2024-03-31-accounts

OLD ROYAL NAVAL COLLEGE CHAPEL FUND

TRUSTEES’ ANNUAL REPORT 2023/2024

This is the Annual Report of the Trustees of the Old Royal Naval College Chapel Fund (“the Chapel Fund”) for the year ending 31 March 2024.

The Chapel Fund’s registered charity number is 1073436 and its address is The Old Royal Naval College Chapel, Greenwich, London SE10 9LW.

The current Trustees are as follows:

Sir Nicolas Bevan CB Chairman Mr Giles Segal Treasurer Mr Robert Henderson Mr Howard Jones Rev Dr Robert Tobin Mrs Catherine Steer

During the period covered by the report Mrs Marjorie Ouvry served as a Trustee until 31 January 2024 in the place of Mrs Steer.

The Chapel Fund is a charitable trust established by a Trust Deed dated 22 November 1998. Five of the Trustees are appointed by the Chaplaincy Council of the Old Royal Naval College Chapel for a renewable term of 4 years; the sixth Trustee is the Chaplain of the Old Royal Naval College Chapel ex officio .

The objects of the Chapel Fund are

1. To contribute towards the costs of maintaining religious services and music in the Chapel in accordance with the policy and established procedures of the Chaplaincy Council;

2. To make donations for charitable purposes in accordance with the policy and established procedures of the Chaplaincy Council.

During the period covered by the Annual Report the Chapel Fund contributed about £28,520 towards the costs of maintaining religious services and £9,600 towards the costs of maintaining music in the Chapel. The Fund also donated £10,875 to the Diocese of Southwark to help meet Church overheads and made donations totalling £10,635 for other charitable purposes. In exercising their duties the Trustees have had regard to the guidance issued by the Charity Commission on public benefit.

The principal source of the Chapel Fund’s regular income derives from donations made by members of the congregation. During 2023/2024 both regular congregational income and the level of one-off donations have shown a

modest increase; this increase has been supplemented by a significant level of interest from the COIF Charities Deposit Fund as a result of increases in the interest rates now available. At the same time Chapel expenditure has fallen away a little, with the net result of a 10% increase in the Fund balance at the end of the year. The Trustees regard the present level of reserves as satisfactory, providing scope to meet the likely demands on the Chapel Fund in the near future. They will nevertheless continue to keep a close eye on the financial health of the Fund .

In the course of the year the Trustees have approved a policy on safeguarding and they have reviewed and, with amendments where appropriate, confirmed the validity of their written policies on complaints, conflict of interest, data protection, health and safety, management of volunteers, reserves and investments and risk management; they have also satisfied themselves that their internal financial control procedures remain appropriate. Risk management is of particular importance and the Trustees are satisfied that the risks facing the Fund have been correctly identified and that appropriate procedures and arrangements (including insurance) are in place to minimise those risks or mitigate their effects.

The Chapel Fund has no long-term commitments, though some funds are committed for up to a year ahead. Much of the Fund’s expenditure automatically varies in accordance with income or can readily be adapted to changes in income. There is therefore no pressing requirement to retain a high level of reserves, though as a matter of good practice the Trustees expect to retain at least sufficient cash to meet an average of 4 months’ day-to-day expenditure, judged on a historical basis. At 31 March 2024 this objective was fully met.

The Trustees declare that they have approved this Annual Report.

Signed on behalf of the Chapel Fund Trustees

Sir Nicolas Bevan (Chairman of the Trustees)

1 June 2024

Treasurer's Report The Old Royal Naval College Chapel Fund Fund balance as at 31 March 2024

Assets TSB Account COIF Charities Deposit Account Cash Gift Aid Tax repayment due Total Assets Liabilities Outstanding charity donations (Feb-Mar) Diocesan contribution Music expenditure from Greaves bequest Total Liabilities Balance	31 March 2024 31 March 2023 9,537 57,165 52,307 222
	61,843 57,387 10,603 9,526
	72,446 66,913 1,440 1,735 9,000 7,875 725 1,228
	11,165 10,838
	61,281 56,075

Treasurer's Report The Old Royal Naval College Chapel Fund Income and Expenditure: 1 April 2023 - 31 March 2024

Income Coffee/tea collections Collections Standing order donations One off donations Other donations GA HMRC Tax Refund (2022-23) Charity box Choir supper and Carol service Harvest Lunch Bake & Craft Sales Coronation Lunch COIF interest Total Income Expenditure Greenwich Foundation Diocesan contribution Charitable donations Chapel Supplies Subscriptions Printing Flowers Chaplain's expenses Chapel secretary ULEZ Organist Music contribution Christmas tree Choir supper and carol service Insurance Contactless Transaction Fees Total Expenditure Income in excess of Expenditure
	1,698
	14,497
	25,627
	7,624
	1,192
	9,526
	853
	1,813
	285
	1,058
	192
	2,084
	66,449
	21,200
	10,875
	10,635
	629
	60
	1,533
	156
	1,561
	1,199
	1,313
	6,100
	3,506
	508
	2,335
	362
	22
	61,993
	4,455

Treasurer's Report Old Royal Naval College Chapel Fund

Charitable donations: 1 April 2023 - 31 March 2024

Charities of the Month South London Refugee Association (Apr) Royal Navy & Royal Marines Charity (May) St Alfege School Food Bank (Jun) Trinity Laban Hardship Fund (Jul) Embrace (Aug) Thames Reach (Sep) 51st Royal Greenwich Sea Scouts (Oct) Royal British Legion (Nov) 999 Club (Dec) Richard House (Carol Service Charity) Greenwich, Deptford and Rotherhithe Sea Cadets Unit (Jan) St Christopher's Hospice (Feb) Bishop's Lent Call (Mar) Other Charitable Donations British Red Cross Morocco appeal Christian Aid Libya appeal Greenwich Foodbank Total Charitable Donations	550 560 500 570 500 500 515 1,045 610 1,000 650 640 800
	8,440 500 500 900
	1,900
	10,340

Sir Nicolas Bevan Mr. Giles Segal Chairman of Trustees Treasurer

Notes

Rounding

In line with the Charity Commission’s current guidance, all figures have been rounded to the nearest pound. As a result, the sum of individual items may not fully reconcile with the totals

Independent Examiner’s Report to the Trustees of the Old Royal Naval College Chapel Fund

I report to the Trustees on my examination of the accounts of The Old Royal Naval College Chapel Fund for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity Trustees of the Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Fund’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. Accounting records were not kept in respect of the Fund as required by section 130 of the Act; or

2. The accounts do not accord with those records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Mick Wood

Name: Michael Wood Address: 66 Leysdown Road, Mottingham, London SE9 3NB Date: 16[th] November 2024