WEST STREET CHARITY Charlty Registration Number. 1135436 Annual Report and Financial Statements For the year ended 31 December 2024 Tandem kcounring Lrd Chanered Atcountants 17 Heathvillè Road London N19 3AL
WEST STREET CHARITY Annual Report and Financial Statements For the year ended 31 December 2024 Contents Page Legal & adrninistrative Infomiatlon Annual R•port of the Truste• Report of the Indeperbdnt Audltors to the TNrtees Statement of financial activities Bal4nr¢ >hut 10 Statement of cash flows Notes to the financial statements
WEST STREET CHARITY Annual Report of the Trustees For the year ended 31 December 2024 Ch¥ity Nam• W•st Street Charity. Charlty R•glrtratloTh no 1135436. Th• Charity VAS registered with th• Charity Cemmisiitsn. Prln¢ipal Offsc SL GilÈs-En-the-F¥el¢Js. 60 St (iiles 5treek London WCZH 8LG. Gov•rnlng Document Scheme esrablished by an order in the Chancery Division of the Hh Court oflusuce 16 December 1949 as amended by stheme dated 01 Iuary 2019. Alms The mS of th¢ Charity are to rnaintsin and improve the property of the Charity124 and 26 West Srreerl and to support rhe PCC ot Sr Giles•in-the-Field5 in its work of min+sEry and missson and mainratnifi8 the fabric and OundS of St Gile5-in-the-Fields. Truste The W¢s¢ Streer Tnjstee knm1d Icompzny number 11508044) was appointed corporate rru5tee of Wes¢ S(reet ChariLy on 20 February 2019. Ai thai dale, che existing trustees of the Chariry became direcior5 of the Corporate Trusree and aci in the capacity of tru5tee5 of Wesr Street Charity. Prin¢•pal Officers Rev T Sander Mr H Am05 Mr R Manners Mr A Power Ms A Sampson Mr T Dowse Ms C Campbell Dr VV James Mr O 8ailey-Green MrOHory Mr W Grun(ty Treasurer Key Management Personnel The persons in tharge of directin& conrrollin& rnnning and operaung the Ch3riry on a (Jay to day I51$ are the Trusr¢Es. Banker5 Unity Trust Bank plc 9 Brindley Place IrminKham 61 Independent AudStorn Knox Cropper LLP Chartered Accountants & SuttEfQry Auditors 65 L¢•denhall Street Lrjndnn Ff.3A ?AD Solicitors Russell Cooke LLP Blshop's Palace H¢)use Kingswn Bridge. Kingston-upon-Thames Surrey KTI IQN Chartered 5ur¥eyors K6W Chartered Surveyors Ciry Temple Holborn Viadu
WEST STREET CHARITY Annual Report of the Trustees For the year ended 31 December 2024 London ECIA 2DE Property Agents The LOG Partnership LLP 39 Foley Sveer London WIW 7TP F¥ebrother Chartered Surveyors 27 Brezm s Build1ngs London EC 4A I DZ The Trustees submit their report and the financial $Thremenu of Wesr Srreer Charity r'the Charity.) for the year ended 31 December 2024. The financial stateffnts have been prepared in the formal prescrib¢d by the Statement of Recommended Prattice.. Accovnting and Reporting by Charities ISORP 2019 IFRS10211. The legal and adminlstracive Information set out eadier in this do¢umenr brms parr ¢f rhis report. l. l. Tru¥¢ee• The Wtsi Street Trustee Limited Icompany number 11 $080441 was appointed corporate trustee of Wtst Strett Charl Ir February 2019. The Direc¢ors of the Company are the Trustees of the Chariry and are the members of the Parochiil Church Council IPCCI of 5t. Giles-In-the-Fields who are elected ar the Annual Parish Meeting and Annual Parochial Church Meedng in Apnl each year. New members are Inducieij by the Recror and the Parochial Church Coun¢ll. Tru5tee5 mer on five occasions iv rhe year to 31tt December 1024 10 consider management matters in re5pe¢E of the Charity's property and to make granrs ro the St Giles-in-the-lields PCC. The mwn topics of business concerned the refurbishment of 24 WesE Streec the reSTden[i lertTnE of 26 WesT sand the commercial letting of the Lower Ground Floor of 26 Wesr SrreeL 1.2 Risk Management The Trustees cofjvnued zo assess the major risks to which the Charity 15 exp05e& pantcularly those related to the operations and finances of Ehe Chariry. The Trusrees recognise a number of key risks faced by the chariry, which are Outlined below. and are satisfied thai SySEems are tn pLice to mitigate the exposure of the Chariry ro these risks. External risks Tenant default- constitures a risk to tncome 2nd. U1MIle1Y, EO capital value Economic OUElook- a&erse economic trend5 that may affeci capltal valu¢ Miti ations Use of professional agents in nant due diligence and rneni Convnued rnwnrenance of low gearing and conservation trf rclcrrtj Professional advice in understanding chanwng dernand5 and Theed5 frtsm residenrial and comrnercial renan Su5rain relation5hip5 Wlth our bankers Obtaining profe55ional adw¢e in arranging ind mettin8 new financin uirements Avallability of exremal finance On a¢ceprable terrns- maintaining and •)han¢ing the ¢aplral value of the portfolio require5 debi financing Intern Tisks Porcfolio concentratÈOn- a5sefS c0ncenrrnd Fn West Srreer Ensuring properties are suite¢J t¢ Channg need5 of local tenants Continued mwncenance of low gearing and conservation of re5erve% Rigorous review of developmeni opportunities and rlsks urili5ing external professional advice Seeking fixed price contracts th bulldlng contractors Close monitoring* together with our external adviser& of uve de19 Developmenc and refurbishment- dtvelopm•nt and refurbi5hmenE offers the ability to mainrxin or enhance capital value of a55et but carries risks ro plwnin& consirucuon timing, cos15 and letting
WEST STREET CHARITY Annual Report of the Trustees For the year ended 31 December 2024 l Actlvltles & Str4t•gle¥ The Trust••s art aware of the Crity Commiulon't guidwce on publk benefit and have given 1¢ ¢Je r•prd in their administration ol th¢ Charity. The alms of the Chari¢y are ¢0 main(ain and improve the property of the Chariry124 and 26 Wesi Street) ¢0 support the PCC of St Giles-in-ththetds in its work of ministry ind missinn 2nd mintainin8 the fabric artd Brounds of St Gil4É-in- the•Fields. The Charity owns rwo propertie5. 24 and 26 West Street (the latter named 'The Mission House,) and receive5 rental income from both. Legal urle to the properties Is held by the London Diocesan Fund in Trust for the Chariry. The upper flo¢rs of no. 26 comprtse four residential flar5 which were lei our to tenanrs during 2024. The lower 011nd floor of The Mission House is let as office ac¢ommo&tion. The Wustees. yi iiridty dilTi for diE year was to conrlnue EO lei the the commerciat office space In 24 2nd 26 West Srreet in order to maintain and conserve the historic building and provide charitable grants to the Parochi Church Council of S¢- Gile$-in-the-Fields. During the year the Trustees and Direcrors provided grants of £359,00012023.. £220.(thl for the upkeep of the Church of Sr. Giles-in.the-Fields. The Chartty main(wn5 borrowing tscilities wtth Unity Trust Bxnk whirh <Liired to financ the refurbishment of 24 Wesr Street and refinance of existing borrowin& Ar ye¥ end borrowing5 roralled £1218,283 12023.. £2.278.1161. 4. nancIal Revlew Funding for the Chariw comes primarily through rental income from 226 West Street 4.1 Financial Artivity and Financial Position The Statemerst of Financi&l Acuvtues and Balance Sheet ran b2 found on page5 9 and 10 respecovely. The Chariry'5 re5erve5 increased by £3.337.488 during the year 12023.. increased by £77.2911. The baLince Sheet shows tOEal ner a5set5 of £12.891.38012023.. £9.553.8921. The trustees made grants of £359.¢Xl 12023.. £220.0(} to the PCC of Si Giles-in-the-Fields out of the rental income received from its properties. The Ernsrees have reviewed buiJgec5 and cash flows for a period of 12 monEhs from tile date of signature of these aecounts. Surplus generad from rental intome, and the exisDng firltI#l resources. are deemed suffictent ro fu11 the Chariy's obligations. includtng the SecIng and repayment5 of a loan from Uniry Trust 8ank plc. Trustee5 give careful thou£hi to the snvesrmenr of such int¢yne. The trusiees will CCtinue ro mooiwr the reserves polioon ¢0 ¢nJur¢ Ehai the leY¢l of rtstrycs rcfflaln3 approprlaie for Its t)biecLlve5. 4.2 A•t¥I Pollcy Trustees do nor hold a fornial Reser¥e5 Policy but are mindful ol the need to have sum5 available to 5upporr Ihe ministry and mission of Sr Giles•in-the-Field5 were li to experientt unexpected financial demands and io provide for the mainEenanee and upkeep of irs properties. In Septembor 2025. Unlty Truit Bank Pk undertook a YarlOn of 226 West Streer throukh extern acfvis¢rs CoppBr Joyce. This Trrtluation detemined thaL prior to ifs refurbishmenL the marker value of the property was greater than rhe carrySng valu¢ a¢ 31 December 2024. The let rnzrkef vllut had been deemed £14.860.TraO versus • ¢arrying value of 11.682.959. with the propery valuarion updated in the 310ecember 2024 financi statomenrs.
WEST STREET CHARITY Annual Report of the Trustees For the year ended 31 December 2024 5. Pl•ns for FUre Periods To contlnue 10 manage and lei the properry of the Charly at 24 and 26 West S¢r¢eL To m&ximisè the ificome from 24 and 26 West StreeL O. Responslbllltles of Trustees for the Fi1wKl Statem The Trustee5 are re5POll51ble for preparing the report and the financial Scatemen in accordance with applicabte law and United Kingdom Generally Ac¢epteiJ Ac¢ounvn8 Pracrice. Chariry in England an¢J Wale5 requ¢re5 the Trustees to prepare finan<ial staiements for each fincIlI period which gNe a true and fair eW of the state of affalrs ol the Charity d of the incoming rejourcej applicatyon of resources of the Chiity for that period. In preparing those financial statements, the frustees are required io.. 5elecc sultae accountini policie5 znd apply them con515tendy', ob5er¥e rhe methods and principles of the Charives SORP. make iudgements and estimate5 that are reasonable and pruijen sta¢e whether applicable accountiD¥ Standards have been followed suble¢t to any deparcures dlsclosed and explained in the financial statemenrs.. and prepare the financial statements on the going conttrn basis unless It Is Inappropraie ro presume that the ictiviues of the Charity will contsnue. Thè Trustees are responsible for keeping adequate accounting record5 wh¥ch disclose with reasonable accuracy at any time the financial position of the Charity and enable5 them EO ensure that the finanual statements comply with the Charities Att 2011, the Charity (Accounts and Reports) Regulavon$ 21J08 &nd the provisitsns of the govern*ng docurnenL The Trustees are also responsible for safe%uarding the assets of rhe Chariry and hence for raking reasonable Steps for the prevenuon and derecuon of frnud and other irregulariries. The Trustees 3re re5pon5ible for the maincenance and integriry of the Charity and financnl iTrforniation included in the Chamy s websif 7. Approval 2811942025 The reporc of the Trnsrees was approved by the TrvsEee5 on xxxx 2 5 and 5igrt¢d on their behalf by. Rev T Sander Chair of the Board
WEST STREET CHARITY Report of the Independent Auditors to the Trustees of West Street Charity Oplnlofft We have audired the financial statemenrs of West Street Charity (the 'tharky'l for the year ended 31 December 2024 which comprise the 3tatement of financiai acii¥ive5. the bance sheeL and no(e5 to the financial statement5. includin2 summary of 5ignrficanE accounung policies. The financ4al reporring framework thac has been applied in the¢r preparttion 15 applicable law antj Unld Kingdoffl Accounung Standard5. IUni¢ed knngdom Generally Accep¢ed AccDunring Pracucel. including Financial ReporriThg Standard 102'The Financial Reporrin8 Sw)tJard applicable in the VK and Republic of Irelan(r. This reporr Is made 501ely to the chariry's rrustet5, as a bo. in accordance with sect)n 144 Of the ChariDes Act 2011 and regulations made under 5ettion 154 of thar A¢L Our audit work has been un¢Jertaken. so that we might Sfate to the charity's trustees those matters we are required to stare to them tn an auditor's report and for no other purpose. To the fullest enent permitted by law. we do nor accept or assume responsibility to anyone other than the charity and the charity's trustee5 3s a body. for our audit work. for this repor¢ or for the opinion5 we have fornied. In our op10n. the financol sratement5: v• a true and fair tW of the state ol tht charity's affairs as at 31 December 2024 and of iu inc¢)mlng resource5 and applicauon of resources for the year then ended: have been propedy prepared in accordance United Kingdom Generally Accepted Accounrrng Practic including Fnaneial Reportin% Standard 102 The Financial Reporung St3ndard applicable in the UK and Republic of Ireland,: and have been prepared in accordance the requiremenr5 of the Charittes ACT 2011. Basis ftsr opinion We conducted our avdit in atcordanee with Internarion St2nthrds on Audrting (UK) IISAS IUKII 2nd applitable law. OLtr responstbiliDes under those 5tsnd2rds are further described in the Audrtor's responsibslities for rhe audit of the finant131 statemenrs secuon ol our reporL We are independent of the charity in accordance with the ethical requiremenrs that are relevant to our audit of the finanoal st3tements tn the UL including the FRC'5 EEhical Srandard, and we have fvlfilled our other ethical reSponbIlle$ in aecordance with these requirements. We believe that the audir evidence we have obT2inÈd 15 sufficient and appropriate ro yovide a basis for aur opiniorL Conclusion5 relating to going concern Sn auditing rhe financial statements. we have conduded that the rrusree's use of the going concern basis of accounting in the prepardtion of the fiftanC statements is appropriate. Based on the work we have performed. we have not identified any material uncertainries relavn¥ to event5 or condioDns that, individually or CO1ctIve1y, may casc 5iznrficanf doubt on fhe ch¥iw'5 abiltty w cononu¢ a$ 4 going concern for a poriod of tsr IAsi ¢w•fv• month• from ths fin•nGjd arc authorlJ¢d Icr l>#uE. Our respon$lbilitie5 and the r¢winsibilirles of the trustees with respect to going Conrn are descrlb•d in the relevant settion5 01 thts reporL O¢her Inforniation The other information compri5e5 the inforniation induded in the annu reporL other than the financial sutements and our atsditor'5 report thereon. The tru5fft5 are reswnsible for the other inforniatton. Our ¢plnion on the financial statements does noi cover the other information and. except w the exrent otheM5e expli¢i¢ly stad in our repo we do not express any forn) ol assuranu c<>ndusion thereon.
WEST STREET CHARITY Report of the Independent Auditors to the Tru5tee5 of West Street Charity In connectson with our audit of the ffinan¢d sratemenrs. our responslbility is to read the other irtfgm)ation and. In doin8 so. consider whether the other inforMatN is maf¢rialty inconsistenr with the financial 5tatemeAts or tsur knowledge obtained in ihe audii or otherwtse appears ro be materially misstate& If we identfy Such material inconsistencie5 or ppareni maierial mi55taiemenE& WE are required Lo deterThinE y4liediw 1> a i)uier ial niisstatemeni in the fiTraDcial staiemenrs or a material mis5tarement of the other infornuvon. If. based on the work we have perfomied. we cvnclude tha¢ there is a material mi5s¢acement ol this other inforniavoft. we Ire reqvired to report that laeL Wt have nothin¥ 10 report Sn thi$ reprd. Matters on whlch w¢ •re requlred to report by •xc•ptlon We have nothing to report in respecT of the folbwing rnatters where the Chariues (Accounts and reports) Regulations 2008 req¢Jires us ro report 10 you rf. in our opinion-. the infomiauon &ven in the Report of the Trustee5 is inconsr5trnr in any material re4>ert with the fifiincial stsiemeftrs.. or sufficleni accounung recorth have not been kepL or the ftnancial statements are not in agreement tht atcounung records: or we have not recetved the tnfornHtion and eyknations we require for our aucbt ResponsilNlities of trustees As explatned more fvlly in the statement of Trustees Re¥ponsibTlities. the trnSEees are responsible for the prep2r2cien of the financi315tatements whith yve a true and f¥r view. and for such inrernJl control a5 the trusrees eMIne is necessary to enabje thE preparation of financial starwnenrs that are free from material rnissEatemenL whether due to fravd or error. In preparing the financial Statements. the rru5ree5 are responsible for assessing the chary'5 ab11Y to continue as a going concern. di5c105in& as 3pplicabl£ matten relared ro going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operntions. tsr have no realistic alternative but tts do so. Auditorfs respon$ibllltle$ for the autht of the financial statements We have been appointed as audinr under 5ettion 144 of the Chariries Act 2011 and report in 3ccordance with the Att and relevani regulations made or having effect thereunder. Our objectives are io obtain reas¢nable assurance about whether thE financial sratemerts as a whole are free from material rni55tatemenL whether due to fraud or error, and ro issue a Report of the ldependent Auditor5 that include$ our opinion. Reasonoble a55urdnce is & high level of assurance. but ss not asuardniee that an audlr conducrtd In iccordance with ISAS IUKI will alway5 detett a maleri missratemeni when it exists. M5sstatemenrs can arise from fraud or errgr and are considered material rf. ir4dividually or in the aggregare. they could reaAIblY be expected to influence the economic deusi¢ns of users taken on the basi5 of these financi sutements. Irregularitios. inchtding fraud. are inxances of non•compliance with law5 and regulatlons. We des18n procedures In Ilne with our re5ponsibiliii¢s. oudined above. to detect material mi$$tatemenrs in respect ol irregul¥iiies, including fraud. The exrent ro which our procedures are rapable of detecrlng irregularities. including fraud is derailed below.. The charr is required to compty with tharity law d. based on our knowkdge of tts a£tNiue5. we idenyfied that the legal requiremenr w accuratety account for endowmenr wa5 of key 5i8nfficance. We pSned an understanding of h¢)w th• chariry complied it5 and regulatory framework Includinz the requiremeni To propedy accouni for endowmenr fvnds, through diicussions wS¢h managemènt and a r•vlth¥ of the Trjocumenced policit$. procedures and controls.
WEST STREET CHARITY Report of the Independent Auditors to the Trustees of West Street Charity The audit Arn. which 15 experienced irt the audit of chartcies. considered the charity's suscepubility 10 material mlssts¢emen¢ and how frdtsd may occur. Our considerauons included the risk of managemenr override. Our approach was ro check that all income was propedy identified and accounted for and to ensure that OAty valid and appropriare expendirure wa5 charged. Thi$ induded reviewing Journ adjustments and unusual transactions. A further description of our responsibilioes for the audit of the financi Karemenrs is located on the financi Repordng Council's websiie ac www.frC.or&uWauditonP0n1ibIlltits. This desutpuon fomis part of our Report of the Independen¢ Audiiors. LfvLLF KNOX CROPPER LLP Chartered Accountants and s¢Ory Auditors 65 Leadenhall Street London EC3A 2AD 28 October 2025 Knox Cropper LLP 15 elsgible lor appoinunent as auditor of the Chanty by virt¥Je of its eligibslity lor app01nDent a5 auditor of a company under section 1212 of the Companies Act 2006.
WEST STREET CHARITY Statement of Financial Activitie5 For the year ending 31 December 2024 2024 2023 Note Income from: Investments 781.295 531.381 Total Income 781.295 531.381 Expèndlturn on: Raising fun¢Js Charitable activities 254.605 366,243 228.133 225,957 Total E¥pendltuYe &?O.A48 454.090 NeE gainsjlbssesl on Invesuneni propery 3.177.041 Net Incomel(expendlr•) beforn tax 3.337.488 77.291 Tax payable N•t incom•l{exynditurn) aft•r tax 3 37.488 77.19 1 Other recoznised g4tnslllossÈsl Net movement in fvnds 3.337.488 77.291 Tod funds broughr fornard 9.553.892 9.476,601 Total fund$ carried fonrd 11891.J80 9,55J,892 l the auivtEies r¢porred aboye represent conunuing operations. The Ch*rity onfy has Unresfmcfed Funds. The r50te5 forrn part of these financial statements.
WEST STREET CHARITY Balance Sheet As at 31 December 2024 2024 2023 Note Flxed Assets Invg.*mip.nr property I4,860.C0 11.682.959 14,860.CrfJO 11.682,959 Currnnt Amtti Debtors Cash A¢ Bank And In Hand 193,166 479.567 261,045 299,094 672.733 560.139 Creditors- Amounts Fallin¥ Due WSthln One Year 517.220 500,987 N•t Curv•nt AM•ts 155,513 59.152 Creditors- Amounts Falllng Dut After More Than One Year 1124.133 2.188.219 Net Assets 12.891,380 9,553.892 Representrd By. Unrestricted Income Funds 12.891.380 9.553.B92 The financ statemenrs were approved by the Trust on ZZ • 2025 and sied on their behaw br. Chaly of the Board
WEST STREET CHARI Statement of Cash Flows As at 31 December 2024 Total 2024 Total 2023 Note Ner cash Ilows from operaTtng actfvlrles 10 390J59 223.853 Cash flowi from Investing actlvttle Loan repaymenr Net tath used In Invtrtln8 a<tlvltl 50.000 Cash flows from financing activities Repaymenrs of borrowing Cash tsuthows from financing cosu {59.8331 1200.2531 135.077) {182.6221 Net tash uséd lft financing attirieS 1260.086) 1217.6991 Change in cash and cash equivalents in the rnportlng peTlod 180.473 6.154 Cash and tash equivalents brought forward 299.094 292.940 Cash and cash equivalents carried forward 479.567 299.094 &J•4' li
WEST STREET CHARITY Notes to the Financial Statements For the year ended 31 December 2024 l. Ac¢ountln8 Pollcl•% The principal accounting policies adopted judgements and key sources of estimation un¢eruin¢y in the prepardtion of the financiat s¢atemenu a as lollows- Basis of ac¢ountOn8 The financtal st&remenTS have been prep3red tn accord¥nte with Accounting antd Repor(ing by Charities.. S¢a¢emenr Of Recommended Practice appltscable ro chariries preparing rheir *ceount5 in accordance with the Financi Reporting Stand•r¢J applicable in the UK and Republic of Ireland IFRS 1021 . Ichariuts SORP IFRS 10211. che FInancI Reporring Stafidard applicable in the UK and RUbliC ol Ireland IFftS 1021. The Charity m¢eu the definition of a public benefit enriry under FRS 102. Going Concern The Truswes consider that there are no mJreri•l unceryaintits about the Charity's ability to continue 35 & going Concern. The m4.or uncerrainry in thi5 r¢5pecI is the fuDJre ren income s¢reams of the Charity'5 Invescmenr Propertie$ and the impacr of Coronavirvs on those fijture income 5tream5. A decrease In future rental income streams wlll affett the level of ¥ranT support tha¢ the Charity can offer ro its beneficiary. St GileSwin.thtrFields. Cash reserves are sufficlenr ro meet ongoing costs of the properne5 for the foreseeable future. In<ome recognition All income is recognised once the charity has enDdemenr ro the incom& it is probable that the income will be received and the amouni of income receivable can be measured liably. Income from the lecong ofthe Charity's &nvestmenc properriÈs is re¢ognised under the accnds basis. Inwe$t income is accounted for vthen received as is any income w recoverable on such inctsme. Expenditure recognition Expenditsjre is accrued as soon as a liability is COnsered probable, and the 3mount of oblipotsn can be measured reliabty. Longer Trrm Inbiliue5 are discounted to pr¢5enr TfiEue. The costs of rai51D8 fijnds consisr <rf costs of rnaintaining the invesfment properrie5 and certin legal and profe$5ional fee5. Charitsble expentjtture includes those cosrs in fulfilling the Ch3rity'5 principal objec(s. a5 Outlined in the Report of the Trusrees. These inclde governanrp rt)5 which are incurrÈd in tonrtecvon with the Jdminiscr2uon Of thg Charity and compltance with consDfUtional and 5tarutory requirement5. which task5 are undertaken rnainty by the Trusrees. Governance costs 50 costs include colls rektinz to Statutory indwdent auth"t and legal fees. Taxatlon Wesi Stre¢E Charlty is exempt Irom ttIon on Incom• and pins under the Income and Corporation Taxes Acts to the extent that these are aPi¢d w irs charitable objects. Inv•stm•nt Prop•rtl•£ Inve5trnent properries are measured at fr Y41ue of the baknnce sheet date. Restricttons apply to The Chariy's ability to realise th¢ inyestmeni property. As dtsclosell in Note l O, the bank loan s secured by a charge over the prop•rty and leDI ucle to the propety is held in crust for the Charity by the London Dioces Fund.
WEST STREET CHARITY Note5 to the Financial Statement5 For the year ended 31 December 2024 l. Accowrtlnz Pollcles (coThtlnued) Short-terni debtors and ¢redltory Debcor5 are recognised when the cbaricy 15 le8allx entided to the income after any performance condiuon5 have been meL the amounc can be measured reliably and it is probthle that the income wll be reeeived. Crtdirgrs are recognised vhen Ihe charity ha5 a pre5eni legal or con5truiuvE Dbli8auon re5uluns frvTn a pa5¢ fVE¥it tsj rrrIlL Lu d diii d party. li is probable thar settlemenr wll be required and the amount due ¢0 Settle the obligation can be measured or escimaced reliably. Fund Accountinz l the Chariry's funds are unrestricted and can be applied by the Trustett in pvrsuanc• of iu tharitable acthtsies. Key ludgements and estimates The market ¥21ue of Investment properues Is rewewed annually by the Trusrees and based on the conon of those properties the valve is adjusted using a recolsed marker indice5. 2. Incom• from Inv•rtThnts Total 2023 2024 Rents retrived Dilapidations Interest Recetved 776,112 526,714 215 4,452 5.183 781.295 531.381 3. Expenditure on Raisirry Funds Ttrtal 2024 Total 2023 Utilities and council tax Maintenance. cleaning. equry>m•nt etc Stcuriry Insurance Managing agents Loan interesE 1503 18.943 5.592 2.585 16.071 17.136 199.808 14.n2 18.329 186.802 254.605 228.134 ij
WEST STREET CHARITY Notes to the Financial Statements For the year ended 31 December 2024 Total 2024 Total 2023 Grydnts to St Giles-in-¢he.Fields Office costs Independen¢ audiLor's fe• 359.(XJO 294 6.949 220.0 1.329 4.628 360.243 225.957 S. Taxatlon As a chariw. West S¢r¢et Chariry Is exempt from tax on income and gains falling within the pro¥isions of the Corporatyon Taxes Act 2010 or the Taxatyon of Charyeable Gain5 Aci 1992 ¢0 the exnE thai these are applied to It5 charitable objects. No charles have arisen on iht Charity. 2024 2023 Value at l January Gain on revaluation of VeS[Ment property 11.682,959 3.177.041 11.682.959 Value ar 31 December 14.860.000 11.682.959 The charity owns two properties - 24 and 26 We51 Street A re¥2[19n of the properries was performed in September 2025 by Copping loyeÈ, an independenL RICS rey$tered Yaluer. with a let market value of £14,860.000.. Accordingly the trsjstees have rev31ued the properrie5 to this valu3Don forthe 31 December 2024fin3nciat staTemenu. 2024 2023 Rent debtor 176.035 195.871 15.174 50.000 PrePaents Loan to St Giles-in-the-Fields PCC 193.106 261,045 14
WEST STREET CHARI Notes to the Financial Statements For the year Ènded 31 December 2024 8. Cr•dlton. Amowts Fallln8 Due Wlthln One Year 2024 2023 Rent deprt VAT Trade credlro Accrua15 Deferred income Interest lible Uniry Bank loan Other Crnditors 173,675 30.134 6,207 174.075 31.357 306 4.264 181.736 188.207 16.717 94.150 1190 89.897 1190 517,220 500,917 9. Credltors. Amowtts F[Ing Due After More One Year 2024 2023 Uniry Bank loan 2.124.133 2.188.219 At 31 December 2024, £L235,1)00 of a maximum faciltry of a.437.101 had been drawn down. The loan 15 repayable over 20 year5 and charges an interest ratr of 3.35% per annum over Bank of Eand Base Rate. Where the Base Rate is less thhn O. 1% the tnieresi race tharged wTrll be 3.35%. The loan ha5 been Secured by a thar¥e over 24 and 26 West SrreeL 10. ftecon£iliatlon of net ITKome ts net Iloiv from operntinz a£tMtl Total 2024 Total 2023 Net surplus for the reportlng perlod (a5 per the statement of financial activlties) 3.337.488 77.291 Adlustments for. Interesc payable Ilncrea5elldecrease in debtorn IncreaselltJecre4sel in cr¢dirors Gain on valuauon of investment property 199.808 17,879 12,425 13,177,041 186.802 1103,0561 62.816 Ne£ cash PrIded by operatyns act¥viti¢5 390.5S9 123.853 15
WEST STREET CHARITY Note5 to the Financial Statements For the year ended 31 December 2024 I l. R•l•ted Party Transactlort• The SL &-In-the-FIelds Ecdesiasticat Charities ¢omprri$& St Gile5-1n-the-eld5 Parochial Churth Countil West Street Chariry Alicia Duchess Dudley for the Rector Charity The Caroline Clayson Chariry The Rev T Santler and Mr W Grundy are (rus¢$ in eommon with the St Giles-in-the-F¢elds Parochi21 Church Counal "Si Giles"). The West Street ChaAry issued grants to SL GFles for payment of the common fund contributions, Stipends. arleS and th¢ repair and mainLtllailLe uf Churili and Churchrard of Si Glle5 amoundng ro £359,OCI) 12023.. £220.WOI. At the year end. £nil12023.. £50.ThJ)I was duè from SL Giles in respe£i ol an interest free loan. In 2024 the Chariry converred the loan to a granr ro SL Gile Thére were no other related party trdnsacuons •ther wrth th• above-named charitles or with the trustees pers¢)nally other rhan thosè already state The Trusiees did nor make any donations ro the charity during the year {2023.. £nlQ. Jts