to issue a Rep)rt of the Independent Auditors that includes our opinhin. Reasonable assuran Is a high level of assuran, but is not a guarantee that an audit condurted in accordance wth ISAS {UK) will always detert a material misstatement when it exists. Misstatements can arise from fra or error aThJ are conSided material if, irmlividually or In the aggregate, they could reasonably be expected to influence the eCOr1 deo*'on5 of r$ tsken on the basis of these financial statements. Irregulorittes, indudiro fraud, are InStar of non-comp14ar with kiws and wulation5. We design procedures in line with our reSp)bIl"e$. ouUirEd atove, to detect material misstatements in SpeCt of irregularities, indudirvJ fraud. The extent to whlch our prrKedures are capable of detectiTrJ irregularities, including fraud is detsiled below: The Charity is required to comply with cFkirity law aThJ, based on our krwledge of its ath'vities, we Idenbfied that the legal requirement to accurately account for eThJowment funds was of key significan. We gained an uThJerstarKliNJ of kn4 the charity CoMled with its legal aThJ regulatory framewo, including the reqU1ment to properfy account for ermlowment funds, through discussions with management a review of the documented tK)lioes. wc(edures and controls.
Page 8 EPE14DEr A THE TR EE The audit team, whid) is experierKed in the alIt of (tsribes, considered the charity's susceptibility to material misstatement aTrJ how fraud may (xcur. Our a)nsiderabons induded the risk of management override. Our approath v¥as to cF*ck that all was w)pedy Identified and accounted and to ensure that only valid and appmpriate expenditure was tharged. This indud8J reviewing Journal adjustrnents and unusual traracnS. A further descripb'on of our re5Fonsibilities for the alt of the firwnaal ststements is located on the Finarrial Reporting Counol's website at.. www.frc.Org.uklayltorsres[jnSlbll1tses. This descripb'on forms part of our Rert of the Independent Auditors. LLr 65 Leadenhall Street KNOX CROPPER LLP Chartered Accountants tuto Auditors 20 September 2021 Knox Cropper LLP is eligible for apwintrnent a5 athjitor of the Charity by virtue of its eligibility for aPFointment as auditor of a company under seth.on 1212 of the Companies Act 2006.
Page 9 ATEMENT ANCIAL AcnvrrIES FOR THE YEAR ENDED ISI DECEMBER 2 Note5 2020 2019 INCOME FROM Investments Other Income TOTAL INCOME 179,741 527 573,963 40 574 003 EXPENorruRE ON Raising Funds Charitable Artivitres TOTAL EXPENDrruRE 110,576 112,955 207 412 320 367 128 026 Nrr INCOME AND NET MOVEMENT IN FUNDS 52.242 253,636 Net LIse5 on Investments 2 708 492 (2.656,250) 253,636 Fund Balance Brought Forward at 1st January 2020 12.228,869 11,975,233 Fund Balance5 Carried Forward at 31" December 2020 £9 572 619 £12 228 869 All the artivib.es reported above represent continLlng operations. The Charity only has unrestn.cted FuThJs. The notes fomi part of these finCial ststements.
Pa9e 10 WE CHARrrY BALAN AT Notes 2020 2019 FIXED ASSETS Property Redevelopment- in Progress Investment Properties 313,914 10 195 000 10.508.914 12 903 492 12,903,492 CURRENT ASSETS Debtors Cash at Bank and in HarKI 71,805 185,327 250 221 435,548 273,582 Less: CREDrroRS Amounts falli due within one year NET CURRENT ASSETS 146,692 345,223 CREDITORS: Amounts fallirvJ due after more than one year io (1,082,987) (1,019,846} TOTAL NET ASSErs 9,572,619 12,228,869 CAprrAL AND RESERVES Unrestricted Funds General Fund Revaluation ReseNe 12 12 520.677 9 051942 £9,572,619 468,435 11760 434 E12,228,869 These finanoal statements were approved by the Trustees on D? 2021 and signed on its behalf Mr ndy {Treasurer} The notes forn part of these finanoal statements.
Page 11 RE HARtrY ATEME CASH FLOWS R THE YEAR ENDED isf DE 8ER 2020 2020 2019 Cash flows from operating artivities: Net income for the reporting pericmj Adjustments for, Lossesl(gainsl on investments Rents and interest Decreasel{increase) in debtors IncreasellDecrease} in creditor5 Net movement In loans to further charitsble purrA)ses Net cash provided by operating artivities (2,656,250) 253,636 2,708,492 (179,556) (560,113) 113,522 (121,721) 127,114 18,814 113 322 Cash flows from Investlng actlvities: Rents and interest Proceeds from sale of investments Purchase of investments Net cash used in investing activities 179,556 560,113 313 914 Cash flows from financlng actlvltles: Repayments of borrowing Change in cash and cash eguivalents in the period (48,4H) 106,335 Cash and cash equivalents at the beginnln9 of the period 250,221 143,886 Cash and cash equivalents at the end of the period £201777 £250 221
Page 12 WEsr srREET HA NOTES TO THE A R THE YEAR E ACCOUNTING POLICIES a) Basis of Preparatlon and Assessment of going concern The accounts have been preparal under historical cost convention with the exptIOn of investments which are included at matttet value. The finala1 statements have been prepared in accordance with the Statement of Recommended Prattice: Accounting arKI Reporbng by Charities preparing their accounts in accordan with the Finanoial Reporbng Standards applicable in ttr UK and Republic of IreL3FMJ IFRS 102) (effethve 1st January 2019), Finanoal ReFOrting Stsndard applicable in Unrted Kingdom arKJ Republic of Ireland (FRS 102) and the Charities Act 2011. The presentatsonal currency of the finanaal ststements is Pournl Sterting {£). The Charity constitutes a public tfit eth.ty as defird by FRS 102. The Trustees C(51der that there are no material uncertainties aLK)ut the Charity's ability to continue as a going CoeM. Tr mapr UnrtaInty in this res is the future rental income streams of the Charity's Invesbnent Properties and the impart of Coronavirus on those future income streams. A decrease in futu nts1 income streams will affect the level of grant support that the Chartty (an offer to its beneficiary, St Giles-in-the-Fields. Cash reserves are sufficient to meet oTrJoiTrJ costs of the properties for fesee3b1e future. b) Intome All income is recognised On the chanty has entitlement to the income, it is probable that the income will be r1Ved amount of income re1vable can be measured reliably. Income from the *bng of the Charivs investment proFert5 is rec(KJnised under the accruals basis. Interest [rme is a(n)unted for when reVed as is any income tax recoverable on such ncome. c) Expenditure 'abilities are recognised as expenditure as s(x)n as there is a legal or constnjctive obligatiori committing charty to that experxliture, it is probéble that settment will be requ1 and the rnnt of the Obliga"on can be measured reliably. All expenditure is accounted for on an accruals basis. All exttnses IudIng suppK)rt a)sts gOvernare Costs are allocated or opp0.0ned to the applicae expenditu headiros on a basis conSistt with use of resour. d) Costs of ralslng funds The costs of raising funds CLSIst of costs of maintsining the investment properties aThJ certain legal and professional fees. e) Charitable artivities Costs of charitable actiwb.es itKJude grants made to third parbes in the furtherance of the charitable obieLts of the Charity and g0vemae costs. Investsnent Properties Investment prortseS a measured at fair value of the balance sheet date. The current valuab.on Was prepared in June 2020 arKi tK4sed on martet value of the frhOld interest. The valuab.on was carri&J out by Sanderson Weatrtrall, an independent valuer with recognlsed and reÈvant qualifications with ex[rien of the Ic(ation aTrJ property dass. Resth'Lt]'ons apply to the Chanvs a'lIty to realise investment property. As di5dosed in Note 10, the bank loan is seoJred by a tharge over the proFEty and legal ts.de to the pmperty is held in trust for the Charity by the LoThlon Dicwn Fund.
Page 13 TE ACCOUNTS Continued RTHEY R ENDED 31sf DE EMBER 2020 ACCOUNTING POLICIES (contlnued) g) Fund accounting All the Charity's futKls a unrestn.tted arnj can ts applied by lJ)e Trustee5 in Pursuan of its charitable acb'vities. h) Key judgements and estimates The market value of investment pr(yerbes is reviewed annually by the Trustee5 and based on the condition of those properb.es value is ajjusted usiThJ a recognised market indices. 1) Short-term debtors and credltors Debtor5 are recognised when the charity is Wlly entiyed to the income after any perf(*mance conditions have been met, the amount can te measured reliably it is probable that the irwme will be reived. Creditors are recognised when the charity has a present legal or con5truttive obligot10n resulkn.ro from a past event to make payment to a third party. it is probable that settlement wi15 I required aThJ amwnt due to settbe the obligation can measured or estimated rellay. INCOME FROM INVEMENTs 2020 2019 Rents received Dilapidations Other income 179,556 185 528 £180 269 459,407 114,556 40 £574 003 COST OF IIAISJNG FUNDS 2020 2019 Propth Costs Utilities and Counol Tax Maintenance, aearHng, etc Fees.. 24 West St rehjrbishment Loan Inte$t Managing Agents Insuran other Professional Fees Bank charges 13,938 12.985 7,469 4, 120 43, 158 26,780 3,768 26,756 116 El 12 955 41.100 21,955 lo,6 4,568 EIIO 576 CHARThABLE AcnvrriES 2020 2019 Grants to St. Glles-In-the-Fields General Maintenance Governance costs Audit 15,OCKI 205,000 £207 412 For the year ending 31 Decemlw 2020, the Fee amrxjnted to £2,450 (2019.. £2,412).
Page 14 E YEAR EN EMBER 2 FIXED ASSEfs- PROPERTY REDEVELOPMENT 2020 2019 Work in projress at 1st January Additions Transfer to Fixed Assets Work in pr($5 at 31st DMtrr 313.914 £313 914 FIXED ASSEtS 2020 2019 Investrnent Propeity at 1st January Transfer of work in prcgress Revoluats"on Investment Propety at 31st December 12.903.492 12.903,492 2 708 492 £10 195 000 £12 903 492 The charity owns tsvo kYoperties- 24 and 26 West Street. At year ended 31st Detsmber 2020, £313,914 had been caprtalised within Propety Development - Work in Progress. The refurblshment prO)t is due to complete in 2020. DEBTORS 2020 2019 Rental Debtor Prepayments Loan to St Giles In the Fields PCC Dilapidations VAT other Debtors 1,395 10,343 50,000 10,243 6,560 50,000 114,556 7,351 £71805 £185 327 CASH AT BANK AND IN HAND Deposit Account Current Account 8,814 8,814 241407 £250 221 £201777 CREDITORS: Amounts Fallirwj Due Within Or Year Rental Income paid in advan Consultancy Fees Trade Credit(Ks Acuuals Unity Bank loan 24,059 28,034 13,850 2,752 2,437 ,890 4,422 £126,890 £90,325
Page 15 WES[ REET CHARrrY t40TE OUNTS nu 10. CREDThORS: Amounts FalliThJ Due After More Than Ore Year 2020 2019 Unlty Bank Loan £1082 987 £1019 846 The bank loans are with Unity Trust Bank. DurirKJ t1 year, Charity sought fvrther trKJrrowings in order to reoevelop prinapally 24 West Street. The pmious loan was converted to new loan with a maximum faolity of £2,437.101. At the year ending 31 DeMr 2020, £1,082,987 of this facility had been drawn down with the remainder to te made availa1e as refurbishment works a completed. Interest on the onginal loan was charged at a rète of 2.75% over the Unity Trust Bank base rate which was 0.5%, subject to a minimum of 4% per annum. The nth loan is repayable over 20 years and charges an InteSt rate of 3.35% per annum over Bank of Eroland Base Rate which is currently O. 1%. whe the Base Rate is less than 0.1%. the interest rate tharged will be 3.35%. The new loan has been secured by a charge over 24 26 West Street. During year, rK)n-ub'lisation fees of £4,982 (2019.. £nil) We incurred where fijll faalty had not teen drawn down. 11. KEY MANAGEMENT PERS014NEL Key management personnel are defirEd as tnjstees. For the year endiThJ 31 December 2020, £5,500 had been accrued for agreed MneratIOn for Wil James (Trustee). This was for propct management and stewardship services in relation to the refurbishment of 24 West Street. This has been cBtM'tslised within Property Redevelopment- Work in Progress. 12. CAprrAL AND RESERVES Revaluation Reserve General Fund Total balan at 1° January 2020 Net Movement in Funds Balan at 31st December 2020 11.760.434 (2,708,492) 19,051,942 468.435 52,242 £520.677 £12,228,869 (2,656,250) E9,572.619 Revaluation ReseThe Genernl Fund Total Balan at ISI January 2019 Net Movement in Funds Balan at 3151 Dmber 2019 11,760,434 214,799 253,636 £468,435 11,975.233 253,636 £12,228,869 £11,760,434
Page 16 HARITY NOTES T THEA FOR THE YEAR EPIDED 31sf DE EM 020 13. RELATED PARTY TRANSAcfioNS The St. Giles-in-the-elds Ecclesiast1 charib.es which comprise: St Giles-in-the-Fields Parochol Churth CnCil West Street Charity Alicia Duchess Dudley for the Rth Charity The Caroline Clayson Charity In the current year West Street Charity paid a grant to St. Giles-in-trt-Fields Parochial Church Counci for payment of the common furKI contn"butions, stiFerKls, salaries and the repair and maintenance of the Church and Churchyard of St. Giles-1n-ttrE-e1d5, amountiThJ to £15,000 (2019.. £205,000). At the year end, £50,000 was due from St. Giles-in-the-fields Parochial Church Counal {2019.. £50,000). The We no other related party transèthor6 eitrEr with the aiK)ve named tharities or with the trustees personally other than those already stated.