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← The Trusts Declared By The St Paul's (Portman Square) Act 1964

2023-12-31-accounts

Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

Charity number: 1154084

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 6
Independent auditors' report on the financial statements 7 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 24

Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

Rev. Charlie Skrine James Brightwell Steven Ho Rob Turner (appointed 1 March 2023)

Charity registered number

1154084

Principal office

All Souls Church, Langham Place 2 All Souls Place London W1B 3DA

Independent auditors

Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Bankers

National Westminster Bank Plc PO Box 2BA 69 Baker Street London W1U 6AT

Insurers

Ecclesiastical Insurance Group plc Beaufort House Brunswick Road Gloucester GL1 1JZ

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report together with the audited financial statements of the charity for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Trust’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) published in October 2019.

The working name of the charity is St. Paul's Trust.

Executive summary

The year 2023 was marked by significant progress at St. Paul's Trust as we continued our efforts to optimise assets in support of the All Souls Parish. Our mission is to facilitate gospel ministry by providing access to facilities and financial support, enabling the work of All Souls, Langham Place. This report highlights our activities, from asset utilisation and community support to financial health and future aspirations.

Objectives and activities

a. Policies and objectives

As noted below, the Trust exists to apply its resources for ecclesiastical purposes within the parish of All Souls, Langham Place. St. Paul's Church, Robert Adam Street, is a chapel of ease within the parish.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.

b. Grant-making policy

The charitable objects of the Trust are the ecclesiastical purposes of the parish which is the parish of All Souls, Langham Place, of which the Trust forms a part. The trustees' policy is to financially support the ongoing ministry and mission of the parish by distributing available funds on an annual basis, primarily out of income not required to meet the Trust's own operating expenses. Grants from capital are also made when possible, consistent with the trustees' reserves policy. These grants are given to the PCC of All Souls, Langham Place, to be used for the unrestricted benefit of the parish. The funds may be applied for a wide range of activities, including ministry, outreach, and operational support. These are consistent with the parish's objectives and activities, which are in accordance with the Charity Commission's guidance on public benefit, and which are the very purposes for which the Trust exists. This policy reflects the trustees' commitment to supporting financially the spiritual and missional objectives of the parish.

Achievements and performance

a. Review of activities

Asset utilisation and community support

The primary facility at St. Paul’s, located on Robert Adam Street, saw increased use in 2023, becoming a hub for a wide range of community and parish activities. Weatherbys School for Boys began using the building regularly for both curricular and extracurricular activities, integrating it into their educational environment. At the same time, Christianity Explored Ministries, after a prolonged struggle to find a location in central London, established tenancy at St. Paul’s. They now occupy several offices and meeting rooms, which has allowed their ministry to flourish.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

In addition, the Wallace Collection utilised space at St. Paul’s during a major conservation project, further strengthening the building's role as a community asset. The car park also contributed to the Trust’s financial stability, generating income through regular and ad-hoc rentals. Within the parish, congregational lunches, family events, and men's ministry breakfasts were revived and held regularly at St. Paul's, further supporting the vibrant ministries of All Souls Langham Place. Altogether, the building has proven to be a significant asset for ministry activities, providing the parish with much-needed space to gather, engage, and grow.

Maintenance and expenditure

Delays in finalising the redevelopment plans for the Trust highlighted the need for essential maintenance and improvements to both the exterior and interior of the building. One of the key upgrades involved significant electrical work to ensure that the building complies with modern safety standards, creating a safer environment for all who use the space.

Additionally, office spaces were converted to accommodate the Christianity Explored ministry, providing them with functional and dedicated areas for their activities. External refurbishments were also undertaken, addressing issues at the basement, ground, and first-floor levels. This work included the removal of asbestos tiles, painting, repointing, masonry repairs, and the restoration of the palisading. These improvements have helped maintain the building’s functionality, ensuring it remains safe, welcoming, and ready to serve both parishioners and external users.

b. Investment policy and performance

Monies are invested by the trustees as they see fit. They monitor the performance of investments and make changes as felt necessary.

Financial review

Financial health

The Trust maintained a strong financial position in 2023, benefiting from consistent income generation that has seen recurring growth over the last 2 years, through its property assets and a focus on prudent financial management. Throughout the year, strategic decisions were made to ensure liquidity and support future projects, reinforcing the Trust's commitment to long-term sustainability.

Income from property rentals and parking, along with returns on investments, played a crucial role in maintaining the Trust’s financial stability. Notably, the funds managed by Ruffer maintained a valuation exceeding £400,000, creating a healthy reserve. To ensure the continued suitability of these investments, the Trustees established a five-year review cycle to assess the Trust’s evolving needs and evaluate the effectiveness of its investment strategy.

Budgeting and expenditure were closely managed, with the Trustees approving key expenditures aimed at maintenance and property improvements. These investments in the Trust’s facilities are expected to generate additional revenue in the coming years, further strengthening the Trust’s financial outlook.

The Trust also continued its tradition of financial support for All Souls Langham Place. Early in 2023, a donation of £35,000 was approved, followed by an additional grant of £213,000 in December to help cover a fundraising shortfall related to a building project at All Souls.

Additionally, the extension of the lease for Flat 8 in St. Paul’s Court, for which the Trust holds the freehold, generated a significant receipt that substantially strengthened the Trust’s capital position. This additional funding provides the Trust with an opportunity to strategically allocate resources for future initiatives in 2024, all in line with our charitable objectives. As always, any surplus will be directed towards the ecclesiastical purposes of the parish, ensuring the ongoing growth and impact of our mission.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The Trust's reserves policy is intended to ensure/secure the continuity of its core purposes. Recurring income of the Trust has not consistently covered ongoing operational and maintenance expenditure in recent years. The Trust, as freeholder of several residential properties, nevertheless has significantly benefitted from periodic lease extensions on these units. However, as the timing and amounts of revenue deriving are uncertain, this income source has been excluded in determining the Trust’s reserves policy.

With the mismatch in income and expenditure in any reporting period the trustees regard it necessary and appropriate to maintain a reserves cover level of 5 times (i.e. the level of liquid assets compared to direct costs excluding depreciation). This is more generous than is typical. Liquid assets are unencumbered by commitments or restrictions, and are made up strictly of cash and an easily realisable portfolio of financial investments run by a discretionary external manager.

At 31 December 2023 cash in hand and fixed asset investments totalled approximately £645,000. In 2023 direct costs excluding depreciation totalled approximately £28,000 and grants paid totalled approximately £248,000.

In anticipation of likely future refurbishment costs to be incurred on the Trust's freehold property, a larger buffer is deemed appropriate. The Trust anticipates the reserves cover level in the near term will further approach the target level.

Structure, governance and management

a. Constitution

The Trust is a registered charity (number 1154084). It was formed by The Saint Paul, Portman Square, Saint Marylebone Act 1964 , an Act of Parliament dated 16 July 1964, to assist the Christian work being carried out in the former parish of Saint Paul, Portman Square, Saint Marylebone. The Act is the Trust's governing document.

Under a Pastoral Scheme dated 26 October 1988 the parish was united with the parish of All Souls with Saint Peter and Saint John, Saint Marylebone and the objects now encompass the ecclesiastical purposes of the parish of All Souls, Langham Place.

b. Methods of appointment or election of trustees

The management of the charity is the responsibility of the trustees who are elected under the terms of The Saint Paul, Portman Square, Saint Marylebone Act 1964 . The trustees, chaired by the Rector of All Souls Church, Langham Place, meet as felt necessary. The Trust does not employ staff.

c. Organisational structure and decision-making

During the year the day-to-day management of the Trust was delegated to the Director of Operations at All Souls Church, a position held by Nathan van Sittert.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

d. Risk management

The trustees remain vigilant regarding potential risks that could affect the Trust’s future. Several strategies have been implemented to mitigate these risks:

Future aspirations

As we look ahead to 2024 and beyond, St. Paul's Trust is committed to advancing its charitable objectives while adapting to new opportunities.

  1. Commercial utilisation of facilities : We are exploring ways to leverage our facilities for commercial purposes. This will generate additional revenue to support our charitable activities while maintaining the integrity of our mission.

  2. Closer collaboration with All Souls parish : We aim to deepen our partnership with All Souls, Langham Place, aligning our resources and efforts to further their gospel mission both locally and globally. Through closer collaboration, we hope to maximise the impact of our combined efforts.

  3. St. Paul's building development or disposition : The trustees continue to assess the future of the St. Paul’s building on Robert Adam Street. Whether through redevelopment or disposition, the goal is to unlock the capital tied to this property and reinvest it in ways that align with the Trust’s long-term vision and objectives.

Conclusion

In 2023, St. Paul's Trust made considerable strides in maintaining and utilising its assets for the benefit of the parish and the community. Financially stable and strategically focused, the Trust is well-positioned to continue supporting the mission of All Souls, Langham Place in the ministry of the Gospel.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of trustees' responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the The Saint Paul, Portman Square, Saint Marylebone Act 1964. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of trustees and signed on their behalf by:

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................................................ Steven Ho (Chair of Trustees) Date: 25/10/2024

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

Opinion

We have audited the financial statements of The Trusts Declared by The St. Paul's (Portman Square) Act 1964 (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964 (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964 (CONTINUED)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures designed and implemented to detect irregularities, including fraud, are detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964 (CONTINUED)

Other matters - prior period financial statements

In forming our opinion on the financial statements, which is not modified, we note that the prior period financial statements were not audited. Consequently, International Standards on Auditing (UK and Ireland) require the auditors to state that the corresponding figures contained within these financial statements are unaudited.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

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Griffin Stone Moscrop & Co Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit Street London WC1N 3GS 28/10/2024 Date:

Griffin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Charitable activities
4
Investments
5
Other
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure) before net (losses)/gains
on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
885,658
5,679
-
891,337
6,478
460,841
467,319
424,018
(24,782)
399,236
8,888,969
399,236
9,288,205		 Total
funds
2023
£
885,658
5,679
-
891,337
6,478
460,841
467,319
424,018
(24,782)
399,236
8,888,969
399,236
9,288,205		 Total
funds
2022
£
230
10,378
2,730
13,338
7,689
267,744
275,433
(262,095)
15,037
(247,058)
9,136,027
(247,058)
8,888,969

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 24 form part of these financial statements.

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Provisions for liabilities
17
Total net assets
Charity funds
Unrestricted funds
Total funds		 1,210,610
238,005
1,448,615
(391,002)		 2023
£
7,823,231
407,361
8,230,592
1,057,613
-
9,288,205
9,288,205
9,288,205		 416,593
274,115
690,708
(134,398)		 2022
£
7,934,717
432,942
8,367,659
556,310
(35,000)
8,888,969
8,888,969
8,888,969

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

................................................

Steven Ho

(Chair of Trustees)

25/10/2024 Date:

The notes on pages 14 to 24 form part of these financial statements.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Cash flows from operating activities
Net cash used in operating activities
18
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
19
The notes on pages 14 to 24 form part of these financial statements		 2023
£
(36,110)
5,679
433,863
(439,542)
-
(36,110)
274,115
238,005		 2022
£
(1,084)
10,378
-
(10,378)
-
(1,084)
275,199
274,115

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trusts Declared by The St. Paul's (Portman Square) Act 1964 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The trustees consider there are no material uncertainties about the charity's ability to continue as a going concern.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

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THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives on the following bases:

It is the policy of the charity to write off any expenditure on St. Paul's Church, Robert Adam Street, in the year it is incurred.

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Net gains/(losses) on investments’ in the statement of financial activities.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities within interest payable and similar charges.

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

2. General information

The Trusts Declared by The St. Paul's (Portman Square) Act 1964 is an unincorporated charity registered in England. Its principal office is All Souls Church, Langham Place, 2 All Souls Place, London W1B 3DA. A description of the nature of the charity's operations and its principal activities can be found in the trustees' report.

The presentation currency in these financial statements is sterling and figures are rounded to the nearest pound.

3. Accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

4. Income from charitable activities

Unrestricted
funds
2023
£
Ground rents receivable
230
Income from lease extension
807,750
Room rents receivable
46,574
Garage rents receivable
31,104
885,658
Total 2022
230		 Total
funds
2023
£
230
807,750
46,574
31,104
885,658
230		 Total
funds
2022
£
230
-
-
-
230

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Income from investments

Unrestricted
funds
2023
£
Dividends receivable
5,679
Total 2022
10,378		 Total
funds
2023
£
5,679
10,378		 Total
funds
2022
£
10,378

6. Other income

Old creditor written off
Total 2022
Investment management costs

Ruffer portfolio costs
Total 2022		 Unrestricted
funds
2023
£
-
2,730
Unrestricted
funds
2023
£
6,478
7,689		 Total
funds
2023
£
-
2,730
Total
funds
2023
£
6,478
7,689		 Total
funds
2022
£
2,730
Total
funds
2022
£
7,689

7. Investment management costs

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Expenditure on charitable activities

Total
Total 2022		 Direct
costs
2023
£
134,511
185,794		 Grant
funding of
activities
(see Note 9)
2023
£
248,058
-		 Support
costs
2023
£
78,272
81,950		 Total
funds
2023
£
460,841
267,744		 Total
funds
2022
£
267,744

Analysis of direct costs

Unrestricted
funds
2023
£
Depreciation - St. Paul's Church and garage
109,237
Expenses - 20 & 241 Holcroft Court
4,194
Depreciation - 20 & 241 Holcroft Court
2,249
Expenses - Flat 2, 56 Manchester Street
18,831
134,511
Total 2022
185,794		 Total
funds
2023
£
109,237
4,194
2,249
18,831
134,511
185,794		 Total
funds
2022
£
109,237
59,961
2,249
14,347
185,794

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Expenditure on charitable activities (continued)

Analysis of support costs

Unrestricted
funds
2023
£
Major repairs
57,938
Garage - general maintenance
21
Garage - rates
1,340
Garage - insurance
6,733
Legal and professional fees
5,351
Bookkeeping fees
883
Sundry expenses
885
St Paul's Court - contribution to common area works
(1,479)
Governance costs (see Note 10)
6,600
78,272
Total 2022
81,950
9.
Analysis of grant funding
Grants to
institutions
2023
£
Grants to All Souls Langham Place
248,058
Total 2022
-		 Total
funds
2023
£
57,938
21
1,340
6,733
5,351
883
885
(1,479)
6,600
78,272
81,950
Total
funds
2023
£
248,058
-		 Total
funds
2022
£
5,700
5
1,310
6,827
61,068
-
-
5,000
2,040
81,950
Total
funds
2022
£
-

10. Governance costs - auditors' (2022 - independent examiner's) remuneration

The auditors' (2022 - independent examiner's) remuneration amounts to a fee of £4,700 ( 2022 - £1,500 ) and accountancy services of £1,900 (2022 - £1,500). The remuneration for 2022 also includes the reversal of an overprovision of £960 relating to 2021.

11. Trustees' remuneration and expenses

During the year ended 31 December 2023, no trustees received any remuneration or other benefits (2022 - the same).

During the year ended 31 December 2023, no trustee expenses were incurred (2022 - the same).

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Tangible fixed assets

Cost
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold
property
£
8,728,807
8,728,807
983,133
109,237
1,092,370
7,636,437
7,745,674		 Long-term
leasehold
property
£
247,000
247,000
57,957
2,249
60,206
186,794
189,043		 Total
£
8,975,807
8,975,807
1,041,090
111,486
1,152,576
7,823,231
7,934,717

Included in freehold property is land with a deemed cost of £3,242,000 (2022 - the same) which is not being depreciated.

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Fixed asset investments

Cost or valuation
At 1 January 2023
Additions
Disposals
Revaluations (net of costs)
At 31 December 2023
Material investments
Charity Assets Trust - 'C' accumulation shares
LF Ruffer Total Return Fund - 'C' accumulation shares
Debtors
Due after more than one year
Other debtors
Due within one year
Other debtors
Prepayments and accrued income		 2023
£
407,361
-
407,361
2023
£
370,063
20,805
819,742
1,210,610		 Listed
investments
£
432,942
439,542
(432,942)
(32,181)
407,361
2022
£
-
432,942
432,942
2022
£
389,203
19,140
8,250
416,593

14. Debtors

Of the above amount, £293,503 (2022 - £312,643) falls due after more than five years of the balance sheet date.

Included within other debtors, in aggregate, are loans to All Souls Church, Langham Place totalling £389,203 (2022 - £408,343) which are secured by a fixed legal charge over one of the Church's leasehold properties and its investment property.

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income		 2023
£
372,869
18,133
391,002		 2022
£
131,398
3,000
134,398

Accruals and deferred income includes deferred income of £10,650 (2022 - £nil) in respect of room rents received relating to the next accounting period.

16. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 645,366 707,057

Financial assets measured at fair value through income and expenditure comprise fixed asset investments and cash at bank and in hand.

17. Provisions for liabilities

Provision
for
maintenance
works
£
At 1 January 2023 35,000
Amounts used (35,000)
-

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Losses/(gains) on investments
Dividends, interests and rents from investments
Ruffer portfolio costs
Decrease/(increase) in debtors
Increase in creditors
(Decrease)/increase in provisions
Net cash used in operating activities
19.
Analysis of cash and cash equivalents
Cash at bank and in hand
20.
Analysis of changes in net debt
At 1
January
2023
£
Cash at bank and in hand
274,115		 2023
£
399,236
111,486
24,782
(5,679)
6,478
(794,017)
256,604
(35,000)
(36,110)
2023
£
238,005
Cash flows
£
(36,110)		 2022
£
(247,058)
111,486
(15,037)
(10,378)
7,689
19,266
127,948
5,000
(1,084)
2022
£
274,115
At 31
December
2023
£
238,005

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Docusign Envelope ID: F8D46674-FCA8-4F09-A651-36842D479E2C

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21. Related party transactions

Rev. Charlie Skrine, a trustee of the charity, is also the Rector of All Souls Church, Langham Place. All transactions with All Souls Church have been carried out for the benefit of the parish.

At 31 December 2023, £372,869 (2022 - £131,398) was owed to All Souls Church. This balance excludes the loan referred to in Note 14.

During the year ended 31 December 2023, All Souls Church made loan repayments to the charity totalling £19,140 (2022 - £19,141).

During the year ended 31 December 2023, grants totalling £248,058 (2022 - £nil) were made to All Souls Church.

Page 24