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COVENT GARDEN IP LTD

Registered charity 1185976 · accounts filings on the Charity Commission register

To promote and further the religious and other charitable work of The Church of Jesus Christ of Latter-day Saints in the United Kingdom and elsewhere.

Causes: Religious Activities · Grant history (this charity is a funder) · Get email alerts

Latest income
£5.4m
Latest spending
£1.9m
Registered
2019
Accounts read
FY2024

Financial health, per its FY2024 accounts

The accounts state that the charity holds significant unrestricted reserves of £155,367,055, including £151.3m in investment property, with free reserves excluding property at £4,067,055. Per the trustees' report, the charity has no debt and the shareholder has guaranteed future financial support, ensuring no material uncertainties about its ability to continue as a going concern.

Automated summary of the FY2024 accounts; the evidenced findings below carry the verbatim passages.

What the accounts disclose

Reserves policy: sufficient reserves to cover its operating costs (held: £4.1m)
“The charitable company will retain sufficient reserves to cover its operating costs.” — page 8
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Grant received from related party
“Covent Garden IP Ltd received a grant of £Nil (2023: £75,030,379) from The Church of Jesus Christ of Latter-day Saints (Great Britain) during the year.” — page 29
“Covent Garden IP Ltd and GB entered into a lease agreement for the meetinghouse space on 1 June 2024. The lease terms included 12 months of free rent. Included in the financial statements is related party rental income of £224,682 for 2024.” — page 29
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Lease with related party
“Covent Garden IP Ltd received a grant of £Nil (2023: £75,030,379) from The Church of Jesus Christ of Latter-day Saints (Great Britain) during the year.” — page 29
“Covent Garden IP Ltd and GB entered into a lease agreement for the meetinghouse space on 1 June 2024. The lease terms included 12 months of free rent. Included in the financial statements is related party rental income of £224,682 for 2024.” — page 29
Per its FY2024 accounts as filed with the Charity Commission.

Accounts audited by Grant Thornton UK LLP. Discloses 4 of 6 completeness components.

Property (HM Land Registry)

2 registered titles in England and Wales held by the charity’s company or corporate body (2 freehold); recorded price paid £103.0m. All charity-held property. Contains HM Land Registry data © Crown copyright, OGL v3.0.

Structured financials (annual return, FY ending 31/12/2024)

Total income
£5.4m
Total spending
£1.9m
Cost of raising funds
£1.9m
Reserves (reported)
£155.4m
Employees
0

Per its annual return, largest income source: Investments (100% of income) — components as reported reconcile to the return’s total income; not from the accounts narrative.

Per its annual return, cost of raising funds: 35.9% of total income — above the 90th percentile for charities its size (median 5.2%) (benchmarks).

Trustees · trustee networks

Trustee list from the Charity Commission register (current, not historical).

Operates in: Throughout England And Wales

Income and spending

Financial year endIncomeSpending
31/12/2024£5.4m£1.9m
31/12/2023£78.8m£1.6m
31/12/2022£5.0m£2.0m
31/12/2021£5.6m£3.8m
31/12/2020£110.2m£1.4m

Common questions

Is COVENT GARDEN IP LTD financially healthy?

Per its FY2024 accounts: The accounts state that the charity holds significant unrestricted reserves of £155,367,055, including £151.3m in investment property, with free reserves excluding property at £4,067,055. Per the trustees' report, the charity has no debt and the shareholder has guaranteed future financial support, ensuring no material uncertainties about its ability to continue as a going concern. Its FY2024 accounts were audited by Grant Thornton UK LLP.

Charities like this

Semantically similar by activities and financial character, from our analysed corpus. Compare with THE CHURCH OF JESUS CHRIST OF LATTER-DAY SAINTS (GREAT BRITAIN).

Side by side with its peers

CharityIncomeTop pay bandStaff >£60kReserves vs policyFundraising costGoing concern
COVENT GARDEN IP LTD£5.4m—0unclear—no doubt
THE CHURCH OF JESUS CHRIST OF LATTER-DAY SAINTS (GREAT BRITAIN) FY2024£87.8m——unclear—no doubt
FARMLAND RESERVE UK LIMITED FY2024£57.9m£160,001 - £170,000—above—no doubt
BRIGHAM YOUNG UNIVERSITY LIMITED FY2024£1.3m——unclear—no doubt
REDEEMED CHRISTIAN CHURCH OF GOD ("RCCG") GARDEN OF THE LORD FY2025£144k—0below—no doubt
CITY CHURCH COVENTRY FY2025£190k—0unclear—no doubt

Each row is that charity’s latest analysed filing; every value is quote-backed on its own page.