Charfty registratlon number 1168717 (England and Wales> ST. CLEMENT DANES CHURCH FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ST. CLEMENT DANES CHURCH FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Air Vice-marshal Al Gillespie - Chairman Mrs D Palman Mrs C Ople Prof M Russell-weslhead The Venerable (Air Vice Marshal) G Legood Group Caplain John Helheringlon Group Captain Jon Hough Appolnted November 2023 Prlnclpal Officers Flight Lieulenanl Elli8 Hinks- Secretary Flight Lieutenant Dave France - Treasurer Charlty number 1168717 Reglslered off1¢6 Sl. Clement Oanes Church The Strand WC2R 1DH Audltor BK Plus Audit Limited Oakingham House Frederick Place Hlgh Wycombe HP11 1JU Bank8rs Holts Mililary Banking The Royal Bank of Scotland plc Lawrle House Victoria Road Farnborough GU14 7NR Investment Managers Ralhbones Wealth & Ir)veslm8nl Management 30 Gresham Street London EC2V 7QN
ST. CLEMENT DANES CHURCH FUND CONTENTS Page Truste8s' report Independent audrtor's report Slalemenl of financial activities 10-11 Balance sheet 12 Notes lo the financial statements 13-23
ST. CLEMENT DANES CHURCH FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trusle8s present their report and the audited financial slatemenls for Ihe year ended 31 March 2024, The financial statements have been prepared in accordance with the accounling pollcies sat out in note 110 thé financial sla18menls and comply with the Fund's charitable scheme, applicable law and Ihe requiremenls of the Declaration of Tnjst dated 12 July 1956, the Slalement of Recomm8nd8d Praclice appliG9bl8 to charities preparing Ihelr accounts in accordance with the Financial Reporting Standard applicable In Ihe UK Republlc of Iraland issued in July 2014. History Sl Clement Danas Church was destroyed by fire in May 1941 and rebuilt, largely by public subscription, In 1958. Thé church was re-consecraled on 19 October 1958 as the Central Church of the Royal Air Force. The Dlocese of London delegaled authority lo the Alr CoyncS1 (now Ihe Air Force Board) to maké use ol the Church, al no fee to the Air Council, subject lo the agreement that Ihe Air Council shall be wholly responsible for th8 repalr and malnlenance and insurance of thè Church (Including the curtilage IhereoQ and Ils fittlngs and Jnlenls and performance of seNice8 and CA8remonies therein., Legal Status The Sl Clement Danes Fund. registered charity number 250350 was superseded by CIO n8med Sl Clement Danes Church Fund {'Ihe Fund,), registered charliy number 1168717 on 1 Aprll 2018. The charity remalns gov8rn8d under th8 lemis of the following documenls: Agreemenl made beeen the London Diocesan Fund and Ihe Air Council dated 20 October 1958,. The D8claralion of Tnjsl dated 12 July 1956 and Ihe Charity Commission Scheme daled 27 May 1994 as amended 1997, 1998, 2004, 2006 and 2016. Govérnance The Fund Scheme determines that the Trustee Body cnnslsls of ex-offiao trustees and up to eight Co-opted Iruslees. The two ex-offlcio Iruslees at Ihe lime of Ihese annual aCCunIS held the followlng positions.. Chaplain-ln-chief (RAF) Chairman of Ihe Friends of St Clement Danes (temporarily gapped) The Fund Scheme requires Trustees lo meet al least twice per year wilh e quorum b8ing achleved wllh thre8 members. An independent investment advtser allends meetings lo provide Truslees wilh the specialist information Ih8y require lo judge past Portfolio performance and lo plan lulura investment slralegy. The Trustees are also supported by the Chaplalncy Councll, which provides Ihe slru¢lure and gov8rnance for th8 day-to4lay running of the Church. Meelings were ch8ired Ihroughoul the financial year In queslion by ihe Chalrman, Air Vice Marshal Al Gillesple, lo disciiss the strategic direclion of tha maintenance and inyrovemenl of Ihe fabric and facilities of the Church Including: investment performance. Ihe manag8ment of risk: fundraislng: and cxjmprehenslve updates from Church management with regards lo mallers of the moment. In addition. wh6r8 appropriate. mallets are also dealt with by Trustees ex-commitlee to ensure conlinuity of governance. The Trustees have constituted a Flnance Committee and an Estate Commlllee for whlch they have set clear lerms of reference and from which Ihey receive regul8r reports on their activilies. The Flnance Commlttee Trustees d61egale the oversight of all finanal op8ralions and for ensuting the Fund's short and long-lem wability lo Ihe Finance Committoe. The Finance Commtttee meels at least biannually lo implement the financlal slralegy of the Fund and lo oversee the menagement, investm8nl and disbursement of this strategy within the conslilution of the Fund.
ST. CLEMENT DANES CHURCH FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Thè Estata Commlttee The Church, listed Grade1 by Historic England. was rebLJlll In 1682 to a design by Sir Chrlslophar Wr8n with the steepl8 added in 1719 by James Gibb. In order to meel the obligatlons sel by Ihe Dloces8 of London. the Twstees delegate tha oversight of Ihe repalr, m8ln16nance, Improvement, health & safety and other statutory compliance of the Church Including Ils curtllage lo the Eslale Committee. 11 achieves this by commissioning quinquennial inspeclions and other suNeys by approprlale Independent professlonal nsUltanIS lo inform and priorillse proactiv6 planned malntenance and repair. This process also helps idenlify slruclural or operalional defidenclés allowing more focused financial budgeting. An example being the Tru51ees decision to obtain advice, quolalion5 and Faculty consent for taking down and rebuilding the stéeplé to ramedy defects In Ihe existing conslruclion and miligale further damaga and health & safety risks. With fundlng secured in April 2024. this project Is now underway th completion anlicipaled by Chrislmas 2025. There may also be sufficienl finds lo make urgent repairs lo the curtilaga and Ihe Iruslees have invited lenders for thls work to polenlially be completed concurrence wlh the repairs to the splre. Th8 Truslees have future plans for Improving the facililies of Ihe Church by excavating and expanding the Crypt at th6 easlem end subject to the necessary approvals and funding. A workshop lo develop the fea51tlIty and brief was held in Dec8mber 2022 faci1Slaled by ihe Prince's Foundation. Thls followed invasive Internal and external investigation works carried out under Facully wlh professlonal supeNision and a walchlng brief by the Museum of London Archaeologlcal Servlc8 to assess Ihe vlabilily of Ihe projecl. The Truslees have be8n working closely with Weslmlnsler City Counal and the Northbank Business Improvement Dislricl (BID) Project Team Involved with the pedeslrianisation anrj Iraffic management changes lo the Aldwychlslrand area of which Ihe Church forms part. The Estate Committee meet at leasl biannualty and as required where major projects are proposed. Connected Charltles Induction and Tralnlng of Trustees All new Trustees recelve an Inducllon pack that covers the Chariiy Commission's requlremenls (Includlng annual reports & finanaal slalements. minutes of meelings and slralegic developmenubusiness plans). Twslees are invited lo allend trainlng cours8s and, as a minimum. are recommended lo allend the Trustee Tralnlng Course. The course covers the following subjécts., What Is Involved in good governance in relalion lo Trustee responslbllllies,. The role of Trustees 8nd Ihelr duties. Information needs of Trustees; Underslanding charily financo; Relationshlp bètween Trustees and Ihe Chalr. Futlher Iruslee Iraining is provided as required, on an on-golng basis. Statement of Rlsk The Trustees review Ihe major risks lacing the Fund as part ol Ihe annual busSness plannlng process. The Truslees continue to work lo idenlify si9nificant risks to the Fund and to implemenl prorEdures to th miligale rlsk and to minimise polenllal impa¢t should risks materialise. Top 3 rlsks ara.. l. Lack of available funding lo complete required maintenanc£ of Ihe Church whilst maintaining the longer- lemi future of the Fund. Mltlgatlon - Trustees review capital requiremenls and obtain exlemal advice lo ensure appropriate fundraising strategy employed as necessary. Sufficient reseNes agreed and maintained wtlhin Fund lo ensure wre expendilure requirements continue lo be athieved. Engagement wilh Ihe Royal Air Force where safety-crilical works are required will continue as nécéssary.
ST. CLEMENT DANES CHURCH FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2, In¢nme Is inadequate for regular commilmenls. Mltlgatlon - Scwllny of budget by Finance Commltle8 31 least biannually lo identify potential income shortfalls & adjust accordingly. Fixed agenda item for Tw51ees' Meèllng. Raviaw of Inveslmeni performance by Finance Commitlee and Independenl Financial Advisor annually. Engagemenl wlh the Royal Alr Forts to réviéw th8 governan structure and potential grants to support the day-loaY costs of running the Church 3. Loss of Trusleestrruslee Board lacking in appropriale expertise. Mltlgallon Tnjslee induclion and ongoing training. Review of trustee rolalion and SUeLésslon planning. Competence framework for Commillee and Board. The Trustees are sallsfied Ihat the arrangements for managing these risks are adequate and sublecl to sufficiènlly rigorous monitoring and control. The Fund operates systems of Internal control whith are deslgned lo provide reasonable assurance against material misstalemenl or loss. They include: An annual operaling budget which is approved and revlewed by th8 Trustees; Regular consideration by the Trustees of financial results against Ihe budget and olher Indicators; Regular consideration by the Trustees of Inveslm8nl Management results againsl benchmarks.. Delegation of day-loday management authority and segregatn of duties. Statement of Publlc Benefit Sl Clement Danes provides a benefit to the public, Ihe Royal Air Force p8rsonnel, families and veterans wilh the necessary spiritual and pastoral wellbelng to carry oul Ihe Royal Air Force rA)ntribulion lo the Defence ol the United Kingdom and ils interests. Sl Clement Danes promotes military efflencY by underpinning esprit de rpS and foslering the character, spiril and allllude requlred lo fac8 challenges and dang8r associaled with mi1118ry S8NiC8. As a result, Ihe Fund derlves a benefit lo the general public In helping lo provlde personn81 who are molivated. have hlgh mor816 and are willing lo seNe the needs of their country and that of ils public. al all limes. St Clemenl Dane8 is a nallonal Memorial of Remembrance, houslng the unlque handwrillen Books of Remembrance whlch record Ihe names of all service personnel who have paid the supreme sacrifice since the formallon of The Royal FFying Corps In 1912. These books are on publ1¢ dlsplay for all to vlew and pay thelr r8SP8c18 to Ihe fallen. As a pr8mSar example of a Grade I listed Sir Chrislopher Wren Church, the church is open every day except Bank Holidays, lo enable Ihe public to learn Ihe history and heritage of Wren's archileclure, London's hlstory and the history of the Royal Air Force. The church is open lo all for private prayer. conlemplalion and also holds regular servÉces three Ilmes per week. Wh8n planning the Church's aclivilies, the Twslee Board m8mbers have considered th8 Commission's guldance on public benefit and, In partlcular. Ihe specific guidancB on charities for the advancement of relbion. In shaplng our objectives for the year and planning our aclivilies, the Irustees have also consldered Ihe Charity Commisslon's guidance on public benefit, including lh8 guidance 'public benefit.. funning a charity {PB2)'. Alms The vislon of the Church which Is supporled by ihe Fund is lo: 'Be a Ilving Royal Air Force memorial for both the Service and the Nation as well as a symbol of Ihe abiding courage and spiritual fortitude of Royal Alr ForcÈ personnel..
ST. CLEMENT DANES CHURCH FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Perfomiance and Achlevement 11 Is encouraging Ihal there has been grovAh and positive dèv8bpmÈnts within th8 C8ntral Church ol th8 Royal Alr For (RAF), whlch has seen an increase in ils congregation and engagemenl with the church's events. Both RAF personnel and members of the public are engaging with ils services in grealer numbers, drawn by Ihe church's CmmitMent lo provsding spirilual and pasloral support Ihfough baptisms. weddings, funerary e£remonles. memorfal serwces, and other dedicated care. Regular Sunday servrces and an expanded range of themed worship opportunities have slrenglhened community engagemenl and unity. Collaboralive efforts, such as the incorporation of the broader Chaplains. Profession Into Ihe Preachmenl Programme. introduced May 2022, have enhanced Ihe vibrancy of main services. Addilionally, Ihe church remains steadf8St in ils outreach, offering pastoral care and support to SeiCe members and their families through unit visits and other inilialives. These achlevemenls reflect the church's vilal role in fostering failh. connection, and growth wllhln Iha RAF community and beyond. fostering the ongoing work lo enhanG8 the vlsibllity of SCD. The past year has been a remarkable showcase of the diverse and meaningful spirilual offerings we provide. The irblegration of RAF Music Services into Ihematic church seryices and the inlroduclion of the RAF Air Cadet Choir have been mel with wdespread enthusiasm and support. Highlights include a variety of significant seNices such as the Thanksgiving Service honouring those who have died in service, the ServicE of Remembrance. the RAF Roman Catholic Mass celebrated with Ihe RC Bishop lo the Forc£s. and our Involvement In the Lord Mayor's Show, sUPPOrting Service Personnel and police. Our cyJmmilment lo foslering music and worship continues lo thrive. with monlhly recitals featuring Royal Academy of Music sludenls and many spedal events, such as the Royal Auxlllary Alr Force Centenary Service allended by HRH Duke of Gloucesler. the Hlgh Sherlffs. Reception and Afternoon Tea, Ihe Secondary School Seice, and the Friends of St C18menl Danes Carol Concerf. Seasonal celebrations brought the community together Ihrough Advent and Christmas servlces, Includlng Ihe Savage Club Carols, th8 Polish Knighls of Malla Carol S8fvicA8. the St Clem8nt Danes Carol Servlce supported by 601 Sqn and Ihe Unlversliy of London Alr Squadron, and other cherlshed gatherings Ilke the Meath Epllepsy Carol Service, RAF Benevolent Fund Carol SeNice, Shell Carol Servlce. Midnighl Mass, and the Christrias Oay Service. Additionally, Sl Clement Danes proudty participated in H8rilag8 Open Days, welcomlng visllors lo explore the crypt and enjoying an increase In engagement. These evenls reflect Ihe vilallty and Incluslvlly of our spiritual mission, drawing people logelher in failh. music, and community. The work of the Resldenl Chaplaln. the Church Manager and all Ihe slaff at Sl Clemenl Dan8s Church over the pasl year has inspired growth in the worship, spiritual life. pasloral care. and overall scnse of community al St Clement Danes Church. Thelr efforts. in parlnership with various stakeholders, have enrfched Ihe ChCh'S Impact wilhln Ihe Royal Alr Forc8 and broader cK)mmunity and fostered a vlbranl and Ihrfvlng envlronmant. Development Offlce The last financial period has remained challenging wilh the effects of post Covid. the Ukraine War and cost of living crisis all effecllng the climate for fundraising wilhin the sedol. The 1941 Appeal visionary documenl was prepared and launched in a private phase at the RAF Formallon servi in April 2022, with Ihe priority to raise funds for the restoration of the 1719 James Gibbs Gothic Sleeple, whilst development of the scnping plans for the Crypl enlargemenl and 8xlerior curtilage resloralion are on- going. The princlple alm of the private launch was lo engage with and garner support from wllhin the RAF for the 1941 App6al. This development work continues. Supporter acquisition has been a priority. wilh Ihe donor dalabase growing lo jusl over 1,500 supporters, soctal media portals have 1.400 followers and both these areas are a focus lo devek)p and Increase for lh8 n8xI rinancial period. The stralegic objectives for th8 D8velopment Office are to focus their efforts on building the network and relationships wlh grant giving organisattons. potential major donors and philanlhropisls. Additionally building Ilnks wlth polenlial partner ¢haritles and organisallons both wilhln the RAF family and extemally lo support th8 vision for the provision of welfare support lo veterans through Ihe 1941 Appeal. Engagement with the Royal Air Force has been benefictal in securing finds for the most urgent mainlenance and repair. Thls engagemenl wll conlinue in parallel wilh fundraising efforts lo secure Ihe future of the Church and Ihe Charity.
ST. CLEMENT DANES CHURCH FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investment Perfornian¢e The market value of Ihe Fund's Inv8slm8nt portfolio al 31 March 2024 was £660.805 (2023: £862,790). £250.000 was drawn down durlng the year and there were addilional Inveslmenls. The porffolio is managed on behall of the Fund by R8lhbones Weallh and Management. The Fund's portfollo Is monilored by the Trustees who regularly seék prof8ssional Investment advicA8 from a thlrd party, The current investment objectives of Ihe Fund are To maintain a medium lo low risk balanced porlfolio Ihal sees 65°A of th8 inv8Stment in Equllles, 250A in Bonds and 10% in Money Mark8t Inslrumenls., To measure the performance againsl the following benchmarks.. UK Equity Funds- FTSE All-share Ind8X. Ov8rseas Equity Funds - FTSE World Excl UK Corporate Bond Funds - MerTiII Lynch Sterling Non-Gill Index. Money Market Inslrumenls- IPD Monlhly. To achleve an appropriate agreed Inveslmenl incA)me18rget from the portfolio For the year to March 2024, the portfolio posted a retum of 11.000/0 againsl the benchmark of 11.27% (2023: posted a return of -3.67Yo against the benchmark of -3.34°/0). Intrme of £28,847 was aGhleved (2023.. £27,817); Ihlsl8 not against a budg81 or target. Remuneratlon Pollcy Those who give their lime do so voluntarily in order to develop themselves, add benefil lo Ihe Service and provid8 additional capauly. Flnanclal Revl8W Overall the Fund's Income for the year Increased slighlly over lh8 previous ye8r.' £314,052 compared to £301,414 in 22123. The reason for this increase is an increase in income from charilable aclivilies from Ihe pr8vious year. Ther8 was also a grant of £2,000,000.00 from the RAF to pay for Ihe repairs lo the sleeple and assoclated works. Donalions decreased by almost 90A from the prevEous year wilh a slgnificanl fall in the level of IrrLsm8 from the 1941 Appeal. Speclal Servlces Income increased by over 17Yo, from £75.941 in 22123 10 £95,150 In 23124. This reflects th8 continued uplift in the number of events h81d at the church. The Fund addllionally rec£eS public support through the ulilisalion of Minlslry of D8fence employees. The Fund 8ssigns an estimated value to the support provided. whlch Is recognised as a gill in klnd as noled wilhln notes 3 and 8 to the 8ccounls. Expendllure was below the budget, Shng a small increase on Ihe previous year (23124 - £410,750 vs 22123 - £403,908). Maintenance costs Increased significantly compared lo 22123. Cost relaling to Special Services expenditure again showed a slgnlficant increase, reflecting the additional aclivily and increased income In thls area. Informalion regarding Ihe Fund's expenditure can be found wlhln notes 6 and 7. Total net assels Increased slgnlficanlly to £2.966.774 {22123'. £1.012.769) as a result of the £2,000,000 granl from the RAF. Resèrves The Trustees have set a largel for the unreslrided reserve levol of £100.000 lo ensure short-lerm liquidity and adequate working capilal are maintained. Investments The Fund maintains a neutral ethical investment policy to such an extenl deemed posslble by the conlinued investment w7lhin pooled funds.
ST. CLEMENT DANES CHURCH FUND TRU5TEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AddAlpTraUy, on 2 Juty 2016 Iho follovlng olhlc41 ilalwnonlwai IntroduG4d io Iho IWKI: Th• ChaFty h91 the fh1 to oxthda Invesllng ltt mpanIeS whogo a1vIlle¥ o¢t nIf8ry to tho CharfV8 alms and obJ8ctives. As tho Charily ha) drJrJd•d lo hold poolod Invoalmfrnl•, Ihe TN8loo& o¢knovAÈdg• that noed lo be pragmalk roganl to olhlcal Inveglmonl• and Ihoioloro liav& no cuiionl oxclu8lDnJ In plac4. Howover, thfry festrve the ilght lo add •xduiloni In fur0 8• •ppropilo10. Th• TNileg• c¢nllnuo lowoth tlmoly I) IIM) Invoilmonl mDnollor, taklng Inlo con8lJer8lbn th¢li olmafket pro¥pedi wh•n Ihty conildor oxpondllwo ioquliornonl• ond iovloylng lh• Inv•ilrnanl ilialegy. Yho Inv•ilnMnl li lublotl Io Dnoolno iooulor iovlow lo on•uio11 conllnuo• to odoqu•t8ty Iho curront and lUrn no4di ol Iho Fund. Plani for fuluro PQTlod Tho 1941 v1 rnmaln the maln fouji of th• plam Ihe lor¢$¢gable firture, valh the re8loiatl¢)n ol th• Steepl• lh• prlorlly, It has been ¢xnltmi&d Ihat tho Ifag115ty ol Ihe 8lèeplo and lh• delay to wrlng fund[ for resloraknon 1) seo SCD Churth edded to Hl$torfc Englands'At Rlsk Reglsléf b) lalo 2023. Enplgemenl wlth the RAF Exe¢wliv0 Comryytte• wlll conllnvts to secure fundi aj ¢•10ry vknén ufoty tsltte41. The Ifuslees 11 conllnufr to develop relallonshlps with Ihe.support of 8enlor RAF per80nnel potenval Malof Donorn. Phllanlhropl818 & giant glvlng org8nlsaUons In pr¢p8rallon for fuluie 8ppli¢aUon• In 8UPWt ol tho 1941 Appeal. Vthllst conlknuSng lo dftve $upportef acqulsluon and publlc eng8g6menl Ihmugh evenl8 8nd tours. Slat•m•nt of Tru8to•9' R•ipon8lbllltl•s The law oppll¢abl• lo thaiitles In England and Wales le4re9 the tnislees to pr•paf• fin8ndal ltslemenls lor each ffinandol ye4r whl¢h givé a Irue and lalr Nlew ol tho st81è ol thè affalr8 of tho Fund and ol the Incomlng reK+ure•8 and appllcallon ol resources ol Fund for Ihil peflod. In werf9 Ihese finan¢l•l 8ldl•ments, tho tru3t¢e$ are requlred lo: SeleGI 8uliqble accountlng pollcles and Ihen appw them ¢on31slenlly: and Comply wilh appllcable 8nng slandard$, kndudlng FRS 102. 8ubJecl to any materfal departur¢8 dS$dosed and oxpfalned In Ihe finand•l $latom•nl•: and Stale whelher.a Stalemenl of Recommendeil Pradlc• (SORP) appbog and h3$ been followed, 8vbJecl to any malerlal departufes %thkh gre oxplalned In tho ilnandal statement& and MakeJudgem8nls and t$timaleg Ihal are reasonable and pwdènl: and Prepara the finan¢lal slalements on the golng concern basls Ve¥S11 h tnapproprfala to Prn8ume thal Ihe Fund wlll eonlinue lo oper81•. The twslees are responslble for keeplng proper accounung iecord5 Ihal dl$do$e whh reasonablo acujraty at any Ilme tha financlal po$llion ol the Fund and en?ble them to ensure that the finan(aal statement$ cA)wlY vAth the Charfues Ad 2011 and the provislons ol lh8 Twst Deeds. They arn al$0 iesponslblo for safeguarthng Ihe ass915 of the Fund and hence for taklng reasonable slep$ for the prevenlkn and deledlon ol f(aud and olher lffegldathles. By order ol tho Tru$tee8 Chalr Board olTNslees Dats 18 TNsl88 Chair Flhaned C¢n4ttee Date
ST. CLEMENT DANES CHURCH FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST. CLEMENT DANES CHURCH FUND Quallfled Oplnlon We have audited the financial stalem8nls of Sl. Clement Danes Church Fund (the 'charity') for Ihe year ended 31 Marth 2024 which comprise the slalement of financial acliviti8S. the balance sheet and notes lo the financial slaleménts. including significant accounting poliues. The financial reporting framework Ihal has been applied In their preparation is applicable law and Unitéd Kingdom Ac£ounling Standards, including Flnancial Reportlng Standard 102 The Financi81 Reporting Slandard appliGab18 In lh8 UK and Republic of Ireland (Untied Kingdom Generally Accepted Accnunling Praclice). In our oplnlon, 8XC8pI for the effects of the maller described in the 8asls for Qualified Opinion paragraph, the financial statements.. glve a true and lair view of the stale of Ihe charity's affairs as at 31 March 2024 and of ils incoming rèsources and applicalion of resources, for the year then ended: have been properly PTepared in accKJrdanr£ with Uniied Kingdom Generally AcrApted Accountlng Practi. and have been prepared In accordance with Ihe Charities Act 2011. Basls for Quallfled Oplnlon In the prior y8ar, the financial statements of thè charlly were not audiled. Thus, we were unable lo sallsfy ourselves c£sncerning Ihe openlng balances, as at 1 April 2023. Consequently. we were un8ble lo determina whelher any adjuslmenls lo these figures were necessary in the year ended 31 March 2024. We conducted our audil in accordance vllh International Standards on Audiling (UK) (ISAS {UK)l and applicab18 law. Our responsibilities under those standards are further described in the Audilorfs responsibililies ft)r Ihe audil ol Ihe fin8ncial slal&monts secllon of our report. We are Independent of the charity in accord8nce with the elhi¢81 requlremenls Ihal ar8 relevant to our audil of the financl81 slatem8nls In the UK. Including Ihe FRC'S Elhical Slandard, and we have fulfilled our other elhlcal responsibilities in accordan with these requirements. We believe that Ihe audit evidènce we have oblalned is sufficAenl and appioprfale lo provkle a basis for our oplnlon. Concluslons relatlng lo golng concern In audillng thè financial sl8lemenls, we have conduded thal the Truste88' use of the golng CL)nc8rn basls of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not idenlified any malarlal uncErtainlles relallng lo avenls or condilions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least e1ve months from when the financlal slalemenls are aulhorised for Issue, Our responsibilities and the responsibilities of the Trustees wilh respecl lo going concem are described in the Televanl secllons of this report. other Informatlon The other information comprises Ihe informalion Included In lh& annual report olher than the fina181 statemenls and our auditoffs report Ihereon. The Truslees are responsible for the other information contained within the annual report. Our oplnlon on Ihe financlal slalemenls does not cover Ihe olher information and w8 do not express any form of assurance conclusKJn Ihereon. Our responsibility is to read Ihe olher information and. In doing so. consider whether Ihe other information is materially InnSIstenI with Ihe financial slalemenls or our knowledge obtained In Ihe course of the audit, or olherwlse appears lo be materially mlsslated. If we identify such material inconsistencies or apparent material misslatemenls, we are requlred to determine whelher this gives rise lo a malerA91 mlsstatem8nt In the financial stalemenls Ihemsefvs. If, based on the work we have performed. we conclude that there is a material misstalemenl of Ihis olher Inlomialion, we are required lo report that facl. We have nothing lo report in this regard.
ST. CLEMENT DANES CHURCH FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST. CLEMENT DANES CHURCH FUND Matters on whlch we are requlred to report by exceptlon We have nolhing lo report In respect of Ihe following malters in relallon to which Ihe Charilles (Accounts and Reports) Regulations 2008 requires us lo report to you if. In our opinion: th8 information given In Ihe financial slalemenls Is Inrnnsislent in any material respect with the Trusle8S' r8POrt' or sufficient accounting records have not been kept: or Ihe financial slalements are not in agreement with Ihe accountlng recA)rds; or we have not recèlved all the inf0mli0n arKI explanalions we quire for our audit. Responslbllitles of Trustees As explalned more fulW In th8 slatem8nt of Trustees, resFM)nsibllilies. Ihe Trustees are responsible for th8 preparation of the financial slalements and for bein9 salisfted that Ihey give a true and (air view, and for such internal control as the Trusle8s determine Is necessary to enable lh8 preparation of financial slatemenls Ihat are fr88 from malerlal misslalement, whether duè to fraud or error. In preparing Ihe financial slalemenls, lh8 Trustees are responsible for assessing Ihe charity's ability to continue as a going concern, disclosng, as applieAble, mallers r8laled lo going concem and uslng th8 going concern bas1$ of accounting unless the Trustees eith8r intend lo cease operallons, or have no realistic alternalive bul to do so. AudltoV8 responslbllltles for the audll of the flnanclal statements We have been appointed as audilor under section 144 of Ihe Charities Acl 2011 and report in accA)rdance wilh the AGI and relavanl regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whelher the finanaal slalements as a whose are fr88 from material m1sslalement, whether due lo fraud or error. and lo Issue an audltoffs reporl Ihal InclLJdes our opinion. Reasonable assurance Is a hlgh 18vel of 8ssuranc£ but is not a guarantea that an audll conducled in acwrdance wilh ISAS (UK) will always delect a malerial misslalemenl when il exists. Misslalemenls can arise from fraud or error and are consldÈred malerial if, individually or In Ihe aggregale, Ihey could reasonably b8 expected to Influenc8 lh8 8conomic decisions of users taken on the basis of these financlal stalemenls. The extent to whl¢h our procedures are capable of delecling irregularilles, Indudlng fraud, is delalled below. Obtaining an underslandlng of the legal and regulatory fremeworks thal the Charity operales In. f¢xuslng on those laws and regulations that have had a direcl effeGt on the financial slatemenls. The key laws and regulations we considered In Ihls context includ8 Charilles Act. In 8ddilion, we consider compliance wllh employee legisL8llon, as fundamental to the Charily's operalions. Discussions with managemenl, Including consideration of known or suspected instanS of noncomplianc£ with laws and regulallons and fraud., Enquiry of manag8m8nl and thoso charged with governance around adual and potential Ittlgallon and daims; Performing audil work over the risk of management override of controls, Including testing of Journal enlries and other adjuslmenls for approprlaleness, evaluallng Ihe business rationale of significant transactions outside the normal course of business and reviewing accounling eslimales for bias- Revlewlng mlnules of meetings of Ihose charged wlh governan. and Reviewing financial statement disclosures and lesllng to supporting documenlallon to assess compll8nce with applicable laws and regulations. There are inherenl limilations in Ihe audit procedures descrli )ed above and the further removed nOr0p11anee with laws and regulations is from Ihe evenls and transactions reflected in the financial slalemenls, the less likely we would become aware 0111. Aso, the risk of not detecting a material misstatemenl due to fraud is higher than the risk of not detecting one resulllng from error, as fraud may involve dellberat8 concealment by. for Éxampla, forgery or intentional misrepresentalions, or through collusion. A further descAption of our responsibilities Is available on the Flnancial Reporting Councils website al: https.'Il w.frc.org.ukl8udilorsre5ponsibililies. This description forms part of our auditorfs report.
ST. CLEMENT DANES CHURCH FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST. CLEMENT DANES CHURCH FUND Other matters Your allention is drawn lo Ihe fact thal the charily has prepared financial stalemenls in accordance with 'A¢Gountlng and Reporting by Charities.. Statement of Recommended Practice applicable lo charilies preparing Iheir accounts in accoidance wilh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)" (as amended) In praférencè lo lh8 Accounting and Reporting by Charities.. Statemenl of Recommended Practlce issuéd on 1 April 2005 whlch Is referred lo in Ihe extant regulations bul has now beèn vAlhdrawn. Thls has been donè In ord&r for the financial slatemenls to provide a Inj8 and fair view in acojrdance wllh current Generally Accepted Accounling Practice. Use of our report This report Is made solely lo the charity's trustees, as a bcmjy. in accordance wlh Part 4 of the Charities (Accounls and Reports) Regulations 2008. Our audit work has been underiaken so that wé mighl slate lo th8 charitvs Iruslees thos8 m8lt8rs we are requlred lo state to them In an audilor's report 8nd for no other purpose. To the fullest ex16nt pemiilled by law, we do not accept or assume responsibility lo anyone olher than Ihe charity and the charily's Iruslees as a body, for our audit work. for Ihls report, or for the opinions we have formed. Gary A Heywood {S8nlor Slatulory Audltor) For and on behalf of BK Plus Audlt Llmlted 2810112025 Oaklngham House Frederick Place High Wycomb8 Buckinghamshire HP11 1JU BK Plus Audlt Llmlled Is èligible for appoinlment as auditor of Ihe charfty by virtue of ils ellglblllty for appointment 8S auditor of a cnmp8ny under secllon 1212 of the Companles Act 2006.
ST. CLEMENT DANES CHURCH FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Currenl flnanclal year Unrestricted Deslgnated Reslrlcted fund8 funds fund8 Total 2024 2024 2024 2024 Notes Donations and legacies Charllable activltles (income) Inveslmenls 2,166,726 95,150 28.847 23,329 2.190.055 95,150 28.847 Total Income 2.290.723 23,329 2.314,052 Raising funds 23,753 807 24,560 Charilable actlvltles 374,580 11.610 386,190 Total rasources expended 398,333 11,610 807 410,750 Nel gains on Inveslmenls 11 50,703 50,703 Not Incomlngl(outgolng) resources before transfers 1,943,093 (11,610) 22,522 1,954.005 Gross transfers between funds (1,943,093) 1,943.093 Net movement In funds 1,931,483 22.522 1,954,005 Fund balances al 1 April 2023 100.000 847,647 65,122 1,012,769 Fund balances at 31 March 2024 100.000 2.779.130 87,644 2,966.774 The slalemenl of financial activities Includes all gains and losses recognised in Ihe year. All income and expendilure derive from continuing aclivlties. 10-
ST. CLEMENT DANES CHURCH FUND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior flnancial year Unrestricted Deslgnated Restrlcted funds funds funds Total 2023 2023 2023 2023 Not8S Donallons and legacies Charilable acliwlies {income) Inveslments 162,493 75,941 27,817 35,163 197,656 75,941 27,817 Total Income 266,251 35,163 301,414 Raising fund5 34.326 1,546 35.872 Charit8ble activities 362.496 5,340 200 368,036 Total resources expended 396,822 5,340 1.746 403,908 Net losses on Inv8slm8nls 11 {60.159> 160,159) Net outgolng resources before Iransfers {190.730) (5,340) 33,417 (162,653) Gross transfers beeen funds 190,730 (190.730) Net movamenl In funds (196,070) 33.417 (162,653) Fund balances 811 April 2022 100.000 1,043.717 31,705 1,175,422 Fund balances at 31 March 2023 100,000 847,647 65,122 1,012,769 Tho slalemenl of financial aclivilles Includes all galns and losses renised In the year. All income and expendllure derive from continuing aGlivilies. 11
ST. CLEMENT DANES CHURCH FUND BALANCE SHEET ASAT3t MARCH 2024 2024 2023 Noto$ Flxed assets Investments q2 660,805 862.790 Currentag18ts Slocks Debtors Cash al bank and In hand 13 14 2.874 28,862 2,294.290 5,190 12,006 159.006 2.326,026 176,202 Crodltorn: amount8 falllng du• wlthln ono year (20.057) (26,223) Net currenl asBet8 2,305.989 149,979 Total a8••t81018 curront Ilabllltl•$ 23 2.986.774 1.012.769 Income fund• Reslrl¢led funds Deslgnated fvnds Unrestrlcled funds 21 22 22 87.844 2,779,130 100.000 65,122 847,647 100,000 2,966.774 1.012.769 The finandal $tatemen18 were approved by the Trustees on .%.8. -A.fiM..AS Mr8C Tru8too pie 12-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Informatlon Sl. Clemenl Danes Church Fund is a registered charity in the United Kingdom. The address of the registered orric8 is given In Ihe Trustees. report of these financial slalemerbls. The nature of the Charily's cperations and principal activities is lo ralse money lor Ihe maintenance of St Clemenl Oanes Church and Support the day io day running of the Church for the benefit of all members of the Royal Alr Force. past and present. 1.1 Accountlng convenllon The financial statements have been prepared In accordance wllh th8 charlvs governlng do¢umenl, the Charilias Act 2011 and °Acxounling and Reporting by Charilies.. Statement of Recommendad Praclir applicable lo charities preparing Iheir accounts in accordance with Ihe Financial Reporling Standard appllcable in the UK and Republlc of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The charity Is a Public Benefit Entity 8s defined by FRS 102. The financlal statements are prepared In stèrfing. which Is Ihe funcllonal currency of the charity. Mon8lary amounts in these financial statements are rounded to tha nearest £. The financial slalements have bean prepared under Ihe hlstorical cosl convenlion, modified lo Include lh8 r6valu8tion of inveslmenls at fair value. The prlncipal accounting policles 8dopied are sel out below. 1.2 Golng concern The financial slalements have been prepared on a going concem basis. The Irustees have rewewed conslder8d relevanl Informallon, induding Ihe annual budget and fulure cash flows In making Ihelr assessment. Based on these assessmenls, given the measures that fAJuld be undert8ken lo millgale the current adverse conditions. 8nd Ihe current resources available, the Iruslees have concluded that they can conllnue to 8dopl Ihe golng concem basis In preparing the accounts. 1.3 Charltable funds Unrestricted funds are 8V8llable for use al the discretion of Ihe Truslees In ftjrtherance of Ihelr charllable objectives. Reslricled funds are subject lo speclfic condillons by donors or grantors as lo how they may be used. The purposes and uses of the reslricled funds are set out In Ihe notes to the financial slatemenls. Endowment lunds are subjecl to specific condillons by donors Ihat Ihe Capllal must be malnlalned by the charity, 1.4 Income Income is recognised when the charity is legally enlilled lo il after any performance conditions have been mel, the amounts can be measured reliably. and il is probable thal income will be received. Cash donalions are recogni5ed on receipl. Other donallons ar8 recognised once lh8 charity has been notified of Ihe donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al Ihe time of reclaim, Legacles ar8 rècognised on receipt or othernvise if Ihe charity has been notified of an impendlng distribution, the amount is known, and receipt is expected. If Ihe amount is not known, Ihe legacy is treated as a contingent asset. 13-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 1.5 Expendlturg Expenditure is recognised onc£ Ihere is a legal or conslruclive obligalion lo transfer economlc benefit lo a Ihlrd paty,11 Is probabl8 that a transfer of economic benefits will be required in settlement, and Ihe amount of the obllgallon can be measured reliably. Expendrtur6 is classified by activity- Th6 cosls of each aclivily are made up of th8 total of dlr&l costs and shared ¢osts, including support sIS Invofved in undertaking each aclivily. Dire¢l costs a1tributa1e lo a single aclivily are allocaled directly lo that aclivily. Shared costs which conlribule lo more than one aclivity and support costs which are not altribulable lo a slngle activity are apportioned belwe8n Ihos8 aclivltlÉs on a basls consistent with Ihe usé of resources. Central staff cosls are altocated on the basls of lim8 spent, and depretion charges are allocated on the porlion of Ihe asset's use. Expendllure is recogni5ed on an accruals basis as a Ilabilily Is Incjjrred. Charitable expendilure comprises Ihose costs incurred by Ihe Charily in delivery of ils aclivilies and s6Nices for Ils beneficiaries, 11 includes both cosls that can be allocated directly to those aclwities and Ihose costs of indirecl nalure necessary to supporl Ihem. Governance cosls indude those costs associated with meeting the conslilulional and slalulory requlremenls of the Charity and includ8 audit fees and atLounlancy costs linked lo Ihe 51raleglc management of the Charity. 1.6 Flxed asset Investments Fixed asset Inveslmenls are initially measured al transaclion prlce 8xcluding Iransa¢llon costs, and are subsequenlly measured at falr value at each reporllng dale. Changes In fair value are recognised In n81 Incomel(expendllure) lor Ihe year. Transaction costs are expensed as incurred. 1.7 Stocks Stocks are staled at the lower of cost and eslimaled selllng pric8 less costs to complete and sell. Cost comprises direct materl8ls and. where appllcable, direcl labour Gosls and those overheads Ihal have beén incurred in bringing the stocks lo Iheir present localion and condition. Ilems held for dislribulion 81 no or noffllnal consideration are measured Ihe lower of replacement cost and cost. N81 r6alisable value is Ihe esllmaled selllng prlce less all estimaled costs of complellon and costs lo be in¢urred in marketing, selling and dislribulion. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash In hand. deposils held 81 call wilh banks. other short-lerm liquid inveslments with original malurilies of three months or less. and bank ov8rdrafts. Bank overdralls are shown wllhin borrowings in cuirent liabilities. 1.9 Flnancial inslrumenls The charity has elected lo apply the prowsions of Seclion 11 'B8sic Flnandal Instruments. 8nd Section 12 'Olher Flnanclal Inslruments Issues, of FRS 102 to all of its financial inslrumenls. Flnanclal inslnjmenls are recognised in Ihe charivs balance sheet when tha charily becomes paty lo the contractual provisions of Ihe inslrumenl. Financial assets and liabllltles are offset. with Ihe nel amounts presented in Ihe financial slalements, when there is a legally enIorable right lo set off the recognised amounts and there is an intention to settle on a nel basis or lo reallse the ass81 and sellle the liability simullaneously. 14-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnu8dl Baslc flnanclal assets Basic financial assels, Ithich indude debtors and cash and bank balances, are inilially measured al Iransaclion price Including Iransaction costs and are subsequently carfTed al amortlsed cost using Ihe effective interest melhod unless the affangement C£*nstilules a financing transacllon, where the Iransacllon is measured al lh8 present value of the future receipts discounted at a markal rale of interest. FinancAal assets classilled as receivable wilhin one year are nol amortised. Baslc flnBnclal Ilabllltles Bas1¢ financlal liabilities, including creditors and bank loans are Inilially rainiSed 8t transactlon price unless Ihe arrangement conslilules a finanGing Iransaclion. there the debt instrument is measured al the present value of the fL>lurÉ paym8nls discounted al a market rale of interest. Financial liabllilies dassified as payable wilhin one year are not amortlsed. Debt Instruments are subsequently carried al amortlsed cost. using the effective interest ral8 m81hod. Trade creditors are obligalions to pay for goods or services Ihal have been acquired in the ordinary course of operalFons from suppllers. Amounts payable are classified as current llabllit18s If paymenl Is due wllhln on6 yèar or less. If not. they are presented as non-current liabilitles. Trade credilors are recognised initlally al transaction pric8 and subsequently measured at amortised cosl using the effective interesl melhod. Derecognltlon of flnanclal Ilablllllas Financial liabilities are derecognI5ed whèn the chariws conlraclual obllgallons expire or are dlsdiarged or cancelled. 1.10 Employee ben8flts The cost of any unused holiday enlillement is recA)gnised In the period in which Ihe employee's services are recelved. Temiinalion benefits are recognised immedi81ely as an expense when the charity is demonstrably commilled lo lermlnale the employment of an employee or lo provlde lemiinallon benefits. Critical accountlng estlmates and judgements In th8 spplitalion of th8 charty's aOUntIng pollcles. the Trustees are requlred to make judgements, eslima18s and assumptions about the carrying amount o18ssels and liabililies that are not readily apparent from other sources. The estimates and associated assumplions are based on historical experien and other factors thal are considered to be relevant. Actual results may differ from these esllmales. The eslimales and underfying assumplions are revtewed on an ongoing basis. Remsions lo accounting estimates are recognised in Ihe period in which the esllmate És revised where the revision affects lY Ihat pèrlod, or in the period of the revision and future periods where Ihe rewsion affects both current and future periods. 15-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donatlons and legacl8S Unrestrlcted Restrlcted funds funds Total Unrestricted Restrfcled funds funds Total 2024 2024 2024 2023 2023 2023 Donated services Donations Beques15 and leg8des Memorial b¢)oks Badges 1941 Appeal 135.590 2,030,936 135,590 2,030,936 131.152 28,606 1,000 640 1,095 131.152 28.606 1,000 640 1,095 35,163 2C 200 23,329 23.329 35.163 2,166.726 23,329 2,190,055 162.493 35,163 197,656 Charltable actlvltles (Income) Speclal servlces 2024 Spaclal Servlces 2023 Services within chaiilable activities 95,150 75,941 Invastments Unre8trlcted Unreslricled funds funds 2024 2023 Dividends Interest receivable 25.807 3,040 27.029 788 28,847 27,817 16-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ralsing funds Unr8strlcted Restrleted funds funds Total Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 1941 Appeal Fundraislng t£JsIs Unll badges Investment manager fee Memorial books Raising volunlary Income (see note 91 807 807 1,915 2,100 2.682 457 2,488 2,348 900 4,134 1.039 1,546 4,034 2,348 900 4.134 1.039 1,915 2,100 2,682 457 16,599 16,599 23,417 23,417 23.753 807 24,560 34.326 1.546 35.872 Charltable actlvltles 2024 2023 Standard and special services Choir fees Director of muslc fees Outreach Insuranc8 Ulillties Cleaning Maintenance Major refurbishment Travel and subsi8lence 34.850 36.804 33.136 4.748 2,398 16,593 7,893 40,530 15,499 38,155 35,210 7,797 2,822 18,816 7,707 29,590 5,340 4,165 3,767 180.719 165.101 Share of support costs - Special service5 (see nole 8) Share of support costs - Slandard services (see nole 8) Share of governance costs (seè nola 8) 51.538 120,256 33,677 47,533 132.384 23.018 386,190 368,036 Analysi$ by fund Unrestricted funds Designaled funds Reslricled lunds 374,580 11.610 362,496 5,340 200 386,190 368.036 17-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024Support costs Governance costs 2023 Staff cosls - Notional Staff cosls - Direct Consullancy fees 122,944 28,324 37.125 12,646 135.590 28,324 37.125 119,375 22.359 61.600 11.777 131,152 22,359 61,600 Audit fees Legal and professional Finance costs 6,000 14.260 771 6,000 14,260 771 10.389 852 10,389 852 188,393 33.677 222.070 203,334 23,018 226,352 Anatysed between Fundraising Charitable acliwlies 16.599 171.794 16,599 205,471 23.417 179,917 23,417 202,935 33,677 23,018 188,393 33,677 222.070 203.334 23,018 226,352 Trustees A Gillespie. a Trustee, was reimbursed expenses ol £nil (2023 - £67) by the charity during the year, Non8 of the Trustees (or any person connecled with them) received any remuneration or benefils from the charily during this or the preceding year. 10 Employees Employment costs 2024 2023 Wages and 5al8ries 163,914 153,511 No member of staff employed dlreclly by the Fund eamed more Ihan £60.000 during Ihe ye8r. The Minislry of Defence employed five members of staff {2023.' six) who spent at least part of th8ir lime deallng wlth the adminlslrallon of the St Clement Danes Fund. The Minlslry of Defence makes no salary recharge for the individuals perfomiing day to day administration. beG8u5e of Ihe Fund's charitable slalus. Th8 values of staff salaries paid by the Ministry of Defence are eslimaled at £135.5go (2023: £131.152) and ara Included in the above siaff costs. The Ministry of Defence eslitnale of staff cAisls of £135,590 represents the following percentages of slaff lima: Chaplain - 100°kn. Flight Lieulenant - 3°h. Flight Lieulenant- 2.5°h, EO Civil Servant- 100Yo and AA Civil SeNant - IOOOkn. The directly employed staff account for 0.83 full lime equivalents (2023: 0.88) and Lx)nsisted of a number of Depulies who are employed on zero hour conlracts. 18-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Net galns on Inv8Stmenls Unrastrlcted Unrestrided funds funds 2024 2023 Galnl(loss) on sal8 of inv8Stments 50,703 (60,159) 12 Flxed asset Investments Llstad Investm8nts Cost or valuallon At 1 April 2023 Valuation changes Dlsposals 862,790 103,719 (305,704) At 31 March 2024 660,805 Carrylng amount Al 31 March 2024 660,805 Al 31 March 2023 862,790 13 Stocks 2024 2023 Finished goods and goods for resale 2,874 5,190 14 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors Other deblors Prepayments and accwed income 14,975 9,142 4,745 6,854 240 4,912 28,862 12.006 19-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Credltors.. amounts falllng due wllhln one year 2024 2023 Other taxation and social securily Tiade creditors Accruals and defeed Income 351 19,979 5.893 10,211 9,846 20.057 26,223 16 Deslgnated funds These are designated funds which are rnalerial lo Ihe charitys activilies. At 1 Aprll Resources 2023 èXP8nded Transfers At 31 March 2024 847.647 (11,610> 1,943,093 2,779,130 Provlous year: At 1 Aprll Resources 2022 expended Tran6ferB At 31 March 2023 1,043,717 (5.340) (190,730) 847,647 17 Unrestrlcted funds The unreslricled funds of the tharity comprlse the unexpended balance5 of donallons and grants 1¢h are not subject lo specific conditions by donors and grantors as to how they m8y be used. These include designated funds which have been sel aside out ol unreslricled funds by Ihe Iruslees for specific purposes. At 1 Aprll 2023 Incomlng Resources resources expended Transfers Galn5 and At 31 Marcl) losses 2024 General funds 100,000 2.290,723 (39B.333) (1.943.093) 50,703 100,000 Prevlous year: Al 1 Aprll 2022 Incoming resources Resources expended Transf8r8 Galn5 and At 31 March Ioss8S 2023 General funds 100.000 266.251 (396.822) 190.730 (60,159) 100,000 18 Related party lransacllons There were no related party Iransaclions Ihal require disdosure In the pertcxl und8r review (2023 - none). -20-
ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Taxatlon As a diarity St. Clements Danes Church FurKI is exempt from income and gains falling within section 466493 of lh8 Corporation Tax Act 201010 the exlent that these are derived from ils charitable activities. 20 Capltal commltments There were no Gqpilal commilments not provided for in the financial statemenls (2023 - none). 21 Restrlcted funds Movèmenl In funds Incomlng Re8ourco8 Balance at T•sourus •xpènd8d l Aprll 2023 Movement In funds Sncomlng R8sourc88 Balanco al r•$our¢•8 oMpend¢d 31 Mor¢h 2024 8alan¢o ¥1 1 Aprll 2022 Holy Sacramenl Organ Scholarshlp RAF 100 1941 Appeal 500 500 500 929 336 29,940 929 136 63,557 929 136 86,079 (200) (1,546) 35,163 23,329 (807) 31,705 35,163 {1.746) 65,122 23,329 <807) 87,644 21
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