WEST STREET CHARITY Charity Reglstratlon Number. 1135436 Annual Report and Flnanclal Statements For the year ended 31 December 2022 Tandem Accounting Ltd 17 Htathwlle Road ndon N19 3AL
WEST STREET CHARITY Annual Report and Flnanclal Ststements For the year ended 31 December 2022 Contents Page Le841 & admiftistrative infornbatlon Annual Report of the Trustees Report of th• Ind•p¢ndent Audltors to the Tnjste Statement of IInan¢i &etlvlde •nc• h¢•t 10 Notes to th• Ilnan¢lal Jtat•m
WEST STREET CHARITY Annual Report of the Trurtees For the year ended 31 December 2022 Charity Name West Street Charity. Charlty Retra)n no 1135436. Th• Charity was reKlstered wth the Charlty Cgmrnissio Pvlndpal Offlc• SL ale14n.thtrRe 60 S¢ Gikn Hh StreeL London WC2H 8LG. Gov•rnlnz Document S¢hÈmè eXal$hed by an ordèr In th• CtrAncery Dlyision of the Hl8h Court ofjusuce 16 Dtterthr 1949 as nd•d 5¢hwrt¢ d4t¢d 01 Iury 2019. Alms Th¢ aims ofthe Cty t¢ mainofin and Improve the property ofthe Charlty {24 and 26 Wes¢ Street) and to support the PCC of St Gile%4n•thethelds In Its work of mlnlstry and misslon and mntnIng the fabrlc and ground5 of St Gihs4n-the•Fields. Trurte The West Street Trustee Umlted (comp•ny number I15(WHI VAS ¥pointed corpoTrt¢ trUse ol Wex Street Charlty on 20 February 2019. At that du the •xisvng trust¢es of the Chari¢y became dtrectors of the Corporate Trustee and act In the upaclty of Princlpl Offlc•n Re4 T s1•r Drwjam Mr O Flory Mr R Throw Mr W Grundy VKe ch•imh Vice chimh Tr•asur•r Key Management P•r¥onn•l The persons in tharye of directins c¢JntroMift& ruftn1 and opern1 th• Chartty on thy to day basis are the Truste Bank• Unity fNs¢ Bk pk 9 Brin¥ Place BIrmIaM Bl 2HB Indepdent Audltovs Knox Cmpp•r LLP Chartered Accountants & Ststutory Auditors 65 Le1denhl Stre¢¢ London EC3A 2AD Sollctto Rusxd Cook• LLP Bishop's Palace Hou Kin8sEon Brid kn85ton.upon.Thrn Surrty KTI IQN chart*r Survey Gty Ternple Holborn Viaduc¢ London ECIA 2DE Property Azents 39 Folty Street London WIW Charrered Surwor% 27 Bream's Buildings London EC 4A I DZ
WEST sfREET CHARITY Annual Report of the Trustees For the year ended 31 December 2022 The Trustees submit their report and the srafements of Wejt Street Ch•riry fthe Charl? for thè yw ded 31 December 2022. The fiftanci ststements have been prepared in the forniat prescribed by the Statement of Retommended Practice.. Accounting and Reporting by Chariw {SORP 2019 (FRS1021) and the Financial Reporting Standard 101 The leg1 and admini5tTrtive inform31ion Set out earliEr in this dotument fornts part of this reporL 1.1. Truste•s The West Strerf Trustee Uml¢ed (CoMnY number 115080441 wa5 aPPnted corFKKate trustee of Wesr street Chir in February 2019. The Directors ol the Company are the Trus¢ees of the Charlty and are the member5 of the Parochlal Chur¢h Coun¢ll (PCCI of St Glles-In-the-Fklds who art elected at the Annual Parish Meetlng and Annual Parochlal Churth Meetlng In Aprll each year. New mer1 arn knduct•d by the Rectsv Parochi Chvrth C+>Jncil. Trustees met an slx occaslons In the year to 31 rt DeCber 2022 to consider mana8effnt rrAttèrs in respett of the Chadty'5 property and to make 8ranu ro the St Glles-lne-FleldS PCC. The man toplcs of buslness concerned the relurblshmen¢ of 24 Wes¢ StreeL the re51denl1 letrln8 of 26 West Stree¢ and the commercw lettlng of the Lower Ground Floor of 26 West S¢reeL 1.2 Alik Manag•m•nt The Trustees Conne to auess the fflar rl$ks to whlth the Ch¥lty Is exposrf partjcularty th05e relared to che op•rations and financès of th• Charity. The Truste•s rnc¢wis• a numb•r of key risks fac•d by th• charlty. whlch ar• outllned below. and are satirfied that syst arn in place to the expmure of the Chviy to these risks. Ext•rnal rlthj Tenant default- con3tl¢utes a rlsk to Income and. ultknatel to c Ital value Economic outlook- adverse economic trends th mly affec¢ capltsl lue Use of professlorthl •gents In tenant due dIMnCe and ent CoTrtinued miintenwce of low gearing ind conservatbn of reserye5 Professlonal advke In understhndlnl changlng demanth and netds from rtsrdential and commercial tenants Susf•ln reonshIpS vlith osjr bankery4 Obtaining proleulonal advbce In arranlkni and meetkng financln ulrements Avallablloiy of external flnance on acceptsble trrrM- mnInIng and enhanclng the witral value of the pordollo requlres debt finnI Internal ri¥ks Portfollo concen¢radon- a55ets concentrlted In We5r Street Ensurlng properries are suited to ChRIng need5 of local tenants Continued malnrerwKe of low prlni consorwation of re5ervÈs IUgorou5 revbew of development oppornJnlrie5 and risk¥ ur11151ng eTrrnal profe5510n advice Seekhlg Ilxed prke c¢)ntracts with bulldlng contrKto Close monitorin& toFther vrith our external athjers, of actThe de¥e Development and refurblshment- development and refurb15hment offers the alIty ¢0 malnfn or enh¥nce capital rAlue of assec bu¢ c¥ries risks to plannin& constructyon tymln$ colts and let¢ Th¢ Tru$té¢$ are of the Charity Commi¥ion'$ guida on wblk and haye oven It due regard In thelr administration of the Ch•ri¢y. The aims of the Charity are to malntain and Improve the property of the Charicy124 •nd 26 W¢rt Strttt) and to $upporr the PCC of St G1leS4n•thtreldS In work of Mintry and mi55ion and malnts1nw the fabric and younds of St Gil*in- the-Flelds.
WEST STREET CHARITY Annual Report of the Trustees For the year ended 31 December 2022 The Charlty owns tsvo properries 24 and 26 West Stree¢ {the latter named The MissSon House'l and receives rental income from both. Legal tttle ro the pr¢¥erties is held by the thndon Diocewi Fund in Trust for the Charity. The upper Iloor$ of no. 26 Comprise fr resldentlal fia¢& The lowerground Iloor of The Mimion House ra lrt as offKe acconvnodation. The trustees. prin4ry w'm for the ye•r ro oversee the let of COMMerd ofike $Ce 24 Wert Street in ord•r to maintain and conserve the historic buiEdin¥ and provide y3nfS to St GIlen4he-d5 PCC. At the same time. the trustees continued to ensure th¢ the Charity's remaining property wa5 maintained in good order. In 2021. due ro the charty's reduced Income resultsngfrom the vacancy in 24 Wert Strex the trustee5 took the deo$Son to tempornrity suspend sr4nrs made to the St Giles-ln-thethelds PCC in order to canser4e ks reseThes to help fund th• refurbilhment work In 2022, the trus¢eeJ were abl¢ to rrfommtnte these grants. During the y•ar th• Trustees and Directors provided grants 01 £210.CW {2021.. £15.000) for the keeP of the Church of SL Glles-ln-theld$. Having takn from iu proprty agents and profession advi50r& the Charity applied for and was sranted borrowin¥ ts¢Iliti of £2.437.10 l from Unity Trust Bk to finartce th¢ r¢fvrbishm•nt of 24 West Street ThIJ Induded the r•finan¢¥i¥ of •xiKifi8 borrowin& In 2022 11)•n int•rMr ¢f £1 11467 Incurred {2021: £73,218) Funding for th• Chaiicy com•1 prhnarily thro r•ntsl incom• from 226 W•rt Strnat 4.1 Financial A<tlvlty FInd PosStlon The Statement of F¢nancial Actiwfiej and lance Sherf c be found on p•• 9 •Nd 10 respectlv•ty. Th• Ch¥W$ r•MThe$ decreased by £118.48 I durithe yyar (2021.. in¢re•58d by £21463). Th• bthnce sherf ihows total net assèts of£9.476.601 {2021.. £9J95.0821. Th• trurtees made 8fdnts of £210.000 P021.. £nif) to the PCC of S¢ Glles4n-the•Relds <>ut of th• renol Income recelved from rts properties. The truste•s ha r•viewtd budg•ts and cath llows lor a period of12 month5 from the datè of$ignawr• of these accoLtnrs. Surplu5 fmm rental Incow and the existing flnancial resource5, are deemed suffici•nt to fvlnl the Chadty'j obllptlon¥ Includlnz the ier¥kln8 afid repayments of a loan fram Unty Trust B•nk pl& Trust•ès glv• carèful thought ¢0 the invèstment of such income. The trustees will continue to monitor the reserves positlon to en$ur¢ that the level Of ruerve¥ remai ipproprw¢ for iu obiectyts. 4.2 R•Mms Pollcy Trnstses do not hold a formal Res•r¥•s Policy but ar• mindful af th• n••d to have sum5 alIle to support the ministry ahd missloft of S¢Gil•s-in-thtrFi•ldsw•re it to W•riVK• Un•Xp•Cd fmancAI d•man& and to provlde forth• maintenance d upknop of iu prop•rtis. In Junè 2021, Unity Trust Bk Pk undertook a ¥kntion of 226 W•rt Stre•t thrSh external adsOr$ Sandarson Weatherall. This valuation deterrnined thaE prlor to 1¢$ returbishmenk the ¥¢ of the property had reduced versu5 it's carrying amount by £1708.942 to a canying value of £I0.195.l. In 2021 with refurbishment completed all in pro8res$' {costs incurred towards CatrI Improvementsl were capitalised 'lnvestment Properf. The reSed carrying value at 31 December 2022 £l1.654.230. As the refvrbishment works ha now completed. but a re¥uaOn has not yet been perfornie4 the Trustee5 have deterniined to reColse the irnprovements within the arry1 value a further extern valuwon perforn)ed To continue ro manage and let the property of the Charity at 24 and 26 West StreeL To mxximise the income from 24 and 26 West StreeL
WEST sfREET CHARITY Annual Report of the Ttee$ For the year ended 31 December 2022 The Truittes are reswsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally A¢<epted Accounting Prartic& Charity l¥rt in En8land and Wale5 require5 the Trustee5 to prepare financial 5tatemen¢5 for each finala1 period T•thkh gfve a true and fwr view of the state of affw'r5 of the Chartty and of the incamini resources and Wicaty)n d re¥wrcu ofth¢ ChrrEy br tfrtht In preparkng those flnandal statements. the Trustees are reqjired to: 5elert Sultse accounting pdioes and apply them consi5trndy.' obs•rv¢ th• methods and prtndples of the Charl¢les SORP. rnake judsements and •5timatr5 tht are reasonable and prnden state whtthtr applitable accounting stsndards ha been folowed. wbjett to kny deparwres disclosed and explained In the financial staternents,. and prepare the flnandal statemwts on the 8oln8 concern basi5 ufil 1¢ ts InproprIat• to prnsume thatth• Kuvlue5 of th¢ Charlty wlll c¢Jntln The Trustee5 are respons14 for k¢wn8 #deyte a¢¢ounflnK r¢cords whlch dbsckxe wlth reasonable accuracy at dm• th• flnandal posiuon of the Charl¢y and enable5 them to ensure thac the ftnndal ststement5 comply Nvlth the Charltles Act 201 I, tht Charlty (Accounts and Reports) Regulations 21x18 and the pry)visions of the 8ovornlng document. The Trus¢ee$ arè aho rpOnsIbl• for safe8uardln8 the assets of the Charlty and hence for t•kbng rwonable Steps for the preVenOn and detectlon of fraud and oth•r irrwkritid. Th• Trust•es are fesponsible for the malntenance Inte8rliy of the Char and flnanclal Informatlon Indudod In the Chariry'5 Wtbsit•. The report ofthe Tru5tets VAS ¥pr<Md by the Trustees on 20th September 2023 and stred on thelr behalf br. Rev T 5•nd•r Chalr of the Board
WEST STREET CHARITY Report of the Independent Audltors to the Trustees of W¢$t Street Charity Oplnlon We have audited the financial lotemtS (rf West Street Charlty (the 'charfrf) for the year ended 31 December 2022 whkh comprise the statement of finwCi attivirle& th• lance shee¢ and notes to the financial sratements. Includin8 a summary of sl8nffint CountIng pollcles. The Ilnancijl reportin¥ framework that h•¥ been applied In their prepararlon applicable taw and United Kingkn Accoundng Standard5. luned Kingdom Generalty kcepted Accounung Prydcticel. in¢luiling Financi Reporting Standard 102 The Financial Reporting Standard l¢able In the UK and Republk of IreLind'. Thls report is made Solety to the charitls truste as a W. In iccordAnce with Sectbon 144 of the Charities Act 2011 and rezulatk•ns made under Section 1 $4 of that ACL Chjr audi¢ work has been undertaken. so that we might state to the ¢harity'$ trusrees those matters we are required to State ¢0 thern in an auditor's report and for no other purp). To tht full¢$t ¢xt¢nt permitted by law, we do not accept or assume reSPObI¥llty to anyone other than the charity •nd th• Chari1 trurtè$ * a body, for (wr audk wort for thls report or for the opinions we have fornied. In our oplniorn the financkl sta¢oments: ve a ¢rue and Ir vlew ofth St ofthe chariwi r$ u at 31 D•c•mb•r 2022 •nd oflu Incomlng resources and appllcadon of reswrc¢s for the year then ended: have been proptrty prep¥td in accordanc• with United Klngdom Genenlly Accepted Accoun¢kni Practlce, Induding financial Reporfn¥ Sundard 102 Tr¢ FIftd Reptsrdni Srandard ¥Plble In the UK and Republic of lrnland.: and have be•n prepared In K¢ordwe wlth the requlrennty of the Charlrles A¢¢ 2011. Basls for oplnlon We conducced our audlt In accordance International Standards on Audltin8 (UK) IISAS (UK)) and ¥pilcable law. Our responslbilltios under those standards are furth•r described in the Auditor's responslbilities for the audlt gf the nanual $utem•nts s•ctlon ofour reporL We are Independen¢ of the tharlty In 4ccoftlance with th• thiul rwuiremenrs that are relevant to our audit of th¢ financial sutem•nts in th• UK Includin8 the FRC'S Ethical Standard. and we have fvIAlled our othér ethieaj rtsponsibilities in accordanc• with th•s• r•quir•rnents. W• b•liÈvÈ that the ludl¢ evldence we have obtalned & sufficSènt and wrnprlt• to Pde a lor Ir oplnion. Concluslons r•latlni to Wnz con¢•rn In auditing thé flnancll st1Ments, we have conduded that th• truste•'s us• of the plng concérn of accountlng In the preparauon of thè fjnancial statomts is approprat¢. Based on the work we have perfwmed, w havt not Identified arty Maw1 untruindes rel4dD¥ to events or condltlons thao Indfvldually or collecthety. cas¢ 5*nlficw doub¢ on the charit5 abil to Contlnue as A golng ¢on¢•rn for i pericd of at l•art tw•lve mMths from when the ffinanc statements are authorised for issu•. Our responslbllldès and the responbIll[l¢S of the trustees wlth respett ro golng coneÉrn are drI In the relerdnt s•rtlons of this reporL Other Inforni•tlon The other Inforniation ¢¢)mprisu the inform•Don induded in the annual repor¢ Other the finw¢1 statements and our audltor'i report thereon. The tru5¢ee5 ve responsible lor the ¢Jth¢r infom4tyo Our opinion on the finandal statements does no¢ cover the other infrJrm#ion and. except to the extent otherwise explicrtly ttated in our repor( twe do not express any forni of assurance conclusion thereon.
WEST STREET CHARITY Report of the Independent Audit(w% to the Trustees of West Street Charity In ¢onnectlan wlth our audk of the lknancknl statemm our responybility 15 to read the other Inforynation and, in doing so, con51der whether the other infom)ation Is madty Inconslstent wlth the flnanclal 3ratements or our knowledge obtained in the audi¢ or otherwije appearn to be materialty missts(£d. Ir we Idendfy such materlal Incon$lstendes or apparent materia] mi5suternen we are requtred to deternilne wthether there Is a matsrfal mlsstatement In the Ilnancl statements or a material misstatement of the other inf0rrNOn. IF. bu¥d M the work we have perfornied, we ¢on¢lude that there15 a material misstatement of this other inforn4tion. we are required to report that fdcL We have nothing to report In th15 ryrd. Matters on which w• arn required to rep(Yt by exceptlon We have nothi to repor¢ in respect of the foHov+inz mattm th• Charldes (Accounts and reports) Regulations 2(Q8 requires US to repor¢ to you ff. in our opink. the informadon 8l¥en In the Aepgrt al the Tnjstots Is Inconknrt In any materlal rupect wlth the financlal natements.. or sufflclent 1ccounni record5 hive not beèn kpr or th finan¢il itattm•ntJ are not in a8reernt ith the Kcounthil record. or we h¥ve nor rffelved ill the InfornHtkJn and explanatlons we wulr• for our aud A•4bIlItIei of truit• As exPIned more fully In the St•¢eThnt of Trustees Re5ponsl¥lliriu, th trw¢tts rnsponslbl• for th• preparndon ol the financlal stsrements whlth gfve a true and falr tw. and for such Intornal control as the tnJ5tw de¢ermlne1s nece5SVy tv tn•ble th¢ preparntion of flnanclal $tat•ments that are free from MarIal mlss¢atornen¢ whether due w fraud or error. In preparing the financ1 statements the tnjsrees are re5pon¥ble for •$19 th• charty's ablllty to £ontlnuÈ a$ a ¥oln8 concern, dtsclosln& as #Picable. matters related to concem and v5ift8the 8oin8 conc¢rn basis of a¢counrln¥ unles$ the trustw elth•r Intend to Ilquloate the charty or to cease operatAon& or have rK rullsdc al¢ernadve but to do so. Audltorfs r•1pOnb1llt1 for th• Audlt of the finwKil rt•tements We have b•tn appoint•d auditor under section 144 of the Charltles kn 2011 and repor¢ in COrdIn¢e with the Act and relevant regulation5 mad• or haying ttt ther•Jnd•r. Our ObCtIVeS are to taIn reasonable assurance Ibout whether the fimntial stat•m•nts u • vrfhole ar• free frorn ma¢erlal missta¢emenL whether due to fraud or error. and to issue a Report of the Ind•p•nd•nt Auditor5 that intlud•s our oplnlon. Reasonable assuv4rKe is a hl8h level of auurnnce. but bj not guarATrtee thatan audit conducted in accordance with ISAS (UK} wlll alvrtys detecr a material miss¢atement wthen 1¢ exlsts. Mts5tatements can arise from fraud gr error and are considered material If. indmdualty or In the aweg4te. they could rèayonably bt xpett•d to influence the e¢onomi¢ décision$ of ustrs ok•n on the bash of these financAI 3tawnent& Irre8ularS¢les. Including fraud. are instarKes of nOn•lan with w$ and r111t19n$. W• dwlgn proc•durn$ Mi lin• wlth our responslbllw osJ¢llned above. to detett Materi mtsstatwnents In respecr of irregularitres, inclvding hud. The extènt to vthith our pr<xedures are capable of dererting IrrelarItie%. indudin8 fraud is de¢wled belw. The Charlty Is required to compty wlth clHrity law and. based on our knowledge of Its act1¥$. we Idenrlfied that the lepl requirement to atcuratéty account for endowment fvnds wa5 of key 5i8nifKance. We pined an understandlng of htrw the charbty corylled vlth iu W and regulatory frwrKwori including the requirement to property account for endowment fun throu8h ¢&scussw)ns with marwent and a review of the documented procedures and controlk
WEST STREET CHARITY Report of the Independent Audltors to the Trustees of Wert Street chlty The audlt f¢4m. wthlth Is ¢xWiÈnC In the audk of dwhles, COndered thè tharfty's su$ceptiknlity to materlal mlsststement and how fraud IrY occur. Cr consid¢Nions induded the rlsk of nwiagement ov•rrld•. Our ¥proach vras to check that all Income vr4s propedy identified and ¥counted for and to ensure that only valld and appropriate expendbwre w4s thar8ed. This Included reviewing lournal adlusrm•nts and unusual A further d8rIptiOn of our rnspMsibikies for the audit of the ffinanci sratements is locat•d on thè Financial Reportlng Council's websi at vhv.frGor&uklaudrtorxrespsdjlll%. This descriptitin form5 Port of our Report af the Independent Auditors. kr LLf KNOX CROPPER LLP Chartered Accountants and Sta(ry Audlto 05 L••d•nh•ll S¢r••t London EC3A IAD 2023 Knox Cropper LLP is •liiibl• for appointyn•nt a% auditor of Charity by virtu• of its •li•'bility for ¥*polntmen¢ audltor of a company under 5ettion 1212 of the Compani•s Act 2(M)6.
WEST STREET CHARITY Statement of Financial Artivities For the year endlng 31 December 2022 2022 2021 Income from: Investsnents Other income 310.748 173.165 Total Incom• 340.741 173.105 Expendlture on: Raising funds Charitsbl¢ a¢tiviti 242011 216,418 145.971 4.731 Total Exp•ndltur• 4Sg.229 150,702 Net galnslllosses) an In¥utsments N•t (¢xp¢ndltureylncome befoyt tsx 22.463 Tu plble Net In¢ome (118.481) 21463 Other olIed rdknsl(losses) N•¢ mov•m•nt In 22,463 Total funds brou¥ht for4wdrd 9.595.OWI 95n619 Total ndS <*rrl•d fonvard 9.476,601 9.595,082 All the Ktivttiw reporr¢d above r•prwrt contmuin8 op•rdtions. The Charity onty hm Unrestritted Fund The not# form part of these tlnancial s¢atemen¢s.
WEST STREET CHARITY Balance Sheet As at 31 December 2022 1022 2021 Note Flx•d Aswts Inve$tsnen¢ property- redeVelow( work Sn progress InVeStsent propery I IM1959 11.654,230 11,681959 11,654,230 Curr•nt Au•ts Debtors Cash At B•nk Ind In H•rKI 157.989 291940 85,347 2n858 450.929 358.205 Cr•ditorg - Amounts F•lling Du• Wlthln One Year 430.421 122,216 N•¢ Cuvr•rt AM•ts 20.508 235,989 Cred•tors- Amounts PlIng Due After More Than One Year 10 Z22&866 2.295.137 N•t 9.476.6•1 9,595.082 Represented By,. Unrestrlcted Income Funds 9,476.601 9,595.082 The flnandal Mtemenu were ¥proved ty the Tru¥tees on 2(P Sewber2023 and SiKned on their behIb. Ch•lr of the Board io
WEST STREET CHARITY Notes to the Financial Statements For the year ended 31 December 2022 The prtndpal accovnting pokcies adopted. iJd8wnent5 and key sources of e¥txft uncertainty in the preparation of the financi stat4menu ar• as follows.. Basls of accountlng The financlal statemen¢s have be prepared in accord with Accounting •nd RepOnI by Chxrrtle5: Statement of Re¢omm•nded Prauke ap1(ae to tharities prepariTrg thr accounts In accorthnce with the Flnancial Reportlng Standard applicabl¢ In the UK and Republk of Ireland (FRS 102) - {Charrries SOKP IFRS 102)). the FInanCt Reporrin8 Stsindard ipplicabl• In the UK and Repubk of Ireknnd IFRS 102). The Charlty has taken advanty of the reduced dlsclosure exempuon$ undèr FRS 102 and not prepared • S&¢ent of C•sh Flowi. The Charfty meeu tht d¢finltion ofa publk beneft entlty under FRS 101 Golng Conc•rn The Trwteei <onsldÈr that there are no matethl uncertaintyu abour the Charlry's ablllty to contlnue as a 8oln8 concern. The major sjncerfainty In thls re5pert ts the futsjre rentsl Income strtams of th• Charl$ Investmenl Properd•s and the Imptt of Coronthrus on thosefirture income streams. A decrease in fvture rental Income streams 11 affect tht l•v•l of grant Support th•¢ the Charlty an offer to irs beneficAry. St Gllln-thtrN•lds. Cath le$ are 3Ltfflclent to mtt on80iD¥ costs of the properties for the foreseeable fvtur¢. Income recognltlon l income 1$ rec¢)gnlJed once the has envd•n•ntt¢ th¢ Inwne, It Is probable thltthe kncome trfl be recelved and th¢ amount of Income recefvable b¢ mo#ured r¢liably. In¢om¢ from the letdng of the Chartrfs In¥e5unwt prortI Is rn¢01$Qd under the accru•ls ba515. Interex knc¢)me is accounted lor whw rrf4l¥ed as Is any Income tsx recovenble $uth in¢¢m Expendltur• reco1¢10 Expendlture Is accrued as soon as a lbIlitY ts ¢onsldered probth and the amoun¢ of obli4tk4n un b• m•awr•d rellabty. thnger term liabilitles ar• discount¢d to pTrsent Th• costs of ratslng funds nSISt of costs of maTrInin¥ th• Inv•sknert propertlu and certain leDt and profe$¥ional fe¢s. Charitable expenditure indudes those costs kn fiJlfilkn¥ the Chirits principal oblect4 oudlDed In the Report of the Tru3tee5. These includ¢ governance costs whkh are incurred in connection ¥th the admln15tra¢bon of the Charly and compliance constit1081 and statsjrory requirements. whith r4Jks are undertaken m•lnty by the Trurteu. Governance costs aho costs includè ¢osts rnlating to statsjrory indepwbden¢ audit and Itgal fee Taxatlon West Street Chartty Is exempt from tsxathx on income and zains tr the Income and Corporation Taxes Acu to the extent that these ar• applied to its charitalAe obiecu. Investrnent Prowtits Inyesrment propertles are measured at fair ¥ve of the bthnce shett date. The curren¢ Yaluawi w•$ pr¢par•d li lune 2021 and based on market trtlue of the freeh¢)Id interesL The Tnluation was carried out by Sdern Weatherall, an indewdent Tnluer with recognlsed relevant qualifications with experience of the locatkn and property chs& Res¢rkdons appty to the Charit3 ability to r•alise the hwestynent property. As olKlosed in Note 10. the bank han IJ secured by a tharge over the property and legal fitle to the property is held In trustfor the Chari¢y by thè Ltsndon DioCen Fund.
WEST STREET CHARITY Note$ to the Financial Statements For the year ended 31 December 2022 short.temi debtors and creditor5 Debtors are recognised then the charity rs let41ty entided to the incorne after afry performance conditions have been meL the amount can be measured rel1 and rt Li probable that the Income 11 be received. Credittirs are recognised wh¢n th¢ charrty has a present Eegai or construcrive obligation resuking fram a past even¢ to make payment (o a third party, Itls probabl• that s•ttl•mnt WIN be required and the amount due to settle th• obllption can be maasured or mated reliabty. Fund Accountlng All the Cha$ funds are unrestrlcred and can be applled by the Trustets In wrsu¥n¢e of charitabl• activities. K•y ludgements arbd estlmatsi The market value of inwtment properties is re¢w•d annyty by the Trust•u and bamd on the condhlon ofthoi• properrie5 the value 15 adjusted using a rxogni5ed marke¢ indic T•)tsl 2022 Total 2021 Rents received Dilapldations Othor Incom• 336.697 195S 1.096 173,165 340.741 173.165 Total 2022 Tot1 2021 Advertlskng & PLtblicty Uuli¢ie$ Ind ¢oyncil Malntenanc& deaning* equIent e¢c Security Insurance Man¥in8 W¢¥ Other professbonal fms Loan Interest nk charges 14 1558 13.661 7,815 1942 3,417 11,3SO 24.868 16.135 79.214 111467 73,218 S,188 242.811 145.971 12
WEST STREET CHARITY Notes to the Flnanclal Statements For tho year ended 31 December 2022 Total 2022 Total 2021 Grants to St GS1•s-in-theaFlelds Offe cotts Independent audt Other govèrnancé costs 210.0 1370 1190 163 4.877 216,418 4.731 T•¥Tr Al 4 charfty. West Strttt Chrity ra exempt from w on Income and n8 falllng wlthbn the provisions of the CorporaJon Taxes Act 2010 or the Taxation of Chargeable Gjlns Art 1992 to the extent that these are applied to lu charitable olecrs. No tu thv%es havt arlsen the Chariy. 2021 2021 Work In proyets at I nUary Additions Trnn5fer to fixed weu- InwDnent prnperdes 313,914 .145,316 (1.459,2301 n9 12&n9> Work In progr•M at 31 December 2022 2021 Vu* at l January Transfir of work in pro8rus (note 61 Revaluation 11,654.230 28.n9 10.195.(M)O 1.459.230 Value it 31 December 11.682.959 11,654.230 The charity own5 properties- 24 and 26 West Stree¢ The refurbi5hrn•nt proiecL pmcipally of 24 Wes¢ Streel was completed in 2021. In June 2020. Untty Trus¢ Bank Pk undertook a fdluatlon of 24-26 West Strerf through extemal advisor5 Sanderson Weathe1 resulting in valuation of £I0.195,(. As the refurbishrnent works have n¢>w Completed, but a re¥UlOn has not yet be pwfvrmed. tht Trust have determined tv reColse the improvernents within the carrying vthe untTI a further enernal Ydluation is performed. 13
WEST STREET CHARITY Notes to the Financial Statements For the year ended 31 December 2022 2022 2021 Renul debtor Prepaymenu Loan to St Giles-in4he•FieJds PCC (no¢e I l) Other debtors 8&748 19.241 11.716 14,318 s0.rAM) 9.313 157,989 85.347 ?. Crndton. Am••Jnts Vlhy Du• WhNn On• Y•v 2022 2021 Rental In¢om¢ r¢cd In VAT Trade creditors Accruals Interert payable Unity Bank loan Other Creditors 127.419 17.884 754 27.440 912 746 7.118 86.327 180.375 430.421 121216 2021 2021 Unlty Bank loan 226.166 1295.137 The bank loan. ¢0 fund principaity 24 West S¢reeo is with Uni¢y Trux Bank At 31 December 2022. £2,313,193 of a MmuM faclllty of £Z437,101 had been dravm down. The k)2n 15 repayable over 20 years and charge5 an intere$t rnte of 3.35% per annum over Bank Cf Engnd Base Rate. Where the Base Ratr less than O. IX, the inter•5t rate charged will be 3.35%. The k)an ha5 been Jecured by • tharge over 24 and 26 Wes¢ S¢reeL During the year, non- utili5ation f•es of £nil12021: £5,188) were incunyd where the full facdity not be drawn down. The SL Gilesain-thtrField$ Ec¢le5iasucal Charitie¥ c(npri 5t Giles-In-the4elds ParocPb41 Churth Councl West Street Charity Icla Duchess Dudley for the Rector CTrArlLy Th Caroline Clayson Charity 14
WEST STREET CHARITY Notes to the Financial Statements For the year ended 31 December 2022 The Rev T Sanders and Mr W Grundy are trustee5 in tomrnrtjn with the St Gile-theelds Arothial Church Councll. We5r Street Charfty pald grants to SL GIn-theIeId5 Parochlal Church C<yJncll for payment of the common fund contrlbution& 5tpends. salarie5 and the repair and rn4int¢nan¢e of the Church #nd Churchyard of SL GIleOn.theFlelds amoundn8 to £210.CW (2021: £nd). At the year en4 £50.000 (2021: £50.0)1 due from SL Glletrln-the-Flelds Parochlal Church CouncA In respett of an interert free loan. There were no other related party trans4 either ith the ab¢)vfrnamed thari¢i¢s or wlth the rru5tee5 personally other than those readY stated. The Trustees dld not make any donation5 ¢0 the th¥ity durwi the year (2021.. £nil). ij