St Etheldreda Trust
Annual Report and Accounts
31 December 2024
Charity Registration Number 1154426 (England and Wales)
Contents
Reports
| Reports | |
|---|---|
| Reference and administrative information | 1 |
| Trustees’ report | 2 |
| Independent auditor’s report | 6 |
| Accounts | |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Principal accounting policies | 13 |
| Notes to the accounts | 17 |
St Etheldreda Trust
Reference and administrative information
Trustees Father Christopher Fuse IC Father Anthony Furlong IC Father David Myers IC Father Joseph O’Reilly IC Father Tom Thomas IC Principal office St Etheldreda’s Roman Catholic Church 14 Ely Place London EC1N 6RY Charity registration number 1154426 Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Bankers HSBC plc 69 Pall Mall London SW1 5EY
St Etheldreda Trust 1
Trustees’ report Year to 31 December 2024
The trustees present their annual report together with the accounts of St Etheldreda Trust for the year ended 31 December 2024.
The accounts have been prepared in accordance with the accounting policies set out on pages 13 to 16 of the attached accounts and comply with the charity’s trust deed, the Charities Act 2011, regulations applicable to that Act, 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).
Objectives and activities
The principal aim of the charity is to provide a place of Roman Catholic worship open to members of the general public, served by a resident Roman Catholic priest.
The trustees have taken due consideration of the Charity Commission’s guidance on Public Benefit in reviewing the charity’s activities and plans.
Achievements and performance
Review of the year
The charity spent the year fulfilling its charitable objectives of providing a place for Roman Catholic worship. It also focussed on continuing to pay down the loans that it took out in order to finance the acquisition and refurbishment of 13 Ely Place, which was completed in 2015.
Financial review
The income of the charity derives entirely from donations and legacies, rental income and income from crypt hire. Total income for the year amounted to £243,390 (2023 – £242,393). Total expenditure was £192,232 (2023 – £182,986). This results in net income before investment gains and losses of £51,158 (2023 – £59,407).
Complete details of the income and expenditure are shown in the statement of the financial activities on page 10 and in the notes to the accounts.
Reserves policy
At 31 December 2024 the charity had total reserves of £2,255,430 (2023 – £2,039,272). At 31 December 2024 and 31 December 2023, none of the funds were restricted. £1,576,437 (2023 – £1,597,403) was a tangible fixed assets fund represented by the charity’s tangible fixed assets in recognition of the fact that these are essential to the day-to-day work of the charity and as such their value should not be regarded as realisable with ease in order to meet future liabilities.
The balance on the general fund, as at 31 December 2024 was £678,993 (2023 – £441,869). This balance is represented by the investment property, a loan secured against the property and the charity’s net current assets. The charity had net current assets at 31 December 2024 of £54,038 (2023 – £9,342) and expects to be able to build up further reserves over the next few years. It intends, wherever possible, to continue to use these reserves to accelerate the capital repayments on the loans that the Trust had to take out in order to fund the property purchase.
St Etheldreda Trust 2
Trustees’ report Year to 31 December 2024
Future plans
The future plans of the charity are to continue to preserve and maintain the historic fabric of St Etheldreda’s Church and the adjoining buildings that it owns in furtherance of its charitable objects.
Structure, governance and management
Constitution
The charity is governed by a trust deed dated 24 July 1885 and is registered under the Charities Act 2011, Charity Registration No. 1154426.
Trustees
The trustees of the charity are set out on page 1.
New trustees are appointed by the existing trustees but require the approval of the Archbishop of the Roman Catholic Diocese of Westminster.
Key management personnel
The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. The trustees receive no remuneration or reimbursement of expenses.
Risk management
The charity’s principal assets comprise the historic grade I listed church building dating back to the 13[th] century and the two adjacent five-storey mid-Georgian town houses at 13 and 14 Ely Place. The charity has taken out comprehensive policies of insurance with the Catholic Church Insurance Association to cover these buildings against all standard risks. These policies (including the insurable value of the buildings) are reviewed annually.
The charity was obliged to take out a significant loan from HSBC Bank plc guaranteed by the Westminster Roman Catholic Diocesan Trust in connection with its acquisition of 13 Ely Place (see notes 12 and 13 to the accounts). It services the interest accruing on this loan and pays down the capital borrowed using the monies that it derives from its two main income streams, namely letting out 13 Ely Place to commercial tenants and hiring out the crypt for functions organised by an outside caterer.
13 Ely Place was let out for an initial 10-year term from June 2015 to May 2025 and this lease was renewed for another 10-year term starting on 1 June 2025 on substantially similar terms (including a further 5-year break clause in favour of the tenants), but with an increase in the annual rental payable by the tenants. The tenant is an incorporated set of barristers, Mountford Chambers Limited. The tenant’s obligations under the lease are guaranteed by four individuals who are barristers at Mountford Chambers Limited (including its current head of chambers).
Finally, in the event that damage to 13 Ely Place (e.g. from a fire) were to lead to a temporary interruption in the income stream derived from letting out the premises, the charity has taken out a separate insurance for 13 Ely Place to protect itself against loss of income for up to two years.
St Etheldreda Trust 3
Trustees’ report Year to 31 December 2024
Structure, governance and management (continued)
Risk management (continued)
The charity’s other main income stream is derived from letting out St Etheldreda’s historic crypt to outside caterers pursuant to an arrangement that has operated successfully for more than 30 years. In the unlikely event of the current catering firm deciding to discontinue its regular hire of the crypt, the trustees envisage little difficulty in attracting an alternative provider, as the crypt is a unique and very popular venue for social functions in the local area and now also benefits from the adjacent landscaped inner courtyard next to the cloister that has recently been opened up and is also available for functions. St Etheldreda’s is located close to a large number of professional services firms, many of whom already use the crypt on a regular basis.
Statement of trustees’ responsibilities
The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in 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);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
St Etheldreda Trust 4
Trustees, report Year to 31 December 2024 Structure, governance and management Icontinuedl Statement of trustees, responsibilities (continued) The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity's trust deed. 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 the trustees and signed on their behalf by.. Trustee Approved on.. St Etheldreda Trust 5
Independent auditor’s report 31 December 2024
Independent auditor’s report to the trustees of St Etheldreda Trust
Opinion
We have audited the accounts of St Etheldreda Trust (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. 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).
In our opinion, the accounts:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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.
Other information
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
St Etheldreda Trust 6
Independent auditor’s report 31 December 2024
Other information (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in 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 accounts 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
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the trustees’ report is inconsistent in any material respect with the accounts; or
-
sufficient accounting records have not been kept; or
-
the accounts are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement as set out on pages 4 and 5, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, 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.
Auditor’s responsibilities for the audit of the accounts
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 accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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.
St Etheldreda Trust 7
Independent auditor’s report 31 December 2024
Auditor’s responsibilities for the audit of the accounts (continued) 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 accounts.
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the accounts are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011).
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-
tested authorisation controls on expenditure items, ensuring expenditure was approved in line with the charity’s procedures.
St Etheldreda Trust 8
Independent auditor’s report 31 December 2024
Auditor’s responsibilities for the audit of the accounts (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing accounts disclosures to underlying supporting documentation; and
-
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 auditor's 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL
Date: 5 August 2025
Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
St Etheldreda Trust 9
Statement of financial activities Year to 31 December 2024
| Notes | 2024 £ |
2023 £ |
|
|---|---|---|---|
| Income from: Donations and legacies 1 Investment property rentals 2 Other trading activities 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income before investment losses Unrealised gains (losses) on investment property 10 Net income (expenditure) and net movement in funds Reconciliation of funds: Funds brought forward at 1 January 2024 Funds carried forward at 31 December 2024 |
13,799 108,030 121,561 |
12,611 107,670 122,112 |
|
| 243,390 | 242,393 | ||
| 68,481 123,751 |
64,351 118,635 |
||
| 192,232 | 182,986 | ||
| 51,158 165,000 |
59,407 (679,960) |
||
| 216,158 2,039,272 |
(620,553) 2,659,825 |
||
| 2,255,430 | 2,039,272 |
All of the charity’s activities derived from continuing operations during the above two financial periods.
All income and expenditure in the above two years related to unrestricted funds.
St Etheldreda Trust 10
Balance sheet 31 December 2024 2024 2024 2023 2023 Notes Fixèd assets Tangible assets Investment property 1,576,437 1,615,040 3,191,477 1,5gi,403 1,450.040 3,047,443 10 Current assets Debtors Cash al bank and in hand 69,025 58,624 127,649 49,389 20 152 70,141 Creditors.. amounts falling due Nvilhin one year Not current assets Total assels less current liabilities 12 173,6111 160. 7991 54,038 3,245,515 9,342 3,056, 185 Creditors. arnounls falling due after more than one year Total net assets 13 1990,0851 2,255,430 11.017,5131 ? 039.272 Thè funds of tho charity: Funds and reserves Unreslricled lunds Tangible fixed assets fund General fund 15 1,S76,437 678,993 1,59-, 403 441 86 JC 2,255,430 2,255,430 2,039,272 2 039,212 Approved by the trustees and signed on their behalf by.. r*J Trustee Sl Elheldreda Trust 11
Statement of cash flows Year to 31 December 2024
| Notes | 2024 £ |
2023 £ |
|---|---|---|
| Cash flows from operating activities: Net cash provided by operating activities A Cash flows from investing activities: Investment property rent received Purchase of tangible fixed assets Net cash provided by investing activities Cash flows from financing activities: Repayments of borrowing Interest on borrowing Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 January 2024 B Cash and cash equivalents at 31 December 2024 B |
23,710 |
8,910 |
108,030 — |
107,670 (91,553) |
|
| 108,030 | 16,117 | |
(25,387) **(68,481) ** |
(23,558) (64,351) |
|
| **(93,868) ** | (87,909) | |
37,872 20,752 |
(62,882) 83,634 |
|
58,624 |
20,752 |
Notes to the statement of cash flows for the year to 31 December 2024
A Reconciliation of net movement in funds to net cash provided by operating activities
| 2024 £ |
2023 £ |
|
|---|---|---|
| Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge (Gains) losses on revaluation of investment property Investment property rent receivable Increase in debtors Increase in creditors Net cashprovided by operating activities |
216,158 20,966 (165,000) (108,030) (19,636) 79,252 |
(620,553) 14,028 679,960 (107,670) (17,338) 60,483 |
| 23,710 | 8,910 |
B Analysis of cash and cash equivalents
| Analysis of cash and cash equivalents | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Total cash and cash equivalents: Cash at bank and in hand | 58,624 | 20,752 |
C Analysis of changes in net debt
| 2023 £ |
Cash flows £ |
Other non- cash changes £ |
||
|---|---|---|---|---|
| 2024 £ |
||||
| Cash at bank and in hand Loans falling due within one year Loans falling due after more than one year |
20,752 (23,346) (1,017,513) |
37,872 25,387 — |
— (27,428) 27,428 |
58,624 (25,387) (990,085) |
| (1,020,107) | 63,259 | — |
(956,848) |
St Etheldreda Trust 12
Principal accounting policies 31 December 2024
The principal accounting policies adopted, judgements used and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
Basis of accounting
These accounts have been prepared for the year to 31 December 2024 with comparative information provided for the year to 31 December 2023.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts have been prepared in accordance with 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 (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
Critical accounting estimates and areas of judgement
Preparation of the accounts requires the trustees and management to make significant judgements and estimates.
The items in the accounts where these judgements and estimates have been made include:
-
Estimating the useful economic life and residual value of tangible fixed assets for the purpose of determining the annual depreciation charge or no depreciation charge;
-
Estimating the market value of investment property; and
Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.
Rental income from hiring out the crypt for functions has remained steady at £121,561 for the financial year 2024, compared to £122,112 in the previous year (2023). Moreover, the popularity of St Etheldreda’s as a venue for functions (including wedding receptions) has been enhanced as a result of the inner courtyard now having been opened up to the public and landscaped in 2023, thus providing an almost unique outside amenity in the area.
St Etheldreda Trust 13
Principal accounting policies 31 December 2024
Assessment of going concern (continued)
In addition, the Trust’s rental income from the lease it has granted over 13 Ely Place (£107,670 in 2024, rising to £120,000 a year from 1 June 2025) has continued uninterrupted throughout. Given the location and condition of this investment property at 13 Ely Place, London (see risk management section in the trustees’ report) and the property’s proximity to the new Elizabeth Line (Crossrail) at the nearby Farringdon station, the trustees are confident that 13 Ely Place will remain a very desirable rental property in the area. Indeed, following the completion of its refurbishment, 13 Ely Place won the national 2015 Georgian Group architectural award for the best reuse of a Georgian building.
The trustees are, therefore, confident that the charity will remain a going concern and that the charity will have sufficient resources to meet its liabilities as they fall due.
Income recognition
Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.
Income comprises donations and legacies, rental income from investment property, interest receivable and rental income from the hiring out of the crypt at St Etheldreda’s Church.
Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and the fulfilment of any conditions attached to the legacy is wholly within the control of the charity.
Rental income from investment property is recognised when it becomes contractually due under the relevant lease or tenancy agreement and receipt is considered probable.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Income from the rental of the crypt is recognised as income on the date on which the crypt is used by the person or organisation that has entered into the hire agreement and when receipt is considered probable.
St Etheldreda Trust 14
Principal accounting policies 31 December 2024
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.
All expenditure is accounted for on an accruals basis.
Expenditure comprises the following:
-
a. The costs of raising funds comprise bank charges and interest payable on the charity’s long term mortgage, legal and professional fees in relation to investment property agreements and leases, and investment property expenses.
-
b. The costs of charitable activities comprise the costs of providing a place of Roman Catholic worship open to members of the general public, served by a Roman Catholic priest.
Allocation of support and governance costs
Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.
Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.
Support and governance costs are allocated to the cost of charitable activities.
Tangible fixed assets
All assets costing more than £2,000 and with an expected useful life exceeding one year are capitalised.
Depreciation is provided at the following annual rates on a straight line basis in order to write off each asset over its useful estimated life:
-
Freehold land and buildings – nil.
-
Freehold property improvements – 10%.
-
Fixtures and fittings – 10%.
As permitted by FRS 102, with effect from 1 January 2014 freehold land and buildings are included in the accounts at deemed cost. The freehold buildings are not depreciated. Their value and condition are reviewed annually by the trustees who are satisfied that their residual value is not materially less than their book value.
St Etheldreda Trust 15
Principal accounting policies 31 December 2024
Investment property
Investment property is stated at its estimated market value based on a trustees’ valuation, having taken professional advice.
Gains and losses on the revaluation of investment properties are included in the statement of financial activities.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
Creditors and provisions
Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
Fund structure
The restricted funds comprise monies subject to donor imposed conditions as to use or to monies received in response to a specific appeal.
The tangible fixed assets fund represents the net book value of those tangible fixed assets used for the support of the charitable activities. A decision was made to separate this fund from the general fund in recognition of the fact that the assets are used in the day to day work of the charity, and the fund value would not be realisable easily if needed to meet future contingencies.
The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.
St Etheldreda Trust 16
Notes to the accounts 31 December 2024
1. Income from: Donations and legacies
| Donations Legacies |
Donations Legacies |
|---|---|
| 2024 £ 13,799 — 13,799 |
2. Income from: Investment property rentals
| Unrestricted funds | Unrestricted funds | |
|---|---|---|
| 2024 £ |
2023 £ |
|
| Rental income from investmentproperties | 108,030 | 107,670 |
3. Income from: Other trading activities
| Income from: Other trading activities | ||
|---|---|---|
| Unrestricted funds | ||
| 2024 £ |
2023 £ |
|
| Rental income from the crypt | 121,561 | 122,112 |
4. Expenditure on: Raising funds
| Unrestricted funds 2024 £ 2023 £ 68,481 64,351 — — 68,481 64,351 |
Unrestricted funds 2024 £ 2023 £ 68,481 64,351 — — 68,481 64,351 |
|
|---|---|---|
| 2023 £ 64,351 — 64,351 |
||
| Loan interest Bank charges |
5. Expenditure on: Charitable activities
| Un- restricted funds £ |
Restricted funds £ |
2024 £ |
Un- restricted funds £ |
Restricted funds £ |
2023 £ |
|
|---|---|---|---|---|---|---|
| Staff costs Premises costs (including irrecoverable VAT) Depreciation Legal and professional fees Governance costs (note 6) Cross parish subsidy Total |
12,012 39,262 20,966 13,111 8,400 30,000 |
— — — — — — |
12,012 39,262 20,966 13,111 8,400 30,000 |
12,012 66,186 14,028 2,129 4,280 20,000 |
— — — — — — |
12,012 66,186 14,028 2,129 4,280 20,000 |
| 123,751 | — | 123,751 | 118,635 | — | 118,635 |
6. Governance costs
| Governance costs | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Auditor’s remuneration . Audit fees |
8,400 | 4,280 |
| 8,400 | 4,280 |
St Etheldreda Trust 17
Notes to the accounts 31 December 2024
7. Staff costs and remuneration of key management personnel Staff costs during the year were as follows:
| 2024 £ 12,012 |
2023 £ |
|
|---|---|---|
| Wages and salaries | 12,012 |
No employee earned over £60,000 per annum or more (including taxable benefits) during the year (2023 – none). There is one employee (2023 – one).
The key management personnel in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees. The trustees received no remuneration or reimbursement of expenses in connection with their duties during the year (2023 – £nil).
8. Taxation
St Etheldreda Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income on gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.
9. Tangible fixed assets
| Tangible fixed assets | ||||
|---|---|---|---|---|
| Freehold property £ |
Freehold property improvements £ |
Fixtures and fittings £ |
Total £ |
|
| Cost At 1 January and 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book values At 31 December 2024 At 31 December 2023 |
1,478,000 | 209,660 | 2,613 | 1,690,273 92,870 20,966 113,836 1,576,437 1,597,403 |
| — — |
90,257 20,966 |
2,613 — |
||
| — | 111,223 | 2,613 | ||
| 1,478,000 | 98,437 | — | ||
| 1,478,000 | 119,403 | — |
10. Investment property
| Investment property | ||
|---|---|---|
| 2024 £ 1,450,040 165,000 1,615,040 |
2023 £ |
|
| At 1 January 2024 Revaluation in the year At 31 December 2024 |
2,130,000 (679,960) |
|
| 1,450,040 |
The investment property comprises 13 Ely Place, London EC1. It is stated at its fair value which is deemed to be open market value as at 31 December 2024, determined by the trustees with professional assistance.
The property is subject to legal charges as explained in note 13 below.
St Etheldreda Trust 18
Notes to the accounts 31 December 2024
11. Debtors
| Debtors | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Prepayments and accrued income | 69,025 | 49,389 |
12. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Accruals and deferred income Other creditors VAT liability Bank loan (note 13) |
33,025 7 15,192 25,387 |
29,165 7 8,281 23,346 |
| 73,611 | 60,799 |
Deferred income comprises rental income received in advance.
| 2024 £ |
2023 £ |
|
|---|---|---|
| Balance as at 1 January 2024 Amount released in year Amount deferred in year Balance as at 31 December 2024 |
24,885 (24,885) 24,525 |
24,525 (24,525) 24,885 |
| 24,525 | 24,885 |
13. Creditors: amounts falling due after more than one year
| Creditors: amounts falling due after more than one year | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Bank loan | 990,085 | 1,017,513 |
The charity has a loan from HSBC Bank plc, the capital value of which was £1,500,000 prior to any repayment. The loan was to assist in the purchase of the property situated at 13 Ely Place, London, secured by a first mortgage on the said property and the presbytery at 14 Ely Place. The loan is for a term of 30 years from the date of the first draw down in May 2014 and no repayments were due until May 2016. Interest on the loan is charged at 1.5% per annum over the Bank of England’s base rate. The bank reserves the right to re-evaluate the loan and potentially require the loan to be fully repaid, every five years from the first drawdown. The Westminster Roman Catholic Diocesan Trust has provided a guarantee to HSBC plc in respect to this loan and has been granted a second legal charge over 13 Ely Place, London.
St Etheldreda Trust 19
Notes to the accounts 31 December 2024
14. Related party transactions
St Etheldreda’s Church serves the Parish of St Etheldreda’s (Ely Place) within the Roman Catholic Diocese of Westminster. Starting in May 2023, the trustees of the charity agreed to contribute up to £40,000 a year towards the running costs of Ely Place Parish. The Parish’s revenue stream was, in common with many churches, badly affected when it had to shut for prolonged periods in 2020 and 2021 due to the Covid-19 pandemic and these revenues have not yet fully recovered to pre-Covid levels. Another factor that has adversely affected the Parish was the decision by the Mayor of London to impose the London congestion and ULEX charges on the use of cars on Sundays, starting in June 2020. Ely Place Parish has historically attracted congregants from well outside its parish boundaries and many of them used to drive to attend Sunday Mass at St Etheldreda’s. The cumulative impact of these factors means that attendance figures and donations at the Parish’s two Sunday masses continue to be well down compared to the period prior to 2020. It is this that motivated the trustees to provide a cross-subsidy to the Parish until such time as its finances have fully recovered. The amount paid in the year 2024 was £30,000 (2023: £20,000).
The Westminster Roman Catholic Diocesan Trust has provided a guarantee to secure a loan of £1,500,000 from HSBC bank plc and has been granted a second legal charge over 13 Ely Place, London.
15. Tangible fixed assets fund
| At 1 January 2024 Net movement in the year At 31 December 2024 |
2024 £ 1,597,403 (20,966) 1,576,437 |
2023 £ |
|---|---|---|
| 1,519,878 77,525 |
||
| 1,597,403 |
16. Net assets by fund
| Net assets by fund | |||
|---|---|---|---|
| Tangible fixed |
2024 Total £ |
||
| General fund £ |
assets fund £ |
||
| Tangible fixed assets Investment property Net current assets Creditors: amounts falling due after more than one year |
— 1,615,040 54,038 (990,085) |
1,576,437 — — — |
1,576,437 1,615,040 54,038 (990,085) |
| 678,993 | 1,576,437 | 2,255,430 |
| Tangible fixed |
2023 Total £ |
||
|---|---|---|---|
| General fund £ |
assets fund £ |
||
| Tangible fixed assets Investment property Net current assets Creditors: amounts falling due after more than one year |
— 1,450,040 9,342 (1,017,513) |
1,597,403 — — — |
1,597,403 1,450,040 9,342 (1,017,513) |
| 441,869 | 1,597,403 | 2,039,272 |
St Etheldreda Trust 20