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 [k￿mber 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, exhIbI￿OnS and other events. The company
is managed separately by a Board of Directors and all profits generated are dlstrlbuted equally bel￿een 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￿,
SeNI￿s 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 Serv1￿S.
St Andrew Holbornls also home to an Important neI￿Ork 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 De￿mber 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 con￿rn 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 ￿sO￿ated 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 be￿een 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 re￿1ve 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 c￿rity 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 And￿W 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 Signifi￿nt 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 responsib￿litIeS for the
audlt of the flnanclal statements section of our report. We are independent of the charity in accordan￿ with
the ethlcal reqU1￿Ments 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 con￿rn basis of
ccounting In the preparatlon of the t7nancial statements is approprlate.
Based on the work we have performed, we have not i￿en￿fEed 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 con￿rn 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 re￿iVed 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 n￿ssary 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 prO￿dureS 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 Cor￿ea1Ment 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
{In￿ase)/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 appIl￿ble 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 un￿r￿int1e5 about the Foundatton s abillty to conynue as a golng
COn￿rn.
(c) Flxed Assets
Freehold Property is induded at market value which is appralsed ann￿allY 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 condI￿on$ 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 eXper￿ltUre as soon as there Is a legal or constructlve obllgats'on commlttlng the
Charlty to that expendItu￿, it is probable that settlement wlll be reqUI￿d, 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 re￿Trt 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 Pen￿on C05tS
112,935
7,475
10,594
131,004
97,761
5,795
112,803
The Cha￿ty,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 re￿iVed any
remuneration for their role as a trustee {2023'. £Nil). The total remuneration of key management t￿rSOnnel 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 D￿mber 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 De￿mber 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 De￿m￿tr 2024
Depreciation
At l January 2024
Charge for Year
Dlsposal
At 31 De￿mber 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 De￿mber 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 vI￿r 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 De￿mber 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.