Registered number 213312 St Sepulchre (Finsbury) United Charities Report and Unaudited Accounts 31 March 2025 Smithfield Accountsnts LLP Chariered Accountants Suite 1, Unit 2. Stansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
St Sepulchre (Finsbury) United Charities Registered number: 213312 Trustees, Report The Trustees present their report and accounts for the year ended 31 March 2025. Legal Status The Charity is govemed by the Scheme of 1 Oth July 1973, which fomis the rules and regulations of the Charity. as amended by vanous later Schemes approved by the Charity Commission. The appointment and proceedings of the Trustees are deali wrth in the Schemes, which also set out the qualifications required. There is no formal training given to Trustees, but all Truslees are given a copy of the Schemes on appointment, so that they are familiar with their duties and obligations. Method of Recruitment of Trustees The Trustees are appointed by recommendation of the existing Trustees. Objectives The objects of the charities are the relief of persons resident in the area of benefit who are in need, hardship or distress. The trustees may relieve such persons in need by.. a. Making grants of money to them., or b. Providing or paying for goods, services or facilities for them- or c. Making grants of money to other persons or bodies vtho provide goods, services or facilities to those in need. The area of benefit includes.. a. The Ecclesiastical Parish of St Sepulchre (as in 1912) b. The fomier Metropolttan Borough of Finsbury Organisation and Decision Making The Trustees delegate the day to day responsibilty of achieving the Charitys objectives to the clerk and the staff of Smithfield Accountants LLP who administer the day to day transactions and maintain the books and statutory records, and the Trustees, who makes decisions on grants and pensions. The Trustees regularly meet to review these adtvrties and make decisions as to the strategic direction the Charty should take, and communicate this to those responsible for delivery. Review of Activities and Achievements The Trustees are pursuing ways of increasing distributions from income including supplementing the beneficiary base from which payments rAn be made. The distributions have in the past been governed primarily by the number of pensioners to whom the Charity can make payments, but the Charity is now Collaborating with the Cripplegate Foundation and London Borough of Islington to make grants to qualtying individuals in addition to the payrnent of pensions. This is resulting in a greater distribution of funds to qualifw-ng recipients. The Charity approved the Panent of srx grants (2024 - fwe grants) to organisations operating within the catchment area during the year. totalling £35.800 {2024- £17.250). The Charity deals directly wf(h the organisations for these grants, and one of the trustees will vistt each of the organisations after grant has been approved.
st Sepulchre (Flnsbury) United Charities Registered number: 213312 Trustees, Report Financial Review The Charity made a surplus of £96,767 before gainsl{losses) after making charitable payments of £84,055. That surplus has been added to the Accumulation Income from previous years. At the year end, the Charity had reserves of £5,491.228, of which £4.723,528 are capital funds representing the charrtVs long term investments. Future Plans The Charty intends to continue raising income from property letting and distributing funds to rts beneficiaries in the same VRY going forward. The Charity is to look actively into equty investment with an investment manager so as to expand its portfolio and increase its income, so that it can increase its level of benefrt and number of recipients. It also plans to maintain and grow capital via the investments. An arrangement has been entered into, with Cripplegate Foundation, whereby they and their partners will find and vet prospective applicants and put them ft)rward to re1ve the annual grant that the charity awards. It is hoped that a further 37 applicants will be found in this way, by the next accounting year end. At the year end date, the charty had made an application to expand ts area of benefrt to include the entire London Borough of Islington, so that it is able to provide assistence to a greater number of beneficiaries. The trustees are keen to ensure that exiskn'ng beneficiaries will not be affected by this Ghange. Public Benefrt Statement Having due regard to the guidance published by the Charity Commission on Public Benefit, the Trustees are of the opinion that the Charity continues to provide benefrts to the persons residing or fomerly employed in the Ecclesiastical Parish of St. Sepulchre or the fomier Metropolitan Borough of Finsbury by way of grants or pensions. Investment Powers and Policy The Trust Deed authorises the Trustees to make and hold investments using the general funds of the Charity. The Charws fundamental investment policy over the long term is to maintain the real value of capital. Equity Investment Accounting Policy In order to comply with the Charity Commission's Accounting and Reporting by Charities.. Statement of Recommended Practice (SORP). the trustees are including investments at Market Value. This has resulted in an unrealised loss of £16.210 on listed investments. The accounts have been prepared so that they accord wth best practice as recommended by the SORP. Principal Funding Sources The principal source of funding for the Chanty is the income on its investments. which are principally rents, supplemented by investments in managed funds and bank deposits. The Charty also receives regular grants from The Henry Smith Chanty.
St Sepulchre (Finsbury) United Charities Registered number: 213312 Trustees, Report Reserves Policy At the present lime, the Charity retains sufficient reserves to meet all its obligations for at least one year. Risk Management The TrUStS actively review the major risks which the chartty faces on a regular basis and believe that maintaining reserves at current levels combined with an annual review of the controls over key financial systems will provide SuffIent resources in the event of adverse conditions. Freehold Property Revaluation A professional valuation of 117 Charterhouse Street as at 31st March 2021 was obtained. In the opinion of the trustees, this valuation has not substantialty changed since this date. Stonehouse Farm was professionally valued during the year to 31st March 2015. The Open Market Value at those dates is shown in the accounts. In line with the Financial Reporting Standard, tt is the charitys policy to considerthe need to revalue at each year end, revaluing where they consider that there is a material change in value from the last valuation. instructing professional valuations where necessary. In the prior year, Stonehouse Fami was Considered as two separate parts. The first part. which is retained at the current year end and is intended to be retained going fomard, is a fixed asset. This was revalued by the trustees at 31 st March 2022 using their knowledge of current market rates. The trustees believe this valuation is still valid as at 31st March 2024 and 31 st March 2025 as the existing tenancies are still in place. The second part is a current asset, being the part which is to be sold by the charity. In the year to 31st March 2021, this was valued as the residual amount of the premousty combined entty, so as to be prudent. As at 31 st March 2023 the trustees believe that there is now sufficient reason to believe that significantly more substantial economic benefits will flow frorn this asset, and have revalued the asset accordingly as at the year end. The information used to obtain this valuation was known at the year end date. As at 31st March 2024 the trustees believed this Is still the case. This asset VMS sold during the year to 31 st March 2025 for its 31st March 2024 Balan Sheet value. Grant Making Pollcy The constitution gives the Trustees the right to give grants to successfvl applicants hawng fulfilled all conditions stipulated for such grants. All grants are made to persons residing or formerly employed in the Ecclesiastical Parish of St. Sepulchre or the fomier Metropolrtan Borough of Finsbury, or to other organisations or institutions for such persons. Independent Examiner FJM Accountancy Ltd was appointed as independent examiners during the year and. being eligible, offered themselves for future re-appointment. Post Balance Sheet Date Events At the date of this report. the charity has invested an additional £1 million in equity investments, managed by an investment manager. The charty is reviewing a potential land disposal. At the date of this report, the disposal remains speculative and the potential financial benefit cannot be accurately measured. The land has therefore not been moved to stock.
St Sepulchre (Finsbury) United Charities Registered number: 213312 Trustees. Report At the date of this report. the application lo expand the area of benerrt to also include the entire LB Isington was confirmed to be Sucsful by the Charity Commission. Prior year adjustment In the prior year, some grants to indtwduals were awarded to indtviduals who did not meet the charity's geogrpahical criteria. This has been amended and the accounts have been reststed. The trustees would draw the userfs attention to note 19. Statement of the Trustees, Responsibilities The Trustees are responsible for preparing the Trustees. Annual report and the accounts in accordance wth the applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Pwtice). The law applicable to charities in England and Wales require the Trustees to prepare financial statements for each financial year which give a true and fair view of the financial activities during the year and of the financial posrtion at the end of the year. In preparing those financial statements, the Trustees are required to: Select suitable accounting policies and apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards and statements of recommended practice have been foll0v. subject to any material departures disclosed and explained in the financial statements.. and Prepare the financial statements on a going concern basis. Lsnless it is inappropriate to assume the Charity wll continue in operats'on. The Trustees are responsible for keeping proper accounting records, vthich disclose wrth reasonable accuracy 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 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 breaches of law and regulations. The Trustees are responsible for the maintenance and Integrty of the charty and financial information Included on the Charitys websrte. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other iurisdictions. This report was approved by the board on 2 September 2025 and signed on rts behalf. D Sandell Chairman
St Sepulchre (Finsbury) United Charities Charity Information Trustees The Mayor of Islington D Sandell (Chairman) J Trotter R Hussein E Poli R Harvey (appointed 20.11.2024) Councillor P Graham Councillor B Mackmurdie Clerk Simon Poli Accountants Smrthfield Accountants LLP Suite 1, Unit 2, Stsnsted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU Independent Examiner FJM Accountancy Ltd 23 Shackleton Court 2 Maritime Quay London E14 3QF Bankers COIF Charities Deposit Fund Senator House 85 Queen Victoria Street London EC4V 4ET HSBC PLC 1-3 Bishopsgate London EC2N 3AQ Clydesdale Bank PLC trading as Virgin Money 5 Lockey House 1 St Peter's Street St Alban's AL13LP Nationwide Building Society Kings Park Road Moulton Park Northampton NW3 6NW Investment Advisers & Portfolio Nominee Account Holders CCEA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Registered office Suite 1, Unit 2, Stansted Courtyard Parsonage Road, Takeley, Essex. CM22 6PU Registered charity number 213312
Independent Examinerfs report to the Trustees of St Sepulchre (Finsbury) United Charities I report to the Trustees on my examination of the accounts of St. Sepulchre (Finsbury) United Charities (the Trust) for the year ended 31 March 2025. Responsibilities and basis of report The Charitys Trustees are responsible for the preparation of the accounts in accordan with the requirements of the Charikn'es Act 2011 (the Act). The Charitys Trustees consider that an audit is not required for this year under Section 144(2) of the Act and that an independent examination is needed. I report in respect of my examination of the charitys accounts on pages 6 to 16 carfied out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Direction5 given by the Charity Commission under section 145(5)(b) of the Acl. The Charity is preparing accrued accounts and l am qualified to undertake the examination by being a qualified FMAAT. Independent Examinerfs Statement I have completed my examination. I confirm that no matertal matters have come to my attention in connection with the examination which gives me cause to believe that in. any material respect- the accounting records were not kept in accordance with section 130 of the Charities Act,. or the accounts did not accord with the accounting records,. or the accounts did not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connectK)n with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. J M¢Dowell FMAAT FJM Accountancy Ltd 23 Shackleton Court 2 Maritime Quay London E14 3QF 2 September 2025
st Sepulchre (Finsbury) United Charities Statement of Financial Activities for the year ended 31 March 2025 2025 2025 2025 2024 Unrestricted Unrestricted Unrestricted Unrestricted Income Capital Total Total Fund Fund Funds Funds Incoming resources Investment income (note 8) Bank deposit interest Voluntary income 136,616 81.370 7,300 136,616 81,370 7,300 135.088 25,367 8,800 Total incoming resources 225.286 225,286 169,255 Resources expended Charitable actimties (Noles 9 and 10) Cost of generating funds (Note 12) Governance costs (Note 13) 89.714 28,965 9.840 89.714 28.965 9,840 55,809 52,033 10,062 Total resources expended 128.519 128,519 117,904 Net incoming resources for the year 96.767 96,767 51,351 Gain on investment property (note 2) (Loss)Igain on equty investments (note 3) Inter account transfers 504,535 (16,210) (16,210} 2,120 Net movement in funds .767 16,210 80,557 558,006 Reconciliation of funds Total funds brought forward Total funds carried forward 670,933 767,700 4,739,738 4,723,528 5,410,671 5,491,228 4,852,665 5.410,671 There were no recognised gains or losse5 for 2024 or 2025 other than those included in the statement of financial activities. None of the Charitys activrties were acquired or discontinued in the above financial years.
St Sepulchre (Finsbury) United Charities Registered number: 213312 Balance Sheet as at 31 March 2025 Notes 2025 2024 Fixed assets Investment property Equity investments 3,010.000 308,993 3.318.993 3,010.000 25,203 3,035,203 Current assets Investment property - Stonehouse Farm Buildings Debtors Cash at bank 1,704,535 18.768 723,241 24,862 2,223,413 Current assets total 2,248,275 Creditors: amounts falling due within one year (76,040) (71,076) Net current assets 2.172,235 2,375,468 Net assets 5,491.228 5,410,671 Charity funds Unrestricted capital fund Unrestricted income fund 4,723,528 767,700 4,739,738 670,933 Charity funds 15 5,491,228 5,410,671 The accounts were approved by the board on 2 September 2025 and signed on its behalf. D Sandell Chairman Approved by the board on 2 September 2025
st Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2025 1 Accounting policies Accounting Convention The financial statements have been prepared in accordance wrth the chariws trust deed, the Charities Act 2011 and "Accounting and Reporting by Chartties. Ststement of Recommended Practice applicable to charities preparing their accounts in accordan Vth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecttve 1 January 2019)" St Sepulchre (Finsbury) United Charities meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The trustees consider that there are no material uncertainties about the Chartws ability to continue as a going concern. Depreciation No provision is made for depreciation of freehold buildings as they are considered to be investments. Fixed Assets And Current Assets- Investment Pmperty 117 Charterhouse Street was professionally revalued by Chartered Surveyors on the open market value basis at 31st March 2021. The trustees believe this valuation is still accurate. 117 Chartèrhouse Street, London, EC1 M 6M by Messrs,. Robert Wilson FRICS, hb Surveyors & Valuers Ltd - £1.875,000 - subject to existing tenancies. stonehouse Fam VRS last professionally revalued during the year ended 31 st March 2015. The trustees did not wish to professionally revalue the fami at the year end. Stonehouse Fami, Frindsbury, Rochester. Kent by Messrs.. J.S. Calcutt (FRICS FAAV). Complete Land Management- £1,690,000 - subject to existing tenancies as at 31st March 2015. In the prior year, Stonehouse Farm was considered as two separate parts. The first part, whiGh is retained at the current year end and is intended to be retained going forward, is a fixed asset. This was revalued by the trustees at 31st March 2022 using their knowledge of current market rates. The trustees believe this valuation is still valid as at 31 st March 2024 and 31 st March 2025 as the existing tenancies are still in place. The second part is a Current asset, being the part which is to be sold by the charity. In the year to 31st March 2021. this was valued as the resUal amount of the previously combined entity, so as to be prudent. As at 31st March 2023 the trustees believe that there is now sufficient reason to believe that significantly more substantial economic benefits will flow from this asset. and have revalued the asset accordingly as at the year end. The information used to obtain this valuation was known at the year end date. As at 31st March 2024 the trustees believed this is still the case. This asset was sold during the year to 31st March 2025 for its 31 st March 2024 Balance Sheet value.
St Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2025 Direct Charitable Expenses Grants & Pensions payable are accounted for on the accruals basis when approved by the Trustees. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation commrtiing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classtfied under headings that aggregate all costs related to the category. Investn7ents Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. All investments are held in the UK and are held primarily to provide an investment return for the Charity. Govemance Costs Governance costs include those cosls associated with meeting the constitutional and statutory requirements of the Charity and Costs linked to management of the Charity. Fund Accounting- details the funds andpurpose of each fund.- Capital Account this represents the original capttal of the Charity and accumulated growth, including revaluations and unrealised gains and losses on investments. There are no restrictions to its use, and the Trustees try to maintain this at a level which wll generate sufficient income to cover annual expendrture. Income Account - this represents accumulated income, less expenditure. The fund is primarily used to meet the annual expenditure and generate further income. Income Income is credited to the statement of financial activities when the Charty has entitlement to the resources and to the extent that the resources will be received. Chaiytable Activities Grants payable are accounted for on the accruals basis when approved by the Trustees. Liabilities are recognised as resources when expended or as soon as there is a legal or constructive obligation committing the charty to the expenditure. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charty. The grants are charged in the year when formal awarded by the Charty and communicated to the recipient irrespective of the periryj covered by the grant as they are regarded by the Trustees as financial obligations. Annual grants are payable to beneficiaries on a quarterly basis and are reviewed annualty by the Trustees. The annual grants are at the discretion of the Trustees and therefore are provided as they accrue. 10
St Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2025 2 Fixed assets and current assets - Investment property Stonehousg Fami - Farmland and Cottages 2025 2024 Chartefrthou5e Street Fixed assets Total Total Valuation At 1 April 2024 At 31 March 2025 1,135,000 1.135,000 1,875.000 1,875,000 3,010.000 3,010,000 3,010,000 3,010,000 Depreciation At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 1.135.000 1.875,000 3.010,000 3,010,000 At 31 March 2024 1,135,000 1,875,000 3,010,000 3,010,000 2025 2024 Stonehousg Fami Buildings Current assets Total Total Valuation At 1 April 2024 Revaluation Disposals At 31 March 2025 1.704,535 1,704,535 1,200,000 504.535 {1,704,535) {1,704.535) 1,704.535 Depreciation At 1 April 2024 Surplus on revaluation At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 1,704,535 1,200,000 1.704.535 1,704,535 Details of the property revaluations are disclosed in note 1 (Fixed Assets and Current Assets Investment Property). The charity has held the properties for many years and the historic costs are not available. The charity disposed of the Stonehouse Fami Buildings in the year to 31 st March 2025 at their Balance Sheet value as at 31st March 2024. The unrealised gain become a realised gain at this point. and there vrfas not net affect to the bottom line of the Statement Of Financial Postion.
St Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2025 3 Fixed assets - equity investments Common Investment Fund {COIF) 2025 Total 2024 Total Valuation At 1 April 2024 Additions Revaluation Disposals 25,203 300,000 (16,210) 25,203 300,000 (16.210) 23,083 2.120 At 31 March 2025 308,993 308,993 25,203 The cost of the Common Inveslment Fund (COIF) was not known due to being combined with the JP Morgan Fund. However it was estimated wrth reference to market values at £13,206. The shareholding of the COIF Fund as * 31st March 2024 was 1.233.44 shares. During the year to 31st March 2025 14,628.081 shares were purchased for £300,000. The shareholding of the charity as at 31st March 2025 was 15,861.521. Assuming the estimate for the historic shareholding is correct, the cost of these is £313,206. 4 Debtors 2025 2024 Rent recetvable Other debtors 9,750 15,112 1,603 17,165 24,862 18,768 5 Creditors: amounts falling due within one year 2025 2024 Grants approved but not yet paid Tenancy deposit V.A.T. Other credttors Accountancy Fees Independent Examinerfs Fee Rent Prepaid 24.800 9,750 7,410 927 2.220 1,200 29.733 15.730 9,750 9,360 2,491 2.160 1,260 30.325 76,040 71,076 12
st Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2025 6 Unrestricted capitsl fund 2025 2024 At 1 April 2024 Gain on revaluation of land and buildings (Loss}Igain on revaluation of equity investments Inter account transfers 4,739.738 4,233,083 504,535 2,120 {16.210) At 31 March 2025 4,723,528 4,739,738 7 Unrestricted income fund 2025 2024 At 1 April 2024 Net incoming resources for the year Inter account transfers 670,933 96.767 619,582 51,351 At 31 March 2025 767,700 670,933 8 Anatysis of investment income 2025 2024 Property income Rents receivable 135,931 134,416 Equity investment income Distributions receivable 685 672 136,616 135,088 9 Expenditure on charitable activities 2025 Adivities Undertaken Directy Grant Glving Activities Support Costs (note 11) Total Quarterly Pensions Grants to Individuals Grants to Organisations 14,300 33,955 35,800 3,867 18,167 34,819 36,728 928 84,055 5,659 89,714 13
St Sepulchre {Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2025 10 Expenditure on charttable activities 2024 A¢tivities Undertaken Directy Grdnt Giving Activities Support Costs (note 11) Total Quarterty Pensions Grant5 to Individuals Grants to Organisations 12.200 25,234 17.250 248 517 360 12,448 25.751 17,610 54,684 1,125 55,809 11 Analysis of support costs 2025 2024 Legal and professional fees (see note 17) Printing, postage & stationery Travel & subsistence Bank charges 4,340 299 156 5,659 177 108 1,125 12 Cost of generating fund5 2025 2024 Repairs Gas. electric and rates Insurance Management fees Legal and professional fees (see note 17) 6,555 2,478 3,136 13,526 3.270 28,965 15,173 4,459 4,572 13,334 14,495 52,033 13 Governance costs 2025 2024 Legal and professional fees (see note 17) Independent examinerfs fee Accountancy fees Clerk's fee 462 1,200 2,160 6,240 10.062 1,140 2,220 8,480 9,840 14 Trustees, remuneration and expenses The trustees are not remunerated and claimed expenses of £299 in the year {2024 - £177). 14
st Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2025 15 Analysis of net assets by fund 2025 2025 2025 2024 Capital Account Income Account Total Total Fixed Assets 3.318.993 3,318,993 3,035.203 Current Assets 1,404,535 843,740 2,248,275 2,446,544 Current Liabilities (76,040) (76.040) (71,076} Total 4,723.528 767.700 5.491.228 5,410,671 16 Analysis of property income 2025 2024 Total Total 117 Charterhouse StTret Ground and Basement Floor First, Second and Third Floor 65.000 39,000 104,000 65,000 39,000 104,000 Stonehouse Farn) Farm Land 1 Stonehorse Cottage 2 Slonehorse Cottage 2 White Cottage 7.500 10,600 500 12,800 31.400 7,500 10,200 500 11,700 29,900 15
St Sepulchre {Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2025 17 Legal and professional fees 2025 2024 The legal and professional fees for the years ended 31 st March 2024 and 31st March 2025 related to the following= Support costs {note 11) Grant administration and expansion of benefrt supplied 4,340 4.340 Cost of generating funds (note 12) Stonehouse Farm development costs Other 3.270 9,345 3,270 9,345 Governance costs (note 13) Other 462 462 7,610 9,807 18 Post Balance Sheet Date Events At the date of the approval of accounts, the charity has invested an addrtional £1 million in equity investments, managed by an investment manager. At the date of the approval of accounts, the application to expand the area of benefft to also include the entire LB Isington was confimied to be successful. 19 Prior year adjustment In the prior year, there were grants awarded to beneficiaries which did not meet the charitys geographical crrteria. This was not know at the date of approval of the accounts. This caused the grants fo individuals expense and the grants awarded creditor to be overstated by £16.723 in the prior year. The comparative figures have been stated as if the error had never occured. 16