# 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: 

- (a) the payment of salaries of church officials and others employed to assist the Vicar in the performance of hts dutles; 

- {b) the maintenance, insurance, repalr and renewal of the fabric, fittings and ornaments of the Gulld Church of St. Andrew Holborn, its churchyard, the Rectory House (vicarage) and the Court House; and 

- (c) the cost of heating and lighting of the Guild Church of St Andrew Holborn and the upkeep of services. 

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: 

- select sultable accounting pollcles and apply them consistently; 

- ~ make judgments and estimates that are reasonable and prudent; 

- -— state whether applicable accounting standards have been followed subject to any material departures disclosed and explalned in the financial statements; 

- prepare financial statements on the going concern basis unless It Is inappropriate to presume that the Foundation will continue to operate. 

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: 


**----- Start of picture text -----**<br>
—<br>- NV rt<br>Chairman<br>**----- End of picture text -----**<br>


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: 

- ¢ give a true and fair view of the state of the charlty’s affairs as at 31st December 2022 and of its Incoming resources and application of resources for the year then ended; 

- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- e have been prepared in accordance with 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 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: 

- e the Information given In the financial statements Is inconsistent in any material respect with the trustees’ report; or 

- e — sufficient accounting records have not been kept; or e the financial statements are not In agreement with the accounting records; or * we have not recelved all the Information and explanations we require for our audit. 

## 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: 

- The Charity Is required to comply with charity law and, based on our knowledge of its activities, we Identified that the legal requirement to comply with the Charities SORP was of key significance. 

- * We gained an understanding of how the charity complied with Its legal and regulatory framework, Including the requirement to comply with the Charities SORP, through discusslons with management and a review of the documented policles, procedures and controls, 

- * We assessed the susceptibillty of the charity's financlal statements to materlal misstatement and how fraud may occur by considering the key risks impacting the financial statements. These Included risks associated with income recognition and management override of controls, which were discussed and agreed by the audit team. 

- ¢ Our approach was ensuring that all Income was properly identifled and accounted for, and that only valld and appropriate expenditure was charged to the charity’s funds, the review of journal entries processed in the accounting records and the investigation of significant and unusual transactions identified from our review of the accounting records. 

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the trustees with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the charity. 



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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 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|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|

**----- End of picture text -----**<br>


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)|(547)|
|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<br>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 

- (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 (£). 

- (b) Basis of Accounting The Accounts have been prepared under the historical cost convention as modifled by the revaluation of Investments at market value and In accordance with applicable Accounting Standards. They have been prepared in accordance with the Statement of Recommended Practice (Accounting and Reporting by Charities) preparing thelr accounts in accordance with the Financlal Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) Second Edition issued In October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 March 2018) and the Charities Act 2011. The Foundation constitutes a public benefit entity as defined by FRS 102. 

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. 

- (c) Fixed Assets Freehold Property is Included at market value which is appraised annually by the Trustees. Independent valuations are obtained at least every five years, and therefore no depreciation Is charged. Any changes in Market Value are reflected through the Statement of Financial Activities. 

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. 



{ i 

Page |14 

## ST ANDREW HOLBORN CHURCH FOUNDATION 

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

1. ACCOUNTING POLICIES (continued) 

   - {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. 

   - e« — Costs of Raising Funds The cost of raising funds consists of Investment management fees and expenditure related to letting of property not for charitable purposes and an allocation of support costs. 

   - ° Charitable Activities Costs of Charitable Actlvitles Include the direct costs of the running and maintenance of the Church as well as an allocation of support costs. 

   - e Support Costs Support costs have been allocated between activitles based on staff time and include Governance costs, which comprises all costs involving the public accountability of the Charlty and its compliance with regulation and good practice. Support Costs are shown net of the share of administratlon costs recharged to the sister charities. 

- (f) Fund Accounting The designated funds may be used by the Foundation in furtherance of Its charitable objectives at the discretion of the Trustees. 

- (g) Investments 

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. 

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

{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. 



} | 

Page {15 

## 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. 

- (l} Pensions 

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. 

- Useful life of tangible fixed assets 

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. 

2. GRANTS, DONATIONS, AND LEGACIES 

|||||2022|2021|
|---|---|---|---|---|---|
|||||£|£|
|Coronavirus|Job|Retention|Scheme|-|26,908|
|Donations||||224<br>224|a<br>26,908|



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

- 3, CHARITABLE ACTIVITIES 

|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|



4. OTHER TRADING ACTIVITIES 



1 ' 1 

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<br>Insurance dalm|||||-<br>-||74,338<br>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). 



' 4 1 

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<br>Professional Fees|4,191<br>1,630|2,531<br>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. 

10. 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!). 



" ! j 

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|





i } { 

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|





y ! { 

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. 



, j ‘ 

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: 

- St Andrew Holborn & Stafford’s Charity - St Andrew Holborn Trading Limited - Parlsh Estates Charity - Bromfield’s Education Foundation - Lady Ellzabeth Hatton’s Charity 

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 

20. 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<br>Funds|Designated<br>Funds|2021<br>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.