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 De￿mber 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 seNI￿S.
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 be￿een 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 serVI￿S 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 a￿Ordan￿ 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 If￿n 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.
Rese￿e$
At 31st December 2023 the funds of the Charity amounted to £685,874, of whlch £660,586 rep￿sented 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 AL￿gements and estlmates that are reasonable and prudent.
state whether appllcable accoUn￿ng standards have been followed subject to any materlal departures
dlsclosed and explalned In the financlal statements,,
prepare flnanclal statements on the golng cOn￿M 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 preven￿On 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 MI￿gate
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 ba￿S 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
Trust￿5 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 FI￿t 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
De￿mber 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 atten￿On 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 COn￿r￿S 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 rtg1Ste￿d
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 Con￿rn.
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 a￿ut the Charlty's ablllty ti) continue a5
golng COn￿rn.
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
dOr￿r 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 or￿inal 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 prO￿edS
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 be￿een 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
servi￿5, 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
GOverna￿e 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 De￿mber 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 Cha￿ty
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 Ll8blll￿eS
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 And￿W 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.