PARISH ESTATES CHARITY FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity No. 213721 KNOX CROPPER cnartereo acCountat5
PARISH ESTATES CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 We present our report and the flnandal statements for the year ended 31 Dernber 2024. OBJECTIVES O(Jr objective for the year wa5 to support the servlces and mi551on of the Guild Church of St Andrew Holborn, In particular by defraying costs aslated wlth the provision of music during Servi5. ACHIEVEMENTS AND PERFORMANCE Publlc benefit In carrying out our work and preparlng thls report, we have had regard to the Charity Commission's publlc beneflt guIdan. As Trustees of the Parlsh Estates Charlty, we are bound financially to support the ServIS and misslon of the Gulld Church of St Andrew Holborn. St Andrew Holborn Is typlcally open every week day betheen 8.30am and 4.00 pm for members of the publlc and the worklng communlty to enjoy sllent prayer and seek solace. Our flnanclal support helps to support the cost of seNlces of Holy Communlon at st AndW Holborn, to whlch all are welcome. Servlces of Holy Communion are held at lunchtlme Monday-Thursday, Typlcallyt there are also servlces on a Wednesday evenlng On or twlce a month. In accordance wlth our trust deed, we also contlnue to support St Andrew Holborn & Stafford's Charity. In thls way our financlal support helps Indlvlduals In need and organisations that support indlvlduals who are In need or vulnerable. 2024 We contlnued to support the services at St Andrew Holborn by provldlng financlal support for muslc and expenses assoclated wlth Serv1$. Support for the church amounted to £23,033. In accordance wlth our trust deed, we pald St Andrew Holborn & Stafford's Charlty £1,695, whlch represents 2127th5 of our Income after adminlstratlon expenses. Plans for future periods We expect to continue our fundlng as In prevlous years. FINANCIAL REVIEW Results for the year Net Income of £47,448 was recorded durlng the year whlch Included Ljnreallsed galns on Investments of £49,199 resultlng in the balance sheet resour Increasing from £685,874 to £733,322. Investments At the end of the year, income from Investments and bank Interest increased slightly over the prlor year at £19,634 (2023.. £18,443). In 2011 we agreed a loan to Mrs Xenla Dennen of £250,000 to purchase a property. The loan15 secured by a legal charge on the property and provldes a return of 3.5% interest above the base rate. Both we and Mrs Dennen recelved separate legal adce with regard to the transaction. Interest on the loan In 2024 amounted to £7,034, Reserves At 31st December 2024 the funds of the Charity amounted to £733,322, of whlch £709,072 represented the permanent endowment. Unrestricted reserves were £24,250.
PARISH ESTATES CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES Law applicable to charities in England and Wales requires trustees to prepare flnanclal statements for each flnanclal year, whlch glve a true and falr view of the statement of the Charity's financial activlties durlng the year and of its flnanclal posltlon at the end of the year. In preparing those financlal statements glving a true and fair vlew, trustees should follow best practi and: select sultable accountlng polldes and apply them consistentlyi observe the methods and prlnclples In the Charltles SORP; make Judgements and estimates that are reasonable and prudent; state whether appllcable accountlng standards have been followed subjett to any materlal departures dlsclosed and explalned in the flnandal statements; prepare finandal statements on the golng conrn basls unless It Is Inapproprlate to presume that the Charlty wlll contlnue to operate. Trustees are responslble for keeplng proper accountlng records whlch dlsclose wlth reasonable accuracy at any tlme the financial positlon of the Charlty and which enable them to ensure that the flnanclal statements comply wlth relevant leglslatlon and the trust deed. They are also responslble for safeguardlng the assets of the Charlty and hence taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. Governance and admlnlstratlve detalls of the Charlty are to be found on pages 3-4 of thls report. Approved by the Trustees and slgned on thelr behalf by: The Rt Revd Jonathan Baker Chalrman Date: 18 June 2025
PARISH ESTATES CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees, who are all ex offiao, consist of the Guild Vicar and two Churchwardens for the tlme belng of St Andrew Holborn. The Trustees met on three occaslons durlng the year. A Flnance and Investment Commlttee Is delegated to view financial and Investment matters. The Finan and Investment Committee met during the year, Pollcy Is set by the Trustees and Implemented by the aerk to the Trustees operatlng from 5 St Andrew Street London EC4A 3AF, Objects The Charlty Is governed by a scheme dated l July 1966 as arnered on 29 Aprll 1970. The Income of the Charlty Is to be applied as follows: (a) towards the proper costs, charges and expenses of arKI Inadental to the adminlstratlon of the Charity. (b) to pay two enty-SeventhS of the remalnlng Income to the St Andrew Holborn Clty Foundatlon (now St Andrew Holborn & Stafford's Charity); (c) to apply the remainlng twenty-flve enty-seVenthS towards defraylng the cost of the upkeep, repair and Insurance of the Gulld Church of St Andrew Holborn and the malntenance of services thereln subject thereto In furtherlng the rellglous and charltable work of the Church of England In the former parlsh of St Andrew Holbom. Rlsk management The Trustees have glven conslderatlon to the major rlsks to whlch the Charlty Is exposed and satlsfled themselves that systems and procedures are established In order to manage those dsks. Rlsks are revlewed annually, The Trustees have In partlcular recognlsed the rlsk to thelr ablllty to meet thelr objects assoclated wlth sSgnSflcant volatlllty In Investment markets and a resultlng loss of Investment Income. In order to help mltlgate thls rlsk, the FInan and Investment Committee formally meets the Investment Managers twltr a year. The Charity has adopted a balantrd Investment strategy with a medium risk tolerance. Investment pollcy The Trustees, Investments are managed on a total tu basis with a medlum risk tolerance and due regard to dlverslficatlon wlth the objectlve that a comblnatlon of income and capltal growth will support the ongolng activlties of the Charlty whllst malntainlng the rea capital value of the investments over the longer term. The Trustees are aware of the risk In respert of volatlllty of investments retums to meet the annual commltments of the Charlty. The Flnance & Investment Commlttee formally meets the Investment managers a year. The Charity Is commltted to respon51ble investment and takes into account envlronmental, soclal and governance Issues. Our exposure to Investments In assets limited under guidelines Issued by the Church of England's Ethlcal Investment Advlsory Group Is monitored regularly by the Flnance & Investment Commlttee in dlscusslon wlth our investment managers. The Investment portfollo forms part of the Sarasln Endowments Fund Class A Inc. Reportlng Is quarterly and the overall Investment portfollo Is revlewed twi a year by the Finance & Investment Committee. The Charity also holds a small investment In the Property Investment Trust for Charities (PITCH) managed by Mayfair Capltal Investment Management Ltd (now part of Swiss Life Asset Managers UK Ltd).
PARISH ESTATES CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Reserves policy In accordance wlth the governing document, the Trustees award St Andrew Holborn & Stafford's Charlty two twenty-sevenths of Income after the proper costs, charges and expenses of and incidental to the admlnlstratlon of the Charity have been paid. They apply the remaining enty-five twenty-sevenths in accordan wlth the governlng document. The Trustees have recognlsed In their risk register the potential for loss of income arlslng from volatlllty In Investment markets. They therefore malntaln a level of reserves to meet expected future commltments, together wlth an element of contingency provislon agalnst any significant, urgent need, which could not be predlcted beforehand. ADMINISTRATIVE DETAILS The Parlsh Estates Charity is a reglstered charlty governed by a Trust Deed dated l July 1966. It Is reglstered wlth the Charlty Commlsslon under number 213721. The Charlty's offices are at 5 St AndW Street, London EC4A 3AF. Trustees The Rt Revd Jonathan Baker, Bishop of Fulham Mr Edward Dobson Mr Paul Weston Gulld Vlcar, St Andrew Holborn (Chalrman) Churchwarden, St Andrew Holborn Churchwarden, St Andrew Holborn Officers Clerk to the Trustees: Mr Nlcholas Hills Prlnclpal advlsors Investment Managers: Sarasln & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Swlss Llfe Asset Managers UK Ltd 55 Wells Street London WIT 3PT Independent Examiner: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers: Uoyds Bank plc Solicltors: Charles Russell Speechlys LLP 5 Fleet Pla London EC4M 7RD
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PARISH ESTATES CHARITY I report to the trustees on my examination of the accounts of Parish Estates Charlty for the year ended 31 December 2024. Thls report is made to the Trustees, as a body, In accordan with the terms of my engagement, My work ha5 been undertaken so that I might cary out an Independent Examinatlon of the finandal statements In accordan with the General Directlons glven by the Charlty Commlssioners. To the fullest extent permltted by law, I do not accept or assume responsibility to anyone other than the Charlty and the Charlty's Trustees as a body for my work or for this report. Responslbllltles and basis of report As the charlty trustees of the Charlty you are responslble for the preparats'on of the accounts In accordance wlth the requlrements of the Charlties Act 2011 ('the ACY). I report In respect of my examlnatlon of the Charity's accounts carrled out under sectlon 145 of the 2011 Act and In carrylng out my examination I have followed all the applicable Directlons glven by the Charlty Commlsslon under section 145(5)(b) of the Att. Xndependent examlner's statement J have completed my examlnatlon. I conflrm that no materlal matters have come to my attentlon In connectlon wlth the examlnatlon glwng me cause to belleve that in any materlal respect: accountlng records were not kept In respect of the Charlty as requlred by sectlon 130 of the Act; or 2, the accounts do not accord wlth those records. or 3, the accounts do not comply with the appllcable requlrements concernlng the form and content of accounts set out In the Charltles (Accounts and Reports) Regulatlons 2008 other than any requlrement that the accounts glve a'lrue and fair vlew'whlch Is not a matter considered as part of an Independent examlnation. I have no concerns and have come across no other matter5 in connettlon wlth the examlnatlon to which attention should be drawn In thls report In order to enable a proper understanding of the accounts to be reached. 65 Leadenhall Street London EC3A 2AD Greg Stevenson, F.C.A, Knox Cropper LLP Chartered Accountants Date: 10,14 2025
PARISH ESTATES CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Investments 638,441 587,609 CURRENT ASSETS Debtors Cash at Bank 83,571 17,259 100,830 85,013 15,857 100,870 Credltors: Amounts falllng due wlthln one year Net Current Assets io 94,881 98,265 TOTAL NET ASSETS 733,322 685,874 FUNDS Endowment Fund Unrestrlcted - General Fund 709,072 24,250 733,322 660,586 25,288 685,874 TOTAL FUNDS Approved by the Board of Trustees on 18 June 2025 and slgned on Its behalf by: The Rt Revd Jonathan Baker Chalrman Trustee
PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATUS Parish Estates Charlty Ss an unlncorporated charlty, gIstered with the Charlty Commlssion wlth reglstered number 213721. The Charlty's registered address Is 5 St Andrew Street, London, EC4A 3AF. A description of the Charlty's operations and prlnapal activltles can be found In the Report of the Trustees. ACCOUNTING POLICIES (a) Basis of Preparatlon and assessment of golng concern. The accounts have been prepared under the hlstorlcal cost conventlon wlth Items recognised at cost or transactlon value unless otherwise stated In the relevant notes to these accoLtnts. They have been prepared In accordan with the Statement of Recommended Practlce Accountlng and Reportlng by Charities preparing thelr accounts In accordance wlth the Flnanclal Reportlng Standards appllcable in the UK and Republlc of Ireland (FRS 102) Second Edltlon Issued In October 2019 and the Flnanclal Reporting Standard applicable in the United Kingdom and Republlc of Ireland (FRS 102) and the Charities Act 2011. The Charity constitutes a publlc benefit entlty as deflned by FRS 102. The accounts have been prepared to glve a 'true and fair, view and have departed from the Charltles (Accounts and Reports) Regulations 2008 only to the extent requlred to provlde a 'true and falr vlew,. Thls departure involved following Accounting and Reporting by Charltles preparlng thelr accounts In accordance wSth the Financial Reportlng Standard applScable In the UK and Republic of Ireland (FRS102) Issued In October 2019 rather than the Accountlng and Reporting by Charltles Statement of Recommended Practs effective from l April 2005 whlch has slnce been wlthdrawn, The Trustees conslder that there are m unrtaIntleS atrt)ut the Charlty's abillty to contlnue as a golng COnrn. The funttional currency of the Charlty Is the £ Sterllng. (b) Income Income Is recognlsed In the year once the charity has entitlement to the Income, it Is probable that the Income wlll be reiVed and the amount of income re1vable can be measured rellably. Income Is deferred only when the Charlty has to fulfil conditions before becomlng entitled to It or the donor has specified that the Income has to be spent in a future perlod. Donatlons are recognised when the Charity recelves the Income. Investment Income Is recognlsed on the date on whlch the dlvidend Is payable or the Interest arlses. (c) Expenditure Recognition Llabllltles are recognised as expendlture as soon as there Is a legal or con5tructlve obllgatlon committing the Charity to that expendlture, It Is probable that settlement will be requlred and the amount of the obligation can be measured rellably. All expenditure Is accounted for on an accruals basis. Costs of Raising Funds Ralslng Funds consists of investment management fees and an apportlonment of support costs. Charitable Actlvities Charitable Activities includes costs associated with servlces to the Church and muslc, the annual grant to St Andrew Holborn & Stafft)rd's Charity and an apportlonment of support costs.
PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) (c) Expendlture Recognition (continued) Support Costs Support Costs have been apportioned between the activlties of the Charity on the basis of staff time and indude Governance Costs, which comprtse a51 costs Involvlng the publlc accountability of the Charity and Its compllance wlth regulation and good practice. (d) Fund Accountlng (l) Unrestricted Funds.. The unrestrlcted funds may be used by the Charlty In furtherantt of Its charltable objectlves at the dlscretlon of the Trustees. (11) Pem7anent Endowment Funds.. Permanent endowment funds are restrlcted capltal funds where there Is no power to convert the original capltal to Income. Income from the endowment fund Is unrestrlcted, (e) Value Added Tax The Charliy Is not reglstered for VAT and accordlngly where applicable, all expendlture incurred Is Induslve of VAT. (n Investments The Charlty's investments are a fomi of baslc flnancial Investment and are Initially recognlsed at their transaction value and subsequently measured at thelr falr value as at the balance sheet date uslng the closlng quoted market pr1. The statement of flnancial actSvltles Includes the net galns and losses arlslng on the revaluatSons and disposals throughout the year. Reallsed galns and losses on Investments are calculated as the dIfferen belmeen sales proceeds and thelr opening carrying value or thelr purchase value If acqulred subsequent to the flrst day of the financlal year. Unreallsed gains and losses are calculated as the dlfference between the fair value at the year end and thelr carrylng value. (g) Debtors Trade and other debtors are recognlsed at the Settlement amount due after any trade dlscount offered. Prepayments are valued at the amount ppaid net of any trade dlscounts due. (h) Cash at Bank Cash at bankls deflned as cash and short teryn hlghly Ilquld Investments with a short maturlty of three months or less from the date of acqulsltlon or openlng of the deposlt or simllar account. (i) Creditors and provlslons Credltors and provlsions are recognised where the charlty has a present obllgatlon resultlng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obllgailon can be measured or estimated reliably. Creditors and provlslons are normally recognlsed at their *ttlement amount after allowing for any trade discounts due. (k) Statement of Cash Flows The Charity has taken the exemption avallable to small charities under the SORP and has not produced a statement of cash flows.
PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME 2024 2023 Dlstributions from Investments Interest on Loan Interest 19,524 7,034 IID 26,668 18,351 6,631 92 25,074 RAISING FUNDS 2024 2023 Investment Manager's Fees Support Costs (Note 6) 612 612 448 448 CHARITABLE ACTIVITIES 2024 2023 MuslclanslOrganlsVChoirlMuslc Organ Malntenan Servlces, Church and Altar requirements Allocation to St Andrew Holborn & Stafford's Charlty Support Costs (Note 6) 11,619 198 11,414 1,695 3,058 27,984 9,608 455 4,331 1,651 2,238 18,283 SUPPORT COSTS 2024 2023 staff Costs Admlnlstratlon Cost Recharge Sundrles Governance Costs 2,133 448 205 884 3,670 1,363 290 195 838 2,686 Included wlthln Governance Costs is amounts payable to the independent examlner for the Independent examination of the financial statements of £884 (2023., £838).
PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS staff costs represents the followlng: 2024 2023 Salaries Soclal Securlty Penslon Costs 1,762 195 176 2,133 1,138 127 98 1,363 The Charlty's employees have Jolnt contracts of employment wlth the 4 slster charltles at st Andrew Holbom and wlth St Andrew Holborn Trading Ltd. Together they employed an average of 5 (2023: 5) staff durlng the year, one of whom recelved employee beneflts of £60,000 - £70,000 (2023: one, £60,000 - £70,000). Employment cost5 are shared on a tlme spent basis. Key management personnel Is defined as the trustees and the Clerk to the Trustees, No trustee received any remuneratlon for thelr role as a trustee (2023: £NII). The total remuneratlon of key management personnel was £83,977 (2023: £80,619) of whlch the tharfty's Sha was E832 (2023: £790). INVESTMENTS Total 2024 Total 2023 Sarasin PITCH (a) Quoted Investments at Falr Value Cash with Investment Managers 622,217 14,961 637,178 587,223 386 587,609 623,480 14,961 638,441 (b) Movement In Investments Falr value as at l January 2024 AddStlons Dlsposa15 Reallsed Galnsl(Losses) Unreallsed Galnsl{Losses) Falr value at 31 Dember 2024 Cost at 31 December 2024 572,103 756 15,120 587,223 756 556,384 1,120 49,358 622,217 567,135 159 14,961 18,100 49,199 637,178 585,235 29,719 587,223 584,479 The carrylng amount of financial assets measured at falr value through income and expenditure wlthln Investments Is £637,178 (2023: £587,223). DEBTORS 2024 2023 Other Debtors & Prepayments Loan 2,171 3,613 81,400 85,013 83,571 Included wlthln Loan Is £81,400 (2023: £81,400) which Is expected to be reallsed more than a year after the reporting date.
PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. CREDITORS 2024 2023 st Andrew Holborn Church Foundation St AndW Holborn Trading st Andrew Holborn & Stafford's Charlty Other Credltors and Accruals 154 91 1,862 1,651 863 2,605 5,949 11. NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Endowment Funds 2024 Total Flxed Assets Current A55ets Current Llabllltles 10,769 19,430 5,949 627,672 81,400 638,441 100,830 24,250 709,072 733,322 Unrestricted Funds Endowment Funds 2023 Total Flxed Assets Current Assets Current LlabllStles 8,423 19,470 579,186 81,400 587,609 100,870 25,288 660,586 685,874
Pa9e 113 PARISH ESTATES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. RELATED PARTIES The followlng parties are consldered related to the Charity by virtue of having common trustees and shared employees,, st Andrew Holborn Church Foundation St Andrew Holborn & Stafford's Charlty St Andrew Holborn Trading Limlted Bromfleld's Educatlon Foundation Lady Ellzabeth Hatton's Charity St Andrew Holborn Church Foundatlon acts as paymaster for the stsff under joint contracts of employment. The Charity pald £2,133 (2023: £1,363) to St Andrew Holborn Church Foundation for Its share of employment costs, St Andrew Holbom Church Foundatlon charged the Chartty £448 (2023: £290) as a contrlbutlon to shared overheads and Insuran. At the year end £154 (2023: £91) was due to St Andrew Holborn Church Foundatlon. In accordance wlth Its objects, the Charlty pays 2127th of Its income to St Andrew Holborn & Stafford's Charity, which amounted to £1,695 (2023: £1,651). At the year end, £1,862 (2023: £1,651) was due to St Andrew Holborn & Stafford's Charlty. In 2011, the charlty made a loan of £250,000 to Xenia Dennen, the wlfe of the Venerable Dr Lyle Dennen former Guild Vicar of St Andrew Holborn and a trustee of the Charlty, for the purchase of a propety. £168,600 of the prlncipal has Sin been repald thus the amount owed to the Charlty is £81,400 (2023: £81,400). The loan Is subject to Interest at 3.5% above base rate and is secured by a legal charge over the property, Interest charged durlng the year amounted to £7,034 (2023: £6,631) of whlch £1,622 (2023: £1,698) was due to the Charlty at the year end. No trustee recelved any remuneratlon or relmbursement of expenses In the current or previous year,