WEST STREET CHARITY Charity Registration Number. 1135436 Annual Report and Flnanclal Statements For the year ended 31 December 2023 Tarwjem Accounting Ltd Chartwed Accountants 17 Heathville Road London Nl 9 3AL WEST STREET CHARITY Annual Report and Financial Statements For the year ended 31 Deceniber 2023 Contents Page Legal & adminlstratlve Informatlon Annual Report ofthe Trustets Report of th• Ind•p•nd•nt Auditors to th• Tntstees Statement of fiTranci￿ activities Balan¢e sheet 10 Stat•m•nt of cash flowi Notes to the financial statements 12 WEST STREET CHARITY Annual Report of the Trustees For the year ended 31 December 2023 Charity Nam• West Street Charrry. Charlty Registration no 113543& The Chariw was regiswed with the Chariry Commi5yofL Principal Office St Giles-in4￿￿dd% St Giles HI¥) str￿ London WC2H 8LG. Gov•rnlng Document esubllthed by an LYd¥ lft the Charwy ofthe Court ofJustlc• 16 t)ec•rthw 1949 as am￿d￿ sch4Y))e tht&J 01 knuary 2019. ms The alms ofthe Charty are to mwnoin and Invo￿ the rrfoperty ofthe CtArlty p4 and 26 Wèsi Street) and to support the PCC of St Gile$4n•th&Flelds In )ts work of mlnlstry and mlssSon aTrJ nwntainipg the f4brl¢ and wounds ofst Giies-in-the-Reld& Trust•èJ The West Street Trustee Lfjmlted (company number I I S080441 was appointed corpordte trustee ol West Street Chariry on 20 FeLYuary 2019. At that daw the ex5$￿￿8 trustees of the Charity became dirK¢or5 of the Corpxate Trus¢ee and ac¢ In the capaclty ol tru5te•s ofwest Street ctr￿ty. Princlpal Offlctri Rev T Sander M5 C Campbell MrOFbry Mr Zi Ken Toh Mr D Jessop Ms L Mtcdonald Dr WJaff*s Mr T Dowse Mr A Capon Mr W Grun* Chalrrron Treasurer Key Management Personnel The Pus￿5 In charge of dIreCtir￿ contrdlin& runnlng and operatlng the Charlty on day to day basls are the Trus￿$ Bank•rs Unry Trv5t Bank F4c 9 BnndlEy Place rmlntham Bl 2H8 Independent Audlto Knox Cropper LLP Chartered Accountan¢s & SfA¢Utory Audiror5 65 Leadenhall Street London EC3A 2AD Sollcltorx Rus5dl Cooke LLP 'shop's Palace House Kin85ton Bridg Kin85ton-upon-Tharne5 Surrey KTI IQN Chartered Survoyors KBW Charwed Surveyors City Temple Holtr*)rn Viadutt London ECIA 2DE WEST STRE￿ CHARITY Annual Report of the Trustees For the year ended 31 December 2023 Property Agents The LDG Partnership LLP 39 Foley Street London WIW Trp Faretrother Chartered Surveyors 27 Bwm's Buildin85 London EC 4A IDZ The Trustees wbmtt their report and the finanoaj ststrrnents of West Street Charlty C'the Charity.? for the year ended 31 December 2023. The financial ststements have been prepared in the format prescribed by the Statemenc of Recommended PTadce'. Accounting and RePO￿Trg by Chartues (SORP 2019 IFRS1021). The legal and admlnistratiye informityon set out earlier In this document lorms pfft of thls repo l. l. Trustees The Wes¢ Stree¢ Trustee Limited (company number I Is0￿￿) was apP￿￿ted corForat* trustee of We5c Street Chthty In February 2019. The Director5 of the Comparry are the T￿￿et$ of the c￿rity and are the member5 OF the Parochial Church Councll {PCCI ofS¢ Giles.In-the-fidds who are el￿teA at the Anffiu￿ Parlsh Meetingand Annual Paroch1￿ Church Meeflng in April each year. New members are Inducted by the Rector and the Parochlal Churth Countil. Tru5ttts met on six occaslons In the year to 31$¢ DeC￿ter 2023 to consider nunwment matters In respect of the Charity'5 property and to rrrdke grants to the St Giles.In-the-Flolds PCC. The m￿n tO￿"c5 of buslness toncerned the refurt)lshn￿n£ of 24 West Streek the re￿denti￿ lettin£ of26 West Screet and the commertial lettingofthe Lower Ground Floor 0126 West Street 1.2 R6sk Mana8emtnt The Trustees cone)nued to assess the major risks to whith the Charity 15 exposed particuliAy those rela￿d to the operdtlons and finarKes ol the Charity. The Trustees r￿o￿lse a number of key risks faced by the charlty. whlch are oudined below, and are sati5fJed thar syst￿￿ are in pla￿ to nNtigate the exposure of the Charity to these risks. External rijks Tenant defaylt- constitutes a risk to incOff￿ and. ultirnatel to ca ital value Econornic oudook- adverse econowac trends that may affect cathl ￿lUe Mltl tlons Use ol professional agen¢5 in tenant due dSllgence and ment Continued milntenanie of low pring and tonservation of reseryes Professional advice In understandlftg changing demand5 and needs from reydential and commercial temants Svstsin relationships with our bankers 0bw.ning professional advice in arrdnWn8 and meeting new financin uirements Avallabillty of extsrnl finance on acceptable ternis- maintaining and enhancing the capital value of the porrfolio requires debt ffinancing Intornal risks Porthlio concentration-assets concentrat*J in West l • Street Ensurlng prOw￿e5 are suited w changing needs of btal tenants cOn￿Trued maintenance of low geartng and consemtion of reserves Rigorous of dÈvdopTllent opportunities And rlsks utili5ing external profe55v)nal athice Seth"ng fixed ￿(e contracts with buildin8 contractors Csose monitOriTh8. together with our extem￿ advjsers, of tive develo ments Devetopment and refurbishment- deYeloFxnent and refvrbishment offers the abilw to rnaintain or enhance capital ￿lue of asset btrt carries risk5 to plannlrts cOnStr￿￿On Dmins costs and letting WEST STREET CHARITY Annual Report of the Trustees For the year ended 31 December 2023 2. Activltles & Strats8i•S The Trustee5 are aware of the Chartty Cc¥nrT¥5S￿'s 8widance on wblr beneffit and have BIV￿ ri due retdrd in their administration of the Charity. The alms of the Chariry are to improye the woperty of the Charity (24 anij 26 West 5treet} and to support the PCC of St GileS4r￿che-FlèIdS In ￿$ work of mfjnlstry and ￿lS￿on and matnrwning the fabric and grounds of St Giles-in- the-Flelds. The Charity own5 woperties 24 and 26 West Street (the Fatter named The Mission House'l and receives ren Income from both. Legal title to the Pr￿ertieS is hdd by the London Th"oce5an Fufid in Trust for the Charity. 24 West Street Yrd5 not let in 2023. The upper floors of nth 26 comwse frjur resIden￿al flats which were let out to tenarts during 2023. The lower floor of The MIS￿0￿ Hou5• i5 let as office accommOth￿on. The trustees. primary aim for the year was to complete the refixbi5hrnent ofthe commerclal office space in 24 Wert Street in order to malntaln and eonserye the hlsrorlc trMJildin8 and rtrlet the space to a commerc1￿ ter¥ant At the same ￿rne, the trustees Continu￿ to ensure that the Charity's remaining proF*rny was malntalned in y)d ordw. .3. Achltv•m•nts •nd P•rfornwic¢ Durlng the year the TruKee5 and Dirertors PrO￿ded 8rants of £220.(th12021. QIO.C(Ql for the upkeep of the Church of SL Glles.In.thethFields. The propertjes contlnL* to Fm¥lde Ide￿￿te 51trpJu5 to prO￿e &rdn¢& malntaln tommltrnents to Its lenders and yow reserve5 for future woiect* 4. Financial Review Fundinx for the Chartty comes prfrrArlty throuth rental InCOw￿ from 24.26 West S¢re 4.1 Finznclal Activity and Financial P051tioth The Statement of Financial ActiM(ies and Balance Sheet can be kyjnd on pa8es 9 and 10 respedvely. The CharTty'S Nseryes Increased by £77.291 during the yw Q022: Iyecreased by £1 1 &4811. The balance sheet $hows toral n*t assets of £9.553,892 12022: 19.476.601 }. The trurtees made granrs of £720.000 12022: alO.(M)01 to the PCC of St Giles4n-th&Fields out of the ren￿ Income recefved from its properties. The trustees have ￿MeWed budgets and (ash llows for a period of 12 mnths from the da¢e of signature of these account& SU￿U5 from rental iftcort and the ￿$tIng financial ￿soUrCe& are deemed Sufficient to fulfil the Chthty's obllptlons. Including the seNcing and repaymurts of a loan frorn Unity Trust Bank ￿c. Trus*e$ ￿ve carefijl thought to the inve5tnw)t of such income. The trustees wlll con￿nUe to rrKsnltor the re5erve5 P05r(ion to ensure that the levd of re5erve5 rem&in5 appropr4ate for Its oblthe& 4.2 R•s•rves Policy Trustees do not hold a forwd Reserves Pollcy bvt are nwntlful of the need to have sums awdilable to support the ministry and mission of S¢Gile5-1￿-the-FleldSWere itto expe￿eThee Unex￿re1 flnandal demands and to proyidefor the maintenan and upkeep of its propert￿% In lune 2021. Unity Trust Bank Pk undert￿k a ¥￿￿ation of 2*26 West Street throU￿b extwnal advisor¥ Sanderson Weathet711. Thi5 valuation deterrn¥ned thao prior to its ￿￿rbi$h￿*￿l the value of the propery had reduced ver5U5 It. carrying 2mount by £2,7C6,942 ￿ a carrying ￿ue of £10.195.IXKI. In 2021 with refijrbishment completed, all 'work In pro8￿$$, (costs incurred towards capital iffprovernert51 have be*) Ca￿￿1111$ed withln 'lnvestment Property,. The revised carryng value at 31 De(embw 2022 wa5 £11.654230. As the refurtM5hment works have now c¢)mFlet&l. a revaluation has not yet been perfom*d. the Trustee$ have detern)In￿ to recognlse the inyrovements within the carrying rdlue until a fijrther exwnl ￿dIvatIon is pwFwme WEST STREET CHARITY Annual Report of the Trustees For the year ended 31 December 2023 5. Pl4m ftir Futsn Pwitids To continue to rnanage and let the property of the Charity at 24 and 26 West Stre To maximlse the IncorrE from 24 and 26 West StreeL 6. ReJponsibilitieJ of Trugteej for the Financi￿ Stat•m•nts The Trustees are responsible for preparing ¢he repjrt and the finanoal statements in accordance wlth applicable law and United Klngdom Gene￿lY AcCep￿d Aceoundng PrartlcL Chthty law In England and w￿e$ requires the Trustee5 to prepare ffinancial 5tsterneThts for eath financial period which ￿'ve a trne and fair ￿eW of the stat¢ of affajrs of the Chthty and of the incoming resources and application of re50urce5 of the Charity for that wiod. In preparlfig those hnanclaj statemens the Trustees are rewirtl to: selert suitable accounting policies and appty them consistendr. ob5erye the rn¢thod5 and principle5 of the Charitie5 SORP: make judgements and eS￿MIte$ that are reasonknle and pryd￿r state whether applicable accounting standard5 have been lollowed subiect ¢0 any deparnres disclosed and explalned In the fi￿nd￿l statement& prepare thefinancial ststernent5 on the goiryc¢)ncern unless It ts InapwoprHt*to pre5umethat the acdvldes of the Charlty will continu The Trumes are rtsF0n￿￿e for keeping adequ￿ attourtfjng records wthlth disclose reasonthle accuracy at any ￿rne the flnanclal POSity¢)n ol the C￿rity and enables ¢hwn to ensure that the finanaal statements comply with the Chxrities Att 201 l. the Charfty (Accounts Reports) Regttlatlon5 2LK)8 and the pro¥lsion5 01 the governlThg documnL The Trustoe5 so responsible for ¥dIe￿arding the assets of the Charity and hence fr)r rJking reasonable slop5 for the preventlon and detection of fraud and other Irre8ularities. The Trustees are r•sponsbl• for thi maintenants and Inwlty of the Charity and financial infom)atyon induded in the Charity's websit¢ 7: Apprn¥ The report of the Trustees W15 appyoved ty the Trusw on 24 October 2024 and signed on thelr be￿f by: W Grvndy Treasurer WEST STREET CHARITY Report of the Independent Auditors to the Trustees of West Street Charity Opinion We have aUdI￿d the fIrran0￿ State￿￿ts of West Street Charity (the 'tharlw') for the year ￿ded 31 December 2023 which comprise the 5¢atement 91 financial actyvities. the &lance shee( aryj no￿ to the financial matem￿lS including summary of stwthcant accounting policie& The finanoal reporting fraM￿ork tha¢ has been applied In th￿r preparation 15 applicable law and United Kingdom Accourrting 5tan¢Jards. (United Ki￿d0M Generalty Accepted Accounting PractScel. Includlng Flnanclal Repordng Stsndard 102 The Financ￿ ReForring StaTrdaryJ ap￿ICable in the UK and RepJblic of Ireland.. This report Is made solely to the charity's rnJstw% as a body. In accordance wlth Sectyon 144 of the Charldes Act 2011 and regu&tions rrAde undtr Secuon 154 01 that ACL Our audit work has been undetiaken. 50 that we might stste to the charity's trustee5 those matters we are required to sta￿ to them In an audltor's report and for no other puTrose. To the fullest extent permitted by law. we do not aC￿pt or assume responsibility to anyone other than the charity and the chartty's trustees as a bo(ty. for our aud￿ work for thls r4Jort or for the ownions we have fomied. In our opinSon, the financlal stxternents.. ve a true and f￿r vjew of the sratr of the chadry's affalrs as at 31 December 2023 and oflts Ir￿orring resources and application of resources for the year then ended: have been propedy wepared in accordance wth Unl*d Kingdom Gener￿ty Accepted ACCOUn￿n¥ Pracdce. Includng Pinaneial Repordns Standard 102 Tr Financlal Repo￿ng Srandard ap￿1¢al￿e In the UK and Republlc of Ireland.; and have been prepared In accordance wth the rw1reM￿ls ofthe Chrityes Att 2011. Emph￿1* ol Matter We draw ￿tt￿tion to Note 7 of the finanoaj 5ta¢wnents, which exF4ain5 that the Trustees are in the proce55 of reyalulng the Charlty's Investment propertie& The propenles were Pre￿oUslY Y￿Ued In 2020 and their value increased by re￿rt)Ishment costs in 2021 and 2022. After con&dering the cornjitron of the propertles and the local rental market they consSdered the carrySng value x 31 De￿rnber 2023 to be the ￿r value. Our opini￿} is not modthed in resk*tt of this mat¢er. Basis for opinion Vve condurted our autht In XCVdan￿ with Internatlonal Standards on Audldng {UKI IISAS IUK}l and aP￿1(a￿e law. Our responsi￿litIeS under those nndaré5 are fvrther ¢Jescribed in the Auditor'$ resp)nsibiliues for the audlt of the finandal 5tatemelltS 5ectlon of our reporL Weare independent ofthe chan"y in accordancewlth the eth1￿1 requirements that are relevant to our audit of the fi￿nCr￿1 statements in the UK. includlng the FRC'S Ethscal Standard. and we have fijlfilled our other ethid responsiLylrDes in accordance with these requirements. We telieve that the audlt Èvidence we have obtained is sufficient and appropriate to wovi¢k a basis for our oplnron. Conclusions relating to going concern In audlting the financ￿ ￿at￿ents. we have condudgj that the tru5tea'5 use of the going concern buls of accounting in the prepardtion of the fjnanckl st*ments 1$ approprlite. Based on the work we have performed, we have not identified any ftuterd uncertaintie5 relating to events or conditions thal 1ndlvidu￿IY or collecuvdy. may c35t ￿￿ificant doubt on the dwity'5 abilty to continue as a going con￿rn for a peri(MJ ofat least £We￿e rn￿thS from when the fThrKial statements are auth0ri5ed for issue. Our re5pon5ibilities and the rwonsibilities of the trustees with re¥*tt to ping concern I￿ described in the relevant section5 of thls reporL Other inforniation The other infomiation comwises the iftforniation induded in the aTrnu￿ res￿ other than the financ1￿ sutements and our au&itor's report thereon. The ttwsrees are restK)nsltAe for the other irrformatiorL Our opinion on the finanaal staten*nts does not cover the other infonnation and, except to the extent othe￿13e explicitly 5rated in our repor4 we do not exwe5s any form of assuran￿ conclusion thereon. WEST STREET CHARITY Report of the Independent Auditors to the Trustees of West Street Charity In connection with our autht of the finzncil sta*r[￿ our reS￿nsItI1￿Y 15 to read the other infornufion and. in doSn8 so. consid¥ whether the other informatKJn is matsrialty inCOn￿Stent with the fin￿Cial sratements or our knowledge obtained the audit or otherwise appears to be nuteri￿ty misstated. If we •d￿lfy such rnaterf￿ SncoThslStencies or apparent materfrdl mlsSratsmen￿ we are requI￿d to derern)ine whether the￿ is a matedal mlsstacernent in the financial statements or a material rnisstatement of the other inforrration. IF. b35ed on the work we have performed. we conclude that there 1$ a rnater4al misstatemwt of thls other information. we are reqwred ¢0 report rhat facL We have nothing ¢0 report in this regard. Matt¢rs on which w• Jre r¢quirwl to r¢port by excepthn We have nothlng to report In respect of the followlng matters where the Charhles (Accounts and report51 Regulavon 2008 requires us to report to you if. In our opirrion: the Informadon ￿ven In the Report gf th¢ Trus¢ee5 15 Incon515¢•nt in any rnat¥W respett %rfth the finanaal statements.. or suffldent KcouTrtyng records have noc bew kw" or thè finandal statemems are Th)t In agreen￿t wlth the att¢￿￿tIng records: or we have not receltrtd all the lTrlonratiw and e¥planaiions we rewire for our audlL Re5ponJibilitiu of tn15te A5 explaineij more lulty in the Ststen*nt of Trustees Respon*lylitse> the trustees are resptsnsible for the prePara￿On of the financiaI Statements whith &'ve a true and fair view, and lor5uch intwnal control as the tru5tee5 determlne Is necessary to enable ¢he preparadon of Ibnanclaj s¢atenxnrs thatare free from rna¢wkl [￿5￿3teM¢nl whether due to fraud or error. In preparing the ffinanclal starements. the trnstees a￿ responsiNe for assesslng the tharlty's ablliry to continue 45 a golng concern. di5c105in& a5 ap￿ICa￿e. matters related togoing concern and uslng the golng coTrtsrn ba515 of accountlng unless the tru$tee5 elther Inwid to Ilquidate the d￿rIty or to ctase operat)ons or have no realistic alornative but to do SD. Audi¢oe% rosponsibilities for the audit of thè financial stat•ments We have been appointed as auditor under seaion 144 of the Charities Att 2011 and report In accordance with the Att and relevant rwlat6ons made or havlng effert thereunder. Our objectwe5 are to 0￿1n rnasonabfe assurnnce about ¥rf)ether the fina￿￿1 stat&n*ts as a whore are free from matsrlal mlss¢atemen¢ whether due to fraud or wror, and tQ issue a Report of the Indep￿dent Auditors that includes our opiDion. Reasonable assurance is a hlgh level ofassuranc¢ Ixjt is notaguarantee thatan audltcofiduc￿d in accgrdance wlth ISA5 IUKI will alway5 detect a material mi5mtement when it ex15ts. m1551aterT￿ts can arise from fraud or error and are con51dered rnater￿1 If. Indmdualty or in the aweBat& they could rea￿abty be e¥pecred to inffluenee the economic decisions of Use￿ tsken on the bL%iS of these financts21 sratement& Irrtgularltbes Induthng fraud. are inst￿)CeS of rKMFcomF4iance *ith laws and rwlationL We desl8n procedures in Ilne with our re5wsibilities outlined *ove, to detect m1￿MIl n￿$Statem￿￿ in re¥Jecc of irre8ularitie5. indudlngfraud. The extent ¢0 which our procedures are cap2t￿e of detecting irregularities including frdud is dthled bEIow'. The ChaThcy is required to comply with charity Fdw ba5d on our hiowled8e of its activiues we idemtyfied that the legal requirement to accurately account for endovm*nt fvnds was of key SI￿than(e. We gained an understanding of how the charw comFAied with its lepj and reguLitory framework including the requ1￿ment to propety account for endowment fund& through disojsyons ffarwment and a rewew of the documented polieis F￿(edU￿5 and (ontrols. WEST STREET CHARITY Report of the Independent Auditors to the Trustees of West Street Charity The audlt tearn. which 15 experienced in the autht of chariDe5. considered the charity's 5U5ceptibilty to material misststsment and how fraud may ocojr. Our consideratyons included the risk of mar4gement overrlde. Our approach to Check that all income wrds properly identified and atcounted for and to ensure that only valid and approprtate ÈKpendthre YAS charged. This included reviewing journal adjustments and unusual transacvon& A further desCrip￿en of our respons11￿lItieS for the audic of the financlal Statern￿ts 1$ l¢xatÈd on the Financi￿ Reportlng Council's website aL wvrn.frcorg.uklaudttorsresponsii41ive5. This description forrns part of our Report of the Independent Audkor& O_fy LLF KNOX CROPPER LLP Chartered Accountants and Statutory Au(litors 65 Leadenhall Street London EC3A IAD 29 October 2024 Knox Cropper LLP is ell1it￿e for appOIn￿n¢ as auditor of thé Charfry by vIrU￿ of its ell&bility for appointment as auditor ol a conyany under Section 1212 ofthe COmpan￿S Art 2fy)6. WEST STREET CHARITY Statement of Financial Activities For the year ending 31 December 2023 2023 2022 Note Income fron Investments Other int¢)me 531.381 340.748 Total Income 531,381 340.748 Expenditurn on: Raising funds Charitable aaivitie5 2U133 225.957 241811 216.418 Tot41 Exp¢nditurn 454.090 459.229 Nei Xdinslllossesl on investments Net Incomel(expendSture) before tsx 77.291 (118,481) Tax payable Net in¢omd(expenditure) after tax 77.291 (118.481) Other re¢ognised ￿InSI￿OsSes) Nét movtment In fund% 77,291 (118.481) Toral funds brou￿¢ forward 9.476.601 9,595,082 Total funds carried fon¥4rd 9.553.892 9,476,601 All the acti*ities reptsrted a&)ve represent contlnuirq operations. The Charlry only has Unrnstrfcted Funds. The notes form part of these financial statempth> WEST STREET CHARITY Balance Sheet A5 at 31 December 2023 2023 2022 Not¢ Fixed Assets Investment property- redevelopwthtwork in progress Investsnent prowy 11.682.959 | 11,682,959 11.681959 11,682,959 Current A55ets Debtor5 C15h A¢ Bank And In Hand 261,045 299,094 157,989 292,940 560.139 450.929 Creditors - Amounts Falllns Due Withln One Year 5CIJ.987 430,421 Net Current AsJ•ts 59.152 20,508 Crndltorg- Amounts Falling Oue Afttr More Than One Y**r 10 1188.219 1226866 Net Assets 9,55J,892 9,476,601 Represented By: Unr•strkted Income Funds 9,553.892 9.476.601 The financ￿ 5¢aternents wert woytd by tht Trustees on 24" Ottober 2024 and si8ned ofi thÈlr behalf by.. Treasurer i(1 WEST STREET CHARITY Statement of Cash Flows As at 31 December 2023 Total 2023 Total 2022 Net cash Ilows from opernting artivities 223.8S3 221.358 Cash flows from Investlng actlvitles: Purchase of investments (2&729) N•t cosh used in In￿tIng arti¥•ties (20.729) Cash flow5 frorn firAncin8 aLtiviti•s RepayTnents of borrowlng Cash outfiows from financlng costs (35.074 {1816221 {65.9441 110&603 Ntt cash used in financing attmties Pl 7,699 11715471 Change In cash and cash equivalents in the reportirbg period 6,154 20,082 CJJh and cash equSvalents brousht forward 291940 272.858 Cash and c￿h equivalents cvried for4vwd 299,094 292.940 11 WEST STREET CHARITY Notes to the Financial Statements For the year ended 31 December 2023 l. Accounlin8 Polici The print5p￿ accouncing polsthes adopted. ivdgements and key sour￿$ of estimation uncertainw In the prepaNion of the financi￿ statements are a5 follow Bagis of ac¢ountlng The financial staternents have been prep3red in accordance with Accounting KeFWtin8 by Charldes.. Staten*nt of Recommended Practice applicabte co charitie5 preparing th*r attounts in atcordance with the Rnancial Reportin8 Standard appllcable in the UK and Republic of Irdand (FPS 102) - (Charities SORP IFRS 10211. the ￿nanCial Reporting Stan(lard applitsble In the UK and RepuUk of Ireland IFRS 102). The Charity has taken ad¥anta%e of the redU￿d disclosure exemptions undtr FRS 102 and not prewed a Starement of Cash Flows. The Charity meets the definJtJon of a pubiic twefft endty FRS 101 Going Concern The Trustees COn￿tI￿ that there are no nmtertal uncertaintie5 the Chartty's abillty to cOn￿￿￿e ts 1 8Dlng concern. The major uncertajny In TNS respect Is the future rentAI income stream$ of the Charity's InveSt￿n¢ Properties 3nd the impartof Corona¥lru5 on those hJDJre income stream& A decrease in future rentsl Income streams wlll affett the level of grant support that the Charity can offer to its beneficiary. St Giles-in-the-Aelds. Cash re5eryes $uffitient to meet ongolng costs ofthe propertles for the loreseeaiAe luW￿. Income r¢cognltlon All Income 1$ recognised once the chartty ha5 pJ¢ldementto the kncom¢ It Is yc&blt thatthe Income will be rece Ind the arnount of Sncome receIv￿e can ￿ measured rdiatAy. Income from the lewng ofthe Charl￿5 Inve5trnent prt*PErties is rtc¢wistd under thèacuuals tA5is. Interest Income is accounted for when received as is any Income tax recoverable on such incorn Exp•ndi￿re Mco8nitlon Expenditure Is accrued as soon as a 11gblllty Is con%dered and the an￿nt of obllgadon can be maasured reliably. Longer term liabillties are discoun￿ ¢0 present The costs of rdising fijnds constst of costs of M￿nI￿1r￿ the Investment properdes and cert￿rt legal and profession Charltable expenditure includes those costs in fvlfilling the Charlrfs w1nelp￿ otyetts. as outlined in the Report of the Trustee5. These include gvvernance costs which are incurred in conTrpxtioTr with the administration of the Charity and compllance with con5tttutional and statutory requIr￿l￿t& whSch tasks are underraken mainty by the Tru5tee& Govemance costs a150 Costs intludè costs relating to statsjtory indepw)dty)t audif ind legdl feès. Wesc Street Charity is exern￿ frcffl twtion ofi irKom2 and 8ain5 undv the IwKorne and CorF<*ation Taxes Acts to the extsnt that these are ￿led to Its thariti￿e otlett Invtrtm¢nt Propertles Investment properties are measured at fair walue of the t8lance sheet dat& The current val￿tiOn VRS pre￿red in lune 2020 and based on market value of the fr*hold in￿e5C The Y￿ultiOn vrd5 carrted out by Sander3on Vveathwall. an IndeP￿ent Y￿￿er With retO8niwa and relevant qualifications Tr•rith experfence ol the locatlon and proptyy Restrlttlon5 apply to the Charity's abiliry to rdi$e the investment property. As disdosed in Note l O. the bank lo•n is secured by a chay over the property and Iwj tlde to the property is held in trustfor the Charity by the London Oiocesan Fund. WEST STREET CHARITY Note5 to the Financial Statements For the year ended 31 December 2023 l. Accountln8 Politi•s {continu•d) Short-terni debtors and creditors Debtors ¥e recognised when the charity is legally entlded to the IrKome after any perforniance Condi￿On$ have been meL the amtrunt can be measured rdmbly and Tt is Fwobthe that the income will be receive¢J. Credltors are recognised Wh￿ the chartty has a present legal or construcrl¥e obllpdon resul￿n8 from a p5t event to make payment to a third parry. it is probable that SL*t1eTT￿nt wll be requird and the amowt due to the Obligati￿ can be measured or estimated rellably. Fund Accounting All the Charity's funds are unresrrict&J and can be tht Trustees in pUrS￿n￿ of its charitable acu¥itie5. K•y jud8•m•nts and eJtlmat•J The market ￿lue of investment propertle5 15 rE￿ewed ann￿￿lY by the Trustees and ba5•J on the eondltion ofthose properries the v7lue is aclusted u5inK i recowjsed market Indlces. I Income from Inv•rtme Total 2023 Total 2022 Rents recdved Dllaplda￿ons Other income 526714 215 4.452 336,697 1955 1,096 531.381 340.748 3. E.xp¢nthiM on RAlsln8 Funds Total 2022 2023 Advertising & publicwy Util"rtles and councll tax Maintenance. cleanln& equipment etc Securfry Insurance Manawn¥ agents Other prOfeS￿onal fees Loan interest 1400 2.558 13,661 1,096 15,280 1&135 79,214 111467 5,592 1585 104 14,722 1&329 221,134 242,811 13 WEST STREET CHARITY Notes to the Financial Statements For the year ended 31 December 2023 4. Expenditure on Charft*ble Actlvlties Totsl 2023 2022 Grarts to St Glle5-in-the-Rdd5 Office cotts Independent audit 210.( 1.329 4.628 4.877 225.957 216.418 S. TAXAtIoTh A5 a charlty. West Street Charfry 15 exempt from ts¥ on Inco￿ and ￿1n$ falling wthin the prov151ons of the Corw)ration Taxes Att 2010 or the Tax4Yon of Chargeable Gwns Att 1992 to the extent tha¢ these are applled to its charitabl* 0￿.et￿. No ttx char8es have arisen ttr* Charlty. 2023 2022 Work in progress at I january Additlons Transfer to Axed assets- InN*stment wopwtles 28.729 Q&729) Work In progress at 31 DtcemE 7. Fix•d thJ•ts- Invwtment propvt 2023 2022 Value it l Jan Transfer of work in Insxe 61 Rewdluation 11.681959 11.654.230 28,729 Value at 31 December 11.082.959 11.082.959 The tharlty owns two prnperries- 24 and 26 West Streec The rèfiJrt¥shma)t projecc prin0￿1]Y of24 West Stree¢ vras completed In 2022. In June 2020. Unity Trust Bank Hc undertook a v7luauon 012*26 West Street through external athflsors Sanderson Weatherall rtsulting in of £1 0.195.000. The refurtJishment works have now completed. but a reV￿uall0n has not yet been perfonned, the Trustees have de[￿nIned Eo rectsgnise the improvements within the carrying wdlue unul a further external valuation Is performed in the forthcoming year. The Trustses have considered the conditiofi of the builijings. the ojrrent local rentsl ma￿t and the leases cU￿endY In place In aSses￿ng the reasonability of the currt)t carry.ng ofthese properyies. 14 WEST STREET CHARITY Notss to the Financial Statements For the year ended 31 December 2023 8. D•bto 2023 1022 Rend debtor Prepaymen¢s Loan to St Glle54n-the-Relds PCC (note 111 195.871 15.174 748 19,241 50.0 261,045 157,989 9. Credltorj - Amwnts F¥lling Dy• Vfrthin Onè Year 2023 2022 Rent deFOSit VAT Trade cr•dlrorys Accruals Deferred income Interest p3ratAe Unity Bank l¢)*n Other Creditors 174,075 31.357 306 4,2(A 181.736 17.162 89.897 1190 180,375 17,884 754 4.680 127,419 11982 86.327 500,987 430,421 l O. Cr•dltors . Amounts FAlllng Due After More Than One Yev 2023 2022 Unity Bank loan 1188,219 2,226,866 The bank loan. to fvnd principally 24 West Stree( Is with Unlry Trust BanK At 31 Decern￿r 2023 £1295,278 of a maximum facility of £1437.10 I had been drdwn down. The loan is reFYayaNe over 20 years and charges an Interest rate of 3.35% per annum over Bank of Engand Base Rxe. Where the Base Rate is less than O. IK the interest rate char¥ed will be 3.35% The lo*n ￿$ ￿ $￿ured by a cTrMrge o%*r 24 and 26 West StreeL 15 WEST STREET CHARITY Notes to the Flnanclal Statements For the year ended 31 December 2023 I l. Reconciliation of net income to net Cash Ilow from operntin8 4Ktivitles Total 2023 Total 2012 Net surplusl(dellcit) for th• r¢porting p•riod (as per the ytat*ment of financlal a(tlvities) 77.291 Adjustments for. Depreclation thar¥es Interest payatrAe Ilncreaselldeuease in debtors IncrÈa5elldecrease) In creditors 186.K12 1103.056) 61816 Ill467 (72.6421 300.014 Net cash pro￿ded by opwdtyng ac11￿￿e5 223,853 221,358 12. R•￿t•d P*rtyTransartloni The SL Glles.inthe-Rdds Ecde￿IStka1 Charlttes compds St Glles-lTr-the-Relds ParochRI Church Coundl West Street Charlty Alicia Duchess Dudley for the Rec¢or Char The Caroline Clayson Charity The Rev T Sanders and Mr W Grun¢ty are truste•s in ci)mmon with the St G1le$4n-th&￿eIdS Paroch1￿ Church Council. West Street Charfty ￿ld grnnts to St Glles-In-the-Fields parochi￿ Church Coundl for payment of the common fund contrtbv￿on& 5￿pends. 5alarie5 and the repalr and malntenance ol the Church and Churchyard of St. Giles-In-thtrFields amounting to £220.CQO (2022.. £210,OC($1. At the year end. £50.000 {2022: £50,0(KJ) was due from St Giles-in-the-FieltJs hroch&l Church Councll In resF*tt of an interest free l¢)an. There were no other ￿lated party transactions either with the abovtsnamed charitles or with the trustees ￿rsOnal￿ <)ther than those stated. The Trustees did not make any donatitX)$ to the charity during the year (2022.. £nill. 16