ALL SAINTS FOUNDATION
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Contents
Pag
Tru5tees' Report
Independent Examiner's R¢port
ststement of Financial Activities
Ito3
Balance Sheet
Notes to the Ac¢ounts
7t09

ALL SAINfs FOUNDAIJON
ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR Ef4DED 31 DECEMBER 2022
Administrative inforni&tion
The All Saints Foundation ('the Foundation,) was set up by TTUSt Deed dated l March 1977.
The correspondence address is All Saints, Vicarage, 7 Margaret Street, London, W IW 8JG.
The Foundation is a charity registered with the Charity Commission of England and Wales
(number 273390).
The Trustees who served during the year l January to 31 December 2022 are &8 follows..
The Revd Dr Peter Anthony (Vicar of All S&ints'. ex officio)
Mr John Forde
(Churchwarden: ex officio- to 3 July 2022)
(Churchwarden: ex officio- to 3 July 2022)
(Churchwarden: ex officio- from 3 July 2022)
(Churchwarden: ex officio- from 3 July 2022)
{PCC Appointee.. ex officio-
re-appointed with effect from26 July 2022)
(to 9 March 2022) (Chairnian to 5 March 2022)
{AdminiJlraior)
(to 5 June 2022)
(Chairmanfvm 30 June 2022)
Mr Christopher Self
Miss Catherine Hodgetts
Mr Huw Pryce
Mr Christopher Swift
Mr Damon Brash
Dr Colin Podmore
Sir Timothy Waterstone
Sir Robert Chote
Mrs Ruth Ward
Mr Paul Golding
(from 30 June 2022)
Strncturfy governance and management
The Foundation's trust deed requires that the Trustees use their best endeavours to ensure that the
number of TNstees serving at any time shall be no less than nine. The Vicar and two
Churchwardens are ex officio Trustees and the All Saints Parochial Church Council ('the PCC.)
elerts one representative TNstee, who is an ex officio Trustee. A quorum consists of five Trustees,
of whom two must be ex officio Trustees. Trustees are appointed for a frrni of three years and may
be re-appointed for a second tem, but cease to be Tnlstees after serving for six wnwutive y¢ar5
and may not serve again until at least a further year has expired. The ex officio Trustees are not
subject to a limitation on their temis of service.
The trust deed provides that neither the Vicar nor any other T￿￿tee who is a member of the PCC
shall be disqualified from joining in the exercise of the TNstees' pow¢rs and discretions under the
trust deed in ￿latiOn to the Incumbent and PCC.
The trust deed also provides for the appointment of an Administrator who may or may not be a
Trustee. Dr Colin Podmore has served as Administrator siTh¢e l January 2021.
Page I

ALL SAIN15 FOiMATTON
ANNUAL REPORT AND ACCOW4TS OF THE TRUSTEES FOR THE YEAR ENDED JI DECEMBER 2022
ObjectiVQS Ydnd Activities
The Objects of the Foundation are:
(a)
to advance the worship, pastoral ministrations, music and work of the Parish Church of
All Saints Margaret Street, and such other charitable objects and activities ancillary
thereto as are compatible with its traditions,
the restoration. improvements, developmenL maintenance and repair of the Parish Church
of All Saints Margaret Street, its fijrniture, ornaments, churchyard and ecclesiastical
property connected therewith (including Numbers 6, 7 and 8 Margaret Street).
to further the work of the Institute of Christian Studies.
(b)
(c)
Achievements and Perfornianee
Th¢ Trust¢es m¢t three times during the year. They approved a grant to the PCC of up to £66,000,
of which £46,000 was paid before the year end (2021.. £35,000). The grant approved in 2022 was
for work on No. 6 Margaret Street.
Financial Review
In 2022 the Foundation received investment income of £26,100 but incurred a net capital loss or
£92.950, which resulted in a net reduction of incon]e and endowments of £66,850 (2021: increase
of £133,406). The capital value of the investments held by the Foundation decreased by £118.575
(2021: increased by £103,567) before deduction of investment management costs. The share
portfolio had a book value when received of £523,307 and a market value as at 31 December 2022
of £804,429 (2021., £905,067). The investment of £250.DDD made with CCLA had a market value
of £234,897 at 31 December 2022 (2021.. £258,256).
As stated above, in 2022 the Foundation made grants to the PCC totalling £46,OIK) (2021: £35.000).
In 2022 it made no payments in respect of liturgical articles (2021: payments totalling £11,187).
Grants and payments are made out of income to the extent that this is available and the rest from
capital. No loans were made during the year under review.
The net result for the year was an excess of outgoing resources over in¢oming resources of
£119,012 (2021: excess of incoming resources over outgoing resources of £81,254). This defjcit
h&8 reduced the fund balances carried forward, giving a year-end total of £1,345,500 {2021:
£1,464,512).
As at 31 December 2022, total contingent liabilities of the Foundation stood at nil (2021: nil). Non-
ontractual commitrnents to the PCC at the same tlme stood at £150,000 (2021: £100,000). Of this
sum, £1 00,000 is in respect of the Undercroft project. However, the Trustees have been advised
that the Cost of that project is likely to be significantly higher. (See note 9.)
Page 2

ALL SA[p￿s FOUNDATION
AP4NUAL REPORT AND ACCOUNTS OF THE TRUSTEKS FOR THE YWI ENDED 31 DECEMBEB 2022
The Trustee5 do not have a forniaI policy concerning reserves and do not fornially set aside specific
sums as reserves. They do not consider that thi5 is necessary because (a) the assets held are
periodically reviewed against current and likely future demands to ensure their adequacy, (b) the
Foundation's activities conslst exclusively of grant-making and other requested payments, and
each request for a grant or a payment is considered in light of available assets and cuThent and
likely future demands on those assets, and (c) the administration costs of the Foundation are
minimal.
Approved by the Trustees on 24 Mareh 2023 and slgned on thelr behalf by
Sir Robert Chote, Chairn)an
Page 3

TrL" 11. RkP(IIiT *II).Il'.C'oI'%'is ob rii& TRI S'lTrTr's bnR'I'IIF. )'Tr'*R EN'DI."D JJ DF.( F..%IBER If121
INDF.PET¥DENT EXAMINER'S REP()RT TO THE TRUSTF.FS OF ALL SAINT5
FOI,NDATIOI
I report on the aceounis of the All Saints Foundaiion for the j'ear ended 3 l December &Q2&. which
are sei out tiii pages .fj to 4.
Re5petiive reJpiin%lbllitles of Truste￿ Eiaminer
As '[ ru5tee5, You are responsible for the preparation of the account5. you consider th& an audii is
ncyt required for this year under section 144 (2) of the Charlties Act 201 I Iihe 2011 Ad) 8nd thar
an iiidepcndent ¢K￿nIn&l10n is needed. li is my responsibility" to examine the accounts under
section 145 of the 101 l Aa: lo follom" the procedure* laid doiyn in Ihe General Direciions given
b% the Charii!. ('. ominis%ion under wiion 14515 51.bi ol-(he !(111 .4￿: and io slate whether parttcular
mauers ha￿¢ come to my attention.
B*sis of Independent Examiner'j repori
examinaiion carried out in accordanL'e H'ith the Gcncral Direciions given bN' the Charity
Q nmmissiiin. An examinyiion includ¢% 8 revie￿. of the uc¥ouniing r￿ordS kepr bv the -fru￿ #nd
a Lomparison of the accounts with tho.se re¢ordg. li also inclLides considering ai)!. urtusual items
or di.%L10sures in the aL'counis and seek ingi t'.Iplanaiion% lir>m vou tss Twsrees concerning anb SULh
mailers. l-he prcKedures undenaken do iiot pro￿ ide all (he vN'iden¢e Lhat would be req￿Ired in an
IILILlit. and LLTrnyequentl!' no opinion is &7iven a5 lo wh&her Ihe accoun15 preseni a 'Xrue and lair
le￿ and the repon is limiied io these matlers.sei oui in ihe Stslement bL'Iow,
IMdepeDdenl Examiller's slat¢rnen.t
In connection ivith m), examinalion. no matter has come io In) auenlion..
{ I I ￿hich uive5 me reasonable cause lo believe thai in anv material respect the requiremenis
lo keep accounting records in aLcordancL% ik-iih seeiion 130 (Trt th¢ 201 l ACL.. and u) piypare
a¢¢ounis wliich accord wilh the accounlii)g reconjs and COTiipIN' ￿'It1? tlie aLcounting
rL'quiremeiiis of ihe 70 I I ALI h&¥'L not heen mcl.. oi.
l&1 lo iihiih, in mTr OPTnion. attenlioii shauld be drawn in ord¢r [(} en8blL a pruper
under%Landing ol'the a¢iOUniS io be ￿l¥hed.
Francis Lee
Francii Ltt & Co.
Chartered Certifi&J AccountanL$
6? Ainsdale koad
London Il's l JX
15 . March 2023
P8ge 4

AIL SAINfS FOtJNDATION
ANNUAL REPORT AND ACCOI]Nfs OF THE TRUSTELS FOR IHE YEAR EfyDED 31 DECEMBER 2022
STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 DECEMBER 2022
2022
Notes Income
2022
Cydpital
2022
Total
2021
Total
INCOME AND EIYDOWMENTS
Donations
460
460
460
Gift Aid from HMRC
55
55
(503)
7,975
21,907
103,567
113,406
Legacies
Investment income
25,110
25.110
26,1
(118,575) (118,575)
(92,950)
(66.850)
26,100
Gainsl(losses) on investnwits
26,100
EXPENDfnJRE ON RAISING FUNDS
Costs of generating voluntary
income
EXPENDITURE ON CHAIUTABLE
ACTivrriES
Investment management costs
Grants made (to the PCC)
Payments for liturgical articles
Bank fees
5,422
20,640
5,422
46,000
5220
35,000
11,187
25.360
20
20
Fee for Independent Examiner
720
720
745
26,100
26,062
52,162
52,152
ET INCOME (EXPENDITURE)
AND f4ET MOVEMENT IN FUNDS
(119,012)
(119,012)
81,254
Fund balances brought fon¥ard
1.464,512
1,464,512
1,383258
FUND BAIANCES CARIUED
FORWARD
lJ45,500
la45,500
1,464,512
Page 5

ALL SAIN13 FOUNDATION
ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEKS FOR THE YEAR ENDED 31 DECEMBER2022
BALANCE SHEET AS AT 31 DECEMBER 2022
Notes
2022
2021
DEFfoRS
Total debtors
FIXED ASSET INVESTMEIYTS
Brewin Dolphin
CCLA
804,429
234,897
1,039,326
905,067
258,256
1,163,323
Total fixed asset investments
CURRErfr A&SETS
Deposkt with CCLA
Cash at bank
262,935
10,751
33,208
306,894
9,654
292,255
Deposit with CAF
Total current assets
301,909
LESS: CURRENT LIABILITIES
Creditors (Fee for Independent Examiner)
Net ¢urr¢nt assets
720
720
306,174
301.189
TOTAL ASSETS LESS LtABILITIES
lJ45,500
IA64,512
FUNDS
ACCUMULATED FUIYD
Capital
Income
1,345,500
1,464,512
ACCUTrIULATED Fuf+4D
lJ45,500
1,464,512
These accounts were approved by tbe Trustees on 24 March 2023.
Sir Robert Chot¢, Chairn141k
Page 6

ALL SAirfrs FOUIYDATION
ANNUAL REPORT AND ACCOiTPm OF THE TRUSTEES FOR THE YEAR E[￿ED 31 DECEMBER 2022
NOTES TO THE ACCOUNTS
I ACCOUNTJNG POLICIES
The accounts
The accounts have been prepared under the historic cost convention and in accordance with
suitable accounting standards, except as mentioned below, and the Ststement of Recommend¢d
Practice applicable to chartties preparing their accounts in accordance with FRS 102 and the
Charities Act 2011.
Fixed A￿et Investments
Equity investments are a forni of basic financial Inst￿ment and are initially recognised at their
transaction value and subsequently measured at their fair value as at the balance sheet date using
the market value. The Ststement of Financial Activities includes the net gains and losses arising
on revaluation and disp)sals throughout the year.
The Foundation does not acquire put options, derivatives or other complex financial
instruments.
The Foundation is not currently subject to identifiable financial risk.
Short-temi deposits include cash held on deposit with CCLA in its CBF Church of England
Deposit Fund and cash held at the banks.
ReAliyed galns losges
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised
gains and lo￿¢$ on investments are calculated as the difference between sales proceeds and
their opening carrying value or their purchase value if acquired subsequent to the first day of
the financial year. Unrealised gains and losse5 arc calculated as the difference between the fair
value at the year end and th¢ir carrying value.
Funds
The Foundation was set up by Trust Deed dated l March 1977 and is registered as a charity in
England and Wales (number 273390).
Following the expiry of the first twenty-one years of the trnst. there is no longer power to
accumulate income. and it therefore becomes necessary to distinguish between income and
capital. All covenants, gifts and legacies are treated as capital unless the donor specifies
otherwise. Interest and other investment income are treated as income. All expenditure on grants
and administration is treated as coming out of income to the extent that income is available.
Incoming resources
Donations and legacies
Donations and immediate legacies are recognised as soon as the Trustees are notified of the
Foundation'5 entitlement and the amount due. Reversionary legacies are recognised when the
reversion falls in.
Investment income
Dividends and Interest and any recoverable tax thereon are recognised when due.
Page 7

ALL SAINfs FOUNDATION
Af4NUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE ITAR ENDED 31 DECEMBER 2122
R￿￿re¢S ￿pended
All costs are alliKated between the expenditure categories of the Statement of Financial
Activities on a basis design￿ to reflect the use of th¢ resource. Costs relating to a particular
activity are allocafrd directly.
Grants are recognised when payable within available income. All other costs are re￿gnised
when the relevant liability is incurred.
No remuneration or other material benefits have been paid or are payable directly or indirectly
to any person connected with the Trust (see also nole 10),
2 DONATIONS AND GIFT AID
Donations totalling £460 were received, some of which were eligible for Gift Aid.
In 2022 a Gift Aid claim was submitted in respect of donations re¢eived in 2022. A payment of
£55 was received from HMEiC.
3 LEGACIES
Legacies were ￿ceIved during 2022 as follows:
Estate of Marion Eva Hill
£110
Estste of Mrs Elaine Mary Bullock
Total
£25,000
£25,110
4 INVESTMENT 11¥4COME
The investments with Brewin Dolphin (see note 5 below) Produced a total net income during
the year ended 31 December 2022 of £22,799 (2021.. £21,892). Having transf¢￿ed £250,000 to
its deposit account and opened a bank ac£ount with CAF Bank, tbe Foundation also received
£3,281 in interest on monies held on deposit with CCLA in its CBF Church of England Deposit
Fund (2021: £15) and £20 in interest on the fLmds held in its CAF Bank account. This gives a
total of £26,100.
5 INVESTMENTS
During 2012 a portfolio of shares and investments was received from the estate of the late
Denzil Freeth. The book value upon receipt was £523.307. Since 2012 the Trustees have added
other benefactions to the portfolio.
As at 31 December 2022 the portfolio had a value of £804,429. a decrease of £95.216 before
account is taken of investment management costs of £5,422. This is a total net decrease of
£100,638 (2021: increase of £90.091). Investment management costs are paid from cash held
within the investment portfolio and are not paid from investsn¢nt income generated by that
portfolio.
In August 2021 £250,000 was invested in CCLA'S CBF Church of England Investment Fund.
The investment is tn accumulation shares and thus does not produce investment income. As at
31 December 2021 this investment had a value of £234, 897 (2021.. £258,256). This is a decrease
of £23,359 (2021: increase of £8.256).
The toial losses on investments amount to £118,575 (2021: gains of £103,567).
Page 8

ALL SAINtS FOIJNDATION
ANNUAL REPORT ANDACCOUNTS OF TIIE TRUSTEES FOR THE YL4R Ef4DED31 DECEMBER 2022
6 GRANTS MADE TO THE PCC
Grants made to the PCC:
Grant G125: For work on No. 6 Margaret Street
Total
£46,000
£46,000
7 PAYMENTS FOR LITURGICAL ARTICLES
No payments were made in respect of litwgical articles (2021: payments totalling £11,187).
8 CREDITORS
2022
2021
Independent exarniner
Totsl
720
720
720
720
9 CONTINGENT LIABILITIES AND NONIONTRAcfuAL COMMtTMEIYTS
At 31 December 2022, the Foundation had no contingent liabilities (2021". nil).
The Foundation has non-contractual commitments to the PCC in the sum of £150,tKiO (2021..
£IOO,000). These are in the fonn of: a loan facility of up to £30.0(K) to support the PCC in
short-terni cashflow during 2023. Grant 125 (£66,000) for work on No. 6 Margaret StreeL of
which £46,000 was drawn doMTr in 2022; and Grant Gl19 (£100,000) for works in relation to
the basement of the parish buildings, including the kitchen and water closets, which has not
yet been drawn down. The Trustees have been advised that the cost of the latter project is
likely to be significantly higher.
10 TRUSTEES, REMUNERATION AND EXPENSES
No remuneration or reimbursement of expenses w&8 paid. directly or indirectly. to any
Trustee.
Page 9