Charlty reglslratlon number 1168717 (England and Wales) ST. CLEMENT DANES CHURCH FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ST. CLEMENT DANES CHURCH FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Air Marshal Al Glllesple- Chaliman Mrs D Palman Mrs C Opie Prof M Russell-weslhead The Venerable (Air Vicé Marshal) G Legood Group Caplain John Helherington Group Captain Jon Hough Prlnclpal Offl¢er8 Flight Lieutenant Ellie Hinks - Secretary Flight Lieutenant Dave France- Treasurer Charlty number 1168717 Reglstered offlce st. Clemenl Danes Church The Strand WC2R IDH Independent examlner BK Plus Limited Oakingham House Frederick Place Hlgh WyGomb8 Buckinghamshire HP111JU Banker8 Holts Military Banking The Royal Bank of Scotland plc Lawrie House Vlctoria Road Farnborough GU14 7NR Investment Managers R8lhbones Wealth & Investment Management 30 Gresham Street London EC2V 7QN ST. CLEMENT DANES CHURCH FUND CONTENTS Page Trustees. report Independent examlnerfs report Slalemenl of lin8nGial aclivilies 9-10 881anc8 sheet 11 Notes to the financial slalements 12-22 ST. CLEMENT DANES CHURCH FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees presenl Iheir report and the audiled financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance wilh the accounting policies sel out in nole 1 to Ihe financial slatemen15 and comply with the Fund's charitable schame. applicable law and the requiremenls of the Declaration of Trust dated 12 July 1956, Ihe Slatem8nt of Recommended PracliGe applicable to charilies preparing their accounls in accordance wilh the Financial Reporting Standard applicable In the UK and Republic of Ireland issued in July 2014. Hlstory St Clemenl Danes Church was destroyed by fire in May 1941 and rebuill. largely by public subscriplion, in 1958, The church was re-consecrated on 19 October 1958 as Ihe Central Church of the Royal Air Force. The Diocese of London delegaled authority lo Ihe Alr Council (now the Alr Force Board) to make use of the Church, at no fee lo the Air Council, subject lo the agreemenl Ihat 'lh8 Air Council shall be wholly responsible for the repair and maintenance and insurance of Ihe Church (Including Ihe curtilage IhereoQ and its fittings and contents 2nd performance of services and ceremonies therein.. Legal Statu8 The St Clemenl Dane5 Fund, regislerod charlty number 250350 was supeiseded by CIO named Sl Clemenl Danes Church Fund I'th8 Fund,), reglslered charity number 1168717 on 1 Aprll 2018. Tha charlty remains governed under the terms of the following documents: Agreement madè between the London Diocesan Fund and the Air Councll dated 20 Octob8r 1958,. The Declarallon of Trust dated 12 July 1956 and th8 Charity Commlsslon Scheme dated 27 May 1994 as amended JS97, 1998, 2004, 2006 and 2016. Governance The Fund Scheme delermlnes thal the Trusle8 Body cL)nslsls of two 8x-officlo Iruslees and up to elghl co-opted Iwsl8es. The Iwo ex-offiGlo Irusl88s al the Ilme of Ihese annual accounts held the followlng posillons: Chaplain-In-Chi6f (RAF) Chalrman of the Fri8nds of Sl Clement Danes (temporarily gapped) The Fund Scheme requires Trustees to meel al leasl twice per year wilh a quorum being achleved with Ihree members. An independent investment adviser allends meetings lo provide Trustees wilh the speGialisl information Ihey require to judge pasl porffolio performance and lo plan fulure investment slralegy. The Trustees are also supported by Ihe Chaplalncy Council, which provides the structura and governance for Ihe day-lo-day running of th8 Church. Meeting5 were chaired Ihroughout the financial year in queslion by Ihe Chairman, Air Marshal Al Glllespie. to discuss Ihe slralegic direclion of the mainlenance and improvement of Ihe fabric and facilities of the Church Including,. inveslmenl performance. Ihe management of risk,. fundraising- and comprehensive updales from Church management with regards lo mallers of Ihe moment. In addition. where appropriate, matlers are also de811 with by Trustees ex-commlllee lo ensure continuity of govemance. The Truslees have consliluled a Finance Committee and an Estate Commillee for which Ihey have sel clear terms of reference and from which they receive regular reports on their aclrvities. The Finance Commltte8 Trustees delegate the oversighl of all financial operalions and for ensuring Ihe Fund's short and long-term viabilily to the Finance Commitlee. The Finance Committee meets al leasl biannually io implement the financi81 strategy of the Fund and lo oversee Ihe managemenl. investment and disbursement of Ihis strategy within the conslilution of the Fund. ST. CLEMENT DANES CHURCH FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Estate Commlttee The Church, listed Grade1 by Historic England, was rebuilt in 1682 lo a design by Slr Christopher Wren with the sl66ple added in 1719 by Jame5 Gibb. In order to meet the obligations sel by the Diocese of London, Ihe Trustee5 delegate the oversighl of Ihe repair, maintenance, improvement, health & safety and olher slalulory compliance of the Church including its curtilage lo the Eslale Commillee. 11 achieves Ihis by commissioning quinquenni81 inspections and other surveys by appropriate independent professional consullanls lo inform and prioritise proactive planned maintenance and repalr. This process also helps identify slruclural or operalional deficiencies allowing more focused financial budgeting. An example being the Truslees decision lo obtain advice, quolalions and Faculty consent for taking down and rebuilding the sleeple lo remady defects in the exisling conslfuclion an(J mitigate further damage and health & safety rlsks. Funding was secured in April 2024 and following a compelitive lender process, Universal Stone Ltd were appointed as main contractors for Ihe projecl with Ihe dlsmanlling identifying greater damage than anlicipaled due to the Intensity and Impact of Ihe 1941 fire resulting in an extended contract perlcKI This phase Is now complete and rebullding commenced in September 2025 with an anlicipated completlon of Sprlng 2026. The Diocese of London have been very supportlve of tha project and Ihe Truslees approach. Option deslgn proposals and budgets for Ihe upgrad8 and repalr of th8 Curtllage have been developed to deal wilh heallh and safety issues and the Truste8s will be seeklng funding for this project prfor lo obtalnirKJ tha necessary Faculty consents. Fulure plans for Improving Ihe facllllles of the Church by excavaling and expanding the Crypt at lh8 eastern end sublect to the necessary approvals and fundlng remain Trustees obleclive. The pedestrianlsallon and Irafflc manag8menl changes lo the Aldwychlslrand by Weslminsler Clty Council and the Norlhbank Buslness Improvemenl Oislricl Projecl have been completed 2nd has created a much improved access to the Churth with sealing and hard and soft landscaping immediat81y lo the wesl which the Trustees hope will 8ncourage mora general inlÉresl from the pU￿(C to visit. The Eslale Committee meet at least biannually and as requlred where major projects are proposed. Connected Charlties Nil Inductlon and Tralnlng of Trustees All new Trustees receive an induction pack Ihat covers Ihe Charily Commission's requirements (including annual reports & financial slatemenls, minutes of meetings and slralegic developmenubusiness plans). Trustees are invited lo allend training courses and, as a minimum, are recommended lo allend the Tnjslee Training Course. The course covers the following subjecls: What is involved in good governance In relation lo Trustee responsibililies: The role of Truslees and Iheir duties; Informalion needs of Trustees., Underslanding charily finance., Relationship belween Trustees and the Chair. Further Iwstee training is provlded as required, on an on-going basis. ST. CLEMENT DANES CHURCH FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 statement of Rl8k The Trustees reviaw the major risks facing Ihe Fund as part of Ihe annual business planning process. The Trustees continue lo work lo identify significant risks to the Fund and to implement procedures to both mitigate risk and lo minimise potenlial impact should risks materialise. Top 3 risks are., 1. Lack of avallable funding to complete required maintenance of Ihe Church whilst maintaining the longer- lerm future of the Fund. Mltigatlon - Trustees review capilal requirements and obtain external advice lo ensure appropriate fundraising strategy employed as necessary. Sufficient reserves agreed and maintained within Fund to ensure core expenditure requlremenls continue lo be achieved. Engagement with Ihe Royal Air Force where safely-crilical works are required will conlinue as necessary. 2. Income is inadequate for regular commitments. Mltlgatlon - Scwliny of budgel by Finance Commlllee at least blannually to identify potential 5ncome shortfalls & adjust accordingly. Fixed agenda Ilem f Trustees, Meeting. Revlew of Inveslmeni performance by Finance Committee and Independent FSnanclal Advisor annually. Engagement with Ihe Royal Air Force lo review Ihe governance structure and potenllal grants to support the day-lo-day costs of running the Church 3. Loss of Trustees￿rU$Iee Board lacklng In appropriate expertise. Mltlgatlon Trustee inducllon and ongoing training. R8view of Iruste8 rolallon and successlon planning. Competence framework for Commlttee and Board. The TrLtstees are sat15fled that the arrang8ments for managing these risks are adequate and sublecl lo sufficlenlly rlgorous monitoring and conlrol. The Fund operates syslems of Snlernal control which are deslgned to provide reasonable assurance agalnst malerlal misslatem8nl or loss. They include- An annual operating budgel which is approved and reviewed by th8 Trustees. Regular consideration by the Trustees of financial results against the budg81 and olher Indicators. Regular consideration by the Truslees of Investment Management results against benchmarks: Delegalion of day-lo-day managemenl aulhorily and segregation of dulles. statement of Publlc Beneflt St Clement Danes provSdes a benefit lo the public. the Royal Air Force personnel, families and veterans with lh8 necessary spiritual and pastoral wellbeing lo carry out the Royal Air Forca conlribulion lo the Defence of the United Klngdom and its interests. Sl Clement Danes promol8s military efficiency by underpinning esprit de corps and fostering Ihe character, splrit and atlilude required lo lace challenges and danger associated wilh military service. As a result. Ihe Fund deriv8S a benefit lo the general public in helping lo provide personnel who are rnolivated. hav8 high morale and are willing lo serve the needs of th8ir counlry and th81 of ils public. al all times. Sl Clement Danes is a national Memorial of Remembrance, houslng the unique handwrfllen Books of Remembrance which record the names of all service personnel who have paid the supreme sacrific8 SIn￿ the formatlon of The Royal Flying Corps In 1912. ThesB books are on public display for 811 to vlew and pay Ihelr respects to the la116n. As a premler example of a Grade 1 listed Sir Christopher Wren Church, the church is open every day except Bank Holidays, lo enable the public lo learn the history and heritage of Wren's architeclure, London's history and the hlstory of Ihe Royal Air Force. The church is open lo all for private prayer, contemplallon and also holds regular servic8S three tlmes p8r week. When planning the Church's aclivilies, Ihe Trustee Board members have considered the Commission's guidance on public benefit and, In particular, the specific guidance on charities for the advancemenl of religion. In shaping our objectives for Ihe year and planning our aclivilies, the trustees have also considered the Charity Commlssion's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. ST. CLEMENT DANES CHURCH FUND TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Alms The vision of the Church which is supported by the Fund is to: 'Be a living Royal Air Force memorial for both the se￿iCe and the Nation as w811 as a symbol of the abiding courage and splrllual fortitude of Royal Air Force personnel.. Performance and Achlevement It Is encouraging Ihat there has been gr0￿h and positive developments withln Ihe Cenlral Church of Ihe Royal Air Force (RAF), which has seen an increase in ils congregation and engagemenl with Ihe church's events fostering a sense of unity and gr0￿h Ihrough a diverse range of Servi￿ opportunitie5. Bolh RAF personnel and members of the public are engaging wilh ils services in greater numbers. drawn by the church's commilmenl to p￿VidIng splrilual and pastoral support Ihrough bapllsms, weddings, funerary ceremonies, memorlal seNlces, and other dedicated care. Regular Sunday services and an expanded range of Ihamed worshlp opportunitles have strengthened community engagement and unlty. Collaboralive efforts, such as the incorporation of Ihe broader Chaplains, Professlon Into the Preachmenl Programme. introduced May 2022, have enhanced the vibrancy of maln seNlces, Addilionally, lh8 church remains steadfast in ils outreach, offerfng pastoral care and support to service memb8rs and Ihelr families Ihrough unll vlslts and other inilialives. These achiev8m8nls reftecl lh8 church's vllal role In fostering fallh, conneclion, and gr0￿h withln the RAF communily 2nd beyond, fostering Ihe ongoing work lo enhance the vlslblllly of SCD. The pasi year has been a remarkable showcase of the dlverse and meaningful spiritual offerings we provide. The integralion of RAF Music Services into Ihemalic church services and the inlraduclion ol the RAF Air Cadet Cholr have been met wllh widespread enthusiasm and suppori. Highlights include a varleiy of significant servlces such as the Thanksgiving SeNice honourlng those who have dled In service. the Service of Remembrance, IF￿ RAF Roman Calhollc Mass celebrated wilh the RC Blshop lo the Forces, and our Involvement In Ihe Lord Mayor's Show, supporting Service Peisonnel and police. Our commilment to fostering muslc and worship conllnues to thrive, wllh monthly recllals featuring Royal Academy of Music students 8nd many special events, sud) as the 75th Women's Royal Air Force, 519 SU Badge Sarvice, Royal Auslralian Air Forc8 Medal Ceremony, the laylng up of 111 and 74(F) Squadron Standards, Royal Auxillary Air Force Centenary SeNice atlended by HRH Duke of Gloucester, the Hlgh Sherlffs, Recepllan and Afternoon Tea, the Secondary School Servlce. and tha Frt&nds of Sl Clement Danes Carol Concart. Seasonal celebrations broughl the community togelher through Advent and Chiislmas seNices. Includlng Ihe Savage Club Carols, the Polish Knights of Malla Carol Sarvice, the St Clement Danes Carol Servlce supported by 601 Sqn and the Univérsity of London Air Squadron, and olher cherlshed galh8rings lika the Meath Epilepsy Carol Service. RAF Benevolent Fund Carol Service, Sholl Carol Service. Midnlghl Mass, and Ihe Christmas Day Service. Additionally, Sl Clemenl Danes had a LGBTQ+ service broadcast on Radio 4 Sunday Service and proudly participaled in Heritage Open Days, welcoming visitors to explora th& crypt and enjoying an increase in engagem8nl. These events reflect the vitality and inclusivily of wr splrllual mission, drawing people together in faith, music, and community. The work of the Resl(Jent Chaplain, the Church Manager and all Ihe staff al St Clemenl Danes Church over the past year has inspired growih in the worship, splritual life, pastoral care, and overall sense of communlty at Sl Clement Dan8s Church. Thelr efforts, In partnershlp with various slakeholders. have enriched the Church's Smpacl wilhin the Royal Alr Force and broader community and foslered a vibrant and thrlving environment. ST. CLEMENT DANES CHURCH FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Development Offlce The last financlal period has r8main8d challenging with Ihe effects of post Covid. the Ukraine War and cosl of Ilving Crisis all effacting th8 climate for fundraising within Ihe seclor. The 1941 Appeal vlslonary document was prepared and launched in a prlvate phase at the RAF Formation Servlce In April 2022, wilh the priority lo raise funds for the resloralion of the 1719 James Glbbs Golhic Steeple. whilst d8velopmenl of the scoplng plans for the Crypt enlargement and exlerfor curtilage réstoration are on.going. The piinclpal aim of Ihe private launch was lo engage wllh and garner support from within the RAF for Ihe 1941 Appeal. This development work contlnues. Supporter acquisition has been a priority. with Ihe donor database growing lo just over 1.500 SUPFK)rters, social medla portals have 1,400 followers and both Ihese areas are a focus to develop and Increase for Ihe next financial period. Th8 slraleglc oblecllves for the Development Office are lo focus thelr efforis on bulldlng th8 network and relationships wilh granl giving organisalions, polenlial major donors and philanthropists. Additionally building links wllh potential partner charities and organisalions both wilhin Ihe RAF family and 8Xternally lo support Ihé vision for the provision of welfar8 SUPPOrt lo veleians Ihrough the 1941 Appeal. Engagement with Ihe Royal Alr Force has been beneficial in s8curing llnds for the most urgent malntenance and r8palT. Thls engagement will continue in parallel with fundralsing efforts to secure th8 fulure of the Church and the Charity. nvestment Performance The market value of the Fund's inveslmenl Portfollo at 31 March 2025 was £674.585 (2024.. £660,805). There have been no wilhdrawals or additlonal Inveslmenls during the year. The portfollo Is man8ged on behalf of the Fund by Ralhbones Wealth and Management. The Fund's portfollo Is monllored by the Truste8s who regularly seek professional investment adv1￿ from a thlrd party. The current inveslmenl objectives of Ihe Fund are To malntaln a medlum to low risk balanced portfollo that sees 65% of th8 inveslment In Equlties, 25QA In Bonds and 100/. In Mon8y Market Instrumenls. To measure the performance againsl the followlng benchmarks.. UK Equity Funds - FTSE All-share Index. Overseas Equily Funds- FTSE World Exd UK Corporate Bond Funds - Merrill Lynch Slerling Non-Glll Ir)dex. Money Market Instruments - IPD Monthly. To achieve an appropriale agreed inveslmenl income larg8t from the portfolio For the year lo March 2025, the portfolio posted a relurn of 5.85'/0 against Ihe benchmark of 6.60'/0 (2024.. posted a relurn of 11.00°/o against the benchmark of 11.27°kn). Income of £25,221 was achieved {2024-. £25.807>; thls is nol againsl a budget or largel. Remuneratlon Pollcy Those who give Iheir tima do so volunlarily in order to develop themselves. add benefit to Ihe Service and provide additional capacity. ST. CLEMENT DANES CHURCH FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnanclal Revlew Overall. the Charity's general income for the year increased slightly over Ihe previous year: £489,963 compared lo £314,052 in 23124. The maln reason for this increase is grant income of £124,331 from th6 Listed Places of Worship scheme equivalent to the VAT expended on our capilal works programme as well as an increase in Interest received on bank balances. There was also a one-off grant of £2,000.000 in 23124 from the RAF which the Truslees have ulilised lo slart Ihe required works to dismanlle and rebuild the sleeple. lotal income in 23124 was £2,314,052. Donations increased significantly, driven by two substantial donalions to the 1941 Appeal. Olher donations remained fairly steady. Special Services income decreased by over 230/., from £95,150 in 23124 to £72,827 in 24125. This reflecls Ihe Impact of the steeple works on the appeal and accesslbilily of tha Church as a venue. The Fund addlllonally recelves publlc supporl through Ihe ulilisation of Minislry of Defence employees. The Fund asslgns an eslim8ted va5ue lo Ihe support provided. which Is recognised as a gift in kind as noted wllhln notes 3 and 8 lo Ihe account5. General expendllure was below the budget, showing a small decrease on the prevlous year {24125 £397,597 vs 23124 £410,750). How8ver, 24125 saw Ihe commencement of a major capital project lo dismantle, repalr and rebulld the steeple and Ihls generated further cosls of £800.898- lolal expendllure In 24125 was £1,198,495. Maintenance costs Increased slgnlficanlly compared to 23124, mainly driven by anclllary costs incurred as the major capilal works commenced. Thes8 were offset by reduced consultancy cosls as the fund no longer uses the servlces of a fundraiser, and redueEd notional staff cosls r8flecling long-term vacancies In the Civil SeNice posts provided by Ihe Mlnlstry of Defence. Infomialion regarding Ihe Fund's expendilure can b8 found within notes 6 and Total net assels decreased significantly lo £2,274,847 (23124: £2,966,774) mainly as a result of th8 8XP8ndilure related lo the steeple works. Reserves The Trustees have sel a target for Ihe unreslricled reserve 18vel of £100,000 to ensure short-lerm liquidity and adequate working capital are mainlained. Investments The Fund maintains a neutral elhlcal Investment policy to such an extent deemed possible by the conllnued Investment within pooled funds. Addilionally, on 2 July 2015 the following elhical st8temenl was introduced to the fund: The Charity has the rlght lo exclude investing In companies whose activities act contrary to the ChariV5 alms and objectives. As the Charity has decided to hold pooled investments, the Trustees acknowledge Ihat Ihey need lo be pragmallc wilh regard lo elhlcal investments and therefore have no current excluslon5 In place, However, they reseNe the right to add 8xclusions In future as appropTlale. The Trustees contlnue to work closely wlth the Inveslment manager, taklng into conslderatlon thelr view of market prospects when they consider expenditure requirements and reviewing the inveslmenl slrategy. The investment Is subjecl lo ongolng regular revlew lo ensure It contlnues lo adequataly repres8nt th8 current and future needs of the Fund. ST. CLEMENT DANES CHURCH FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for luluro poilod$ The 1941 Appebl wlll fomaln lh8 maln locus ol Ihe plang for Iha foroso6abl6 fulure. wilh the reslorallon ol Ihe Steeple Ihe prlorlty. Whllo Ihl8 woik has now bogun, works lo the curlllag8 ere also now requlred arxj Ihe expeclallon of furlher IB Yoo scDlo oxpondllufo belng roqulfod saw SCD Church added lo Hlslorfc England's 'At Rlsk Reglstef In lalo 2023. Engagemonl wlui Ilio RAF Exo¢ullvo Commllloo wlll conlFnu8 lo secuf8 lund8 a$ n8cessary when safety critical. Tho Iwsleos wlll contlnue lo develop rolauonshlps wllh tho 5UPPOrt ol senlor RAF per$onng1 wilh polenllal M8Jor Donors, Phllonlhroplsls & gronl glvlng organlsallons In prepawalFoTh for future 8ppllcallons In supwt ol lh8 1941 Appoul, whllst conllnulnp lo dflve supporler acqulsluon 8nd publlc engagemenl Ihrough evenls and louis. st)lem8ht ofTru$t8es' Responslbllltles The laiv applicable lo charflles In England and Wales requlfes the Injslees to pieparo Ilnanclal slalemenls for each rin8n¢I81 year whlch glve a true and falr vlew of lh8 8181¢ ol Iha affali8 of th6 Fund and of the Ircomlng re$oufces ond applicatlon of resources of Ihe Fund lor thal perfod. In preparfng these finan¢lal slalemenls, Ihe trvslees ore requlred lo: Selecl 8ullabl8 8ccountlno pollc188 8nd Ihen 8pply them conslstenllyi and Comply ￿1h applieable 8¢¢ounlSng Standards. Includlng FRS 102, $ubJe¢l to any. materfal departures dlsclosed and explalned In the linanctal slalemenls: and Stale whelh¢r 8 Slaleménl of Recommended Pracllce {SORP) applles end has been lollowed. subjecl lo any malerlal departures whlch are explalned In the financlal slalemenls: and M8k8 ludgemenls 8nd esllmales Ihat are reasonable and prudent; and Prepare Ihe Ilnanclal stalèmenls on Ihe golng concom basls unless It Is Inapproprfale lo presume Ilial Ihè Fund wlll conllnue lo operate. The Iruslees are regponslble for k68plng Proper accounlSng records thal dl$clo8e wllh reasonable accuiacy al eny Ilme the financlal poslllon of the Fund and enable them to ensure Ihal Ihe lJnancl81 slalemenls comply wllh Ihe Charflles Act 2011 and lh8 provlslons of Ihe Tfust Oeeds. They 8re 81s0 responslble for sofeguardlng the assels ol Ihe Fund 8nd hence lor laklng rèasonable slepg for Ihe PTevenllon and dèlactlon ol fraud and other Irregularilles. By order of lh8 Twslees Chalr Board ol Trustees Dale zs f_ Ja2 Trusleo e.A ra OF'I Chalr Flnancè Commlllee DBte ZS ST. CLEMENT DANES CHURCH FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. CLEMENT DANES CHURCH FUND I report to Ihe charity Iwslees on my examinalion of the financial stalemenls of Sl Clement Danes Church Fund for th8 year ended 31 March 2025 which are set out on pages 9 10 22. Responslbllilies and basls of report A5 the trustees of the charity you are responsible for Ihe preparation of Ihe financial stalemenls in accordance wilh Ihe requlrements of the Charities Act 2011 ("Ihe 2011 Act">. Having salisfied myself that the financial statements of Ihe charity are not required lo be audi1￿ under section 144 of the 2011 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial statements as carried out under section 145 of the Charities Act 2011 ('Ih8 2011 Acl,). In carrying out my examination I have followed the direclions given by the Charily Commisslon under section 145(5) (b) of Ihe 2011 Act, Indopendent 8xamlner's stalemenl I have completed my examlnallon. I confirm Ihal no matters have come lo my 8llenllon in connection wilh th8 examination giving me cause lo believe that in any material respect: 1. accounting records were not kept In respect ol Ihe charity as required by Section 130 of the 2011 Act,. or 2. the flnancial slalemenls do not accord with Ihose records; or 3, the financlal slalements do not comply with Ihe appllcable requir8menls conc8rnlng the form and content of accounts set out In th8 Charities (AccDunls and Reporls) Regulallons 2008 olh8r than any requirement Ihal Ihe accounts giv8 a 'lrue and fair vlew whlch is not a malter consld8red as part of an independent examinalion. 4. the flnancial statements have not been prepared in accordance wilh the methods and prlnclples of the Slatement of Recommended Practica for accounting 8nd reporting by charilles applicab18 10 charities preparing Ihelr accounls In accordance with Ihe Flnanclal Reportlng Standard appllcable In Ihe UK and Republic of Ireland (FRS 102). I have no concerns and have cnme across no olher matters in connectlon wllh the examlnation to which attention should be drawn In thls report in order to enable a prop8r understanding of th8 financial slalemenls lo be reached. Davld Hynes (Senlor Statutory Audltor) For and on behalf of BK Plus Llmlted Oakingham House Frederick Pla High Wycombe Bucklnghamshire HP11 1JU Daled.. ..A.5A.o.. I I 1.0. 2 ST. CLEMENT DANES CHURCH FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current flnanclal year Unreslricted Deslgnated Restrlcted funds funds funds Total 2025 2025 2025 2025 Noles Donations and legacles Charilabl8 activities {incom8) Investments 261.723 72.827 79,398 76,015 337,738 72,827 79.398 Total Incom8 413,948 76,015 489,963 Ralslng funds 22,727 2,101 24,828 Charitable acllvilles 1.158,884 14,783 1,173,667 Total resources expended 1,181.611 14,783 2,101 1,198,495 Net galns on Investments 11 16,605 16,605 Nel {outgolng)Ilncomlng resources before Iransfers (751,058) (14,783> 73,914 (691,927) Gross Iransfers be￿een funds 751.058 (751.058) Net movement In funds (765,841) 73.914 (691,927) Fund balances al 1 Aprll 2024 100,000 2,779,130 87,644 2,966,774 Fund balances at 31 March 2025 100.000 2,013.289 161,558 2,274,847 The stalemenl of financial aclivllles Includes all galns and losses recognised In Ihe year. All Income and 8xpendllure derlve from continuing acllvilles. ST. CLEMENT DANES CHURCH FUND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prlor flnanclal year Unrestrlcted Deslgnated Restricted funds funds funds Total 2024 2024 2024 2024 Notes Donations and legacles Charitable activities (inGom8) 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 Raisinu funds 23.753 807 24,560 Charitable aclivilies 374,580 11,610 386,190 Total resources expended 398,333 11,610 807 410.750 Net gains on investments 11 50.703 50,703 Net (outgolnglllncomlng resource8 before transfers 1,943,093 (11,610) 22,522 1.954.005 Gross Iransfers belween funds (1,943,093) 1,943,093 Net movement In funds 1,931.483 22.522 1,954,005 Fund balances at 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 Tha statement of financlal activilles Includes all gains and losses recA)gnised in the year. All Income and 6xpenditure derlve from conlinulng acllvllles. 10- ST. CLEMENT DANES CHURCH FUND BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notss Flxed assets Inve8tments 12 674,585 660,B05 Curront a88et8 Stocks D6blors Cash at bank and in hand 13 14 772 12.543 1,729.023 2,874 28,862 2.294,290 1.742.338 2,326,028 Cradltor8'. amounts falllng due wllhln ono year 15 (142.076) (20,0571 Nel current asset8 1,600,282 2.305.989 Total ao88ts le88 currènt Ilabllltle8 23 2.274,847 2,986,774 Income fundg Re8trlct8d fund8 Designated funds Unr6slrlcled funds 21 22 22 161.558 2.013,289 100,000 87,644 2,779,130 100,000 2,274.847 2,966,774 Tho financial stalemgnt$ were approved by the Twsle8s on .zs-.fsW. ... W£ 6 Mrsc Trustee pie 11 ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 AGcounllng policles Charlty Informatlon Sl. Clement Danes Church Fund is a registered charity in th8 United Kingdom. The address of the ragislered office is given in the Tiuslees, report of Ihese financial statements. The nature of the Charity's operations and principal activities is lo raise money for the mainlenance of Sl Clemenl Danas Church and support Ihe day to day running of Ihe Church for Ihe benefil of all members of the Royal Alr Force, past and present. 1.1 Accounllng conventlon The financi81 statements have been prepared in accordance wilh Ihe charivs governlng document, the Charilies Act 2011 and "Accounling and Reporting by Charities: Slalement of Recommended Practice applicable lo charities preparing Iheir accounts in accordance with Ihe Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in slerling, which is th8 funcllonal curr8ncy of the charity. Monelary amounts In these financial 5talemenls are rounded to the nearesl £. The financial slatemenls have been prepared under the historical cost convention, modified to Include the revalualion of inveslm8nts 81 falr value. The principal accounllng policies adopled ar8 set out below. 1.2 Going concern The financial slalemenls h8V8 been prepared on a going ￿nCern basis. The trustees have reviewed and consldered felevant informalion, including Ihe annual budget and fulure cash flows In making their assessment. Based on these assessments, given Ihe measures that could be undertaken to miligale Ihe current adverse conditions, and the current resources available, the Iruslees have concluded thal they can conllnue to adopt Ihe going concern basis In preparing the accounts. 1.3 Charltable funds Unreslricled funds ar8 available for use at Ihe dlscretion of lh8 Truslees in furtherance of Iheir charitable objeclives. Restrlcled funds are sublecl lo specific condilions by donors or grantors as lo how they may be used. The purposes and uses of the restrlcled funds are sel out In the notes lo Ihe financlal statements, Endowment funds are subj8cI to specific conditions by donors that th8 capital must b8 mainlalned by the charity. 1.4 Income Income is recognlsed when the charlty is legally entltled to it after any performance conditions have been mel, the amounts can be measured reliably. and il is probable that income will be received. Cash donalions are recognised on r8ceipt. Other donations are recognised once th8 charity has been nolified of tha donation, unless perfomiance conditions require defe￿al of Ihe amounl. Income tax recoverable in relalion to donations received under Gift Aid or deeds of covenant is recognised at Ihe lime ol reclaim. Legacies are recognised on receipl or othernvise rf Ihe charity has been nolified of an impending distribution, Ihe amounl 15 known, and receipl is expected. If the amount is not known, the legacy is trealad as contingent asset. 12- ST. CLEMENT DANES CHURCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnued) 1.5 Expendlture Expendllure is recognlsed onc8 th8re is a legal or (x)nslNclive obligation lo Iransfar economic benefit to a third party, il Is probable that a transfer of economic benefits will b8 required in setllement, and the amount of the obligalion can be measured reliably. Expenditure is classified by acllvlly. The costs of each activity are made up of the lolal of dI￿t cosls and shared costs, Including support costs Involved in undertaking each acllvily. Direct costs allribulable lo a single acllvlly are allocaled directly to that acliwty. Shared cosls whlch conlribule to more than one aclivity and support costs which are not allribulable lo a single activity are apportioned between Ihos8 aclivilies on a basis consistént wilh Ihe use of resources. Central staff costs are allocated on the basis of lime spenl, and depreciation charges are allocated on the portion of the asset's use. Expenditure is recognisad on an accruals basis as a liability is incurred. Charitable expenditure comprises those cosls incurred by Ihe Charity in delivery of its activities 2nd services for ils beneficlarles. It includes both costs Ihat can be allocated directly to those a¢tivilies and Ihose cosls of indirect nalure necessary lo support them. Governance cosls include those cosls associated with meeling Ihe ￿nstitU110n8I and slalutory requiremenls of Ihe Charity and include audlt fees and accountancy costs linked to the strategic management of Ihe Charlly. 1.6 Flxed asset Inve8tments Fixed assel investments are Initia15y measured al transaction price excluding transaction cosls, and are subsequently measured al fair value at each reporting dale. Changes in fair value are r8cognlsed in net incomel