ST MARTIN-IN-THE-FIELDS TRUST (a company limited by guarantee) Registered CharAty Number: 1110406 Company Number: 4986630 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- DECEMBER 2024
St Martin-in-the-Fields Trust Charity Information Trustees and Directots Iel .Idams Daniel Barker Dr "l imothi" Beale lalcohn Buder Ian Hariette Christophe de Taurines Gii"i"ncth w,1MS l.uc)" J.ittlcii"ood Rei. Dr Samuel W'ells Company Secretary Lug titdewood RegAStered Office 5, St hIartin's Place 'I'rafalgar Square London 'C?N 4JJ Prlncipal Bankers National Ix'estininster Bank plc POBox113 C2I-ell House ?2 Ch2ring Cross Road JA)ndon W'C?H OI)D Independent Auditor Hai-sNIac 10 Queen St Place London EC4R 1,1
St Martin-in-the-Fields Trust Trustees, Report for the Year Ended 31st December 2024 'I'hc ttustces prcsent theit rcport and thc auth.tcd financial statcmcnts ol St NIartin-iti-thc-Ficlds 'linst (thc ' l rnsf ) for the )"ear ended 31st December ?0?4. These h2N"e been prepared in accordance Nlith current st2tutory requirements and the Chanties SC)RP (FLS102). 'I'hc ttustces atc vcr! gratcEul to all out supportcrs, ncTr and rcgular donors Nvho h3Trc bccn so gcncrous 04.cr thc pist Vcar. Funds raised bi." the Trust support four kei" areks ol %Ctii'itt" at St Ntartin's: the costs of m2int2ining and running the hisioric site in central l.ondon. supporting mission and mini$-. music iiith an emphasis on l.oung artist deiTelopment and educatioii. And work with homeless itid 1]erable people. In line with these priorities, the trustees approve gr2nts 3t trustee meetings iTrl]ich t2ke p12ce Four times a !"ear. In 2094 we were deh'ghted to report: Incre2se income bi". 300/0 from ?0?3 Raising the necessm" funds to build a new centre for homeless TOMen in -.andsw0rth Submitting thc cxprcssion olintcrcst to thc National Lottcn- Hcritagc Fund For a capital projcct aiming to rcncw and make our historical buddmgs more sustxin2ble and receii.ing a POSitiTr'e response king a record chatitablc contLibution ol L3,770,808 ioNI-ards our partncrs and charitablc projects Thhich is more than double the charitable contributton made in 2n1" i"e2r since the Trust created 2nd 3 times more compared to 20?3. This great eflort ii?s made bi- the organisaiion ro support the mosc 8rringent present needs of the St IKlartin's famili. but also ini-esring in the furure ot the larger organisauon (the renera1 of the Iiericage buildings at St LXIartin ILI the Fields, a massii-e project d-eloped to deal iTrith the Iter ingress, reduciLig the carbon Eootpiint and MaLll the projccts morc su5tainablc). The cost OF tAising Eunds in ?024 Th-as £637,6i9 Th-hich represents 14, income. of the total expenditure and 20 /0 OE the Funding a pilot rcscarch project cxploting altcrnati&-C, 5UStainablc Options for sccunng accommodition Eot pcoplc cxpcriencing homdessncss Liiinching thc "4th Plth initiativc" and oEFcting talcntcd childrcn to hai-c thcir art rccognizcd, admircd and exposed in one of the most iconic N-enues in London Funding thL fLplacemcnt of tsvo th"sablcd-fricndli- bFts nccdcd at St Ilartin in thc Fkclds after thc Lxisting onc fliled to work xnd continued to fund other repairs 41nd ini-estments related to the buil(h"ngs at St Trkntin's Fun(h'ng the complete renovation of the todets and sho..erS used bl people experiencing homelessness here, 2t The Connection at St Th[in in the Fields. in Trafalg2r Square Finances.. The total income For 2024 was £3.089,i89. The Trusi received general donations in the l.ear of £1.171.131' granis of £1.5U,887, lecleS of £136.105. Gifc.lid of £131,860 income OF £70,9?7 receI"ea from inrestment. A total OF £3,570,584 OF grants madc to the PCC Group and Thc Connection at St NIartin in thc Ficlds and on top of this £200,294 wis spent towards the c2PIt21 project lor the reneii"%l of the heritAge bulldings at St NIartin in the Fields. The toial amount of charitable expenses of ?0?4 is £3.770.808. The Team: Two of our most ekperienced team member* left the temn to t2ke on nell" ch2llenges Ind decided to creite 2 new siructure wth a Flead of Nlajor Gifrs, Head of Grancs and Philanthrop!- and Head of Operations supporting the Director and forming the Senior I.eadership Team of ihe organisauon. .{ neil". role iiTas crea(ed to focus on fundraising ei'ents and ve also recruited 2n Indiilldual CJlTr-ing OfFicer to focus on improiing our communication our10sT31 supportets 2nd to incrLase incomc from rcvdat donations. 11 c arc tCcrUitll For a "I rusts ind Foundations Fundraiscr, a Position arc hopeful we Nlqll be xble to 2t the bennIng of neit i"eAr. The new structure of the team ivill bnng more skills and increased support to our projects as we are gearing up to launch a multi million cApital 2ppeal. Yes Campaign 'e hai'e shxred our pllns ath some of our closest supporters and Niith ne.. friends of St TrIartin's 2nd we are grlteful to the ones who decided to join Ihe campaign's Dei-elopmeni Boar offenng their suppori and expertise.
St Martin-in-the-Fields Trust 'e hAN"e filnded And miLiage(L along with our sister charities, 2 fe2sibilitt- stud!" exploring the best Options available to maintain the bUildgS, make thcm morc sustainiblc and maximising thc impact Irc ctcating through thcm. 'Ihe options haN'e been costed and thei. were the foundxtion of our expression ol interest submitted to the National Lotter! Heritige Fund for gr2nt that could bring a sigmfic%nt amount for iNlu"ch are now preparing 2 formal, stage one application. St Martin's House: 'e haire conducted a i"en." det2ded i.alue engmeering and cost optimisation ol the design of the neNI' buil(h"ng 2nd we happTr to report ihat the monei. needed to build the ne1. shelrer has been raised. .Ifcer a tender process and another cost optin]is&tion a COLitr2Ctor has been selecte(L the building conrr2CI LS eNpected to be signed beginning of ?025 work Lxpccted to start in Fcbnian- ?0? j. Individual Givift. The pillars of our communication ivere represented bi- the mailouts ive sent For F.aster and on St AIartin's da!,, updatin£ our supporters and sharing Nlqth diem our Tr-tsion. The Yes C2mpaign h2s been the main i"ehicle 3iid e tried to briLig our supportLrs on boatd with thts gcncrous conccpt. IX c arc 3-crE- proud and gThtcEul lor thc lol-al and constant siipport we receiiTe from our indiN".idual donors. through the Nvebsite. Trust and Foundations: In 2024, the tearn secured £1,544,887, 11-hich represents an incre2se of more than 30,0 comp2red to the prei'ious STeat. 'I'hL largcst gtants NTr-Lre receii-.cd to support thL 18kc!-s projcct and hal'ing a capital project 11,-as dclmitdi, a Factor For this spectacular increase. Il'e are grateful to all the lunders ii.ho hai-e contributed this i".ear. 2 special thank i".ou is due to The Julia Rausing Trust and The Garfield IX eston Foundation. because of the generous grants IlTe are able to starc the building and the shelter to open its doors and ofler 2 much-needed home sooner than Tre thought. Another project that attrxcted significant interest from trusts and foundations was the complete renovation of the showers and toilets at The Connection at St Trlartin in (he Fields. These faciliues are being used b!- hundreds of people experiencing homelessness and we are very- happ!-. that the Trus( il-as able 10 fund this ei(remeli' needed renoi'ation. Events: 20?4 continued io be a busTr" Tr"ear in the F.vents calendar for the Trusr. 11 e held 16 events this l'ear. consisting of IArge-scAle e"entS in our C.rspt, to C.ofFee IK,lornings, Concert receptions and pri"2te dinners. 'I'his }Tcar Th"c halrc held eight Dcs"clopmcnt Board Dinncrs in Sam 11 clls dat to bring togcthcr a groiip of out closest friends who Ire generous, influential 2nd well-connected and are keen to support our N-ision 2nd heart of our Yes, campalgn. C)ur first main event of this Fear was the Simon Russell Beale "ent in June which was a huge success. it generated pledged long-temi support it IN-2s plaTr"ed out on Classic PtsI and Feedb2ck Lxcellent so the! would like to co- organise a scries OE thcse ci.cnts ncxt Tr"cat. BetKi'een 20-24 NIa)' the 18 Kei s Camp2ign Committee staged 2n art eNhibition and $21e of oi-.er l 00 aM.0rks it hi£hlTr accessible pnce points. 11 e musc sai" a huge chanL- l-ou (o Dame sarah Nlullall!- a( the Q)Id Deanery" for hosting a horticultL]r&ll!- tliemed reception For major donors, to raise funds For 18 Kels, for the wdeii at the 18 Ke17S Site. 'I'hc Children's Fifth Plth Launch was widdTr" succcssfid. 11 c had chddrcn's author Onjab" Q RauF spcak and intcrn.icw thc childtcn, all thrcc winners and lamih.cs also all attcndcd. 'Ihc Plth is on th"spla!- in the Lightwcll Eor the rest of 20?4. Il'e 2re planning to do another Ph"nth Launch in October ?l)?- 'e held an ei'eni on l Oth C)ctober to mark 11 orld Flomelessness Dafv. Hosced b!" comedian and improv experc Neil Iiillatkey 2nd N4qth 2 TronderFul performance bTr" A c.hoir 11 ith No LName. the e-ent Ni-,3s plned to 3di-. ocate For pcoplc cxpcriencing homelcssne5s and to cxpind our nctsvork of coOratC donors. 'e ran 2n eTr ent on 20th Noi"ember, called ThIotoivn Christmas Grooi'e. I1th Earth. Ilind 2nd Fire's NIO Pleasure being our hosi. C)ur fundraising ask lor £3) io pJ!- for a coal for a homeless person Ia5 a great success as within the veek we were able 10 bu! 01.er 100 coats from our e- corporaie friends it hIount2in 11 arehouse. 'e Finished the }rear b)" liosting some OF our major donors For drinks receptions before Christm3s concerts. Brand and nattative: 'e continued to ivork iTrith Thomas ShaLP, as our Creatit'e Director on all our ThTitten materi3ls and messAging 2nd in All dcclination of the 'fj'Ls" concept. Onc ol thc most Iportant accomphshmcnt ot thc i-car from a communication point of 'iew was to dei.elop and approi-e our nth- brand guidelines.
St Martin-in-the-Fields Trust 'e statted to deiTelop our website, a new dom2in, 2 platfonn for all our Yes Campaign communication, Ive 3re hApp}' to bc wotLing with Supercool, as our dcN-clopcr and thc ivcbsitc should bc iti hlarch ?0? j. Substack has been selected is our channel for onlme communication. dth'eloping content that aligns iNryth the values of Yes Campaign, trying to create a communiti. of people and ideAs. Cross-site working: LucTr continued to represent the Trust ind Ni"ork 1th the cross-site Executti"e Group. improN ing the communic2tion between the or£anisations in the St h,lartin's familTr-. 'orLiiig together Nviih The c.onnection 2t %t AIartin in the P"ields for the 18Lffl-s project, the shower renoN ation 2nd on the accommodation rcscarch project has bccn Tr-cTh- positii-c and brought thc [-0 teams doscr togcthct. Regular matkcting and evcnts mcctings beCen out team and thc tcam at sNIt'I'FL arc takg placc to cnsutc has'c a common N'oice and are able to identiFI" opportunities and seize them. There are finance meeungs Uiith represencatii-es from the Trusi. shIrrFI. and PCC and our Head of C)perations is perm&nendTr" li&ising Trkith the I lead ot Estsies try.ing to suppori each other US Foundation: .4 B02rd is beiLig forn]ed in the L S and ive are h2pp!- that ive hai e secured the support of 2 dedicated part-tin]e fundr&iser based in orl she is going to help us increase the income in the L'S starting with ?02i. In 2094 we receiired L?6? 140 from the L.S Board for iNhich ive are N'en" grateful. IA>oking forward: One of the main priorities for ?0?5 is going to be preparing 2nd submitting the form21 applic2ti0n for the N2tion21 Lotter! Heritage Fund. This ini'oli'es identifiing ihe besi Trva!"s of i&orking alongside SNttTFT. and PC(" to maintain the fabric of the buildings at St NIarUn in the Fields and conrinue to suppor( the culwral. spiritual and social projeccs here as part of the Trnst's objectives. 'e aim to sh2re our plS th our closest st2keholders and bring them on bo2rd, supporting the l.es Campaign 'e will continue to suppott our t]agship mission projects, I le2rtEdge, Being Ilith, lilternation CJroup and the Nazareth Communitv. The team's g021 for 20?) is to incre2se the unrestricted income. responding to the need coming from our sister charities. Chatity inforniation The Trnst .s registered as a charit!, number I I IIH06. on l ? Jul1- 200) and commenced 2ctivities on l J3nu2ry 2006. Sttucture? governance and management The B02rd 'I'hL Boatd ts madc up ol cght trustCC5 and a Chair. In ?093 thc Chair OF thc Board Nvas hlalco]m Butlct. 'Ihc trnstccs arc also directors of the compan! for the purposes of the Companies .4cr ?(N)6. Il Churchlvatdcn, rcprcscnting thc mcmbcrs OF thc PCC, Nvhich is rcgardcd as a conncctcd chariti, b!. Tr"ite of thc simil2ritTr of its objectii'es 2nd the units of a(hnllll"stration Ivith the PCC. is also a trustee %ppointed independently of the PCC and the charitTr's finanaal actii7lties are therefore not consolidared in(0 the flnancial statements of the PCC. Thc charitt, is administcrcd bTr- thc stafF ol St rntarttn-in-thc-Ficlds "I tust. In ?0?4 thctc iTr(crc nine mcmbcrs of staFE. Thei, report to the trustees NNho met four times during the i"e2r. The Director has been appointed bi." the trustees to manage the da!-to-d21' operations of the chariti.. To fxcth.txte effectii'e operations. authoriti.. for operational matters, including fundraising and flnance. has been deleDied (o the DecIOr.
St Martin-in-the-Fields Trust Two trustees, J2ne Siebels and TrIe12nie LCh, stepped do11] in ?0?4, and Christophe De T3urines announced he Th'ould step doNim 2t the beginning of ?O?i. Two nthv Trustees join the Board in J%nu2n. ?0?5. Fundraising Activity The Trust raises fLmds prim2nlTr through donations and grants from inth"Tr"idu%ls, trusts and foundations and organisitions. The fundrxising is legal. open. honest 2nd respectful. The Trust 2(Iheres to the Code of fundraising Practice and ks registered th the Fundraising Regulaior. Ivhich seis and maintains the standards for charicable fundr&ising iii England, IK'Ales and Northern Ire12nd. It has not receii ed ans- complaints in the !-.e2r in conLiection rrith thL proptieti" OF its Fundraising. In linc Niqth thc Codc ol Fundraising PThcticc. thc 'linst tak-cs into account the needs of in)" donors or potential donors ii.ho mai" be in i'ulnerable circumstances. Trustee induction 2nd training NCNV tnistccs undergo an indiiction to bricl thcrn on thcir le1 oblgations undcr charitt, and compani-. la., thc content of the Iemorxndum and .Irticles of .lssoci2tion and decision-maLLng processes. Thei meet Ley employees and other trustees. Pay Policy for senior staff The dtrectors comprise the Board of Trustees. INith the kei" management personnel of the charitTr' being the Director vho is in charge of running iLid operating the Trust on a d21-_t¢Fd2s- basis. .lll directors giTr-e of their time freel! &nd no director receiiTed remuLieration in the Tr"e2r. Details of directors, eEpenses and related party transactions ate disclosed in notc 7 to thcsc accounts. "Ihc pai- of thc st21F is r-iCi-ed annuall!, b! thc Board of .1 rnstccs. Review of Financial Posltiott and Resetyes Pollcy 'I'hL trnstces hai"c approi.cd a nciv rcscrE"c pohcTr- IN-lll"ch scts thc Ics.d oFunrcsttiCtcd rcscn"c5 to £400L and atc satisficd ith the current financi21 position -en the achievements of the fundraising 2Ctiiiiies. .It the end of ?0?4 the Trust held two resert'e funds, the endoNN"ed fund (made up of Thi-o ini-estmeni funds) and resert e£. The Trust aims co fulfil its chantable objecti&'e to restore and main(ain the building of (he Church and associated buil&ngs in perpetuity.. and holds endOrynent resenTes accordingli-. L'nrestricted reseTh-es are hdd to P2!- for the operating costs of the Trust. In 2016 thc "I rust reccii.cd a loan From thc Iricar's Gcncral Fund to undcThiTitc thcsc opcrating costs is thc fundtaising was getting undern'a}' to iOrk toNTr?rds budding more swfic2nt unrestricted resernes. The Trust makes an annu21 repaTr'ment of £iO,000 of ihis loan. 'I'hc Fricnds OF St NIartins came undcr thc rcmit of thc 'lrust at thc bcgllllllng of 20?? Funds associatcd t The Friends. Nvhich includes ini'estments 1th1n the CCLI portfoh"0 2s Ni"ell as separate banking arrangements, remain under ihe operating remit of The Friends. bur are Ihe responsibilin. of the Trust. Risk Management Statement The trustees recognise their responsibiliTh- for managing nsL and the rruscees and staff rei.iew nsks chroughout the s.eat. The trustees meet regularll" Ind tike adTrTice on all significani issues. The trnstees 2pproi'e the cost p1211s 2nd rLTh-.ILW actual results on a rcgulat basis. StrateC risks arc rcTr"iN.ed bi" thc tmstccs at cach mccting. This work has identified that the kei risks facing the Trust are poor perlorniance of inN-estments le2ding to 2 shortfall in endowed income. falls in the i'alue of the capi(al ini"esre(L failure to reach fundraising targets and changes to the arr&ngen]ents for the fmanciiig of the Trust. These risks are managed through regll12r reTr'ieNITS of ini"LstmLnt pcrlorn]ancL, thc 5CCLltc storage OF donor matcnals, dcar monitoring ol ndraising and b!." Lstabhshing close working relations I1th St IIartin-in-the-Fields' PCC. St Ll12rtin-in-the-fields' Ch2rity.' 2nd the Connection It St artin-in-the-Fields to a£ree Eurure funding arrangements. Trustees, Powers of Investment and Investment Policy The trustees have unrestricted powers of in3'estment. Donated funds not required to meet gr2nts in the next three to five lears are ini'ested. In ?0?4 the Trust held funds iTrith both Couris and CCI.,l ii.ho both acted as ini'estment m&n&gers to m2n2ge the Trust's funds on 2 discretion3n- b2sis in line with 2n 2pproN ed in*'estment polics,- The
St Martin-in-the-Fields Trust trustees ate Advised on iLIITesrment ntters, including strate- and polia", bF an Ini'estment Committee. the committec, on bchalF ol the trustccs, also monitors thc pctlomancc of an!- inTr"cstmcnt managers appointcd. 'Ihc Friends of St NIartin held inN"estments 17Ath CCLI and monitor their trustees monitor their inN"estments. Connected Charities 'I'hc PCC, I"hiCh has charitablc stas, has sigmficant influcncc in thc ippointn]cnt ol trustccs to thc'l rnst and certlin of the trustees 2re 21so members of the PCC. Trans2cttons iiith the PCC 2nd its tr2ding subsith"2n.. SNttTFL are disclosed -here appropriate in these financial siaiemenis. The Trusi also transfers lunds ro %[ hIartin-in-the- ields C.hatity- and to the Connection at Sr h13ttin's NN"hen secured For Ork 1th people experienciiig homelessness and has rLCLlI"cd a loan from thc N'icar's Gcncral Fund. Statement of Trustees, Responsibilities The ttustees (who ate Also directors OF %t Nlartin-in-the-Pields Trust for the purposes of compan!" l&Nv) ate rLsponsible For preparing thc 'l'rnstccs' Rcport and thc financial statCTncnts in iccordancc 1th apph"cablL laNv and United Kingdom ,Iccounting standds (Lnited Kingdom Gener2lli .Iccepted ,Iccounting Pr2cttce.) c.0mpTr. laiTr requires trustees to prep2re fmaLicial st2tements For ch [anCialI-ear -hICh giTr e 2 true and fait view of the state OF tlie 2fFairs OF the charitt- and of the income and expenditure of the ch&ritTr for thit period. In prcparing thLsL fjnancial statcmcnts, thc trnstccs arc rcquircd to.. select suitable 2ccounting poh.cies and then appli- them consistentlN; obseTh e the methods xnd principles in the Charities SORP; makc judgemcnts and cstimatcs that arc reasonablc and prudcnt" state ii"hcthcr apphcable L K ilccounting Standards hal-c bccn Followcd, subject to an!, mat111 dcparturcs disclosed 2nd explained in the FanCIal st2tements- and prepxre the fm2ncial statements on the going concern basis unless it is inappropriate to presume that the charitable compani." continue in business. Statement of Trustees, Responsibilities (continued) The trustees are responsible for Leeping proper accounting records that di%close iNith reasonable 2ccutaa'. at In) time the financial POSiUon OE the chantt" and enable chem io ensure thac the financial scacements complTr th che C.omp&nies .Ict ?1106. The!" are Itso responsible For s2Feguarding the 3ssets of the charin- 2nd hence for t&Ling reAson2ble steps For the preiTeLltion and detection OF Fraud 2nd other irregulart'ties. Public benefit Throughout ?024, the trustees h&i"e worLed in accord2nce iiryth its st2ted ch2ritable purposes of securing Eunding For the long-tcm rcplaccment and maintcnancc progrAmmc for thc buddings OF thc St Ntartin-in-thc-Ficlds sitc, as -cll s support for the charities b2sed at St IKIartin's and their work. In addition. as the legaa." of the covid pandemic has continued the Trust has also raised and disrribuied tunds to ensure Si li lariin's can conunue to operate as a public space. in the heart of I.ondon. These funds are either ini"esred in the permanent endoiiThent or held for more immethate capital projects needed around the site. The site is home to the l)CC. its associated m12geeI]t cotnpany St N(artin-in-thc-Ficlds LllnL"tcd, thc Bishop Ho hIg IX ah ..Issociation Nilll"ch supports the Chmcsc Communih". in London 2nd The Connection at St Lllartll)s li.""ch ivorks to assist homeless people in WTe%tminster. A major element in building ihis endolvmenr is io ensure all chese organisauons have a fit for purpose and sustainable site ta C2rri." oiit their aims 2Lid charitable objectii-es in support of the Trkider communLtt" and to improi'e the qU1t}, OF I"0tL theTr" ate ablc to proi-idc. 'Ihc trustccs confirm that thc!- compl!" Nvith thcir dutt- to havc rcgatd to thc guidance on pubh"c benefit pubh.shed bi" the Charitt" Commission in exercising their poNI".ers and dutie%. Auditors and audlt inforniation Each tnistcc, as at thc date of this tcport, ha5 confirmcd that insolar as thci, arc awe. thcrL is no relci.ant audit information olii"kn"ch thc charitablc COmp-,S auditor is unawatc; and the! hai"c taLcn all stcps that thcTr" ought to hai-c taLcn as a 'l'rnstcc in ordcr to maL-c thcmscli'es awirc of any tclcTr ant audit inFomiation and to cstabh5h that thc charitt-'s auth.tors arc aTrarc OF that infom]ation.
St Martin-in-the-Fields Trust .IpptoN"ed by d]e B02rd of TrL]Stees IAlcolm Buder Chair Datc.. 7 ilpnl ?0?5
St Martin-in-the-Fields Trust INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF ST MARTIN-IN-THE-FIELDS TRUST Opinion We have audited the financial statements of St Martin-in-the-Fields Trust (the'charity.) for the year-ended 31 December 2024 which comprise the Statement of Financial Actiiryties, the Balance Sheet, the Cash Flow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Aeeepted Aecounting Practice). In our opinion, the financial statements: giN'e a true and fair Nieii" of the state of the charity's affairs as at 31 December 2024 and of its loss for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the finaneial statements seetion of our report. We are independent of the charity in aecordance Thith the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to proNide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the tnLStees, use of the going eoneern basis of aceounting in the preparation of the financial statements is appropriate. Based on the work we have perfonlled, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otheTh%ryse explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, ill doing so, Consider M-hether the other information is materially inconsistent with the financial statement or our knoiiledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a mateiial misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfonned, w'e conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
St Martin-in-the-Fields Trust INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF ST MARTIN-IN-THE-FIELDS TRUST (eontinued) Matters on which we are required to report by exception We have nothing to report in respect of the follomryng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: adequate accounting records have not been kept by the charity, or returns adequate for our audit have not been received from branches not lsIted by us" or sufficient accounting records hai'e not been kept" or the eharity finaneial statements are not in agreement with the accounting records and returns. or we have not received all the infornlation and explanations we require for our au Responsibillties of trustees As explained more fully in the trustees, responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that theTr- giNe a true and fair view, and for sueh internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going eoneern and using the going concern basis of aeeounting unless the trustees either intend to liquidate the charity. orto cease operations, or have no realistie alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuranee about whether the financial statements as a m.hole are free from material misstatement, M,hether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are eonsidered material if, indiiidually or in the aggregate, thej could reasonablj be expected to influence the economie decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-eomplianee with laws and regulations. We design proeedures in line th our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The exient to which our procedures are capable of detecting irregularities, including fraud is detailed below:
St Martin-in-the-Fields Trust INDEPENDEKf AUDrroR'S REPORT TO THE MEMBERS OF ST MARTIN.IN-THE-FIEIJ)S TRUST (continued) Explanation as to what extent the audit was considered eapable of detecting irregularities, including fraud. Based on our understanding of the charity and industry, V+'e identified that the principal risk of non-compliance with laws and regulations related to regulatory framework for charities. We also considered those laws and regulations that have a direct impact on the preparation of the finaneial statements such as the Charities Aet, income taxi payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of oi'erride of controls) and determined that the principal risLq were management bias in accounting estimates. Audit proeedures performed by the engagement team included: Inspeeting correspondence Thith tax authorities. Discussions with management including consideration of known or suspected instances of non-compliance Mryth laws and regulation and fraud. Evaluating managetnent's controls designed to prevent and detect irregularities. Identifjqng and testing journals. in particular journal entries posted unusual account combinations) Postings by unusual users or with unusual deseriptions" and Challenging assumptions and judgements made by management in their critical accounting estimates A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at TrThw.frc.or auditorsres onsibilities. This description fonns part of our auditor's report. Because of the inherent limitations of an audit, there is a risk that we Mryll not detect all irregularities, including those leading to a material misstatetnent in the financial statements or non-eomplianee with regulation. This risk increases the more that Compliance Mith a law or regulation is remoi.ed from the eiTents and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involiTes intentional concealment, forgery) collusion, omission or misrepresentation. Use of our report This report is made solely to the chariws trustees, as a body, in accordance with seetion 144 of the Charities Aet 2011 and regulations made under section 154 of that Act. Our audit M'ork has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilit)- to an)"one other than the eharity's trustees as a body for our audit work, for this report, or for the opinions we hai'e formed Adam Halsey (Senior Statutory, Aii(litor) For and on behalf of Haysmac LLP Statutory Auditor io Queen Street Place IA)ndon EC4AR Date: 6 June 2025 10
St Martin-in-the-Fields Trust Statement of Financial Activities for the Year Ended 31st December 2024 UnrestrACted Restricted Designated Endowment Funds Funds Funds Funds Total Funds 2024 Total Funds 2023 Income from: Donations and legacies Investments 861 ?94 2,1?? 690 9,983,984 ? ?57,868 Deposii interest Income From lisred inTr"LStmcnts 34.678 34.678 70,9?7 70,9?7 88,665 Total Income 89i.972 2.193.617 3.089.i89 2,372.995 Expenditure on: Raising Funds: Costs oFraising ITolunt2ry' income Ini-estmeni mAnAgement costs Charitable activities: i70.1 ?4 67.i3i 637,6)9 634,937 14,112 14,11? 13,034 C2pit21 project 2(K),?24 200,224 Grani making ii9.603 2.8i8.i83 l)? 398 3.i70.i84 1,180.171 Total Expenditure 1,1?9,7?7 2,9?6,118 35? 6?? 14,11? 4,4?? 579 1,828,142 Net (Losses) / Gains on Investments 314.780 3?0.419 ?60,900 Net Income / (Expenditute) (233.7))) (726.869) (3 j? 6??) 300.668 (1.012,578) 805,753 Ttansfet between Funds (440.036) (16.133) i66.169 (i 10.000) Net Movement An Funds (673,791) (743.00?) 213.i47 190,668 (1,012,578) 805,753 Tot21 Funds Brought Forward 1,101,009 1,337,864 3,063,9iO 5,502,8?3 4,697,070 Total Funds Carried Forward 4?7 ?18 i94,862 213,i47 3 ?54,618 4,490,?45 i,50?,823 All reCOlSed gains and losses lor the Tr"ear are included in the Srarement of Finanaal ,IctiNiues. The results all relate to continuing activities.
St Martin-in-the-Fields Trust Balance Sheet as at 31st December 2024 2024 2023 Notes Fixed Assets In"estments 3 ?Oi,784 3,0?2,383 Current Assets Dcbtors 94,909 2,8(A,368 169,181 2,5?? 8?4 Cash At bank And in hand 2,959,277 2,692,005 Creditors.. amounts f2lling due within one )Tear io (1.574.816) (61,56)) Net Current Assets 1,384,461 ?,630.440 Crcditots.. amounts Falling due aftcr one year li (i(K).000) (liO,000) Net Assets 4.490,24) i.iO? 823 L'nrestricted Funds Restricted Funds 4?7,?18 i94.862 213.i47 3 ?54,618 1.101,009 1,337.864 DLsignatcd Funds EndoTrTrThent F'unds 14 3,063,950 Net Assets 4.490.?4j i,iO? 893 These finanaal statements haN"e been prepared in accordance iiith the special proi'isions of Parc 15 of the Companies Act 2006 relating to small companies. Approired bTr the Trustees 2nd xuthorised for use Malcolm Butler Trustee Dale:7 _Ipnl 2025 The notes on pages 14 to ?? fonn part of these fmancial statements. 12
St Martin-in-the-Fields Trust Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Cash flows from operating activities (Deficit)/surplus for the fmancial l.ear ,Idjustments tor: InN"estment incomc and intercst (1.01 ? j78) 805.7)3 (IOi,60i) (3?0,41?) (115,1?D (260,900) Losses on investments Dcctcasc/(increasc) in tradc and othcr debtors 74.?71 (40,889) Increase/(decrease) in trade and other creditors I,)13 ?iO (26,687) Sub-total 148,9?6 362.lio Net Cash from investing activities Purchase of investments Sale of inTr estments (2.J"44.282) 2.481,738 (443) IOJ,60i (1,236.026) 1.194.754 29,414 115,127 NloTr"cment in portfolio cash Interest received Sub-total ?4?,618 103.?69 Cash flows from financing activities Repa)'ment 0£ loan (iO.O(M)) (iO,000) Sub-lola/ {iO,O(X)) (iO,000) Net increase/(decrease) in cash and cash equivalents 341.i44 415.419 C2sh and c2sh equivalents at st2rt of }-ear 2.107.405 Cash and cash equivalents at end of the year 2,864,368 2,5?? 8?4 13
St Martin-in-the-Fields Trust Notes to the Financial Statements for the Year Ended 31 December 2024 l. Accounting Policies Company Inforniation st NIArtin-in-the-F'ields Trust is a companTr" limited bl- guarantee 2nd registered in England ]d Ix'ales, registration number 4986630, and a rcgistered charitt- no 1110406. "Ihc rcgtstcrcd oFficc is i St NIartin's Placc, .1 rafalgar Square, London VC2N 4JH. Basis of preparation of fin2nC121 statements 'Ihe Imancial stitemcnts has"c bccn prcparcd in accordancc ivith ..Iccounting and Rcporting b}. Charitics: Statement OE Recommended Pr2ctice Xpplicible to charities preparing their accounts in accord2nce 1th the Financi Reporung %iandard applicable in the UK and Republic of Ireland (FRSIO?) (effecrii-e.January- _ ?Oli) - (Chanties %ORP (FIL%102)), Ihe Finanaal Reporting Siandard applicable in ihe L K and Republic of Ireland (FIL%1 O?) and the ("ompanie8 ,Ict ?006. st LNIattin-in-the-Fields TrL]si meets the deffftition of a public benefii entitt- uiider FILSIO? .Issets 2nd liabilities &re initialli, rccogniscd at historical cost or transaction i-aluc iuacss othcThfftsc statcd in thc rclcN"ant accounting policTr notc. The financi21 statements prepared in sterling (n. The accounts adopt 2 going concern basis iN-hich assume th2t the compan!- Tri-tll continue operate for the Eoresee3ble tc and a minimum pcriod ol ttN"cli-c fftonths from thc ipproi-al ol thc fmancial statcmcnt. 'I'hc 'lrustCLS do not consider th2t there is 2ni- m2terial uncert2inti- in connection iiqth the chariti-'s abth"ti- to operxte on this bisis. Incoming tesources Donations Are credited to the statement ol ftt12ncial acttt-lties ivhen thei- are made as-ai12ble to d]e charitv. Donations indudc the tLlatLd tax cretht %4-hctL appb"cablc. Grants and Icgacics to dic 'linst arc accountcd Fot N4"hcn tLCLLS'cd or as soon 2S the Trust is probxbli.- cert41in of the amount due. Costs of raising voluntary income ll thc costs of taising voluntary incomc rdate to thc chItiblC objcctii-cs of thc Trust. These costs include support costs. 11,ithin support costs. goN-emance costs comprise statutor).. comph.ance costs incluth'ng Ihe costs of auditors and insurance. Grants Grxnt expenditure is recognised further to be 2 grant being 211".2rding bi." the trustees, the commitment being communicated to the recipient and ani" quah'fiing condiiions ot rhe grani being me(. Unrestricted, Restricted, Designated and Endowment Funds Funds which hai"c bccn donatcd for gcncral putposcs iiqthin thc objccts of thc chatitt.. haN"c becn accountLd for as Ui/nJ"t17¢'tedPundJ'. ReJ'fn&'tedPMnkn" are funds iN'kn"ch h%i"e been gl-en to the Trust for a specific purpose iiithin the range of chaniable actiTrities OE %t hlarun-In-che-Fields. DeJ'igiwled fuiidf are funds se( aside bi- the Trustees for the Capital ptoject. FnJowmeMI Fuii&" are Funds which h27-e been gii-en to the Trust or set aside bF the trustees with the iiitention th2t thc FLmds atc ini"cstcd to hclp Eund thc long-tcrm maintcnancc and plant rcplaccmcnt ptogrammc of St l-iti-thc- Fields. Pensions The compans" contributes to the personal pension 2rrdngements of its st2ff. Contributions payable ate charged to the Statcmcnt OF fmanciil acti"ItieS iti thc thu- arc paliblc. Investments InTr"estn]ents Are valued ir market i'alue. It is the Truses policF to keep *-aluations up to date such that TrTrhen investments arc sold thctc is no w or loss atising. ils i rcsul¢ thc Statcmcnt ol Financial .,Ictisitics onl!, includcs those unrLalisLd giins or losses lSing from the rei'alu2ti0n of the ini"estment portfolio throhOUt the }ear. 14
St Martin-in-the-Fields Trust Notes to the Financial Statements for the Year Ended 31 December 2024 2. Donations and I£gacies Utttestricted Restricted Designated EndoThTrnent 2024 2023 Other donations Legac}" income 795,189 136,10) 11??6 1817,879 136,105 ? ?97,868 30,(KH) ? 1??6W) ? 983,984 ? ?57,868 Total Unrestncted Restncted Endoment Total 2025 Oiber doiuhous gac7e 1.410,687 817181 30.000 2,227,868 30,000 1.410,687 847,181 2,2) 7,868 3. Deposit Interest Unrestricted Unrestricted Total Total 2024 2023 Deposit interest 34.678 ?6,46? 4. Income from Listed Investments Total Total Restricted Restricted 2024 2023 Listed inN"estments income 70.9?7 88,665 15
St Martin-in-the-Fields Trust Notes to the Financial Statements for the Year Ended 31 December 2024 5. Raising Funds Unrestricted Re5tsicted Dt5igDated Endov4Tiellt Funds Fund Funds Funds Total filnds Total filnds Cost of raising N oluntAn" income 6",,i35 634,936 Inve5tmEnt Nlanagemellt cost5 14,11• 14.119 13.033 .i3i 6il, (A-,,969 Suppori and governance costs are allocated to cosrs of raising i-olun(an-. tncome. GoNernance included the auditors. ren]uner2tion of £7,9?0 (?023: 0,9?0). TotAI 2025 Unrestncted Restncted Endowment COlS of rll3s3ng voluntllll IHLome 601,938 634,936 13,033 13,033 601.938 13,033 647.969 6. Charitable Activities Unrestrirted Funds Restrirted Funds Designated Funds Total fvnds Total funds 2024 2023 Capital Project Grant5 to PCC of St Martin-in-the-Fields Grant5 to St Martin-in-the-Fields Ltd Grants to St Martin-in-the-Fields Charity Grants to Vicars Relief Fund Grants to Connection at St Martin-in-the-Fields Grants to Bishop Ho Ming Wah Association 200,224 200,224 914,968 581,430 63,161 396,810 157.793 518.158 312.207 63.161 783,418 323,356 55,162 5,0(X) 111,430 1,961.749 3,308 2,8,$83 40,968 2,002,717 3,308 3,770,808 13,235 1,180,171 559.603 352,622 Total 2023 Unrestricted RestrACted Grunts to PCC ofst hgarfiM-iK-Ihe-Fie/d Grants lo St fylartiii-in-the-fielikn liwited 288.i37 3).177 494,881 ?88,179 5j,16? 783.418 3?3,3)6 55,162 5.000 13.?3) GraKfJ' lo rhe Ctsnne¢'lion ai St-'Ilartin-in-Ihe-Trield I raKs]èr o]'FMA i,OtK) 13,?3) 3?8.714 851,4)7 1.180.171 16
St Martin-in-the-Fields Trust Notes to the Financial Statements for the Year Ended 31 December 2024 7. Trustees and Staff Total 2024 Total 2023 Vages 2nd saries social securitF Costs Pension 395.??6 M,628 10,905 ?87,159 31.887 7,039 450,7)8 86.587 326,086 63,157 Agenc! & subcOnCtors i37,345 389 ?4? The ai'erage number of emploiees working on Ihe actii-iues of the Trusi was 8 (?023: 6). None of the truscees receiiTed an}. remuneration or reimbursemen( of eEpenses from (he Trusi in ?0?4 (?0?3: none). The number ot emploTrees hose emoluments amounted to oTh'er £60,000 ILI the !-eariTr-2s 2 (?0?3.. 1). The Trustees hai'e identified ? Le!" NI&nagernent Pcrsonel in thc I-car. 'I'hc emploTr"cc bcncfirs OF thc Lc!- n]anagcmcnt pcrsonncl ol SNII'I'F 'linst TrcrL £17? 100. 8. Fixed Asset Investments Total 2024 Total 2023 Ijsied Ini"estments: l&rLet Value at l January" Ildditions 3,003,7?1 ? 701,i48 ? 344,?84 1 ?36,0?6 ?,481.738) (1,194,77?) 3?0.41? ?60.900 L'nrealised revaluation Ooss)/gai 3,186,679 19,105 3,003,7?1 18,662 Cash hcld as part OF portfolio IKCarket Value at 31 December 3 ?05.784 3,0?2.383 Historic Cost at 31 December 1,96? 939 1,97i,383 17
St Martin-in-the-Fields Trust Notes to the Financial Statements for the Year Ended 31 December 2024 9. Debtors Total 2024 Total 2023 AmoLmts owed bi: the PCC of St ts12rtin-in-the-fields Amounis owed bTr" St Trlartin-In-the-Fields IJmi(ed Trade Debtors CJiFt 2id debtot PrLpaTrmLnts and accrucd income Other debtors 3,212 4.400 6.193 101,484 50,607 3,286 1.118 175 40,7iO 50,46) 94,909 169,181 10. Creditors: Amounts falling due within one year Total 2024 Total 2023 .1 rnde Crcditots iknounts oTh"ed to Cotmcctcd Entitic5 (scc Notcs I l and 16) ,Iccru21s Grants Accrued 6,)64 50,000 8.4iO I,i09.80? 5?,379 7,9?0 I,i74,816 61,)65 .Imounts oTred to c.onnected Entities comprise £30.000 loan From the I'icar's Ciener21 Fund. CJf2ntS Accrued represents the amounts Th"hich has been coiitracted To The c.onnection In relatioii to the St IKI2rtitis I Iouse rcstrlctcd Fund at thc end OF ?0?4 and schcdulcd For palmcnt in ?0?5 11. Creditors: Amounts falling due after one year Total 2024 Total 2023 Amounts owed to Connected Ch2riries ioo,tK)O 150,000 The loan from a connected charitt" refers to The Tr, Icar's General Fund (see Notes 10 and 16). 18
St Martin-in-the-Fields Trust Notes to the Financial Statements for the Year Ended 31 December 2024 12. Restricted Funds Balance at ljan 2024 Transfers/ Balance Income Expenditute Investment 31 Dec 2024 gains Restncted Fund Building C.apitAI I Ieritage ChinLSC CongrLgation Christmis Appeal Friends of St Thlaruns I le2riEdge HomelLSS Music Refugee Ixlelcome Restricted Other Restricted Other: .%IKIITFL .Support St NIartin's Housc Theolog!.. Being NTrith Theology.. Companions of Na7areth The Connection 2t St LKlartins 66,167 119,97i 31,8(K) (14?,407) 31,800 30,1?3 ?8,)04 114.i78 13,666 1?5 54,962 33,431 2?,79) 1?7.767 19,67) (3,308) (57,i63) (20,43? (88,305) (3? j25) (89,059) (16,000) (46,798) (31? ?07) (1,901,ii4) (136,390) (20,i70) (iO,000) 63.?7? 1.611 47) 41.933 10?,088 17.738 i9,834 60?,j9j 178.i91 -H).01 I ?)? 373 1,4i7,i87 ?6.Oi3 10.951 (16,133) 133,496 68,254 3).391 50,0(KI 1,337.864 2.193.617 ? 9?6,118) (10.501) 594,862 Restricted funds are raised bi. Ihe Trust for speafic projec(s of the benefiaan- chanties as set out aboi'e. The main filnds 2re: C2Plt21.. St l12rtin's House - the Trut is fundraising for a c2PIt21 project, a shelter for NN"omen experiencing homelessness in l.ondon. The proiecr ini'oli-es ihe renoi'ation of an eEisting centre and building a nell-, one nexc to it. '"e ate pattnering N4qth The Cotinection ar St tsIarrin in the Pields 2nd this particular fund collects donatioLlS meant for thc projcct. Theolog!.. Being 11 Ith - Being IT ith is a Chn"sti2n enquirers course, designed to help people discoi'er (or rediscoi'er Iheir faith and return to church communities. In Ihis ii-a!-. Being 11 ith aims io help grOT congregations across che LTI< Friends of St Nlartin's - this FLmd includc5 all thc donations raiscd bl- a group ol congrcgation mcmbcrs Clhc Fticnds of St N12rtin's) ini". gain or loss on ini"estment. Building- the Eund collects the income from in endowment made For the church buildings as Nvell as don3tion fron] donots and it is used ro pi!-. Eor maintenance 2Lid repairs of these buildiLigs. Music - these are funds rnised to support the i"ariou music projects at St NIartins inclu(h"ng. Chorll Scholars, St Mlrtin Voices and Si NIartin's N'oices Fellows - The fund supporis (he felloii.ship scheme ii.hich proiides an opporcuniTh' Eor eiglit singers to enjoTr" SiLI intensii"e, focused period OF training iTrith others of 2 similar siand2rd and interests 2Lid is an intLgral part OE the exciting chotal music progratnmc at St ilIartin-iii-thc-Ficlds. Refugee IXlelcome- the fund has been created 10 suppor( refugees coming 10 (he L'K. especiall! Ukrainian refugees initially. Homeless - thc fLd is mcant to Fund projcct5 targctcd to support homclcssncss ptojccts. Other Restricted filnds consist OF ArchiN e, Capital Infr2Strncture, N2z2reth Community and Sund&}. Internation31 Gtoiip. Other Restricted . SNtITFL Support. one off fund yfted as restricted funds to the PCC subsidi2n' %[ Martin-in-the-Fields ljmiied. in suppor( of the PCC'S chanrable acriiiries and income-generating actiiryties, and also in line with the iTrishes OF the Trusr's donors. 19
St Martin-in-the-Fields Trust Notes to the Financial Statements for the Year Ended 31 December 2024 12. Restricted Funds (continued) Balance at Balance Ttansfets 31 Dec 2023 ljan 2023 Income Expenditure Restricted Pund Building ChinLSC Congrcgation Christmis Appeal Friends of St Thlaruns I le2riEdge HomelLSS Music Refugee Ixlelcome Restricted Other st NIartin's I louse 'IheologTr": Bcing NTrith Theolog!.. Comp2nions of N2£areth Theology and Ill orship 138,358 1?3 88,665 46,)43 ?6.698 33.)07 104,389 i7) 31.010 (210,8i6) (13,?35) (5i,16? (16,969) (147.681) 50,1J)O 66,167 33,431 ??,795 1?7.767 19,675 111 ??9 6?,967 31,600 109,411 47.183 ?60.38i 36? ?77 ?,431 ?8,49) (38,333) (1,90)) ?)9,19? (11,6?4) (91,073) (20,000) (18,4?6) 10?,088 4).278 77.)71 60? j95 178,i91 ?9,731 76.378 ?jl,94? ?67,?33 1,??4,144 948,176 (884,4i6) 50.000 1,337,864 13. Designated Funds Balance at l Jan 2024 Balance Transfers 31 Dec 2024 Income Expenditure C2Plt21 Cimpiign Fund (3i2,6??) 566.169 213,i47 'I'hc dcswiated Eund atc donations tccciTr"cd Eot capital projcct lot thc ren7<1 of thc hcritagc buildgS 3t St Martin in thc Fields. These donations were transFerred from unrestricted funds carried lorw2rd from ?02). 14. Endowment Funds Bglaftce at ljan 2024 Unreolised Gain Transler Balance at 31 Dec 24 Income Expenditure Endowmcnt Fund 3,063,9iO (iio,(th) 3,2>1,618 As at the i".ekr end, the endolment funds Ni"ere held as follows: Total 2024 Total 2023 C2t21vst EYpend2ble (to be held unttl ?037) F.xpendable 3 ?54.618 2,953,950 i 10.000 3 ?54,618 3,063,950 20
St Martin-in-the-Fields Trust Notes to the Financial Statements for the Year Ended 31 December 2024 14. Endowment Funds (continued) Putpose of Endowmettt Funds Onc OF thc objccts OF thc "I'mst is thc ad&"anccmcnt ol the Chn"stian rclw.on for thc pubb'c bcncfit bsT thc rcpait, MaIntenCe and improi"ement of the Church of St lartIn-ln-the-FielaS (the "Church,) 2nd 2ll other properties in the Church and such other buildings as mai" be used for ii-orship b!" Ihe PCC of the F.cclesiastical Parish of %t l&rtin-in-the-Pields, so that the c.hurch and such other buildings can contiiiue to be used for religious Tr&orship. The Endolvment F'und represents FuLids r2ised b!" the Trusi, or set 2side bi- the trustees, -hICh 2re ini'ested I1th thc intLntion that incomL from such ini-csttncnt bc uscd lor tkn"s chAritablc PuoSe. 'Ihc cxpcndablc portion of the Endowment fund Ni-ould be utsh'sed at the discretion of the trustees lor the s2me charitable purpose. In line with the tenns of the Hentage IA)ttery" Fund cali-S[ Granr. £2m (plus an!, capi(al appreciauon on ini'ested sums) OF the endOThellt Funds ivill be maintained as 2 capital fund until ?037. Balance at ljan 2023 Unrealised Balance at gain 31 Dec 2023 Income Expenditure J03vmeRt 2,828.414 (13.033) 248,i70 3,063,9iO 15. Analvsis of Net Assets between Funds Untestricted Funds Restricted Designated Endowment Funds Funds Funds 2024 Total Ini'estment Assets 101.089 ?.003.i7i (1,509.80?) 3,104,695 149.923 3,205,784 2.9i9,277 (1,574,816) Current Asseis Current Li2bilities I.ong-tenn Liabilities j9? ?32 (6i.014) 213,i47 (ioo,000) (ioo,000) 4?7,?18 i94,862 213,i47 3,?j4,618 4,490,245 Unrestrjcted Funds Restncted Funds EndoTvment Funds 2025 Total IniJe.flment AsJ8t C#rrenlAI'sels 3.0?? 383 41.566 3.0?? 383 2.69? OO) (61,i65) (150,000) 1.31? j7) (61,i6i) (l iO,fflO) 1.337,864 I,ioi.oio 1,337,864 3,063,949 5,50? 823 21
St Martin-in-the-Fields Trust 16. Re12ted Party Transactions TiTro of the trustees of the Trust 2re members of the PCC of St J12rtin-in-the-Fields. Grants paid to the PCC in ?024 were LTI 3.968 (2023.. £783.418). The PCC ONed the Trust £?.401 at the 20?4 1:e%r-end (?023.' £1 ?40). Two of the trustees of the Trusr 3re persons iiith Si11ficant control oi-er St N12rtin-in-the-Pidds LAmited (the trading subsidian- OF thc PCC). Grants paid to St btartin-in-thc-Ficlds Limitcd in ?094 TCre £581,430 (2023: £323,356). In ?024 St IKlxrtin-in-the-Fields Lllted recharged to the Trust st2ff costs of £4iO.7i8 (?023: £3?6.(186) and other management charges £36.000 (2023.. £27.886). ,It the ?0?4 1-ear-en(L St NIarun-in-Ihe-Fields I.imiced owed the Trust £4,?11 (2023: 4,4(MJ). Onc OF thc tmstccs OF thc St Nlartin-in-thc-Ficlds "I rust ts A trustcc ol'lhc ITicar's Gcncral Fund, which has proN"ided 2n interest Free loan to the Trust of LiOO.O(M) i1."ch has been lulll dr2NNm do1. The loan is repiyable at ?017. Il-hich is disclosed iiichin Noce i n, being "Creditors: .4mounts a raie of £50,000 per Tr-ear from 1st Januan- _ Falling due within one Tr-ear", and note I I, being "Crediiors: .kniounts f2lliLig due 2fter one l-ear" The Trust has one Trustee in common Nwith the St Nlartin-in-the-Fields Charih." which also includes the ITicar's Relief Fund. Qirants to the St fvIarun-In-the-Fields ChariTh" and I'icar's Relief Fund ere £i,000 (?023.' £i.000). C.hristm2s .4ppe21 don2tioLlS li.ere receiTr-ed b!- the Trust OF £63,?7? (?023: L?6,698). Li? 563 was tr2iisferred to the Ch2ritt- OF N4,hich L?? 795 related ro ?023 donarioiis and CJiFt.lid. The 2mount rem3ii]iiig to be transferred at end o120?4 is £?8,i04 (sLe notc l?). The Trust has one Trusiee in common I[h che Connecuon ac Si ilIarun-in-che-Fields. Grants to the Conneccion at St NIattin-in-the-Pields which incoOrIteS St Thlartins I louse 7S £2,00? 717(?0?3". £Nil). 22