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2022-12-31-accounts

ST ANDREW HOLBORN CHURCH FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Registered Charity No. 213715

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ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

We present our report and financial statements (Incorporating the results for St Andrew Holborn Trading Limited) for the year ended 31 December 2022.

OBJECTS AND ACTIVITIES

The objects of the Charlty are set out In the Trust Deed dated 17 February 1964. This provides that the Charity may apply its Income for the following purposes:

We continued to ensure that the Charlty’s Income was applied In accordance with the stated objects and In particular supported the major project to complete the conservation of the exterior stonework to the nave.

We alm also to maximise the income achlevable through the careful management of our fixed assets. We do thls partly by letting the Lodge and parking spaces on the forecourt on the premises and partly through income from St Andrew Holborn Trading Ltd.

We are joint shareholders with the Gulld Church Council (GCC) in St Andrew Holborn Trading Ltd. The company was established to provide a source of income for both charitles by managlng the hire of rooms and facilities in the Court House and the church for meetings, concerts, recitals, exhibitions and other events, The company Is managed separately by a Board of Directors and all profits generated are distributed equally between the Charity and the GCC.

Plans for future periods

We will continue to support the Guild Vicar and the GCC In the expansion of Its misslon and the upkeep of the fabric of the church. In 2023, we alm, following discussion with the GCC, to secure the relevant permissions to re-open the door between the crypt and Shoe Lane in preparation for decisions about the future use of the crypt. We also Intend to start drawing up plans for the refurbishment of the forecourt.

ACHIEVEMENTS AND PERFORMANCE

Public benefit

In carrying out our work and preparing this report, we have had regard to the Charity Commission’s public benefit guldance.

St Andrew Holborn is a Grade I listed church. The present building was designed by Sir Christopher Wren, though parts of it date back over 1,000 years. It Is a major landmark in the Clty and Is of considerable historical, heritage, architectural, charitable, community, soclal and educational Importance. The main purpose of the Church Foundation Is financial support for the maintenance and mission of this important building by the GCC. As a Gulid Church, St Andrew Holborn’s focus of service is the surrounding working population. Although the Government required people to work from home where possible and there were, therefore, far fewer people in London during the pandemic, the church was open (Government regulations and guidelines permitting) every weekday for people to engage in silent prayer or reflection, to seek solace or just sit during this very difficult perlod. The North Garden and the North Churchyard were also open during this time, providing valuable open space.

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ST ANDREW HOLBORN CHURCH FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

St Andrew Holborn Is visited by tourtsts, local schools and communlty groups keen to discover Its architecture and historical links. It is also used by the growlng local street population as a place where they can keep warm and dry during the day when the local hostels are closed. We were able to provide for the dally cleaning and heating of the church so that everyone could benefit from a safe, dry and warm place.

Services in the church — to which all are welcome — are held every weekday except Tuesday at lunchtimes, providing a quiet, reflective and prayerful haven in the middle of a busy day. Following the Introduction of a new pattern of services, evening services are held on average twice a month.

St Andrew Holborn has for many years provided a space for the Orthodox Parish of the Dormition of the Mother of God (under the Ecumenical Patriarchate) to hold its services.

St Andrew Holborn is also home to an important network of charities which undertake significant work with the poor, the vulnerable, the young and elderly and those In immediate need. The staff who oversee the day-today bustness of these charities are jointly employed by the Church Foundation, the charities themselves and St Andrew Holborn Trading Ltd.

2022

2022 proved to be another challenging year. The country emerged from the worst effects of the COVID pandemic, but the uncertainties following Russla‘s invasion of Ukraine caused energy prices and inflation rates to increase rapidly globally and a cost of living crisis at home.

Our sister charltles, Bromfield’s Educational Foundation and St Andrew Holborn & Stafford’s Charity, felt the effects of the social problems most sharply and will no doubt continue to do so as the cost of living crisis unfolds.

Work to repair and stabilize the external stone- and leadwork to the nave was completed in the early summer within budget, allowing us additionally to repalr the badly damaged north-east steps and overhaul all of the external doors. We funded both this work and the installation of a new stone High Altar. These projects together represent a further significant capital investment in the church fabric.

Despite the exterior works, the church remalned open throughout the year. We are pleased to be able to offer a much-needed place of refuge, calm and spiritual support.

The Lodge was let throughout the year. All but one of the parking spaces in the forecourt were also let. Both sources of Income contribute to our abllity to meet our objects and financia! obligations,

We rely on the support of our dedicated and hardworking staff to discharge our responsibilities for the smooth running of the Charity. We are acutely aware of the additional burdens that have been placed on their resourcefulness and resillence over the course of the pandemic and we are deeply grateful to them for helping to bring the Charity through In reasonably good shape.

FINANCIAL REVIEW

Results for the Year

The Group result showed net expenditure for the year amounting to £1,319,808 compared to net income in the preceding year of £723,142. This included unrealised losses on investments of £1,200,870. The net expenditure meant that total fund balances decreased from £15,411,969 to £14,092,161.

Our staff continue to monitor all contracts to ensure best value for money and to achieve savings through good housekeeping.

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ST ANDREW HOLBORN CHURCH FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW (continued)

We have provided a Letter of Comfort and current account support to St Andrew Holborn Trading Company Ltd. That was brought Into operation In June 2020 and continued until the end of 2021. We are pleased to report that St Andrew Holborn Trading Company Ltd no longer needed that support during 2022.

Investments

Our investment in the Sarasin Endowments Fund managed by Sarasin & Partners LLP was valued at £4,499,965 at the end of the year (2021: £5,138,614). The Investment generated an income for the year of £145,335 (2021: £156,673),

Our investment In the Property Income Trust for Charlties managed by Mayfair Capital Investment Management Ltd (now part of Swiss Life Asset Managers UK Ltd) was valued at £2,767,076 at the end of the year (2021: £3,329,297). The investment generated an income for the year of £150,427 (2021: £140,414).

Reserves

At 31 December 2022 group unrestricted funds were £14,092,161. This includes £6,500,000 representing the value of the charity’s property at 5-7 St Andrew Street, which encompasses the Court House, vicarage, offices and the Lodge. This property is held for operational use by the charity and, along with £4,052 of other flxed assets, is not considered to be part of free reserves. Therefore, after excluding these amounts, the group’s reserves amounted to £7,588,109.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charitles in England and Wales requlres the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the Foundation’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the trustees should follow best practice and:

Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with relevant legislation and the trust deed. They are also responsible for safeguarding the assets of the charlty and hence taking reasonable steps for the prevention and detectlon of fraud and other Irregularities.

Governance and administrative details of the Charity are to be found on pages 4-6 of this report.

Approved by the Trustees and signed on thelr behalf by:

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Chairman
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Date: 14 June 2023

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ST ANDREW HOLBORN CHURCH FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trust deed provides for there to be a maximum of seven Trustees, either appolnted by the St Andrew Holborn Gulld Church Council (GCC), or ex officio — the Guild Vicar and the two Churchwardens,

New Trustees are mentored by an existing Trustee and are provided with a trustee file, which Includes a copy of the governing document, a copy of the latest annual accounts and a copy of CC3 The Essential Trustee published by the Charity Commission, Trustees have the opportunity to attend trustee training.

Policy Is set by the Trustees. Responsibllity for operational delivery is delegated to the staff and overseen by the Director and Clerk to the Trustees.

The Trustees met on four occasions during the year.

The Church Foundation, the Associated Charities (St Andrew Holborn & Stafford’s Charlty, Bromfield’s Educational Foundation, Parish Estates Charlty and Lady Elizabeth Hatton’s Charity) and St Andrew Holborn Trading Ltd delegate to the Finance and Investment Committee the review of flnanclal and Investment matters. The Finance and Investment Committee met twice during the year, on both occasions by video conference.

The Charity is a 50% shareholder (with the GCC) in St Andrew Holborn Trading Ltd, St Andrew Holborn Trading Ltd Is a registered company (04982141) and is managed by a Board of Directors Independently of the Charity and the GCC, but consistently with the alms of the Charity and the GCC. Profits from St Andrew Holborn Trading Ltd are shared equally between the Charity and the GCC and the relationship with St Andrew Holborn Trading Ltd is reviewed on a regular basls In accordance with guidance Issued by the Charity Commission.

The Charity has joint contracts of employment with the Associated Charities and St Andrew Holborn Trading Ltd. Employment costs are shared on a time spent basis. The Finance and Investment Committee reviews salaries on an annual basis and considers these in IIne with similar organisations.

The Trustees do not receive any benefit from the Charlty.

Risk management

The Trustees have glven consideration to the major risks to which the charity is exposed and have satlsfied themselves that systems and procedures are established to manage those risks. Risks are reviewed annually.

Given the Charity’s dependence on investment income, the Trustees have In particular recognised the risk to thelr abllity to meet thelr objects associated with signiflcant volatility in Investment markets and a resulting loss of Investment income.

The Trustees have also recognised the risk to the Charity’s abllity to meet Its objects if the profits from St Andrew Holborn Trading Ltd were to fall short of expectations.

Investment Policy

The St Andrew Holborn Church Foundation’s investments are managed on a total return basis with a medium risk tolerance and due regard to diversification with the objective that a combination of income and capital growth will support the ongoing activities of the Charity whllst maintaining the real capital value of the investments over the longer term. The Trustees are aware of the risk In respect of the volatility of Investment returns to meet the annual needs of maintaining both the Grade I and Grade II llsted buildings. The Finance and Investment Committee formally meets the Investment managers twice a year,

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ST ANDREW HOLBORN CHURCH FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The Church Foundatlon Is committed to responsible investment and takes Into account environmental, social and governance issues. Our exposure to Investments in assets limited under guidelines Issued by the Church of England’s Ethical Investment Advisory Group is monitored regularly by the Finance and Investment Committee In discussion with our investment managers.

Our Investments are managed by Mayfair Capital Investment (In the Property Investment Trust for Charitles) and Sarasin & Partners LLP. The Investment managed by Sarasin & Partners LLP forms part of the Sarasin Endowments Fund Class A Inc. Reporting by both managers is quarterly and the overall investment portfollo Is reviewed twice a year by the Finance and Investment Committee.

Reserves Policy

The Trustees alm to malntain a reserve fund sufficient to produce, on average, an annual income roughly commensurate with the annual running costs of the estate. This also enables any extraordinary and urgent needs to be met, In line with the provisions of the Scheme.

The substantial estate of Grade I and Grade II listed buildings and the maintenance liability associated with these require the Charlty to maintain a high level of reserves, In 2022, a total of £312,229 was spent on maintenance and repair work to the church and the estate.

ADMINISTRATIVE DETAILS

St Andrew Holborn Church Foundation is a registered Charity and is governed by Its Trust Deed. It is registered with the Charity commission under number 213715.

The Charity’s offices are at 5 St Andrew Street, London EC4A 3AF.

Trustees

The following are Trustees of the Charlty:

The Rt Revd Jonathan Baker, Bishop of Fulham Guild Vicar Mr John Booth (Chairman) Churchwarden (until 24 May 2023) Mr Edward Dobson Churchwarden (from 24 May 2023) Mr Paul Weston Churchwarden Mrs Elleen Clark Dr Brian Hanson, CBE The Rt Revd Graham James Canon Susan Johns

Title to certain assets of the Charlty is held by The Official Custodian for Charities on behalf of the Charity.

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ST ANDREW HOLBORN CHURCH FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Officers and Staff

Director and Clerk to the Trustees Mr Nicholas Hills Events Manager Mrs Carollne Bithell Site Manager Mr Victor Mullen Grants Officer Miss Anna Paterson Finance Administrator Miss Anna Szekely (untll January 2023) Mrs Nin| Gebreamanuel (from May 2023)

Principal advisors Investment Managers: Sarasin & Partners LLP Swiss Life Asset Managers UK Ltd Juxon House 55 Wells Street 100 St Paul’s Churchyard London London WIT 3PT EC4M 8BU Auditors: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD

Property Advisors:

Property Advisors: Knight Frank, 1 Wapping High Street, London E1W 1BH Bankers: Lloyds Bank plc Holborn Circus Branch London EC1N 2HP Sollcitors: Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD

Inspecting Architects: Sarah Khan Roger Mears Architects LLP Union Chapel Compton Avenue London N1 2XD

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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN CHURCH FOUNDATION

Opinion

We have audited the financial statements of St Andrew Holborn Church Foundation (the ‘charlty’) for the year ended 31 December 2022 which comprise the consolidated statement of flnancial activities, the consolldated balance sheet, the consolidated statement of cash flows and notes to the financial statements, Including a summary of significant accounting policies. The financial reporting framework that has been applied In thelr preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financlal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Auditor’s responslbilities 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We belleve that the audit evidence we have obtalned is sufficlent and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financlal 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 uncertaintles 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 perlod of at least twelve months from when the financial statements are authorlsed 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 financial statements and our auditor’s report thereon. The trustees are responsible for the other Information.

Our opinion on the financtal statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, In dolng so, consider whether the other Information Is materlally inconsistent with the flnanclal statements or our knowledge obtalned 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 there Is a material misstatement In the financlal statements or a materlal misstatement of the other Information. 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.

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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN CHURCH FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters In relation to which the Charitles (Accounts and Reports) Regulations 2008 require us to report to you /f, In our opinion:

Responsibilities of trustees

As explained more fully In the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr 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 charlty’s abillty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the trustees either Intend to liquidate the charity or to cease operations, or have no reallstic alternative but to do so.

Auditor’s responsibilities for the audit of the financlal 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 flnancial statements 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. 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.

Irregularities, including fraud, are instances of non-compllance with laws and regulations. We design procedures in line with our responsibliities, 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:

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE ST ANDREW HOLBORN CHURCH FOUNDATION

There are inherent limitations In the audit procedures described above and, the further removed noncompllance with laws and regulatlons Is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud Is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsiblllties for the audit of the financial statements Is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilltles. 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 responsibliity to anyone other than the charity and the charity's trustees as a body, for our audit work, for thls report or for the opinions we have formed. Vase Coy LLP

Vase Coy LLP 65 Leadenhall Street KNOX CROPPER LLP London EC3A 2DA Chartered Accountants {o {+7 2023 Statutory Auditors

Knox Cropper LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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ST ANDREW HOLBORN CHURCH FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

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||||||||| |---|---|---|---|---|---|---|---| |Notes|Unrestricted|Total|Total| |Funds|Funds|Funds| |2022|2022|2021| |£|£|£| |INCOME|FROM:| |Grants,|Donations|and|Legacies|2|224|224|26,908| |Charitable|Activities|3|56,644|56,644|53,995| |Other|Trading|Activities|4|44,436|44,436|42,157| |Investments|5|295,806|295,806|297,111| |Other|6|-|-|79,875| |Share|of Joint|Venture|Profit|13|18,012|18,012|11,965| |TOTAL INCOME|415,122|415,122|512,011| |EXPENDITURE|ON:| |Raising|Funds|7|13,485|13,485|25,181| |Charitable|Activities|8|520,575|520,575|598,806| |TOTAL|EXPENDITURE|534,060|534,060|623,987| |(118,938)|(118,938)|(111,976)| |Net|Gains/ (Losses)|on|Investments|12|(1,200,870)|(1,200,870)|835,118| |NET INCOME/|(EXPENDITURE)| |AND|NET MOVEMENT|IN|FUNDS|(1,319,808)|(1,319,808)|723,142| |TOTAL FUNDS|BROUGHT|FOWARD|15,411,969|15,411,969|14,688,827| |TOTAL FUNDS CARRIED FORWARD|14,092,161|14,092,161|15,411,969|

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None of the Foundation's activities was acquired or discontinued during the above two financial years.

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ST ANDREW HOLBORN CHURCH FOUNDATION

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes 2022 2021 2021
Group Foundation Group Foundation
£ £ £ £
FIXED ASSETS
Freehold Property ila 6,500,000 6,500,000 6,500,000 6,500,000
Investment Property 11b 5,000 5,000 5,000 5,000
Other Fixed Assets 11c 4,052 4,052 2,165 2,165
Investments 12 7,307,135 7,307,135 8,502,143 8,502,143
Investment in Trading Company 13 25,963 1 19,516 1
13,841,750 13,816,188 15,028,824 15,009,309
CURRENT ASSETS
Debtors 14 36,235 36,235 65,949 65,949
Cash at Bank and In Hand 260,346 260,346 369,444 369,444
296,581 296,581 435,393 435,393
Creditors: Amounts falling due
within one year 15 (46,170) (46,170) (52,248) (52,248)
Net CurrentAssets 250,411 250,411 383,145 383,145
TOTAL NET ASSETS 14,092,161 14,066,599 15,411,969 15,392,454
FUNDS
Unrestricted Genera! Fund 14,092,161 14,066,599 15,411,969 15,392,454
TOTALFUNDS 14,092,161 14,066,599 15,411,969 15,392,454

Approved by the Board of Trustees on 14 June 2023 and signed and on Its behalf by:

ty J QL Anthned Chalrman

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ST ANDREW HOLBORN CHURCH FOUNDATION

CONSOLIDATED STATEMENT OF CASHFLOWS CONSOLIDATED STATEMENT OF CASHFLOWS CONSOLIDATED STATEMENT OF CASHFLOWS CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THEYEARENDED 31 DECEMBER 2022 ;
2022 2021
Note Total Funds Total
Funds
£ £
NetCash Provided by(used in) Operating Activitles A (400,248) (432,349)
Cash flowsfrom investing activities
Dividends interest and rents from investments 291,125 299,029
Investment management fees - (80)
Purchase of property, plant and equipment (6,078) -
Proceeds from sale of investments - 408,490
Purchase of Investments - (74,172)
Distributions from joint venture 11,965 9,768
Netcash provided by(used In) Investing activities 297,012 643,035
Cash flows from financing activities
NetCash Expended by (used in) financing activities - -
Change in cash and cash equivalents in the reporting period (103,236) 210,686
Cash and cash equivalents at the beginning ofthe reporting period B 403,676 192,990
Cash and cash equivalents attheend ofthe reporting period B 300,440 403,676
A. Reconclllation of net income/(expenditure) to net cash net cash flow from operating activitles
2022 2021
£ £
Net income/(expenditure) forthe reporting perlod (1,319,808) 723,142
Depreciation charge 4,191 2,532
(Gains)/Losses on Investments 1,200,870 (835,118)
Dividends, Interest and rent from Investments (295,806) (297,111)
Investment management fees - 80
(Increase)/decrease in debtors 34,395 (13,362)
Increase/(decrease) n creditors (6,078)
Share ofjointventure profit (18,012) (11,965)
Netcash provided by(used in) operating activities (400,248) (432,349)
B. Analysis ofcash and cash equivalents
Cash at bank and In hand 260,346 369,444
Cash at Investment Managers 40,094 34,232
Total cash and cash equivalents 300,440 403,676
C. Analysis ofchanges in netfunds At01/01/2022 Cashflows
At31/12/2022		 31/12/2022
£ £ £
CashandCashEquivalents £403,676 £(103,236) £300,440

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ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

  1. ACCOUNTING POLICIES

  2. (a) Statutory Information

St Andrew Holborn Church Foundation is an unincorporated charity registered In England and Wales. The charlty’s registered number and principal office address can be found on page 6 of the Trustees’ Report. A description of the Charity’s operations and principal activities can be found In the Report of the Trustees.

The functional and presentational currency of the financlal statements is the Pound Sterling (£).

The accounts 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 involved following Accounting and Reporting by Charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from ist April 2005 which has since been withdrawn.

The Trustees consider that there are no uncertaintles about the Foundation’s ability to continue as a going concern.

Annual impairment reviews are undertaken by the Trustees at each balance sheet date. This review Involves assessing current property market conditions and their Impact on the estimated market value of the Foundation’s properties.

Other fixed assets which represent computer and other furniture and equipment are depreciated over the estimated useful life of the asset concerned at the following rates: - computer, furniture and equipment 33%.

(d) Income Income is recognised In the year once the Foundation has entitlement to the Income, it Is probable that the income will be recelved and the amount of income recelvable can be measured rellably. Income is deferred only when the Foundation has to fulfil conditions before becoming entitled to it or the donor has specifled that the income has to be spent in a future period,

Investment income Is recognised on the date on which the dividend Is payable or the interest arises. Rental income is recognised stralght lIne over the term of the tenancy or licence. Government grants are recognised using the performance model.

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ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

  1. ACCOUNTING POLICIES (continued)

  2. {e) Resources Expended

Llabilitles are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, It Is probable that settlement will be required, and the amount of the obligation can be measured reliably, All expenditure Is accounted for on an accruals basis.

The Foundation’s Investments are a form of basic financial instrument and are initially recognised at thelr transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities Includes the net gains and losses arising on the revaluations and disposals throughout the year.

Reallsed gains and losses on Investments are arrived at by comparing the net sale proceeds with the market value at the end of the previous financial year. Unrealised gains and losses represent the difference between the market value of investments still held at the end of the financial year with their value at the beginning of the year or with their cost if purchased subsequently.

{i} Cash at Bank Cash at bank is defined as 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.

Gj) Creditors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result In the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at thelr settlement amount after allowing for any trade discounts due.

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ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

  1. ACCOUNTING POLICIES (continued)

(k) Consolidation

The investment in St Andrew Holborn Trading Limited is accounted for as a joint venture. These financlal statements account for the joint venture using the equity method.

The Foundation operates a defined contribution pension scheme for Its staff. In accordance with FRS 102, Pension contributions are charged to the Statement of Financial Activities in the perlod to which they relate. Royal London provides their service with a multi-manager portfollo offering,

(m) Operating Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities as incurred.

(n) Critical Accounting Judgements and Key Sources of Estimation Uncertainty - Fair value Freehold Property

Land and buildings are measured at each reporting date at falr value less accumulated depreciation. The directors assess the fair value based on recent market values and perlodically obtain an appraisal from a professionally qualified vatuer. In determining fair value on this basis, the valuation remains sensitive to fluctuations In the property market.

The depreciation charge on tangjble fixed assets Is based on management's estimate of useful IIfe and residual value. This is subject to uncertainty and reviewed by management at each reporting date.

  1. GRANTS, DONATIONS, AND LEGACIES
2022 2021
£ £
Coronavirus Job Retention Scheme - 26,908
Donations 224
224		 a
26,908

Included in the above is government grants amounting to ENil (2021: £26,908), There are no unfulfilled conditions attached to these amounts.

CHARITABLE ACTIVITIES
2022 2021
£ £
Residence for the Vicar ofthe Guild Church 40,281 37,953
Office for the Vicar ofthe Gulld Church 16,363 16,042
56,644 53,995
OTHERTRADING ACTIVITIES
2022 2021
£ £
Income from rental ofthe Lodge and parking spaces 44,436 42,157
Other eT
44,436 42,157
  1. OTHER TRADING ACTIVITIES

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Page | 16

ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

5,

INVESTMENT INCOME

5, INVESTMENT INCOME
2022 2021
£ £ £ £
Investment Income
- Cazenove - 6,030
- Sarasin 145,335 150,643
- PITCH 150,427 140,414
295,762 297,087
Interest Receivable 44 24
295,806 297,111
6. OTHER INCOME
2022 2021
£ £
Compensation
Insurance dalm		 -
-		 74,338
5,937
- 79,875
7. COSTS OF RAISING FUNDS
2022 2021
£ £
Investment Management Fees - 80
Lodge Letting & Maintenance 2,966 6,943
Support Costs (Note 9) 10,519 18,158
13,485 25,181
8. CHARITABLE ACTIVITIES
Upkeep &
Maintenance Ministry
ofthe Church Support 2022 2021
£ £ £ £
StaffCosts 37,627 4,181 41,808 47,555
Maintenance and Repair Work 312,229 - 312,229 200,636
Clergy Costs - 15,771 15,771 157,428
Church Heat & Light 14,974 - 14,974 14,832
Insurance 10,367 : 10,367 9,619
Support Costs (Note 9) 106,380 19,046 125,426 168,736
481,577 38,998 520,575 598,806
2021 360,985 237,821 598,806

Within Maintenance and Repalr Work is grants to the Gulld Church Council of St Andrew Holborn amounting to £258,838 (2021: £163,345).

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Page |17

ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

9,

SUPPORT COSTS

SUPPORT COSTS
2022 2021
£ £
Staff Costs 63,629 105,399
StaffTralning 116 667
Insurance 1,412 1,307
Establishment Costs 46,412 39,246
Computer Costs 11,299 11,311
Postage & Stationery 4,328 4,526
Depreciation
Professional Fees		 4,191
1,630		 2,531
1,350
Irrecoverable VAT 14,085 22,709
Sundry Expenses 1,177 1,539
Governance Costs 6,521 6,823
Amounts recharged to assoclated charities (18,855) (10,514)
135,945 186,894

Included within Governance Costs are amounts payable to the auditors for the audit of the flnanclal statements of £6,445 (2021: £6,200) and within Professional Fees is £1,380 (2021: £1,350) for non-audit services.

  1. STAFF COSTS
STAFF COSTS
2022 2021
£ £
Salaries 90,529 129,888
National Insurance 5,576 10,025
Defined Contribution Pension Costs 9,332 13,041
Termination Payments - -
105,437 152,954

The Charity’s employees have joint contracts of employment with the 4 sister charltles at St Andrew Holborn and with St Andrew Holborn Trading Ltd. Together they employed an average of 5 (2021: 5) staff during the year, one of whom recelved employee benefits of £60,000 - £70,000 (2021: one £60,000-£70,000). Employment costs are shared on a time spent basis.

Key management personnel Is defined as the trustees and the Clerk to the Trustees. No trustee recelved any remuneration for their role as a trustee (2021: E£Nil). The total remuneration of key management personne! was £76,889 (2021: £73,484) of which the Charity’s share was £47,516 (2021: £52,682).

The Foundation operates a defined contribution pension scheme for its employees. At the year end there were contributions outstanding of ENII (2021: ENI!).

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Page |18

ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

_

il. TANGIBLE ASSETS
GROUP AND FOUNDATION
2022 2021
(a) Freehold Property £ £
Valuation at 1 January 2022 6,500,000 6,500,000
Revaluation - -
Valuation at31 December 2022 6,500,000 6,500,000
The freehold properties were revalued In September 2018 by Stanley Hicks, Chartered Surveyor. The
property was donated to the Foundation and thus under the cost model would be measured at a carrylng carrylng
amount of Nil.
2022 2021
(b) Investment Properties £ £
Fair Value at 1 January 2022 5,000 5,000
Falr Value at 31 December 2022 5,000 9,000
Costat31December2022 - -

The freehold properties were revalued In September 2018 by Stanley Hicks, Chartered Surveyor. The property was donated to the Foundation and thus under the cost model would be measured at a carrylng amount of Nil.

The Investment Property at Haymarket is let on a 125-year Jease from 1984 at a peppercorn rent. The above value represents the Trustees’ estimate of the reversionary interest In the freehold of the property, an independent valuation has not been carried out,

(c) Other Fixed Assets Furniture
Computer and
Equipment Equipment Total
Cost £ £ £
At 1 January 2022 30,111 72,389 102,500
Additions 6,078 - 6,078
Disposals (15,995) (72,389) (88,384)
At 31 December 2022 20,194 ~ 20,194
Depreciation
At 1 January 2022 27,946 72,389 100,335
Charge for Year 4,191 - 4,191
Disposal (15,995) (72,389) (88,384)
At 31 December 2022 16,142 - 16,142
Net Book Value at 31 December 2022 4,052 - 4,052
NetBookValueat31December2021 2,165 - 2,165

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Page |19

ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

12. INVESTMENTS GROUP AND FOUNDATION

GROUP AND FOUNDATION
Total Total
Sarasin PITCH 2022 2021
£ £ £ £
Quoted Investments at Market Value 4,499,965 2,767,076 7,267,041 8,467,911
Cash with Investment Managers 40,094 . 40,094 34,232
Total Investments 4,540,059 2,767,076 7,307,135 8,502,143
Movement in Investments
Market value as at 1 January 2022 5,138,614 3,329,297 8,467,911 7,967,111
Additions - - - 74,172
Disposals - - - (408,490)
Reallsed Gains /(Losses) - - - 3,374
Unrealised Gains/(Losses) (638,649) (562,221) (1,200,870) 831,744
Marketvalue at 31 December 2022 4,499,965 2,767,076 7,267,041 8,467,911
Quoted Investments at Cost 4,712,719 2,957,041 7,669,760 7,669,743
Quoted investments with more than 5% of market value:
% of Portfolio 2022
Security £
Property Income Trust for Charlties 38.1 2,767,076
SarasinEndowmentFund 61.9 4,499,965

The carrying amount of financlal assets measured at fair value through income and expenditure within Investments Is £7,267,041 (2021: £8,467,911).

Page |20

ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13. INVESTMENTS IN JOINT VENTURES GROUP

GROUP
2022 2021
£ E
At 1 January 2022 19,516 17,319
Share of Profit 18,012 11,965
Distributlon Recelved (11,965) (9,768)
At31December2022 25,563 19,516

The Foundation holds a 50% Interest In St. Andrew Holborn Trading Limited a company registered in England and Wales.

The summary of the results for the year ended 31 December 2022 is as follows:

2022 2021
£ £
Turnover 161,271 82,555
Cost of Sales (89,212) (29,856)
Gross Profit 72,059 52,699
Other Costs (36,506) (29,381)
Interest Receivable 1 -
Profit 35,554 23,318
Tax 470 612
Profit For The Year 36,024 23,930
Retained Earnings Brought Forward 39,030 34,636
Gift Aid to Guild Church Council and Church Foundation (23,930) (19,536)
RetainedEarningsCarrledForward 51,124 39,030

100% of the taxable profits are gift alded up to the Gulld Church Council and Church Foundation.

FOUNDATION

2022 2021
£ £
At 1 January 2022 1 1
At 31December2022 1 1

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Page {21

ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

14. DEBTORS AND PREPAYMENTS GROUP AND FOUNDATION

GROUP AND FOUNDATION
2022 2021
£ £
Trade Debtors 1,358 3,283
Prepayments and Other Debtors 13,526 46,386
Investment Income Recelvable 14,920 10,239
St. Andrew Holborn Trading Ltd - Current Account 6,400 5,831
StAndrew Holborn Charity& Stafford’s Charity 17 210
Lady Elizabeth Hutton’s Charity 14 -
36,235 65,949
CREDITORS
GROUP AND FOUNDATION
2022 2021
£ £
Trade Creditors 4,428 4,858
Taxation and Social Security 336 5,289
Guild Church Counci! St Andrew Holborn 298 795
Accruals and Deferred Income 41,108 41,306
46,170 52,248

15. CREDITORS GROUP AND FOUNDATION

Included In the above is £28,366 (2021: £28,637) of deferred income representing rental Income recelved In advance. The movements on the deferred Income account are as follows

Brought forward 28,637 26,591
Recognised as income (28,637) (26,591)
Deferred in the year 28,366 28,637
Carriedforward 28,366 28,637

16. TRUSTEES’ REMUNERATION AND EXPENSES

No remuneration, directly or indirectly, out of the funds of the Foundation was pald or payable for the year to any Trustee or to any person or persons known to be connected with any of them.

Two trustees were relmbursed travel and meeting expenses amounting to £76 during the year (2021: three trustees relmbursed expenses of £623),

17. TAXATION

St Andrew Holborn Church Foundation Is a registered charity and is potentially exempt from taxation In respect of Income and capital gains received within the categorles covered by Part II of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Galns Act 1992 to the extent that such income or gains are applied to charitable purposes.

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Page {22

ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18. OPERATING LEASES

At the balance sheet date, the Foundation had the following commitments under operating leases as follows:

2022 2021
Payments due in: £ £
Less than one year 2,796 3,132
Between two and five years 11,184 6,976
Greater than flve years - -
13,980 10,108

19. RELATED PARTIES

The Foundation is under the control of its Trustees who Include the Guild Vicar and two churchwardens of the Guild Church St Andrew Holborn. The Gulld Church Councll of St Andrew Holborn nominates the four other trustees of the Foundation.

The following partles are considered related to the Foundation by virtue of having common trustees and shared employees:

The Foundation acts as paymaster for the staff under joint contracts of employment and disburses staff costs across the organisations In [Ine with time spent by staff on each, In the year the charges in this respect amounted to £138,546 and were allocated to St Andrew Holborn Trading £70,971 (2021: £ NIl), St Andrew Holborn & Stafford’s Charity £56,004 (2021: £48,469), Bromfield’s Educational Foundation £9,924 (2021: £8,954), Parish Estates Charlty £1,647 (2020: £1,276) and Lady Elizabeth Hatton’s Charlty £Nil (2021: ENil).

The Foundation made charges for shared administration costs to St Andrew Holborn Trading £11,713 (2021: ENil), St Andrew Holborn & Stafford’s Charity £8,354 (2021: £6,400), Bromfleld’s Educational Foundation £1,310 (2021: £1,114), Parish Estates Charity £229 (2021: £195) and Lady Elizabeth Hatton's Charity £NIl (2021: ENIl). The Foundation was charged £494 (2021: £483) for event and meeting costs by St Andrew Holborn Trading.

At 31st December 2022 St. Andrew Holborn Church Foundation was due to be reimbursed from St Andrew Holborn Trading £6,400 (2021: £5,831), St Andrew Holborn & Stafford’s Charity £17 (2021: £210) and Lady Elizabeth Hutton’s Charity £14 (2021; £NIl) owed the Guild Church Council of St Andrew Holborn £298 (2021: £795),

In line with the provisions of its trust deed, the Foundation provides the Vicarage for the residence of the Guild Vicar. £44,516 (2021: £42,568) was charged In rent, payable by the London Diocesan Fund. £1,435 (2021: £1,501) was charged to the Gulld Vicar in respect of electricity usage of the Vicarage, At 31st December 2022 £756 (2021: £1,933) was due to the Foundation.

Page | 23

  1. NET ASSETS BETWEEN FUNDS

ST ANDREW HOLBORN CHURCH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

NET ASSETSASSETS BETWEEN FUNDS
Unrestricted Designated 2022
Funds Funds Total
£ £ £
Fixed Assets 13,841,750 - 13,841,750
Current Assets 296,581 - 296,581
Current Liabilities (46,170) - (46,170)
14,092,161 - 14,092,161
Unrestricted
Funds		 Designated
Funds		 2021
Total
£ £ £
Fixed Assets 15,028,824 - 15,028,824
Current Assets 435,393 - 435,393
Current Liabilities (52,248) - (52,248)
15,411,969 - 15,411,969

The figure for Unrestricted Funds-Fixed Assets includes £6.5m, whlch Is the current stated value of the Freehold Property at 5-7 St Andrew Street. This Freehold Property houses the Gulld Vicar of St Andrew Holborn and the offices of the Charity.