PARISH ESTATES CHARITY
FINANCIAL sfATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Registered Charity No. 213721
KNOX CROPPER
cnartereo acCounta￿t5

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 De￿rnber 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 as￿lated wlth the provision of music during Servi￿5.
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 ServI￿S 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 And￿W 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 ad￿ce 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 con￿rn 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 arner￿ed 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 And￿W 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 un￿rtaIntleS atrt)ut the Charlty's abillty to contlnue as a
golng COn￿rn.
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 re￿iVed and the amount of income re￿1vable 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 p￿paid 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 De￿mber 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 And￿W 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,