COVENT GARDEN IP LTD
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.
What the accounts disclose
“The charitable company will retain sufficient reserves to cover its operating costs.” — page 8
“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
“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
Structured financials (annual return, FY ending 31/12/2024)
Trustees
- Ashley John Powellchair
- David Robertson
- Michael Kurt Dehner
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 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?
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.