ST ANDREW HOLBORN CHURCH FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity No. 213715 KNOX CROPPER
ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 We present our report and flnandal statements for the year ended 31 [kmber 2024. OBJECTS AND ACTIVITIES The objects of the Charity are set out In the Trust Deed dated 17 February 1964, Thls provldes that the Charity may apply Its Income for the followlng purposes,. (a) the payment of salarie5 of church officials and other5 employed to assist the Vlcar In the performance of hls duties; the malntenance, Insurance, repalr and renewal of the fabrlc, flttlngs and ornaments of the Guild Church of St. Andrew Holbom, Its churchyard, the Rectory House {vicarage) and the Court House; and the cost of heatlng and Ilghting of the Gulld Church of St Andrew Holborn and the upkeep of servlces. (b) (c) We continued to ensure that the Charity's income was applied Sn accordance with the stated objects and in partlcular supported the major pmject to complete the conservation of the exterior stonework to the nave. We aSm also to maxlmise the Income achlevable through the careful management of our fixed assets. We do thls partly by lettlng the Lodge and parklng spaces on the forecourt on the premlses and partly through Income from St Andrew Ho1born Trading Ltd. We are Jolnt 5hareholder5 wlth the Guild Church Councll (GCC) in St Andrew Holborn Trading Ltd. The company was establlshed to provlde a Sour of Income for both chafitles by managing the hire of rooms and facilitie5 In the Court House and the d)urch for meetlngs, concerts, recltals, exhIbIOnS and other events. The company is managed separately by a Board of Directors and all profits generated are dlstrlbuted equally beleen the Charlty and the GCC. Plans for future perlod$ We will contlnue to SUPPOrt the Gulld Vicar and the GCC in the expanslon of Its mlsslon and the upkeep of the fabrlc of the church, In 2025, we aim, in dlscusslon wlth the GCC, to contlnue to work through a flve-year programme of repalrs tr) the church and to cary out necessary repalrs to our own propety. ACHIEVEMENTS AND PERFORMANCE Public benefit In carrySng out our work and preparlng thls report, we have had regard to the Charlty Commls5ion's publlc benefit guldance. st Andrew Holborn 15 a Grade I listed church. The present buildlng was designed by Sir Christopher Wren, though parts of it date back over 1,000 years. It Is a major landmark In the City and is of conslderable hlstorlcal, heritage, architectural, charitable, community, sooal and educational importall. The main purpose of the Church Foundation Is financlal support for the MaIntenan and mlssion of thls Important building by the GCC. As a Guild Church, St Andrew Holborn's focus of service is the surroundlng worlang population and we are able to open the church every weekday for people to engage In sllent prayer or reflectlon, to seek solace or just slt away from the busy-ness of the Clty. The North Garden and the North Churchyard are also open and provide valuable open space.
ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACHEEVEMENTS AND PERFORMANCE (contlnued) st Andrew Holborn Is vlsited by tourists, local schools and communlty group5 keen to dlscover its architecEure and historical Ilnks. Itls also used by the growlng local street populatlon 85 a place where they can keep warm and dry durlng the day when the local hostels are closed. We were able to prowde for the dally cleaning and heating of the church so that everyone could beneflt from 8 safe, dry and warm pla, SeNIs In the church - to whlch all are welcome - are held at lunchtlmes on Monday-Thursday, providing a qulet, reflective and prayerful haven in the mlddle of a busy day. Following the introdurtlon of a new pattem of services, evenlng servlces are held on average twice a month. St Andrew Holborn has for many years provlded a space for the Orthodox Parlsh of the Dormltlon of the Mother of God (under the Ecumenical Patrfarchate) to hold its Serv1S. St Andrew Holbornls also home to an Important neIOrk of charitles whlch undertake slgnlflcant work with the poor, the vulnerable, the young and elderly and those in Immedlate need. The staff who oversee the day-to- day busines5 of these charlties are Jointly employed by the Church Foundatlon, the charities themselves and St Andrew Holborn Trading Ltd. 2024 A five-yearly Inspection of the church and our own property was carrled out mid-2023. We agreed a programme of repalr5 to the church wlth the GCC and began to work through the sd)edule of repair5 both to the church and to our property during 2024. We carried out a Ilmlted, but effective refurbishment of the coutyard at the front of our property In the summer and also had the sash wlndows that fa onto the courtyard overhauled. The Ilft In the Vicarage had reached the end of it5 useful1Sfe, so that was replaced early in the year with a fully acces5ible1lft. Repalr5 to the roof of the Vlcarage and Courthouse were also carried out followlng a detailed survey eadler In the year, The Lodge was let throughout the year, though we had to provlde alternatlve accommodation for the tenant for iwo months while repair5 were carrled out to the street wall following damage caused by a lorry. All but fvJD of the parking spaces In the forecourt were also let. Both source5 of Income- parklng and the Lodge contrlbute to our abllity to meet our objects and flnanclal obllgations. We rely on the support of our dedlcated and hardworklng staff to dlstharge our responsibilltles for the smooth rur)nlng of the Charity and we are grateful to them for thelr continued hard wort( on our behalf. The staff team has been rather 5horthanded since the pandemic, but In June we agreed the appolntment of another member of staff to cover, In particular, the events activlty. Zachariah Young was appointed In September and took up the role In October. FINANCIAL REVIEW Results for the Year The Charity result showed net Sncome for the year amounting to £322,131 compared to net Income in the precedlng year of £234,603. Thls Included unreallsed galns on investments and Investrnent property of £383,197. The net movement In funds mearkt that total fund balances Increased from Ell,301,202 to Ell,623,333.
ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW (continued) Our staff contlnue to monitor all contracts to ensure best value for money and to achleve savlngs through good housekeeplng. Investments Our Investment In the Sarasin Endowments Fund managed by Sarasln & Partners LLP was valued at £5,176,194 at the end of the year (2023: £4,755,742). The Investment generated an Income for the year of £156,847 (2023: £146,246). Our Investment In the Property Income Trust for Charftles managed by Mayfalr Capltal Investment Management Ltd (part of Swlss Llfe Asset Managers UK Ltd) was valued at £2,563,363 at the end of the year (2023.. £2,590,618). The investment generated an income for the year of £152,103 {2023.' £163,812). Reserves At 31 Dember 2024 unrestricted funds were £11,623,333. Thls Includes £3,500,000 representing the value of the Charlty's property at 5-7 St Andrew Street, whlch encompasses the Court House, vicarage, offices and the Lodge. This property Is held for operational use by the charity and, along wlth ENII of other fixed assets, is not considered to be part of free reserves. Therefore, after excludlng these amounts, the Charity's reserves amounted to £8,123,333. STATEMENT OF TRUSTEES, RESPONSIBILITIES Law applicable to charities in England and Wales requires the Trustee5 to prepa financlal statements for each flnanclal year whlch glve a true and falr vlew of the state of the Foundatlon's flnanclal activitles during the year and of Its financlal posltion at the end of the year. In preparsng those flnanclal statements, glving a true and fair vlew, the trustees should follow best practice and.. selert sultsble accounting policies and apply them consistently; make judgments and estlmate5 that are reasonable and prudent; state whether appllcable accounting standards have been followed subject to any materlal éepartures di5c105ed and explained in the financial statements; prepare financial statements on the going conrn basls unless itls inapproprlate to presume that the Foundatlon wlll contlnue to operate. Trustees are responslble for keeplng proper accountlng recor(Js whlch disclose wlth reasonable accuracy at any me the flnancial position of the charity and which enable them to ensure that the financial ststements comply wlth relevant leglslatlon and the trust deed. They are also responsible for safeguardlng the assets of the charlty and hen taklng reasonable steps for the preventlon and detectlon of fraud and other irregularltles. Governan and admlnlstratlve detalls of the Charity are to be found on pages 4-6 of this report. Approved by the Trustees and signed on their behalf by: Chalrman +Jkn LLU Date: 24 June 2025
Pagc 14 ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The trust deed provides for there to be a maximum of seven Trustees, either apposnted by the St Andrew lolborn Guild Church Council {GCC), or ex offioo- the Guild Vicar and the two Churchwardens. New Trustees are mentored by an existing Trustee and are provided wlth a trustee flle, whlch Indudes a copy of the governing docLtment, a copy of the latest annual accounts and a copy of CC3 rne Essential Trustee p)ublished by the Charity Commission. Trustees have the opportunlty to attend trustee tralnlng. Policy Is set by the Trustees. Responsibllity for operational delivery Is delegated to the staff and overseen by the Dlrector and Clerk to the Trustees. The Trustees met on four occaslons durlng the year. In the latter part of the year, we began the proTrss of reviewing our governlng document, The Church Foundation, the sOated Charities (St Andrew Holborn & Stafford's Charlty, Bromfleld's Educatlonal Foundation, Parish Estates Charlty and Lady Ellzabèth 14atton's Charlty) and St Andrew Holbom Trading Ltd delegate to the Finan and Investment Committee the revlew of financial and investment matters. The Flnance and Investment Commlttee met twice during the year, on both occaslons by vldeo conferen. The Charlty is a 50% shareholder (wlth the GCC) In St ArKlrew Holbom Tradlng Ltd. St Andrew Holborn Trading Ltd is a reglstered company (04982141) and Is managed by a Board of Dlrectors independently of the Charlty and the GCC, but consistently with the aims of the Charity and the GCC. Pmflts from St Andrew Holborn Trading Ltd are shared equally beeen the Charlty and the GCC and the relationshlp wlth St Andrew Holborn Trading Ltd Is revlewed on a re9ula¥ basis In accordance wlth guidan Issued by the Charlty Commisslon. The Charity has joint contract5 of employment with the Associated Charities and St Andrew Holborn Trad1ng Ltd. Employment costs are shared on a time spent basis. The Finance and Investment Commlttee reviews salaries on an annual basls and conslders these In Ilne with simllar organisation5. The TrLSSt*s do not re1ve any beneflt from the Charlty. Rlsk management The Trustees have glven consideratlon to the major risks to which the charity is exposed and have satlsfled thetllselves that systems and procedures are establlshed to manage those rlsks. [skS are reviewed annually. Given the Charity's dependen on Investment Income, the Trustees have In partlcular recognlsed the rfsk to thelr abllity to meet thelr objects assoclated with 51gniflcant volatillty in Investment markets and a resulting loss of Investment income. The Trustees have also recognised the rlsk to the Charfty's ablllty to meet Its objects If the profits from St Andrew Holborn Tradlng Ltd were to fall short of expectations. Investment Pollcy The St Andrew Holborn Church Foundation'5 Investments are managed on a total return basls with a medlum rlsk toleran and due regard to diverslficatlDn with the objective that a combination of income and capltal growth will support the ongolng activltie5 of the Charlty whllst malntalnlng the real capltal value of the Investments over the longer term. The Trustees are aware of the risk in respect of the volatillty of investment returns to meet the annual need5 of maintalnlng both the Grade I and Grade 11 Ilsted bulldlllg5. The Flnance and Investment Committee formally meet5 the Investment managers tw1 a year.
ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) The Church Foundation Is committed to responsible investment and takes into account ersvironmental, soclal and governance issue5. Our exposure to investments In assets Ilmlted under guidellne51ssued by the Church of England's Ethical Investment Advisory GroLSP Is monltored regularly by the FInan and Investment Committee in discussion with our Investment managers. Our Investment5 are Tmanaged by Mayfalr Capltal Investment (In the Property Investment Trust for Charities) and Saras1n & Partners LLP. The Investment managed by Sarasln & Partners LLP forms part of the Sarasin Endowments Fund Class A Inc. Reporting by both managers is quarterly and the overall Investment rx)rtfolio 15 revlewed twice a year by the Finan and Investment Commlttee. Reserves Pollcy Tre Trustees alm to malntain a reserve fund sufficient to produce, on average, an annual income roughly commensurate wlth the annual running costs of the estate, This also enables any extraordinary and urgent needs to be met, in line with the provlslons of the Scheme. The substantyal estate of Grade l and Grade Il listed buildings and the maintenance Ilabllity associated wlth these requlre the Charlty to maintsin a high level of reseNes, In 2Q24, a total of £177,996 was spent on Maintenari and repair work to the church and the estate. ADMINISTRATIVE DETAILS st Andrew Holborn Church Foundation is a reglstered Charlty and Is governed by Its Trust Deed, It Is reglstered with the crity commlssion under number 213715. The Charlty's offlces are at 5 St Andrew Street, London EC4A 3AF, Trustees The following are Trustees of the Charity,, The Rt Revd Jonathan Baker, Blshop of Fulham Mr Edward Dobson Mr Paul Weston Mrs Elleen Clark Dr Brlan Hanson, CBE The Rt Revd Graham James (Chalrman) Canon Susan Johns Cllr Paul Mart¢nelll Gulld Vlcar, 5t AndW Holborn (ex-offlcio) Churchwarden (ex-officlo) Churchwarden (ex-offlclo) (co-opted from 13 June 2024) Tltte to rtain assets of the Charlty Is held by The Offlclal Custodian for Charitles on behalf of the Charlty.
P cl fJ e | ST ANDREW HOLBORN CHURCH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Officers and Staff Director and Clerk to the Trustees Events Manager Slte Manager Grants Offlcer Flnance Adminlstrator Events Co-ordlnator Mr Nlcholas Hllls Mrs Caroline Bithell Mr Victor Mullen Miss Anna Paterson Mrs Ninl Gebreamanuel Mr Zacharlah Young (from October 2024) Prlncipal advisors Investment Managers.. Sarasin & Partners LLP Juxon House loo st Paul's Churchyard London EC4M 88U Swi55 Llfe Asset Managers UK Ltd 55 Wells Street London WIT 3PT Audltors.. Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers,, Lloyds Bank plc Holborn Clrcus Branch London ECIN 2HP Sollcltors.. Chades Russell Speechlys LLP 5 Fleet Pla London EC4M 7RD Inspectlng Architects.. Sarah Khan Roger Mears Architects LLP Union Chapel Compton Avenue London NI 2XD
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN CHURCH FOUNDATION Opinion We have audlted the flnanclal statements of St Andrew Holborn Church Foundation (the 'charlty') for the year ended 31 December 2024 which comprlse the Statement of Financlal Activities, the Balance Sheet, the statement of Cash Flows and notes to the financial statements, Includlng a summary of Signifint accounting pollcles. The flnanclal reportlng framework that has been applied In their preparatlon is appllcable law and United Kingdom Accountlng Standard5, including Financial Reportlng Standard 102, the Financial Reportlng Standard appllcable in the UK and Republlc of Ireland (Unlted Klngdom Generally Accepted Accounting Practice). In our oplnlon, the flnandal statements: glve a true and falr vlew of the state of the charlty's affairs as at 31st December 2024 and of Its Incoming resources and application of resourTrs for the year therk ended,. have been properly prepared In accordance wlth Unlted Klngdom Ge[rallY Accepted Accounting Practlce,. and have been prepared in accordance with the Charities Act 2DII. Basls for oplnlon We conducted our audlt in accordan wlth Intemauonal Standards on Auditlng (UK) {ISAs (UK)} and appllcable law. Our responsibllities under those Standards are further descrlbed the Auditor's responsiblitIeS for the audlt of the flnanclal statements section of our report. We are independent of the charity in accordan with the ethlcal reqU1Ments that are relevant to our audlt of the financial statements in the UK, Includlng the FRC'S Ethlc81 Standard, and we have fulfllled our other ethlcal responslbilltles in accordance wlth these requirements. We believe that the audit eviden we have obtalned 15 sufflclent and approffjate to provlde a basis for our opinion. Conclusions relating to going concerE) In audlting the financial statements, we have conduded that the trustees, use of the golng conrn basis of ccounting In the preparatlon of the t7nancial statements is approprlate. Based on the work we have performed, we have not ienfEed any material uncertalntles relatirKJ to events or condltions that, indlvidually or collectively, may cast significant d(xJbt on the chartty's ablllty to continue as a golng conrn for a period of at least twelve months from when the ftnanclal statements are authorlsed for 155ue. Our responsibilltle5 and the responsibilities of the trustees wlth respect tc) golng concern are descrlbed in the relevant sections of this report. Other Intormatlon The other information comprises the informatlon included in the annual report, other than the flnanclal ststements and our audltor's report thereon. The trustees are responslble for the other1nformatlon. Our oplnlon on the flnancial statements does not cover the other infom)atlon and we do not express any form of assurance concluslon thereon. In connettlon wlth Dur audit of the financial statements, our responslblllty is to read the other Information and, in doing so, CDnslder whether the other information is matertally Inconslstent wlth the financlal statements or our knowledge obtalned In the audit or Dlherwlse appears to be materlally mls5tated. If we identlfy such material Inconslstencies or apparent material misstatements, we are requlred to determine whether there is a material misstatement in the financlal statements or a materlal mlsstatement of the other Informatqon. If, based on the work we have performed, we conclude that there is a material mlsstatement of thls other Information, we are requlred to report that fact. We have nothing to pOrt In thls regard.
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 following matters relatlon to whlch the Charitles (Accounts and Reports) Regulatlons 2008 requlre LIS to report to you if, in our opinlon.. the Information given in the flnanclal statements Is Inconsistent Sn any material spert wlth the trustees, report,. or sufficlent accountlng records have not been kept; or the flnanclal statements are not in agreement with the accountlng records,. or we have not reiVed all the information and explanations we requlre for our audlt. Responslbllltles of trustees As explained more fully in the trustees, responslbilities statement set out on page 3, the trustees are responsible for the preparation of the flnancial statements and for being Satisfied that they give a true and fair view, and for such Internal control as the trustees determine is nssary to enable the preparatlon of financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the flnanclal ststements, the trustees are responslble for ossessing the charlty's ablllty to contlnue 5 a golng conTrrn, dlsclcislng, as applicable, matters related to going concern and uslng the going concem basis of accounting unle55 the trustees elther 5ntend to liquldats the charity or to cease okEratlons, or have no reallstlc alternatlve but to do so. Auditor's responsibllitie5 for the audlt of the financlal statement$ We have been appointed as auditor under section 144 of the Charltles Art 2011 and port In accordance the Act and relevant regulatlons made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the flnanclal statements as a whole are free from material misstatement, whether due to fraud Dr error, and to issue an auditor's report that includes our opinion. Reasonable assurance Is a hlgh level of assuran, but i¥ not a guarantee that an audlt conducted in accordance wlth ISAS IUKI wlll always detect a material mlsstatement when it exists. Misstatements can artse from fraud or error and are consldered material if, indlvldually or In the aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basis of these financlal statements. Irregularltles, Including fraud, are instances of non-c0mp1lan wlth laws and regulatlons. We deslgn procedures in line with our responsibillties, outlined above, to detect material misstatements In respect of Irregularltles, Includlng fraud. The extent to whlch our procedure5 a capable of detertlng Irregularlties, Including fraud Is detalled below,. The Charlty is required to comply wlth tharlty law and, based on our knowledge of Its actlvities, we Idenufled that the legal requlrement to comply wlth I'he Charities SORP wa5 of key slgnlf1can. We gained an understsnding of how the tharlty complled wlth its legal and regulatory framework, Includlng the requirement to comply with the Charities SORP, through dlscusslons wlth management and a revlew of the documented polioes, procedures and controls. We assessed the 5U5ceptibility of the charfty's flnanclal statements to materlal mlsstatement and how fraud may occur by consldering the key rlsks Impacting the financial statements. These Included rlsks associated wlth income cOgnitIon and management overrlde of controls, whlch were dlscu5sed and agreed by the audit team. Our approach was ensuring thot all Income wa5 properly identlfied arl accounted for, and that only valid and appropriate expenditure was charged to the charity's funds, the review of journal entries processed In the accountlng records and the Investlgatlon of slgnlflcant and unL(sual transactions identlfled from our review of the accounting records. Based on this understaFiding we designed our audlt prOdureS to Identlfy non.compl[an with such laws and regulauons. Our procedures Involved review of the reportlng to the trustees with respect tr) the application of the documented pollcies and procedures and revlew of the flnandal staternents to ensure complIan with the reportlng requlrements of the charity.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ST ANDREW HOLBORN CHURCH FOUNDATION There a Inherent Ilmitations In the audlt procedures described above and, the further removed non- compllance wlth laws and reguladons Is from the events and trallsartions reflectred In the financial statements, the le55 Ilkely we would become aware of It. The rlsk of not detecting 8 m8teriaS misstatement due to fraud Is hlgher than the risk of not detecting one resulting from error, as fraud may involve deliberate Corea1Ment by, for example, forgery or intentlonal mlsrepresentatlons, or through collusion. A further description of our responsibilities for the audlt of the flnanclal statements is located on the Financial Reporting Councll's webslte at,. www.frc.org.uklauditorsresponsibilities. This descrlptlon forms part of our auditor's POrt. Use of our report Thls report is made sdely to the charity's trustees, as a bodyi In accordance wlth Part 4 of the Charltles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we mlght stste to the tharity'5 trustee5 those matter5 we are requlred to state to them in an audltor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbillty to anyone other than the charity and the charlty's trustees as a body, for our audit work, for this reptsrt or for the oplnions we have formed. Q.tsp 65 Leadenhall Street London EC3A 2DA KNOX CROPPER LLP Chartered Accountants statuto Auditors 2025 Knox Cropper LLP Is ellglble for appolntment as audltor of the Charity by vlrtue of Its eliglbllity for appolntment as audltor of a company under 5ectiDn 1212 of the CompanSes Act 2006.
ST ANDREW HOLBORN CHURCH FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Notes Unrestrlcted Funds 2024 Total Funds 2024 Total Funds 2023 INCOME FROM: Grants, Donatlons and Legacies Charitable Actlvities other Trading Activitles Investments other Dlstrlbution from Joint Venture TOTAL INCOME 125 50,428 45,515 311,207 8,093 31,055 456,423 125 60,428 45,515 311,207 8,093 31,055 456,423 407 58,273 46,184 311,870 89 12 18,012 434,835 EXPENDrruRE ON: Raising Funds Charitable Actlvltles TOTAL EXPENDITURE 26,164 491,325 517,489 (61,066) 26,164 491,325 517,489 (61,066) 14,466 350,085 364,551 70,284 Net Galnsl(Losses) on Investment5 Net Gain51(Losses) on Investment Property li 383,197 383,197 79,319 lob NET INCOMEI (EXPENDITURE) 322,131 322,131 234,603 Galnl(Loss) on revaluatlon of Tangible Fixed Assets loa (3,000,000) NEf MOVEMENT IN FUND5 322,131 322,131 (2,765,397) TOTAL FUNDS BROUGHT FOWARD 11,301.202 11,301,202 I4,[6,599 TOTAL FUNDS CARRIED FORWARD 11,623,333 11,623,333 11,301,202 None of the Founofatior)'s actlvltles wa5 acqulred or discontinued dLtrlng the above two flnarkcial years.
Page | 11 ST ANDREW HOLBORN CHURCH FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Freehold Property Investment Propety Other Flxed Assets Investments Investment in Tradlng Company loa lob IOC li 12 3,500,00(1 90,000 3,500,000 90,000 2,026 7,400,024 7,807,505 11397,506 10 992 051 CURRENT ASSETS Debtors Cash at Bank and In Hand 13 56,519 216,878 273,397 46,975 310 803 357,778 Credltors: Amounts falllng due within one year Net Current Assets 14 47,570 225,827 309,151 TOTAL NET ASSETS 11,623,333 11,301,202 FUNDS Unrestrlcted General Fund TOTAL FUNDS 11,623 333 11,623,333 11,301,202 11,301,202 Approved by the Board of Trustees on 24 June 2025 and slgned and on Its behalf by.. Ca Chalrman
P(Ige | 12 ST ANDREW HOLBORN CHURCH FOUNDATION STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total Funds 2023 Total Fund$ Note Net Cash Provlded by (used In) Operatlng Actlvltles (412,192) (264,743) Cash flows from Investlng actlvltles Dlvldends interest and rents from investments Purchase of property, plant and equipment Pr(Keeds from sale of Investments Purchase of investments Distributions from joint venture Net Cash provlded by (used In) Investlng actlvitles Cash flows from financlng activitles Net Cash Expended by (used In) financing activities 311,496 310,758 (10,000) 31,055 332 551 18,012 328,770 Change in cash and cash equivalents In the reportlng perlod Cash and cash equivalents at the beginning of the reportlng period Cash and cash oquivolents at the end of the reporting period (79,641) 364,467 284,826 64,027 300 440 364,467 A. Re¢onclllation of net Incomel(expendlture} to net cash flow from operating actlvltles 2024 2023 Net incomel(expenditure) for the reportlng perlod Depreuation tharge (Galns)ILosses on Investsments Dividend5, interest and rent from Investments Distrlbutions from Joint venture {Galns)ILosses on Investment Properties {Inase)/decrea$e in debtors Increasel(decrease) in creditors Net cash provSded by {used In) operatlng activitles 322,131 2,026 (383,197) 1311,207) (31,055) 234,603 2,026 {79,319) {311,870) 118,012) 185,000) (9,6281 2,457 (264,7431 {9,833) 11,057 (412,1921 B. Analysis of cash and cash equivalents Cash at bank and in hand Cash at Investment Manage Total cash and cash equivalents 216,878 67,948 284,826 310,803 364,467 C. Analysis of changes In net funds At 0110112024 Cashflows At 3111212024 Cash and Cash Equlvalents £364,467 £(79,641) £284,826
Pcl(Je | 13 ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (a) Statutory Information St Andrew Holborn Churth Foundatlon Is an unlncorporated charlty reglstered in England and Wales. The charlty's reglstered number and prlnclpal Offi address can be found on page 5 of the Tru5tees' Report. A description of the Charlty's operations and princlpal actlvitles can be found In the Report of the Trustees. The functional and presentational currency of the finanaal ststement515 the PouT* SterElng (£), Ib} Basis of Accountlng The Accounts have been prepared unéer the hlstorfcal cost conventlon as modlfled by the revaluation of investments at market value and in accordan with applicable Accounting Standards, They have been prepafftd In accordance wlth the Statement of Recommended pract1 (Accountlng and Reporting by Charities) preparing their accounts in accordance with the Financial Reportlng Standard appIlble In the UK and Republlc of Ireland (FRS 102) Second Edition Issued in Ottober 2019, the Flnanclal Reporfjng Standard applicable in the UK and Republlc of ireland (FRS 102 March 2018) and the Charities Act 2011. The Foundatlon constltutes a publlc beneflt entity as defined by FRS 102, The accounts have been prepared to glve a'true and falr vlew, and have departed from the Charitles (Accounts and Reports) Regulations 2008 only to the extent requlred to provlde a 'true and fair view,. This departure involved followlng Accountlng and Report1ng by Charltles preparlng thelr accounts In accordan wlth the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland (FRS1021 rather than the Accountlng and RepDrtlng by Charltie5 Statement of Recommended Pracbce effectlve from 1st April 2005 which has since been withdrawn, The Trustees conslder that there are unrint1e5 about the Foundatton s abillty to conynue as a golng COnrn. (c) Flxed Assets Freehold Property is induded at market value which is appralsed annallY by the Trustees. Independent valuations are obtained at least every flve years, and therefore no depreclatlon Is charged. Any changes In Market Value are reflected through the Statement of Flnanclal Actlvlttes. Annual Impairment reviews are undertaken by the Trustees at each balan sheet date. Thls review Involves ssessing current property market condltlons and their Smpact on the estlmated market value of the Foundatlon's propertles. other fixed assets whlch represent computer and other furnlture and equipment are depreciated over the estimated useful Ilfe of the asset concerned at the followlng rates,. _ computer, furniture and equipment 33%. (d) Income Incotne is recognlsed in the year once the Foundèuon has entitlement to the Income, it is probable that the income will be recelved and the amount of Income receivable can be measured rellably. Income is deferred only when the Foundatlon has to fulfll condIon$ befgre becoming entitled to It or the donor has speafle that the Income has to be spent in a future perlod. Investment Income Is recognised on the date on whlth the dlvldend Is payable or the Interest arlses. Rental Income Is recognised stralght line over the term of the tenancy or licence. Govemment grants are recognlsed if5ing the performance model.
ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) (e) Resource5 Expended Llabllltles are recognlsed as eXperltUre as soon as there Is a legal or constructlve obllgats'on commlttlng the Charlty to that expendItu, it is probable that settlement wlll be reqUId, and the amount of the obligation can be measured rellably. All expendlture Is accounted for on an accruals basls. Costs of Kaising Funds The cost of raising funds consists of investment rnanagement fees and expendlture related to lettlng of property not for charitsble purposes and an allocatlon of support costs. Charftable Attlvlties Costs of Charltable Actlvltles Include the dlrect costs of the runnlng and maintenance of the Church as well as an allocation of support costs. Support Costs Support costs have been allocated between activltle5 based on staff and include Governan costs, which comprlses all costs Involvlng the publlc accountablllty of the Charlty and Its complIan with regulatlon and good practlTr. Support Costs are shown net of the Share of administration costs recharged to the sister charities. (n Fund Accountlftg The designated funds may be used by the Foundatlon In furtherance of Its charftable objectives at the dlscretbon of the Trustees. (gl Investments The Foundatlon's Investments are a form of baslc financlal Instrument and are Initially recognised at thelr transaction value and subsequently measured at thelr falr value as at the balan sheet date using the closlng quoted market price. The statement of financial activlties includes the net gains and losses arlslng on the revaluations and disposals throughout the year. Reallsed galns and losses on Investments are arrlved at by comparlng the net sale proceeds wlth the market value at the end of the previous financial year. Unrealised gains and losses represent the dlfference betwee the market value of investments still held at the end of the financial year with their value at the beglnning of the year or with thelr cosl Sf purchased subsequenmy. (h) Investment in Trading Company The Investment in St Andrew Holbom Trading Limited Is accounted for as a jolnt venture. The Investment Is measured at cost less Impalrment. 11) Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. U) Cash at Bank Cash at bank is defined as cash and short term highly liquld investments with a short maturity of three month5 or le55 from the date of acqulsltlon or openlng of the deposlt or slmllar account.
ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) (k) Credltors and Prtsvlslons CreditDrs and provisions are recogni5ecS where the charity ha5 a present obllgatlon 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 obligation can be measured or estimated reliably. Creditor5 and provislons are normally recognised at their settlement amount after allowlng for any trade discounts due. (l) Pensions The Foundatlon Operates a defined contribution pension scheme for Its 5tafF. In accordan with FRS 102, Pension contributlons are charged to the Statement of Flnanclal Actlvltles In the period to whith they relate. Royal London provldes their servlce with 3 multl-manager portfolio offerlro. (m) Operatlng Leases Rentals appllcable to operating leases where substantially all of the beneflts and rlsks of ownershlp remaln wlth the lessor are charged to the Statement of Financlal Activlties as incurred. In) Crltlcal Accountlng Judgements and Key Sources of Estlmatlon Uncertalnty Fair value Freehold Propety Land and buildings are measured at each reportlng date at fair vèlue less accumulated depreciation. The directors assess the fair value based on reTrt market values and perlodlcally obtaln an appralsal from a professlonally quallfled valuer. In determlnlng falr value on thi5 ba515, the valuatlon remalns sensltive to fluttuations in the property market. Useful life of tanglble flxed assets The depreciation charye on tangible fixed assets 15 based on management's estlmats of useful Ilfe and residual value. Thls is subject to uncertainty and revlewed by management at each reporting date. GRANTS, DONATIONS, AND LEGACIES 2024 2023 Donatlons 125 125 407 407 CHAIUTABLE ACTIVITIES 2024 2023 Residen for the Vlcar of the Gulld Church Off1 for the Vlcar of the Gulld Church 42,898 17,530 60,428 41,578 16,695 58,273 OTHER TRADING ACTIVITIES 2024 2023 Income fmm rental of the Loclge ané parklng spaces other 45,515 46,184 45,515 46,184
Pd(Jp 116 ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME 2024 2023 Investment Income Sarasln - PITCH 156,847 152 103 146,246 163 812 308,950 310,058 Interest Recelvable 311,207 311,870 COSTS OF RAISING FUNDS 2024 2023 Lodge Letting & Malntenance Support Costs (Note 8) 11,084 15,080 26,164 2,668 14,466 CHARITABLE ACTIVITIES Upkeep & Malntenance of the Church Mlnlstry Support 2024 2023 staff Costs maintenan and Repalr Work Clergy Costs Church Heat & Llght Insurance Support Costs (Note 8) 42,466 177,996 4,718 47,184 177,996 49,459 26,020 11,457 179,209 491,325 44,962 95,681 22,581 15,724 11,170 159,967 350,085 49,459 26,020 11,457 140,643 398,582 38,566 92,743 2023 291,962 58,103 350,085 Withln MalntenaKe and Repalr Work is grants to the Guild Church Councll of St Andrew Holborn amountlng to £Nil (2023: £8,559).
Pciqe | 17 ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS 2024 2023 Stsff Costs staff Tralning Insurance Establlshment Costs CompLJter Costs Postage & Statlonery Depreciatlon Professional Fees Irrecoverab5e VAT Sundry Expenses Governance CDSts Amounts recharged to assoclated charitles 83,820 67,841 1,653 57,192 24,853 4,Q76 2,026 8,542 24,645 3,303 8,432 1,999 53,011 8,686 4,476 2,026 19, 142 26,215 1,869 7,322 194,289 171,765 Included within Governance Costs are amounts payable to the audltors for the aud5t of the financlal statements of £7,267 (2023., £6,878) and wlthln Professional Fees Is £550 (2023: £1,405) for non-audlt SeN1$. STAFF COSTS 2024 2023 Salarles Natlonal Insuran Defined Contributlon Penon C05tS 112,935 7,475 10,594 131,004 97,761 5,795 112,803 The Chaty,5 employees have jolnt contrarts of employment with the 4 slster charities at st Andrew Holborn and with St Andrew Holborn Trading Ltd. Together they employed an average of 5 (2023.. 5) staff durlng the year, one of whom received employee benefits of £60,000 - £70,000 (2023.. 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 Trustee5. No trustee reiVed any remuneration for their role as a trustee {2023'. £Nil). The total remuneration of key management trSOnnel was £83,977 (2023.. £80.619) of whld) the Charity's share was £51,741 {2023., £48,924). The Foundatlon operates a defined contribution penslon scheme for its employees. At the year e[ there were contribution5 Qutstandlng of £Nil (2023.. £NII).
ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. TANGIBLE ASSETS 2024 2023 (a) Freehold Property Valuatlon at l January 2024 Revaluatlon Valuation at 31 Dmber 2024 3,500,000 6,500,000 3 000 000 3,500,000 3,500,QOO The freehold propertie5 were valued as at 8 November 2023 by an independent valuer, Savills. The valuatlon Incorporates a dlscount frL)m open market value in recognition of the restrictions on the use of the property as set out in the FoundatlDn's governing docLJment. The property was donated to the Foundation and thus under the cost model would be measured at a carrylng amount of £NII. 2024 2023 (b) Investment Properties Falr Value at l January 2024 Revaluation Falr Value at 31 Dember 2024 90,000 5,000 5,000 90,000 90,000 Cost at 31 December 2024 The Investment Property at Haymaiket Is let on a 125-year lease from 1984 at a peppercorn rent, The Investment prr)perty was valued in Iktober 2023 by an Independent RICS reglstered valuer, Strettons. (c) Other Flxed Assets Furnlture and Equlpment Computer Equlpment Total Cost At l January 2024 Addition5 Dlsposals At 31 Demtr 2024 Depreciation At l January 2024 Charge for Year Dlsposal At 31 Dember 2024 20,194 20,194 18,168 2,026 18,168 2,026 20,194 20,194 Net 8ook Value at 31 December 2024 Net Book Value at 31 DecerNber 2023 2,026 2,026
Paflc 119 ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. XNVESTMENTS Total 2024 Total 2023 Sarasin PITCH Investments at Market Value Cash with Investment Managers Total Investments 5,176,194 67,948 5,244,142 2,563,363 7,739,557 67,948 7,807,505 7,346,360 2,563,363 7,400,024 Movement In Investments Market value as at l January 2024 Additions Dlsposals Rea115ed Galns l(Losses) Unrealised Gains1(Losses) 4,755,742 io,ooo 2,590,618 7,346,360 10,000 7,267,041 410,452 27,255 383,197 Marffet value at 31 December 2024 5,176,194 2,563,363 7,739,557 7,346,360 Investments at Cost 4,722,719 2,957,041 7,679,760 7,669,760 Investments with more than 5Vo of market value: 0/0 of Portfolio 2024 Security Property Income Trust fi)r Charities Sarasln Endowment Fund 33.1 2,563,363 5,176,194 The carrying amount of financlal assets measured at falr value through income and expenditure wlthin Irsvestments is £7,739,557 (2023.. E7,346,360).
l) ¢1 IJ p | 20 ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12, INVESTMENTS IN JOINT VENTURES 2024 2023 At l January 2024 At 31 December 2024 The Foundatlon holds a 50% Inte$t In St. Andrew Holborn Trading Llmlted a company reglstered In England and Wales. The summary of the ultS for the year ended 31 Dember 2024 Is as follows,. 2024 2023 Turnover Cost of Sales Gross Proflt other Costs Interest Recelvable Profit Tax Profit For The Year 182,569 102 18Ql 80,389 (37,753) iii 42,747 193,432 97,190 (35,100) 21 62,111 42,747 62,111 Retalned Eamlngs Brought Forward Gift Ald to Gulld Church Councll and Church Foundation Retained Earnlngs Carrled Forward 77,211 {62,111 57,847 51,124 77,211 100% of the taxable profits are glft aided up to the Gulld Church Councll and Church Foundatlon. Foundatlon received a dlstrlbutlon of £31,055 during the year {2023: £18,012). If the Foundation measured Its Interest In the Joint Venture using the equity method, It would be recorded at £28,924 (2023: £38,606).
IJ dj l p | 21 ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. DEBTORS AND PREPAYMENTS 2024 2023 Trade Debtors Prepayments and Other Debtors Investment Income Recelvable Taxatlon and 5oclal Securlty St Andrew Holborn Trading Ltd Current Account St Andrew Holborn Charity & Stafford 5 tharity Bromfleld Educatlonal Foundation Parish Estates Charlty ILI,190 17,218 15,743 13,194 20 (492) 17,260 16,032 7,855 5,269 960 91 46,975 154 56,519 14. CREDITORS 2024 2023 Trade Credltors Taxatlon and Soaal Security Gulld Church Council St Andrew Holthrn Accrua5s and Deferred Income 1,653 3,789 4,479 887 841 47,570 48,627 Included In the aLK)ve Is £29,703 {2023'. £29,634) of deferred income representlng rental income recelved In advance. The movements on the éeferred Income account are as follows Brought forward Recognised as income Deferred In the year Carrled fomard 29,634 {29,634) 29,703 29,703 28,366 (28,366} 29,634 15. TRUSTEES, REMUNERATION AND EXPENSES No remuneration, dirertly or Indirectly, out of the funds of the Foundation was pald or payatAe for the year to any Trustee or to any perscin or persons known to be connetted with any of them. Three trustee5 were reimbursed travel and meeting expenses amountlng to £574 durfng the yeèr (2023.. three trustee5 relmbursed expenses of É380). 16. TAXATION St Andrew Holborn Church Foundatlon Is a reglstered charlty and is potentlally exempt from taxation in respect of incorne and capital gains recelved wlthin the categories covered by Pèrt Il of the Corporatlon Tax Act 2010 or Section 2S6 of the Taxation of Chargeable Galn5 Act 1992 to the extent that such Income or galns are applied to charltable purposes.
ST ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. OPERATING LEASES At the balan sheet date, the Foundatlon had the following commitments under operating leases as follows: 2024 2023 Payments due in,, Less than one year Between two and flve years Greater than five years 9,796 5,592 23,796 8,388 15,388 32,184 18. RELATED PARTIES The Foundatlon Is under the control of its Trustees who indude the Guild vIr and two churchwardens of the Guild Church St Andrew Holborn. The Guild Church Coundl of St Andrew Holborn nominates the four other trustees of the Foundation. The followlng partles are considered related to the Foundatlon by vlrtue of havlng common trustees and shared employees.. St Andrew Holbom & Stafford s Charity st Andrew Holborn Trading Llm1ted Parish Eststes Charlty Bromfleld'5 Education FoLFndation Lady Ellzabeth Hatton's Charlty The Foundatlon acts as paymaster for the staff under jolnt contracts of employment and dlsburse5 Staff costs across the orgarlisations in line wlth tlme spent by staff on each. In the year the charges in th15 respect amounted to £147,548 and were allocated to St Andrew Holborn Trading £72,741 12023.. £8Q,698), St Andrew Holbofn & stafford's Charlty £61,013 {2023'. £56,lQ8), Bromfield's Educational Foundatlon £11,661 (2023.. £9,705), Parish Est8te5 Charity £2,13312023'. £1,363) and Lady Ellzabeth Hatton's Charlty £Nil12023', £NII). The Foundatlon made d)arges for shared admlnistratlon costs to St Andrew Holbom Trading £10,914 12023.. £9,907), st Andrew Holborn & 5tafford'5 Charity £IL,007 (2023: £9,241), Bromfleld's Educatlonal Foundatlon £1,959 (2023,. £1,437), Parish Estates Charlty £373 (2023.. £237) and Lady Elizabeth Hatton's Charity £Nil (2023.. £Nil). The Foundatlon was charged £1,201 (2023: £2,268) for event and meeting costs by St Andrew Holborn Tradlng. At 31st December 2024 St. Andrew Holborn Church Foundatlon was due to be relmbursed from St Andrew Holborn Trading £20 (2023.. £7,855), St Andrew Holbom & Stafford's Charity £Nil {2023.' £5,269), Bromfield's Educational Foundatlon £NII (2023.. £960) and Lady Ellzabeth Hutton's Charlty £Nil (2023: ÉNil) owed the Guild Church Coundl of St Andrew Holborn £841 (2023.. £887). In line wlth the provlslons of Its trust deed, the Foundatlon pmvides the Vlcarage for the residence of the Guild Vicar. £46,562 (2023.. £46,562) was charged in rent, payable by the London Dlocesan Fund. £2,27912023', £NII) was charged to the Guild Vicar in respect of electricity usage of the Vlcarage, At 31st Dember 2024 £409 (2023.. El,744) was due from the Foundatlon.
sr ANDREW HOLBORN CHURCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. NET ASSETS BETWEEN FUNDS Unrestricted Funds Designated Fund5 2024 Total Flxed Assets Current Assets Current Liablllties 11,397,506 273,397 11,397,506 273,397 47,570) 11,623,333 11,623,333 Unrestrlcted Funds Designated Funds 2023 Totsl Fixed Assets Current Assets Current Llabilities 11,030,656 357,778 11,030,656 357,778 11,339,807 11,339,807 The figure for Unrestricted Funds-Fixed Assets includes £3,5m, whlch Is the current stated value of the FreehiAd Property at 5-7 St Andrew Street. Thls Freehold Property houses the Guild Vicar of St Andrew Holborn and the offices of the Charity.