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2024-12-31-accounts

Registered Charity No. 273390

ALL SAINTS FOUNDATION

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Contents Pages
Trustees’ Report 1 to 2
Independent Examiner’s Report 3
Statement of Financial activities 4
Balance sheet 5
Notes to the Accounts 6 to 9

ASF report and accounts 2024

ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Administrative information

The All Saints Foundation (“the Foundation”) was set up by Trust Deed dated 1 March 1977. The correspondence address is All Saints’ Vicarage, 7 Margaret Street, London, W1W 8JG.

The Foundation is a charity registered with the Charity Commission of England and Wales under number 273390.

The Trustees who have served from 1 January 2024 until the date of this report are as follows:

The Reverend Dr Peter Anthony (Vicar of All Saints - ex officio ) Miss Catherine Hodgetts (Churchwarden - ex officio ) Mr Huw Pryce (Churchwarden - ex officio ) Mr Christopher Swift (PCC Appointee - ex-officio until 12 May 2024) Mr Richard Everton (PCC Appointee - ex-officio from 12 September 2024) Sir Robert Chote (Appointed with effect from 10 October 2021; reappointed on 26 November 2024 with effect from 10 October 2024 (Chairman 2022 – 2024)) Mrs Ruth Ward (Appointed with effect from 10 October 2021; reappointed on 26 November 2024 with effect from 10 October 2024) Mr Paul Golding (Appointed with effect from 30 June 2022) Mr Alexander Read (Appointed with effect from 24 March 2023)

Structure, governance and management

The Foundation’s trust deed requires that the Trustees use their best endeavours to ensure that the number of Trustees serving at any time shall be no less than nine. The Vicar and two Churchwardens, of the Ecclesiastical Parish of St Marylebone, All Saints’, are ex officio Trustees and the Parochial Church Council (‘the PCC’), registered charity number 1132895, elects one representative Trustee, 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 term of three years and may be re-appointed for a second term, but cease to be Trustees after serving for six consecutive years 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 terms of service.

The trust deed provided that neither the Vicar nor any other Trustee who is a member of the PCC shall be disqualified from joining in the Trustees’ powers and discretions under the trust deed in relation to the Incumbent and PCC.

ASF report and accounts 2024

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ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and Activities

The objects of the Foundation are:

Achievements and Performance

The Trustees met once in person during the year. They approved a series of grants to the PCC totalling £66,879 of which £46,379 was paid in 2024 together with an outstanding £6,434 from a grant agreed in the 2023.

Financial Review

In 2024 the Foundation received legacies of £149,362 (2023: £51,758), donations with gift aid of £365 (2023: £1,266), investment income of £36,630 (2023: £31,965) and the capital value of investments increased by £78,187 (2023: £72,999) before payment of investment management fees The share portfolio had a a market value at 31 December 2024 of £901,909 (2023: £842,688). The investment in equities held with CCLA had a market value at 31 December 2024 of £277,911(2023: £264,413). In 2024 the gross income and increase in value of all investments was £264,544 (2023: £157,988).

As stated above in 2023 the Foundation made grants to the PCC during the year under review totalling £52,812 (2023: £26,200). Governance costs, investment management and bank fees were £6,009 (2023: £5,704). Grants and payments are made from income to the extent that this is available and the rest from capital. No loans were made during the year. Total expenditure in 2024 was £58,821 (2023: £48,704).

The net result for the year was an excess of incoming resources over outgoing resources of £205,723 (2023: 109,284). This amount has been added to the fund balances brought forward giving a year-end total of £1,660,508 (2023: £1,454,785).

As at 31 December 2024, total contingent liabilities of the Foundation stood at nil (2023: nil). Non-contractual commitments to the PCC at the same time stood at £150,500 (2023: £138,200). Of this sum, £100,000 is in respect of the Undercroft project. However, the Trustees have been advised that the cost of the project is likely to be significantly higher. (See note 9.)

Reserves

The Trustees do not have a formal policy concerning reserves and do not formally set aside specific sums as reserves. They do not consider that this 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 consist 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 current and likely future demands on those assets, and (c) the administration costs of the Foundation are minimal.

Approved by the Trustees on 8 May 2025 and signed on their behalf by:

Sir Robert Chote, Chairman 2022-2024

ASF report and accounts 2024

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ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ALL SAINTS FOUNDATION

I report on the accounts of the All Saints Foundation for the year ended 31[st] December 2024, which are set out on pages 4 to 9.

Respective responsibilities of Trustees and Examiner

As Trustees, you are responsible for the preparation of the accounts; you consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention.

Basis of Independent Examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to these matters set out in the statement below.

Independent Examiner’s statement

In connection with my examination, no matter has come to my attention:

Francis Lee Francis Lee & Co.

Chartered Certified Accountants 62 Ainsdale Road London W5 1JX

…… May 2025

ASF report and accounts 2024

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ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 DECEMBER 2024

Notes
Income and endowments
Donations
2
Gift Aid from HMRC
2
Legacies
3
Investment income
4
Expenditure on Raising Funds
Costs of generating voluntary income
Expenditure on Charitable Activities
Investment management fees
5
Grants made to the PCC (for the fabric)
6
Payments for liturgical articles
7
Bank fees
Fee for Independent Examiner
Net income (expenditure) before
investment gains / (losses)
Gains / losses on investments
Net income (expenditure)
Fund balances brought forward
Fund balances carried forward		 2024
Income
£
0
0
0
36,630
36,630
0
36,630
36,630
0
0
0
0

0		 2024
Capital
£
340
25
149,362
0
149,362
0
5,469
16,182
0
60
480
22,191
127,536
78,187
205,723
1,454,785

1,660,508		 2024
Total
£
340
25
149,362
36,630
186,357
0
5,469
52,812
0
60
480
58,821
127,536
78,187
205,723
1,454,785
1,660,508		 2023
Total
£
1,219
47
51,758
31,965
84,989
0
5,224
26,200
16,800
60
420
48,704
36,285
72,999
109,284
1,345,501
1,454,785

ASF report and accounts 2024

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ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

BALANCE SHEET AS AT 31 DECEMBER 2024

Notes
Debtors
Nil
Total debtors
Fixed asset investments
5
Brewin Dolphin
CCLA
Total fixed asset investments
Current assets
Deposit with CCLA
Cash at bank NW
Cash at bank CAF
Tax to be reclaimed
Total current assets
Less: current liabilities
Creditors
8
Net current assets
Total assets less liabilities
Funds
ACCUMULATED FUND
CAPITAL
INCOME
ACCUMULATED FUND		 2024
£
0
0
901,909
277,911
1,179,820
285,766
10,581
184,749
72
481,168
480
480,688
1,660,508
1,660,508
0
1,660,508		 2023
£
0
0
842,688
264,413
1,107,101
271,363
5,770
70,923
47
348,103
420
347,683
1,454,785
1,454,785
0
1,454,785

These accounts were approved by the Trustees on 8 May 2025 and signed on their behalf by

Sir Robert Chote, Chairman 2022-2024

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ASF report and accounts 2024

ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE ACCOUNTS

1 ACCOUNTING 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 Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 and the Charities Act 2011.

Fixed Asset Investments

Equity investments are a form of basic financial instrument 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 Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals 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-term deposits include cash held on deposit either with CCLA in its CBF Church of England Deposit Fund and cash held at the banks.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses 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 losses are calculated as the difference between the fair value at the year end and their carrying value.

Funds

The Foundation was set up by the Trust Deed dated 1 March 1977 and is registered as a charity in England and Wales under registration number 273390.

Following the expiry of the first twenty-one years of the trust, 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’s 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.

Resources expended

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.

Grants are recognised when payable within available income. All other costs are recognised 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 note 9).

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ASF report and accounts 2024

ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

2 DONATIONS

Donations totalling £340 were received, some of which (£100) are eligible for Gift Aid.

In 2024 no claim for Gift Aid claim was submitted in respect of donations received. (2023: £0)

3 LEGACIES

Legacies were received during 2024 as follows:

Estate of Yvonne Harland £3,471 _(Further payment) Estate of Rosemary Harris £106,884 (Further payment)_ Estate of Priscilla Oakeshott £1,000 Estate of Peter Simpson £38,007 Total £149,362*

4 INVESTMENT INCOME

The investments with Brewin Dolphin (see note 5 below) provided an income during the year ended 31 December 2024 of £21,958 (2023: £23,447) paid into the Foundation’s current account. The Foundation also received £14,403 (2023: £8,427) interest on monies held on deposit with CCLA in its CBF Church of England Deposit Fund and £268 (2023: £91) on the funds held in its CAF Bank account. This gives a total of £36,630 (2023: £31,965).

5 INVESTMENTS

During 2012, a portfolio of shares and investments was received from the estate of the late Denzel Freeth. The book value upon receipt was £523,307. Since 2012 the Trustees have added other benefactions to the Portfolio.

As at 31 December 2024, the portfolio held with Brewin Dolphin had a value of £901,909 (2023: £842,689). During the year there was no cash augmentation to the portfolio (2023: nil), There was an increase in value of the investments through realised and unrealised gains of £64,689 (2023: £43,484) before payment of portfolio management fees of £5,469 (2023: £5,224). After payment of investment management fees, the increase in value of existing investments was £59,220 (2023: £38,260). Investment management fees are paid from cash held within transactions and dealing account of the investment portfolio and not from investment income generated by that portfolio.[1]

1 In the report for 2023 the investment management fee of £5,224 was shown as part of the gross income from the portfolio and not the gross investment gain. This anomaly has been corrected in this report where the total income shown for 2023 has been reduced by £5,224 and the investment appreciation has been increased by the same sum. This has made no material difference to the overall figures for 2023 brought forward as expenditure exceeded the (higher) income figure shown in the 2023 report.

ASF report and accounts 2024

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ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

In August 2021 £250,000 was invested in CCLA’s CBF Church of England Investment Fund. The investment is in accumulation shares and thus does not produce investment income. As at 31 December 2023 this investment had a value of £277,911 (2023: £264,412). This is an increase of £13,499 (2023: £29,515).

After payment of investment management fees, the total gains on investments amounted to £72,719 (2023: £67,775).

There is a separate interest bearing deposit account with CCLA as stated above.

6 GRANTS PAID TO THE PCC

Grants paid to the PCC in 2024:

G126: A further £6,434 of a grant of up to £14,400 for further electrical surge protection and arc fault detection devices (G126). £6,200 was paid in 2023. The final cost of the works at £12,634 was £1,766 below the cost previously anticipated. Closed. £6,434 G128: Grant of £3,256 for legal fees in association with historic land proprietorship matter. Agreed and paid in full in 2024. Closed. £3,256 G129: Grant of £45,000 for new boilers and associated flue and pipework adaptation in No 6 and No 8 Margaret Street. Decoration of staircase and other works in No 8. £40,000 of grant paid in 2024. Ongoing. £40,000 G130: Grant of £5,122 for costs associated with launch of American Friends of All Saints and fees over ensuing four years. £3,122 of grant paid in 2024. Ongoing. £3,122 Total £52,812

7 PAYMENTS FOR LITURGICAL ITEMS

None in 2024. (2023: £16,800)

8 INDEPENDENT EXAMINER AND CREDITORS

2024 2023
Independent examiner £480 £420
Total £480 £420

ASF report and accounts 2024

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ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

9 CONTINGENT LIABILITIES AND NON-CONTRACTUAL COMMITMENTS

At 31 December 2024, the Foundation had no contingent liabilities (2023: nil).

The Foundation has non-contractual commitments to the PCC in the sum of £150,500 (2023: £138,200)

Grant Year Grant Paid Predicted
Ref agreed approved future
payment
G119 Undercroft Project 2018 £100,000 £0 £100,000
G127 Choir Stalls, Altar Rails, Church Doors 2023 £30,000 £0 £30,000
G129 Nos 6 and 8 Boilers, No 8 Stairs 2024 £45,000 £40,000 £5,000
G130 Launch of American Friends 2024 £5,122 £3,122 £2,000
G131 New Card Readers and IT Upgrade 2024 £7,500 £0 £7,500
G132 Repair of Nave Seating 2024 £6,000 £0 £6,000
Total £150,500.00

10 TRUSTEES’ REMUNERATION AND EXPENSES

No remuneration or reimbursement of expenses was paid, directly or indirectly, to any Trustee or to any person known to be so.

ASF report and accounts 2024

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