ST ANDREW HOLBORN CHURCH FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity No. 213715 KNOX CROPPER ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 We present our report and financlal statements (Incorporatlng the results for St Andrew Holt)orn Trading Limlted} for the year ended 31 De￿rnber 2023. OBJECTS AND ACTIVITIES The objects of the Charity are set out In the Trust Deed dated 17 February 1964. Thls provldes that the ￿arIty may apply its income for the following purposes,. (a) the payment of Sala￿e$ of church offlclals and others employed to a5slst the Vlcar In the performance of hls duties,. the malntenance, Insurarn￿, repalr a[￿ renewal of the fabrlc, flttlngs and ornaments of the Gulld Church of St. Andrew Holborn, Its thurchyard, the Rectory House (vlcarage) and the Court House,, and the cost of heatlng and Ilghtiw of the Gulld Church of St Andrew Holbom and the upkeep of servlces. (b) (c) We contlnued to ensure that the Charlty's Income was applled In accordance wlth the stated oblerts and In particular supported the major project to complete the conservation of the exterlor stonework to the nave. We aim also to maximlse the Income achlevable through the careful management of our flxed assets. We do thls partly by letting the Lodge and parking spa￿5 on the forecourt on the premlses and partly through income from St Andrew Holborn Trading Ltd. We are Jolnt shareholders with tIE Gulld Church Councll {GCC) In St Andrew Holborn Tradlng Ltd. The company was established to provlde a Sour￿ of Income ft)r both charltles by managlng the hire of rooms and faclllties In the Court House and the church fDr meetlngs, concerts, redtals, exhlbitions and other events, The company Is managed separatew by a Board of Dlrectors and all pronts generated are dlstrlbuted equally be￿een the arity and the GCC. Plans for future periods We wlll contlnue to support the Gulld Vlcar and the GCC In the expanslon of Its mlsslon and the upkeep of the fabrlc of the church. In 2024, we alm, In dlscussion with the GCC, to establish a flve-year prograrnme of repairs to the church and to carry out n￿SSary repairs to our own propety. ACHIEVEMENTS AND PERFORMANCE Public beneflt In carrylng out our work preparing thls report, we have had regard to the Charlty Comm155lOn'5 public beneflt guldance. st Andrew Holborn Is a Grade I Ilsted church. The present buildlng was deslgned by Slr Chrfstopher Wren, though parts of It date back over I,OOD years. It 15 a major landmark in the Clty and Is of con51derable hlstorlcal, herftage, archltectural, charltable, communlty, soclal and educational Importan￿, The maln purpose of the Church Foundation is flnancial support for the malntenance and m15sion of this Importsnt bullding by the GCC. As a Gulld Churth, St Andrew Holborn's focus of Ser￿Ce is the surroundlng worklng population and we are able to open the church every weekday for people to engage In silent prayer or reflectlon, to seek Sola￿ or Just slt away from the busy-nes5 of the Clty. The North Garden the North Churchyard are also open and provlde valuable open space. Page 12 ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE (contlnued) st Andrew Holborn Is visited by tour15ts, local schools and communlty groups keen to discover Its archltecture and hIstori￿1 Ilnks. It15 a150 used by the growing local street populatéon as a pla￿ where they can keep warm and dry durlng the day when the local hostels are closed. We were able to provide for the dally cleaning and heatlng of the church so that everyone could benefit from a safet dry and warm place. Servi￿5 in the church - to whlch all are welcome - are held every weekday eX￿pt Tuesday at lunchtlmes, provldlng a quiet, reflectlve and prayerful haven in the mlddle of a busy day. Followlng the 5ntroduction of new pattern of Serv1￿5, evening servlces are held on average ￿lce a month. st Andrew Holborn has for many years provided a space for the Orthodox Parlsh of the Domltion of the Mother of God (under the Ecumenlcal Patriarchate) to hold Its 5ervSces, St Andrew Holborn Is also home to an important network of charltles whlch undertake signlfTcant work wlth the poor, the vulnerable, the young and elderly and those In immedlate need. The staff who oversee the day-to- ay buslness of these charltles are JLilntly employed by the Church Founéatlon, the Charl￿eS themselves and St Andrew Holborn Trading Ltd. 2023 After the stresses of the first years of the Covld pandemlc, 2023 felt very much Ilke a return to business as usual. During the year, one of Dur longest Ser￿n9 member5 Stood down as Churchwarden of St Andrew Holborn and, therefore, as a trustee and Chalr of the Charlty. We are grateful for everythlng John Booth was able to accomplish through hls many years of Serv[￿ to the church and the Charlty, not least the major Internal refurblshment whlch was compieted In 2Qll9. A five-yearly Inspection of the church and our own property was carrled out mld-year. We are In dlscussion with the GCC to draw up a programme for the ne￿SSary repalrs to the church and have scheduled repairs to our property durtng 2024. We commissloned and consldered plans for the refurblshment of the courtyard, but concluded thati gfven the more urgent calls on financlal resoUr￿S that are likely over the next flve years or so, or¢ly to make some cosmetlc improvements for the tlme belng, The Lodge was let throughout the year. All but of the parkfjng spa￿5 In the forecourt were also let. Both sources of Income contrlbute to OLJr ablllty to meet our objects and flnanclal obligations. We rely on the support of our dedlcated and hardworklng staff to dlscharge our responslbllltle5 for the smooth runnlng of the Charlty and we are grateful to them for thelr continued hard work on our behalf. FINANCIAL REVIEW Results for the Year The GroLJP result showed net Income for the year amounting to £247,646 compared to net expenditure In the pre￿dIng year of £[1,319,808). This Included unreallsed gains on Investments and investment property of £164,319, After a £1,000,000 reduction In the valuatlon or tanglble flxed asset5, there was a net movement in funds of £(2,752,354) compared to £11,319,808) in the preceding year. The net movement in funds meant that total fund balan￿S de¢￿ased from £14,092,161 to £11,339,807. Page 13 ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVJEW (contlnued) Our staff continue to monltor all contratts to ensure best value for money and to achleve savlngs through good housekeeping. Investments Our Investment In the Sarasln Endowments Fund managed by Sara5in & Partners LLP was valued at £4,755,742 at the end of the year {2022.' £4,499,965). The investment generated an Income for the year of £146,246 (2022,, £145,335). Our Investment In the Property Income Trust for Charltles managed by Mayfalr Capltsl Investment Management Ltd (now part of Swlss Llfe Asset Manager5 UK Ltd) was valued at £2,590,618 at the end of the year (2022,, E2,767,076). The Investment generated an Income for the year of £163,812 (2022.. £150,427). ReseThes At 31 December 2023 group unrestricted funds were £11,339,807. This Includes £3,500,000 rep￿sen￿ng the value of the charity's propety at 5-7 St Andrew Street, whlch encompasses the Court House, vlcarage, offlces and the Lodge. Thls property Is held for operational use by the charlty and, along wlth £2,026 of other flxed assets, is not consldered to be part of free reseNes, Therefore, after exdudlng these amounts, the group's reseryes amounted to E7,637,781. srATEMENT OF TRUSTEES, RESPONSIBILITIES Law appllcable to charities in England and Wales requlres the Trustees to prepare flnanclal statements fDr each flnancial year whlch glve 8 true and falr vlew of the state of the Foundatlon s financial actlvities durlng the year and of its flnanclal posltion at the end of the year, In preparlng those finanoal statements, glvlng a true and fair vlew, the trustees should follow best practice and.. selett gjltable aCcoun￿ng pollcles and apply them consistently; make judgments and estimates that are reasonable and prudent, state whether appllcable accountlng standards have been followed subject to any materfal departures disc105ed and explalned In the flnandal statements. prepare financlal ststements on the golng concern basis unless It Is Inapproprlate to presume that the Foundatlon wlll continue to operhte. Trustees are responslble for keeplng proper accountlng records whlch dlsclose wlth reasonable accuracy at any time the flnancial positlon of the charlty and whlch enable them to ensure that the nnanclal statements comply with relevant leglslation and the trust deed, They are also reswnsible for safeguardlng the assets of the charity and henTr taknng reasonable step5 for the prevenuon and detectlon of fraud and other Irregularftles. Governan￿ and admlnlstratlve details of the Charlty are to be found on pages 4-6 of thls report, Approved by the Trustees and signed on thelr behalf by: Date: 13 June 2024 Chalrman ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRucfuRE, GOVERNANCE AND MANAGEMENT The trust deed provldes for there to be a maxlmum of seven Trustees, elther appolnted by the St Andrew Holborn Gulld Church Councll (GCC), or ex offiao- the Guild Vlcar and the ttwo Churchwardens. New Trustees are mentored by an eXIs￿n9 Trustee and ère prO￿ded wlth a trustee file, which Indudes a copy of the governlng document, a copy of the latest annual accounts and a copy of CC3 The Essentlal Trustee publlshed by the Charity Commlsslon. Trustees have the opportunlty to attend trustee tralnlng, Pollcy 15 set by the Trustees. Responslblllty for operational dellvery Is delegated to the staff and overseen by the Director and aerk to the Trustees. The Trustees met on four occasions during the year. The Church Foundation, the Assoclated Charltles (St Andrew Holborn & Stsfford's Charfty, Bromfleld's Educatlonal Foundatlon, Parish Estates Charlty and Lady Elizabeth Hatton's Charlty) and St Andrew Holbom Tradlng Ltd delegate to the Flnance and Investment Q)mmlttee the revlew of financial and Investment matter5. The Flnance and Investment Commlttee met tw1￿ durlng the year, on both occaslons by vldeo Cor¢feren￿, The Charity Is a 50Q/o shareholder (wlth the GCC) In St Andrew Holborn Tradlng Ltd. St Andrew Holborn Tradlng Ltd is a reglstered company104982141) and is managed by a Board of Dlrettors Independently of the Charlty and the GCC, but conslstently wlth the alms of Charity and the GCC. Prn)fits from St Andrew Holborn Tradlng Ltd are shared equally between the Charlty and the GCC and the kElaUonshlp wlth St Andrew Holborn Tradlng Ltd Is revlewed on a regular basls In aCcOréan￿ wlth gUIdan￿lSS￿ed by the Charlty Commlsslon. The Charlty has Jolnt contrarts of employment wlth the Assodated Charities ané St Andrew Holborn Tradlng Ltd. Employment costs are sha￿d on a tlme spent basls. The Finance and Investment Commlttee revSews salarie5 on an annual basis and con51ders these in Ilne wlth similar organisatlons, The TnJ5tees do not re￿1ve any beneflt f￿M the Charlty. Risk management The Trustees have given conslderatlon to the major rlsks to which the charlty Is exposed and have satlsfied themselves that systems and procedures are established to manage those rlsks. Rlsk5 are revlewed annually, Glven the Charlvs dependenTr on investment income, the Trustees have in partlcular recognlsed the rlsk to thelr abllity to meet thelr objerts assoaateLI wlth slgnlftcant volatlllty In Investment markets and a resultlng Ioss of Investment Income. The Trustees have also recognlsed the risk to the Charlty's abllity to meet Its objecis If the proflts from St Andrew Holborn Tradlng Ltd We￿ to fall short of expertatlons. Investment Polley The St Andrew Holborn Church Foundatlon's investments are managecl on a total return basis wlth a medlum rlsk toleran￿ and due regard to dlverslficatlon with the objective that a comblnation of Income and capltal growth wlll support the ongolng actlvStles of the Charlty whilst malntalnlng the ￿al capltal value of the investments over the longer term. The Trustees are aware of the rlsk In respect of the volatllity of Investment returns to meet the annual needs of malntalnlng both the Grade l and Grade II listed bulldlngs. The FiTran and Investment Commlttee formally meets the investment Manage￿ twice a year. ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) The Church Foundatlon is committed to responsible investment and takes Into account environmental, soclal and govemance 155ues. Our exposure tt) Investments In assets Ilmlted under guidelines Issued by the Church of England's Ethlcal Investment Advlsory Group Is monIto￿d regularly by the Hnance and InvestrNent Committee In discusslon with our Investment managers. Our Investments are rnanaged by Mayfalr Capltsl Investment (In the Property Investment Trust for Charities) and Sarasln & Partners LLP. The Investment managed by Sarasin & Partners LLP forms part of the Sarasin Endowments Fund Class A Inc. ReporNng by both managers Is quarterly and the overall Investrnent portfolio Is reviewed twi￿ a year by the ￿nance and Investment Committee. Reserves Pollcy The Trustees alm to malntsln a reserve fund sufficlent to produce, on average, an annual Inc%)me roughly commensurate wlth the annual running costs of the estate, Thls also enables any extraordinary and urgent needs to be met, In line wlth the provlslons of the Scheme. The substantial estate of Grade I and Grade Il listed bulldlngs and the m8lntenanTr Ilablllty assoclated with these requlre the Charity to maintaln a high level of reserves. In 2022, a total of £312,229 was spent on maintenance and repalr work to the churd) and the estste. ADMINISTRATIVE DETAILS St Andrew Holborn Church Foundatlon Is a reglstered Charlty and is governed by Its Trust Deed. It Is reglstered wlth the Charlty commlssion under number 213715. The Charlty's offl￿5 are at 5 St Andrew Street, LoThlon EC4A 3AF. Trustees The followlng are Trustees of the Charfty.. The Rt Revd Jonathan Baker, Blslx>p of Fulham Mr John Booth (Chalrman) Mr Edward Dobson Mr Paul Weston Mrs Elleen Clark Dr Brian Han50n, CBE The Rt Revd Graham Jarne5 Canon Susan Johns Gulld Vlcar Churchwarden (until 24 May 2023) Churchwarden {from 24 May 2023) Churchwarden tle to certaln assets of the Charfty is held by The Offlclal Custodlan for Charltles on behalf of the Charlty. ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Offlcer$ and Staff Director and Clerk to the Trustees Events Manager Site Manager Grants Officer Flnance Admlnlstrator Mr Nicholas Hllls Mrs Caroline Blthell Mr Vlctor Nullen Mlss Anna Paterson Mlss Anna Szekely (until January 2023) Mrs Nlnl Gebreamanuel (from May 2023) Princlpal advlsors Investment Managers.. Sarasln & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Swlss Llfe Asset Managers UK Ltd 55 Wells Street London WIT 3PT Auditors.. Prorerty Advlsors., Knight Frank, I Wapping High Street, London EIW IBH Bankers: Ltoyds Bank plc Holbom Clrcus Branch London ECIN 2HP Sollcltors.. Charles Russell Speechlys LLP 5 Fleet Pla London EC4M 7RD Inspetting Archltects: Sarah Khan Roger Mears Architects LLP Unlon Chapel Compton Avenue London NI 2XD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN CHURCH FOUNDATION Opinlon We have audlted the financlal ststements of St Andrew Hol&orn Church Foundatlon (the'charfty? for the year ended 31 De￿mber 2023 whlch comprlse the consolidated ststement of financial acttvities, the consolidated balantr sheet, the consolldated statement of cash flows and note5 to the flnanclal statements, Induding a Summary of significant accounting pollcles. The flnancial reportlng framework that has been applied In thelr preparatlon is appllcable law and United Kingdom Accounting Standards, includlng Financial Reporting Standard 102, the Flnanclal Reporting Standard applicable in the UK and Republlc of Ireland {Unlted Kingdom Generally Accepted Accountlng PractlTrl, In our opinlon, the flnancial statements.. glve a true and farr vlew of the state of the charity's affairs as at 31st De￿rnber 2023 and of its Incomlng resoLJf￿s and appllcation of resource5 for the year then ended,. have been properly prepared in accordance wlth Unlted Klngdom Generally Accepted Accounting Prath￿; and have been prepa￿d In accordan￿ wlth the Charltles Act 2011. Basls for oplnion We condLJCted our audlt In accordan￿ wlth Internatlonal Standards on Auditlng (UK} (ISAS (UK)) and appllcable law. Our responsibllltles under those stsndards are further described In the Audltor's responslbilltles for the audlt of the flnanclal statements settion of our retK>rt. We are IndepenLfent Df the charlty In accordance with the ethlcal requlrements that are relevant to our audlt of the flnancial statements In the UK, indudlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibillties In accordar¢Tr with these reqU1￿Ments. We believe that the audlt eVIden￿ we have obtalned Is sufficlent and approprlate to provide a basls for our opinlon, Conclusions relatlng to golng con￿rn In auditlng the flnancial statements, we have concluded that the trustees, Ljse of the golng concern basls of accountlng In the preparation of the flnanaal statements is approprlate. Based on the work we have performed, we have not identlfled any materlal uncertaintles relatlng to events or conditlon5 that, Indlvidually or collectlvely, may cast 51gnificant doubt on the charlty's abillty to contlnue as a going concern for a perfod of at least twelve months fmm when the flnanclal ststeM￿ts are authorlsed for Issue. Our responslbllvcles and the respon￿bIll￿eS of the trustees wtth respect to golng concern are descrlbed In the relevant Sections of th55 report. othor Information The other informatlon comprlses the information Induded In the annual report, other than the financial statements oltr audltorfs report thereon. The trustees are responslble for the other Information. Our oplnlon on the finanaal statements does not cover the other informatlon and we do not express any form of assurance condu5ion thereon. In connectlon wlth our audlt of the financlal ststements, our responsibillty Is to read the other informatlon and, In doing so, consider whether the other Irkformation is materially Inconsistent wlth the financlal ststements or our knowledge obtalned in the audlt or otherwlse appears to be materially mlsstated. If we identlfy such material Inconslstencles or apparent materlal mls5tatements, we are requlred to determine whether there Is 8 material mlsstatement In the financlal statements or a material mlsstatement of the other information. Ir, based on the work we have performed, we conclude that there Is a materlal mlsstatement of thi5 Other Information, we are required to report that fact, We have nothlng to report In thls regard. Page 18 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN CHURCH FOUNDATION Matters on which we are required to report by exceptlon We have nothing to report in respect of the followlng matters In relatlon to whlch the Charltles {Accounts an(i Reports) Regultsbons 2008 require us to ￿port to you if, in our oplnion,. the informatlon glven In the flr¢andal statements Is Inconsistent In any mèterlal respett with the trustees, report; or sufflclent accountlng tEcords have not been kept,. or the financlal statements are not in agreement with the accounting records; or we have not recelved all the information and explanatlons we require for our audlt, Responsibilities of trustees As explalned more fully in the trustees, responslbilltles statement set out on page 4, the tnjstees are responslble for the preparatlon of the financlal statements and for being sa￿STIed that they glve a true and falr vlew, and for such internal control a5 the trustees detemilne Is ￿e￿SSary to enable the preparatlon of flllancial statements that are free from materlal mlsstatement, whether due lo fraud or error. In prepa￿ng the flnanclal statements, the trustees are responslble for asses51ng the chority's ablllty to contlnue as a golng Con￿￿, d15c1051ngi as applicable, matters related to golng concern and uslng Ehe going contrrn basls of accountlng unle55 the tnjstees elther Intend to Ilquidate the charity or to cease operations, or have no realistic alternatlve but to do 50. Auditor's responsibllltles for the audlt of the flnanclal statements We have been appolnted as audltor under sectlon 144 of the Charltles Act 2011 and report in accordan￿ wlth the Act an(S relevant regulatlons made or havlng effect thereunder. Our objettlves are to obtain reasonable assurance about whether the flnanclal statements as a whole are free from materlal misstatement, whether due to fraud or error, and to Issue an audltorfs ￿pOrt that include5 our opinlon. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted In accordance with ISAS (UK) wlll ahways detert a material mls5tatsment when it exists. Mlsstatement5 can arlse from fraud or error and are considered materlal If, Indlvidually or In the aggregate, they could reaSona￿V be expected to Influen￿ the econom1¢ dedslons Of users taken on the ba515 of these flnandal statements. Erregularitles, Includlng fraud, are Instances of non-comp1tan￿ wlth laws and regulatlons. We deslgn proTrdures in Ilne with our responsibllltles, outllned above, to detect materlal misstatements In respett of irregularltles, includlng fraud. The extent to whlch our procedures are capable of deterting Irreg￿laritIeS, includlng fraud 15 detalled below.. The Cha￿ty Is required to comply wlth charlty law and, based on our knowledge of Its actithties, we Identlfled that the legal requlrement to comply wlth the Charities SORP was of key 5ignlflcance. We galned an understandlng of how the charity complied with Its legal and regulatory framework, Includlng the requirement to comply wlth the Charitles SORP, through dlscusslons with management and a review of the documented pollcless prO￿dureS and controls. We assessed the susceptlbillty of the charlty's financlal ststements to materlal mlsstatement and h)w fraud may occur by considering the key rlsks impactlng the financlal statements, These Included rlsks assoclated wlth Income recognltlon and management overrlde of controls, whlch were discussed and agreed by the audit team. Our approach was ensurlng that all income was properly identlfied and accounted for, and that only valid and appropriate expendlture was charged to the charlty's funds, the review of journal entries processed In the accountlng records ènd the Investlgatlon of 5ignlflcant and unusual transactlon5 Identlfied from our revlew of the accounting records. Based on thls understanding we deslgned OLEr audlt pmcedures to Identlfy non-c0mp1lan￿ wlth such laws and regulauons, Our procedures involved revlew of the reportlw to the trLF5tees wlth respect to the applicatlon of the documented pollcles and procedures and review of the flnancial Statements to ensure compllance wlth the reporting requlrements of the charlty. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF Page | THE ST ANDREW HOLBORN CHURCH FOUNDATION There are Inherent 11m1ta￿onS In the audlt procedures clescrlbed above and, the further removed non- Compl1an￿ wlth laws and regulatlon5 is from the events and transactlons refletted in the finandal statement5, the less Ilkely we would become aware of It. The risk of not detertirng a materlal mlsstatement due to fraud Is higher than the risk of not detectlng orE resulting from error, as frau(i may Involve deliberate concealment by, for example, forgery or intentlonal mlsrepresentat10rn5, or through colluslon, A further de5crlptlon of our responslbllltles for the audlt of the finandal statements is located on the Flnanclal Reportlng Councll's webslte at: www.frc.org,uklauditorsresponslbllitles. Ths descrlptlork forms part of our audltor's report. Use of our report Thls report Is made solely to the charity's trustees, as a body, In accordance with Part 4 of the Chèrftles (Accounts and Reports) Regulations 2008. Our audlt work has been undertaken, so that we might state to the charlty's trustees those matters we are requlred to state to them in an auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibillty to anyone other than the charity and the charitls trustees as a body, for our audlt work, for thls repDrt or for the oplnions we have formed, 65 Leadenhall Street London EC3A 2DA KNOX CROPPER LLP Chartered Accountants IE /%/ 2024 Knox Cropper LLP is ellglble for appolntment as auditor of the Charlty by virtue of Its ellglblllty for appolntment as audltor of a company under section 1212 of the Companles Act 2006. Page 110 ST ANDREW HOLBORN CHURCH FOUNDAllON CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Notes Unrestricted Funds 2023 Total Funds 2023 Total Funds 2022 INCOME FROM: Grants, Donatlons and Legades Charltable Actlvltles Other Tradlng ActlvStles Investments other Share of Jolnt Venture Proflt TOTAL INCOME 407 58,273 46,184 311,870 407 58,273 46,184 311,870 89 31,055 447,878 224 56,644 44,436 295,806 13 31,055 447,878 18,012 415,122 EXPENDITURE ON: Ralslng Funds Charltable Actlvltles TOTAL EXPENDITURE 14,466 350,085 364,551 83,327 14,466 350,085 364,551 83,327 13,485 520,575 534,060 (118,938) Net Galnsl(Losses) on Investments Net Gainsl(Los5es) on Investment Property 12 79,319 79,319 (1,200,870) Ilb NET INCOMEI (EXPENDfruRE) 247,646 247,646 (1,319,808) Galnl{Loss) on revaluatk)n of Tanglble Flxed Assets Ila {3,000,000) {3,000,000) NET MOVEMENT IN FUNDS (2,752,354) (2,752,354) (1,319,808) TOTAL FUNDS BROUGHT FOWARD 14,092,161 14,092,161 15,411,969 TOTAL FUNDS CARRXED FORWARD 11,339,807 11,339,807 14,092,161 None of the Foundatlon's artlvlties was acqulred or dlscontlnued durlng the above two flnandal years. ST ANDREW HOLBORN CHURCH FOUNDATION Page 111 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 Foundatlon Group Foundatlon Group FIXED ASSErs Freehold Property Investment Prope Other Flxed Assets Investment5 Investment In Tradlng Company Ila Ilb Ilc 12 13 3,500,000 90,000 2,026 7,400,024 3,500,000 90,000 2,026 7,400,024 6,500,000 5,OOD 4,052 7,307,135 25,563 13 841750 6,500,000 5,000 4,052 7,307,135 11030 656 10 992,051 CURRENT ASSETS Debtors Cash at Bank and In Hand 13 816 188 14 46,975 310 803 357,778 46,975 310,803 357,778 36,235 260 346 296,581 36,235 260 346 296,581 Creditors: Amounts falllng due withln one year Net Current Assets 15 309,151 309,151 250,411 250,411 TOTAL NET ASSETS 11,339,807 11,301,202 14,092,161 I4,[￿6,599 FUNDS Unrestrlcted General Fund TOTAL FUNDS 11,339,807 11,339,807 11,301,202 11,301,202 14,092,161 14,092,161 14 066,599 14,066,599 Approved by the Board of Trustees on 13 June 2024 and slgned and on its behalf by: Chalrman Page | 12 ST ANDREW HOLBORN CHURCH FOUNDATION CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total Funds 2022 Totsl Funds Note Net Cash Provlded by (used In) Operating Actlvities (264,743) (400,248) Cash flows from investlng actlvltles Divldend5 interest and rents from Investments Investment management fees Purchase of propertyi plant and equlpment Proceeds from sale of Investments Purchase of investments Dlstributlon5 from Jolnt venture Net cash provided by (used in) InvestSng activltles Cash flows from flnanclng activlties Net Cash Expended by {used In) finan¢lng actlvltle$ 310,758 291,125 (6,078) 11,965 297 012 328 770 Change In cash and cash equlvalents in the reportlng perlod Cash and cash equivalents at the beglnning of the reportlng perlod Cash and ¢a$h equlvalents at the end of the reporting period 64,027 300,440 364,467 (103,236) 403,676 300 440 A. Recon¢iliatlon of net incomel(expendlture) to net cash flow from operatlng artivlties 2023 2022 Net Income/(expendlture) for the reportlng peri Depreclation charge (Galns)ILosses on Investments Dividends, Interest and rent from Investments (Galns)/Losses on Investment Properties (In¢rease)/decrease In debtor5 JncrÈa5eJ(decrease) in creditors Share of Jolnt venture profit Net cash pmvlded by (used In) operatlng artivitles 247,646 2,026 (79,319) (311,870) (85,000) (9,628) 2,457 {1,319,8081 4,191 1,200,870 {295,806) 34,395 (6,078) (264,743) (400,248) B. Analysls of cash and cash equlvalents Cash at bank and in hand Cash at Investment Managers Total cash and cash equlvalent$ 310,803 260,346 364,467 300,440 C. Analysls of changes In net funds At 0110112023 Cashflows At 3111212023 Cash and Cash Equlvalents £300,440 £54,027 £364,467 ST ANDREW HOLBORN CHURCH FOUNDATION Pago | 13 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (a) Statutory Informatlon st Andrew Holborn ChLtrch Foundatlon Is an unlncorporated charlty registered In England and Wales. The charlty's reglstered number and principal office address can be found on page 6 of the Trustees, Report. A descriptton of the Charlty's operatlons and prlnclpal actlvltles can be found In the Report of the Trustees. The funrtlonal and presentstional currency of the flnandal statements Is the Pound Sterllng (£). (b) Basis of Accounting The Accounts have been prepared under the hlstorfcal (nst convenlon as mod￿ed by the revaluation of Investments at market value and In accordance wlth applicable Accountlng Standards. They have been prepar￿ in accordance wlth the Statement of Recommended Practlce (Accour¢tlng and Repor￿ng by Charltlesl preparlng thelr accounts in accordance wlth the Financlal Reporting Standard appllcable In the UK and Republlc of Ireland (FRS 102) Second Edltlon issued In Ortober 2019, the Financlal Reportlng Stsndard appllcable in the UK and Republlc of Ireland IFRS 102 Mar(h 2018) and the Charitles Act 2011. The Foundatlon constitute5 a publlc beneflt entSty as deflned by FRS 102. The accounts have been p￿pared to glve a'true and falr vSew' and have departed from the Charltles (Accounts and Reports) Regulatlons 2008 only to the extent required to provlde a 'true and fair vlew,. Thls departure Involved following Accountlng and Reportlng by Charities preparlng thelr accounts in accordance wlth the Financlal Reporung Stsndard appllcable In the UK and Republlc of Ireland (FRS102) rather than the Accounting and Repc)rtlng by Charities Statement of Recommended Pract1￿ effettlve from 1st April 2005 whlch has slll￿ been wlthdrawn. The Trustees consi(ier that there are no uncertalntle5 about the Foundatlon's ability to continue as a golng COn￿rn. {c) Fixed Assets FreehDld Propety Is induded at market value whlch Is appralsed annually by the Trustees. Independent valuations are obtalned at least every five years, and therefore no depredatlon Is charged, Any changes In Market Value are refiected through the Statement of Financlal Activltles. Annual Impalrment revlews are undertaken by the Trustees at each balance sheet date, Thls revlew involves è55e5slng current property market condltlons and thelr irnpact on the estimated market value of the Foundatlon's properties, other flxed assets whlch represent computer and other furnlture and equlpment are depreclated over the esumated useful Ilfe of the asset Con￿rned ht the followlng rates.. _ computer, furniture and equipment 33%, (d) Income Income Is recognlsed In the yehr On￿ the Foundation has entitlement to the Income, it Is probable that the income wlll be received and the amount of income recelvable can be measured reliably, Income15 deferred only when the Foundation has to fulfll condltlons before becomlng entitled to It or the donor has specffted that the Income has to be spent In a future perlod. Investment Incomels recognlsed on the date on which the divldend Is payable or the Interest arises. Rental income is recognlsed stralght line over the term of the tenancy or I1￿n￿. Government grants are recognlsed using the perfom)ance m￿e1. ST ANDREW HOLBORN CHURCH FOUNDATION Page | 14 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) (e) Resources Expended Llablllties are recognlsed as expenditure as soon as there Ss a legal or construrttve obllgatlon committing the Charity to that expenditure, It Is probable that setdement wlll be requlred, and the amount of the obligatlo can be measured reliably, All expendlture is accounted for on an accruals basis. Costs of Raising Funds The cost of ralslng funds con515ts of Investmertrt management fees and expendlture related to lettlng of property not for charitable purpose5 and an allocation of support costs. Charltable Attlvltles Costs of Charitable Actlvltles IrKlude the direct costs of the running and maIntellan￿ of the Chltrch as well as an allocation of support costs. Support Costs Support cost5 have been allocated between actlvitles based on staff tlme and Include Governance costs whlch comprises all costs Involling the public accountability of the Charity and its compllance with regulation and good prartlce. Support Costs are shown net of the share of adminlstration costs recharged to the slster charlties, (Q Fund Accounting The de51gnated funds may be used by the Foundation In furthera￿￿ of Its charitable oblectlves at the dlscretion of the Twstees. (g) Investments The Foundatlon s investments are a form of b65ic tlnanual Instrument and are Inltlally recognised at their transaction value and subsequently measured at thelr fair valLJe a5 at the balance sheet date uslng the closlng quoted market pr1￿. The statement of flnandal actlvities indudes the net gains and losses arlslng on the revaluatlons and dlsp05als throughout the year. Realised galr)s and1055es on Investments are artlved at by comparlng the net sale prO￿ed$ wlth the market value at the end of the previous flnancial year. Unreallsed galns and losses represent the difference between the market value of investments SUII held at the end of the financial year with their value at the beglnnlng of the year or wlth thelr cost If purchased subsequently. (h) Debtors Trade and other debtors are recognised at the se￿ement amount due after any trdde dlscount offered. Prepayments are valued at the amount prepald net of any trade dlscounts due. (l) Cash at Bank Cash at bank15 deflned a5 cash and short term hlghly Ilquld Investments wlth a short maturlty of thr* months or less from the date of acquisltlon or openlng of the deposlt or slmilar account. U) Credltors and Provislon$ Creditors and provision5 are recognlsed where charlty has a present obligatiorb resultlng from a past event that wlll probably result in the transfer of funds to a third party and the amount due to settle the obllgatlon can be measured or estlmated rellably. Creditor5 and provislons are normally recognised at their settlement amount after allowlng for any trade dlscounts due, ST ANDREW HOLBORN CHURCH FOUNDATION Page 115 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (contlnued) Ik) Consolldatlon The Irbvestment In St Andrew Holborn Tradlng Umlted Is accounted for as a Jolnt venture. These finandal statements account for the jolnt venture uslng the equity method. (l) Penslons The Fou￿at￿on operates a deflned contrlbutlon penslon scheme forlts Staff. In accordan￿ wlth FRS 102, Pension contrlbutlons are charged to the Statement of Flnanclal Activltles in the perlod to whlch they relate. Royal London provldes thelr service wlth a multi-manager portFollo offering. (m) Operatlng Leases Rentals appllcable to operatlng leases where substantially all of the beneflts and rlsks of ownershlp remain with the lessor are charged to the Ststement of Flnancial ALtivlties as Incurred. (n) Crltlcal Accountlng Judgements and Key Sources of Estlmation Uncertalnty Falr value Freehold Propety Land and bulldlngs are measured at each reportlng date at falr value less accumulated depreciatlon. The directors assess the fair value based on re￿nt market values and perlodlcally obtaln an appralsal from a professionally quallfied valuer. In determinlng falr value on thls basls, the valuatlon remains sensltlve to fluctuatlons in the property market. Useful life of tanglble flxed èssets The deprecSatlon charge on tsnglble flxed assets Is based on management's estimate of useful Ilfe and resldltal value. This Is subject to uncertalnty and reviewed by management at each reportlng date. GRANTS, DONATIONS, AND LEGACIES 2023 2022 Donations 407 407 224 224 CHARITABLE ACTIVJTZES 2023 2022 ReSIden￿ for the Vlcar of the Gulld Church Office for the Vicèr of the Gulld Church 41,578 16,695 58,273 40,281 56,644 OTHER TRADING ACTIVITIES 2023 2022 Encome from rental of the Lodge and parking spa￿$ other 46,184 44,436 46,184 44,436 ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL sTATEmEP￿s FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME 2023 2022 Investment Income Sarasin PITCH 146,246 163 812 145,335 150 427 Interest Receivable 310,058 1,812 311,870 295,762 44 295,806 COSTS OF RAISING PUNDS 2023 2022 Lodge Lettlng & Malntenan Support Costs (Note 9) 2,668 2,966 14,466 13,485 CHARITABLE ACTIVITIES Upkeep & Malntenance of the Church Mlnlstry Support 2023 2022 staff Costs maIntenan￿ and Repalr Work Clergy Costs Church Heat & Light Insurance Support Costs (Note 9} 40,466 95,681 4,496 44,952 95,681 22,581 15,724 11,170 159,967 350,085 41,808 312,229 15,771 14,974 10,367 125,426 520,575 22,581 15,724 11,170 128,941 291,982 31,026 58,103 2022 481,577 38,998 520,575 Withln Maintenance and Repair Work is grants to the Gulld Church Councll of St Andrew Holb¢yn arnountlng to £8,559 (2022: £258,838). ST ANDREW HOLBORN CHURCH FOUNDATION Pkge 117 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS 2023 2022 staff Costs staff Trairning Insurance Establishment Costs Computer Costs Postage & Statfonery Depreciation 67,841 63,629 116 1,412 46,412 11,299 4,328 1,999 53,011 8,686 4,476 L Il Professlonal Fees Irrecoverable VAT Sundry Expenses Governan￿ Costs Amounts recharged to as￿dated charities 2,026 19,142 26,215 1,869 7,322 20,822 171,765 4,191 1,630 14,085 1,177 6,521 135,945 Included withln Governance Costs are amounts payable to the aud5tors for the audlt of the flnanclal statements of £6,878 (2022.. £6,445) and wlthln Profes51onal Fees Is £1,405 (2022; £1,380) for non-audlt servlces. 10. STAFF COST5 2023 2022 Salarles Natlonal Insuran Deflned Contrlbutlon Penslon Costs 97,761 5,795 90,529 5,576 112,803 105,437 The Charity's employees have Jolnt contracts of employment wlth the 4 slster charltles at st Andrew Holborn and wlth St Andrew Holborn Tradlng Ltd. Together they employed an average of 5 (2022.. 5) Staff durlng the year, one of whom recelved employee benents of £60,000 £70,000 (2022,. one £60,000-£70,000). Employment costs are shared on a time spent basis, Key management personnel Is deflned as the trustees and the Clerk to the Trustees. No trustee recelved any remuneration for thelr role as a trustee (2022.. £NII). The total remuneraUon of key managernent personnel was £80,619 {2022'. £76,889) of whlch the Charlty s share was £48,924 (2022.. £47,516). The Foundatlon operates a deftned contribuuon penslon scheme for Its employees, At the year end there were contributlons Outsta￿1[VJ of £NII (2022: £NII). Page | 18 ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. TANGIBLE ASSETS GROUP AND FOUNDATION 2023 2022 la) Freehold PropeTty Valuation at l January 2023 Revaluation Valuation at 31 December 2023 6,500,000 3,000,000) 3,500,000 6,500,000 6,500 000 The freehold properties were valued as at 8 Novernber 2023 by an Independent valuer, Savi11s. The V