PARISH ESTATES CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity No. 213721 KNOX CROPPER
PARISH ESTATES CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 We present our report and the flnandal Statements for the year ended 31 Dember 2023. OBJECTIVES Our objectlve for the year was to support the Services and mlssion of the Guild Church of St Andrew Holborn, In partlcular by defraylng costs assoclated with the provislon of muslc during seNIS. ACHIEVEMENTS AND PERFORMANCE Publlt benefit En carrylng out our work and preparing thls port, we have had regard to the Charfty Commission's PLtblic benefll guldance. As Trustees of the Parlsh Estates Charity, we are bound financlally to support the seNlces and mission of the Gulld Church of St Andrew Holborn. St Andrew Holborn15 typically open every week day beeen 9am and 5pm for members of the publlc and the worktng communlty to enjoy silent prayer and seek solace. Our flnanclal support helps to SUPPOrt the cost of servlces of Holy Communlon, to whlch all are welcome. Servlces of Holy Communion are held at lurkchtime on Mondays, Wednesdays, Thursdays, and Fridays. Typlcallyi there are also serVIS on a Wednesday evenlng On or twlce a month, In acc0ftlan wlth our trust deed, we also contlnue to support st Andrew Holbom & Stsfford's Charlty. In thls way our finandal support helps Indlvlduals In need and organlsatlons that support Indlvlduals who are in need or vulnerable, 2023 Desplte the tense global polltical sltuatlon and contlnued turbulen In the flnandal markets, the year very much represented a retum to buslness as usual for the Charlty after the extraordln8ry Stre55es of the Covld pandemic. We continued to support the servlces at St Andrew HDILK>rrTr by provldlng flnandal support for music and expenses assoclated with services. Support for the church amounted to £14,00(J. In aOrdan wlth our trust deed, we pald St Andrew Holbom & Stafford's Charlty £1,651, which represents 2127ths of our Income after adrninlstratlon expenses. Plan$ for future perlods We expett to continue our fundlng as In prevlous years, FINANCIAL REVIEW Results for the year Net income of £36,268 was recorded durlng the year whlch included unreallsed gains on Investments of £29,719 resulting In the balan sheet resources increaslng from £649,606 to £685,874. Investments At the end of the year, Income from investments and bank Interest Increased sllghuy over the prior year at £18,443 (2022: £18,280). In 2011 we agreed a Ifn to Mrs Xellla Dennen of E250,000 to purchase a property. The loan Is secured by a legal charge on the propety and provldes a return of 3,50h Interest above the base rate. Both we and Mrs Dennen received sepèrate legal advlce wlth regard to the transacuon. Intsrest on the loan In 2023 amounted to £6,631. Resee$ At 31st December 2023 the funds of the Charity amounted to £685,874, of whlch £660,586 repsented the permanent endowment. Unrestricted reserves were £25,288.
Pago | 2 PARISH ESTATES CHAIUTY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES Law applicable to charlties in England and Wales requlres trustees to prepare flnancl81 statements for each flnancial year, whlch glve a true and falr vlew of the statement of the Charlty's flnancial attivitles during the year and of Its financial positlon at the end of the year. In preparlng those financial statements glvlng a true and fair vlew, trustees should follow best practlce and: select suitable accountlng poltdes and apply them cons1stendy; observe the methods and prlndples In the Charltles SORP; make ALgements and estlmates that are reasonable and prudent. state whether appllcable accoUnng standards have been followed subject to any materlal departures dlsclosed and explalned In the financlal statements,, prepare flnanclal statements on the golng cOnM basls unless it Is Inapproprlate to presLJme that the Charlty wlll continue to operate. Trustees are responslble for keeplng proper accountlng record5 whlch dlsdose with reasonable accuracy at any tlme the financial posltlon of the Charity and whith enable them to ensure that the finanoal statements comply with relevant legislatlon and the trust deed. They are also responslble for safeguarding the assets of the Charity and hen tsklng reasonable steps for the prevenOn and detertlon of fraud and other Irregularities. Governance and admlnistratlve detaSls of the Charity are to be found on pages 3-4 of thls report. Approved by the Trustees and slgned on their behalf by: +JM The Rt Revd Jonathan Baker Chalrman Date.. 13 June 2024
Page 13 PARISH ESTATES CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees, who are all ex offldo, conslst of the Gulld Vicar and two Churchwarden5 for the tlme belng of St Andrew Holborn. The Trustees met on four occasions durlng the year. A Finantr and Investment Commlttee Is delegated to revlew flnancial and Investment matters. The Flnance and Investment Committee met twlce durlng the year. Policy is set by the Trustees ané Implemented by the Clerk to the Trustees operatlng from 5 St Andrew Street London EC4A 3AF. Objects The Charity Is governed by a scheme dated l July 1966 as amended on 29 Aprll 1970. The Income of the Charity Is to be applied as follows.. {a) towards the proper costs, chbrges and expenses of and Incldental b) the adminlstratlon of the Charity,. {b) to pay two thenty-sevenths of the remalnlng income to the St Andrew Holborn City Foundatlon (now St Andrew Holborn & Stafford'5 Charity),. {c) to apply the remaining tsventy-flve twenty-sevenths towards defraying the cost of the upkeep, repaSr and Insuran of the Gulld Church of St Andrew Holbom and the mailitenance of services therein subject thereto In furtherlng the rellgious and tharltable work of the Church of England in the former partsh of St Andrew Holborn. Rlsk management The Trustees have glven conslderatlon to the major risks to whlch the (Jarlty Is exposed and satlsfled themselves that systems ar)d procedures are estsbli5hed in order to manage thDse rlsks. Rlsks are revlewed annually. The Trustees have In partlcular recognlsed the rlsk to thelr ability to ffleet thelr objects assoclated wlth slgnlflcant volatillty In investment markets and a resulting105s of Investment income. In order to help MIgate thls rlsk, the Finan and Investment Commlttee formally meets the Investment Managers thice a year. The Charity has adopted a balanced Investment strategy with a medium rlsk toleran. Investment pollcy The Trustees, Inve5trnents are managed on a total return baS wlth a me¢Jlum rlsk toleran and due regard to diversification wlth the objectyve that a comblnatlon of Income and capltal growth wlll support the ongolng actlvltles of the Charity whllst malntainlng the real capltal value of the Investments over the longer term, The Trust5 are aware Df the r15k In re5pett of volatillty of investments returns to meet the annual commltments of the Charlty. The Finan & Investment Commlttee formally meets the investment managers lce a year. The Charfty Is committed to responslble Investment and takes Into account envlronmental, soclal and governantr Issues. Our exposure to Investments In assets Ilmlted under guldellnes Issued by the Church of England's Ethlcal Investment Advisory Group Is monltored regularly by the Finance & Investment Committee in dlscusslon wlth our investrnent managers. The investment portfollo form5 Part of the SarasSn Endowments Fund Class A Inc, Reportlng Is quarterly and the overall Investment portfollo15 reviewed a year by the Finance & Investment Commlttee. The Charity also holds a srnall Investment In the Property Investment Trust for Charities {PITCPt) managed by Mayfalr Capltal Investment Management Ltd (now part of Swiss Llfe Asset Managers UK Ltd).
PARISH ESTATES CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT (contlnued) Reserves policy In accordance wlth the governing document, the Trustees award St Andrew Holborn & Stafford's Charity two twenty-sevenths of income after the proper costs, charges and expenses of and Incldental to the admlnlstratlon of the Charity have been pald. They apply the remalning twenty-flve iwenty-sevenths in accordan with the govemlng document. The Trustees have recDgnlsed In thelr risk register the potential for loss of Income arlslng from volatlllty In investment markets. They therefore malntaln a level of reserves to meet experted future CDmmltments, together wlth an element of contingency provislon agalnst any slgnlftcant, urgent need, whlch could not be predicted beforehané. ADMXNISTRATIVE DETAJLS The Parish Estates Charlty Is a reglstered charlty governed by a Trust Deed dated l July 1966. It Is registered wlth the Charity Commission under number 213721. The Charlvs offlces are at 5 St Andrew Street, London EC4A 3AF. Trustees The Rt Revd Jonathan Baker, Blshop of Fulham Mr John Booth Mr Edward Dobson Mr Paul Weston Guild Vicar, 5t Andrew Holborn Churchwarden, St Andrew Holborn (untll May 2023) ChLrrchwarden, St Andrew Holborn (from May 2023) Churchwarden, St Andrew Holborn Officers Clerk to the Trustees.. Mr Nicholas Hllls Prlnclpal advlsors Investment Managers: Sarèsln & Partners LLP Juxon House loo st Paul'5 Churchyard London EC4M 83U Swlss Life Asset Managers UK Ltd 55 We115 Street London WIT 3PT Independent Examiner., Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers.. Uoyds Bank plc Holborn Circus Branch London ECIN 2HP Sollcitors: Charles Russell Speechlys LLP 5 FIt Pla London EC4M 7RD
Page 15 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PARISH ESTATES CHARITY I report to the trustees on my examinatlon of the accounts of Parfsh Eststes Charlty for the year ended 31 Dember 2023. Thls report Is made to the Trustees, as a body, In accordance with the terms of my engagement, My work has been undertaken so that I might carry out an Independent Examlnatlon of the financlal statements in accordance wlth the General Dlrectlons glven by the Charity Commlssloners. To the fullest extent permitted by law, I do not accept or assume responsiblllty to anyone other than the Charity and the Chartty's Trustees as a body for my work or for this report. Re$ponslbllltles and basis of report As the charity trustees of the Charlty you are reswnslble for the preparatlon of the accounts in accordan wlth the requlrements of the Charlbes Act 2011 ('the Acy), I report in respect of my examlnatlon of the Charity's attounts carrled out under sectlon 145 of the 2011 Art and In carrying out my examinatlon I have followed all the appllcable Dlrections glven by the Charlty Commlsslon under section 145(5llbl of the Art. Independent examiner's $tstement I have completed my examlnatlon. I conflrm that no materlal matters have come to my attenOn In connethon with the examination giving me cause to belleve that In any material respect: accountlng CordS were not kept In respert of the Charlty as requlred by section 130 of the Act. or 2. the accounts do not accord with those record5; or 3. the accounts do not comply wlth the appllcable requirements concernlng the form and content of accounts set out in the Charitles (Accounts and Reports) Regulatlons 2008 other than any requirement that the accounts glve a'true and falr view, whlth is not a matter consldered as part of an independent examlnation. I have no COnrS and have come across no other matter5 in connectlon wlth the examlnatlon to whlch attentlon should be drawn In thls report In order to enable a proper understandlng o the accounts to be reached. 65 Leadenhall Street London EC3A 2AD Greg Stevenson, F.C.A. Knox Cropper LLP Chartered Accountsnts Date.. 2024
Page 17 PARISH ESTATE5 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Investmer¢ts 587,609 556,388 CURRENT ASSETS Debtor5 Cash at Bank 85,013 15,857 100,870 83,383 12,844 96,227 Credltors.. Amounts falllng due withln one year Net Current Assets io 98,265 93,218 TOTAL NET ASSErs 685,874 649,606 FUNDS Endowment Fund Unrestrlcted - General Fund 660,586 25,288 685,874 631,264 18,342 649,606 TOTAL FUNDS Approved by tl)e Board of Trustee5 on 13 June 2024 and slgned on its behalf by: SL/FW The Rt Revd Jonathan Baker Chalrman Trustee
Page 18 PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATUS Parlsh Estates Chartty Is an unlncorporated charfty, g1stertd with the Charity Commi55lon wlth rtg1Sted number 213721. The Charlty's reglstered address Is 5 St Andrew Street, London, EC4A 3AF, A descrfptlon of the Charlty's operatlons and prfnclpal actlvltles can be found In the Report of the Tmstees. ACCOUNTING POLICIES (al Basls of Preparatlon and asse55ment of going Conrn. The account5 have been prepared under the hlstorlcal cost conventlon wlth Items recognised at cost or transattlon value unless otherwise ststed in the relevant note5 to these accounts. They have been prepared In accordance wlth the Statement of Recommended Practlce Accountlng and Reporting by Charltie5 preparing thelr accounts In accordan wlth the Flnanclal Reportlng Standards appllcable In the UK and Republlc of Ireland {FRS 102) Secortd Edition Issued In October 2019 and the Flnancial Reportlng Standard appllcable in the Unlted Klngdom and Republic of Ireland IFRS 102) and the Charltles Act 2011. The Charlty constltutes a publlc beneflt entlty as deflned by FRS 102, The accounts have been prepared to give a'true and fair, vlew and have departed from the Charftles (Accounts and Reports) Regulations 2008 only to the extent requlred to provide a'true and falr vtew,. Thls departure involved following Accounting and Reportlng by Charities preparing thelr accounts In accordance with the Financial Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reportlng by Charltles Statement of Recommended Pract1 effectlve from l Aprll 2005 which has Sin been withdrawn. The Trustees consléer that there are no uncertsint(es aut the Charlty's ablllty ti) continue a5 golng COnrn. The functlonal currency of the Charity is the £ Sterllng. (b) Income Income Is recogni5ed In the year once the charity has entitlement to Income, It Is probable that the Income wlll be recelved and the amount of Income receivable can be measured reliably. Income Is deferred only when the Charity has to fulfil condltlons before becomlng entitled to It or t dOrr has speafied that the Income has to be spent In a fLFture perlod. Donations are recognised when the tharity recelves the Income, Investment Income Is recognlsed on the date on whlch the dlvldend Is payable or the interest arises. (c) Expendltyre Recognitlon Llabillties a recognised as expendlture as soon as there Is a legal or construttlve obligatlon commlttlng the Charlty to that expenditu, it is probable that settlement wlll be requlred and the amount of the obllgatlon can be measured rellably. All expendlture is accountsd for on ari accruals basls. Costs of Ralslng Funds Raising Funds conslsts of Investment management fees and an apportk)nment of support costs. tharltaile Actlvitles (harltable Actlvltles Includes costs associated wlth servlces to the Church and music, the annual grant to St Andrew Holborn & Stsfford's Charlty and an apportionment of 5UPPOrt costs.
Page 19 PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (contlnued) (c) Expendlture Recognition (continued) Support Costs Support Costs have been apportloned between the actlvitles of the Charlty on the basls of staff tlme and Indude Governance Costs, which comprise all costs Involving the publlc accountabillty of the Charity and Its Complian wlth regulation and good practtce. (d) Fund Accountlng (l) Unrestricted Funds.. The unrestritted funds may be used by the CharSty In furtheran of Its charltable objectlves at the dlscretlon of the Trustees. (11) Permanent Endowment Funds.. Permanent endowment funds are restricted capital funds where therels no tx)wer to convert the orinal capitsl to Income. Income from the endowment funé Is unrestricted. (e) Value Addod Tax The Charity is not reglstered for VAT and accordlngly where appllcable, all expendlture Incurred Is Inclusive of VAT. (o Investments The Charlty's Investments are a form of baslc financlal investment and are Inltlally recognlsed at thelr tran5actlon value and subsequently meastjred at thelr falr value as at the balance Sheet date using the c1051ng quoted market pritt. The statement of flnanclal actlvlties Includes the net galn5 and105ses arlslng on the revaluat10 and dlsposals throughoLlt the year. Reallsed gains and losses on Investments are calculated as the difference betheen sales prOedS and thelr openlng carrying value or their purchase value If acqulred subsequent to the first day of the flnancial year. Unrealised gains and losses are calcLtlated as the dlffereno beeen the falr value at the year end and their carrying value. (g) Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade dlscount offered. Prepayments are valued at the fimount prepald net of any traée dlscounts due. (h) Cash at Bank Cash at bank Is deflned as cash and short temi hlghly Ilquld Investments wlth a short maturlty of three months or less from the date of acqulsltlon or openlng of the deposit or simllar account. Credltors and provlslons Creditors and provislons are recognlsed where the charity has a present obligatton resultlng from a past event that wlll probably result in the trdn5fer of funds to a thlrd party and the amount due to settle the obllgatlon can be measured or estlmated reliably. Creditors and provlslon5 are normalty recognised at their settlement amount after allowlng for any trade discounts due. (k) Ststement of Cash Flows The Charlty has taken the exemption available to small charltles under the SORP and has not produced a statsment of cash ffows.
Page 110 PARISH ESTATES CHARITY NOTES TO THE FINANCXAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME 2023 20Z2 Dlstrlbutlons from Investments Interest on Loan Interest 18,351 6,631 92 25,074 18,280 3,992 RAISING FUNDS 2023 2022 Investment Manager'5 Fees Support Costs (Note 6) H8 448 471 471 CHARITABLE ACTIVJTIES 2023 2022 MusldanslOrgarilsVCholr/Mu51C Organ Maintenan servi5, Church and Altsr requlrements Allocation to St Andrew Holborn & Stafford'5 Charlty Support Costs (Nots 61 9,608 455 4,331 1,651 2,238 12,814 180 16,095 1,428 2,351 32,868 SUPPORT COSTS 2023 2022 staff Costs Administratlon Cost Recharge Syndrle5 GOvernae Costs 1,363 290 195 838 2,686 1,647 275 102 798 2,822 Induded wlthln Govemance Costs Is amounts payable to the Independent examlner for the Independent examlnation of the flnancial ststements of £838 (2022.. £798).
Page 111 PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF COSTS staff costs represents the followlng: 2023 2022 Salarles Soclal Securlty Pension Costs 1,138 127 98 1,363 1,359 151 137 1,647 The Charlty's employees have Jolnt contracts of employment wlth the 4 51ster charitles at st Andrew Holborn and with St Andrew Holborn Tradlng Ltd. Together they employed an average of 5 (2022.. 5) staff during the year, one of whom recelved employee beneflts of £60,000 - £70,000 (2022: one, £60,000 £70,DOD). Employment costs are shared on a time spent basls. Key management personnel is defined as the trustees and the Clerk to the Trustees. No trustee recelved any remuneration for their role as a trustee (2022: £Nil). The total remuneratlon of key management personnel was £80,619 (2022: £76,899) of which the Charlty's share was £790 (2022: £766). INVESTMENTS Total 2023 Total 2022 Sarasln PITCH (a) Quoted Investments at Fair Value Cash wlth Investment Managers 572,103 386 572,489 15,120 587,223 386 587,609 556,384 556,388 (b) Movement In Investments Falr value as at l January 2023 Addltlons Dlsposals Realised Galnsl(Losses) Unrealised Galnsl(Losses) Fair value at 31 Dember 2023 Cost at 31 December 2023 540,234 1,120 16,150 556,384 1,120 634,556 1,606 30,749 572,103 566,379 [1,030) 15,120 18,100 29,719 587,223 584,479 (79,778 556,384 583,359 The carrying amount of financial assets measured at falr value through Income and expenditure wlthln Investments Is £587,223 (2022.. £556,384). DEBTORS 2023 2022 other Debtors & Prepayments Loan 3,613 81,400 1,983 81,400 Induded wlthln Loan is £81,400 (2022.. £81,400) whlch Is expected to be reallsed more than a year after the reportlng date,
Page | 12 PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. CREDITORS 2023 2022 st AThlrew Holborn Church Foundation st Andrew Holborn Tradlng st Andrew Holborn & Stafford's Chaty other Credltor5 and Accrua15 91 540 1,428 1,651 863 2,605 3,009 11, NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Endowment Funds 2023 Total Flxed Assets Current Assets Current Llabllltles 8,423 19,470 2,605 25,288 579,186 81,400 587,609 100,870 660,586 685,874 Unrestrfcted Funds Endowment Funds 2022 Total Flxed Assets Current Assets Current Ll8bllleS 6,524 14,827 549,864 81,400 556,388 96,227 18,342 631264 649,606
Page 113 PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. RELATED PARTIES The followlng parties are consldered related to the Charlty by rtue of hamng common trustees arKi shared employee5'. st Andrew Holborn Church Foundatlon st Andrew Holborn & Stafford's Charlty st Andrew Holborn Tradlng Llmlted Bromfield's Educatlon Foundatlon Lady Ellzabeth Hatton s Charlty st Andrew Holborn Church Foundation acts as paymaster for the staff under lolnt contracts of employment The Charlty pald £1,363 (2022.. £1,647) to St Andrew Holbom Church Foundatlon for Its share of employment costs. St Andrew Holbom Church Foundatlon charged the Charlty £290 (2022,. £280) as 3 contribution to shared overheads and Insuran. At the year end £91 (2022,. £Nil) was due to St Andrew Holborn Church Foundatlon, In accordance wlth Its objects, the Charlty pays 2127th of Its Income to St AndW Holborn & Stafford's Charlty, which amounted to £1,651 (2022: £1,428). At the year end, £1,65112022: £1,428) was due to St Andrew Holborn & Stafford's Charity, In 2011, the charlty made a loan of £250,000 to Xenla Dennen, the wlfe of the Venerable Dr Lyle Dennen a former Guild Vlcar of st Andrew Holborn and a trustee of the Charlty, for the purchase of a propety. £168,600 of the principal ha5 SIn been repald thus the amoEtnt owed to the Charlty 1$ 181,400 (2021.. £81,400). The loan Is sublect to interest at 3,5 % above base rate and Is secured by a legal charge over the propety. Interest charged durlng the year amounted to £6,631 (2022.. £3,992) of whlch £1,698 (2022,, £1,214) was due to the Charlty at the year end. No trustee received any remuneration or reimbursement of expenses In the current or prthous year.