DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY** ## **TRUSTEES’ ANNUAL REPORT & ACCOUNTS** ## **31[ST] DECEMBER 2022** Registered Charity 206754 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **TRUSTEES** Mr. M.D. MacFarlane, LLB _(Appointed Chairman 1[st] November 2021)_ Mr. C. Bayly _(Appointed 8[th] February 2022)_ Mrs. J. Bianco, DL* Mr. M.A. Brasier, FRICS Mrs. L. Clarkson, MBE, MA Mr. J. Davey, KC Mrs. R. Hadfield, MBE Mr. G. Parry _(Appointed 8[th] February 2022)_ Mr. M. Sabin, BA (Hons), FCA _(Vice-Chairman)_ Ms. S. Simmonds _(Appointed 8[th] February 2022)_ Miss M.L.R. Williams* Mr. N. Williams *Appointing Authority – Westminster City Council ## **PRINCIPAL OFFICERS** ## **Administration** Chief Executive – Mr. K.M.F. Rea, MA ## **Almshouses** Scheme Manager – Ms. C. Collins Deputy Scheme Manager – Mrs. Patricia Monks Medical Officer – The Wells Park Practice ## **PROFESSIONAL ADVISERS** Bankers: Lloyds Bank, Holborn Circus Branch, 6 Holborn Circus, London EC1N 2HP Investment Managers: Rathbone Investment Management Ltd., 8 Finsbury Circus, London EC2M 7AZ Auditors: Shipleys LLP, 5 Godalming Business Centre, Woolsack Way, Godalming GU7 1XW Surveyors: Gerald Eve LLP, 72 Welbeck Street, London W1G 0AY Solicitors: Reynolds Porter Chamberlain LLP, Tower Bridge House, St. Katharine’s Way, London E1W 1AA Russell Cooke LLP, 8 Bedford Row, London WC1R 4BX Human Resources: Argonaut HR, 20-22 Wenlock Road, London N1 7GU Registered Charity 206754 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** |**CONTENTS**|**Page**| |---|---| |Report of the Trustees|1 – 5| |Report of the Auditors|6 – 8| |Statement of Financial Actvites|9| |Balance Sheet|10| |Statement of Cash Flows|11 – 12| |Notes to the Accounts|13 – 29| Registered Charity 206754 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## St. Clement Danes Holborn Estate Charity Offices of the Trustees SB.315 China Works, Black Prince Road LONDON, SE1 7SJ Chief Executive & Clerk to the Trustees, K.M.F. Rea, Esq., MA Telephone: 07553 568583 E-mail: hec@3chars.org.uk Ref: TTEES-REP2022 ## **REPORT BY THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022** The Trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16[th] July 2014 (FRS102). ## **1. Reference and Administrative details of the Charity, its Trustees and Advisers** The Charity was first created on 28[th] February 1551 within the Ancient Parish of St. Clement Danes in the City of Westminster, London and was endowed with property and land in the Parish of St. Andrews, Holborn, purchased by the Churchwardens of St. Clement Danes Church, from William Breton, for the sum of £169. The Trustees who have served during the year, together with the principal officers and professional advisers of the Charity, are set out on the information page at the front of these accounts. ## **2. Structure, Governance and Management** The Charity is registered as the Holborn Estate Charity (HEC) and is regulated by a Scheme of the Charity Commissioners dated 14[th] June 1935, which was subsequently varied by further Schemes, culminating in the current Schemes dated 2[nd] September 1991, 1[st] October 1997 and the Orders dated 27[th] July 1998 and 29[th] August 2006, as amended by resolution dated 11[th] June 2014, under which the Trustees now administer the Charity. Trustees are appointed by the Board of Trustees and by Westminster City Council in the case of four of their number (See Plans for Future Periods). The full Board of Trustees meets 4 times in the year and every alternate month, a small group of Trustees visits the Almshouses on a rota basis. Decisions made at the Rota meetings are approved at the next full Board meeting. On the appointment, new trustees sign a model trustee declaration statement committing them to giving of their time and expertise. The induction process involves a meeting with the Chief Executive and a welcome pack which includes a brief history of the Trust, a copy of the governing trust deed and a detailed narrative of the objectives of the charity. This also summarises the relationship of the charity to the associated charity Westminster Amalgamated Charity and St Clement Danes School. These relationships have given rise to a large pool of professionals with board and committee experience across a wide range of disciplines from which the charity has been able to recruit trustees on an ongoing basis. Mr Bayly, Mr Parry and Ms Simmonds were appointed Trustees on 8[th] February 2022. These appointments bring the number of Trustees on the Board to 12. Registered Charity 206754 1 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **3. Risk Management** The Chief Executive maintains a Risk Assessment schedule which covers identifiable risks in all categories including finance, technology, health and safety, compliance with statutory requirements and the mix of disciplines and skills amongst both staff and Trustees. The schedule is updated and reviewed by the Board of Trustees annually, following which any actions required to reduce risk are identified and implemented accordingly. The main risks identified by the Charity lie in the performance of the investment portfolio and securing continuity of income from the Almshouse residents. Investment risk is mitigated by the appointment of professional investment managers who report regularly to the Board. Income from residents is ensured by maintaining, as far as possible, full occupancy of the Almshouses. ## **4. Objectives and Activities for the public benefit** The Charity has the following objectives: - To pay the governors of St Clement Danes School at Chorleywood, Hertfordshire, a yearly sum of £60,000 to be applied by the governors for the benefit of the school. - To maintain the Almshouse and to provide for the benefit of the residents. - To make payments to the said governors of St Clement Danes School. - The general relief of persons resident in the City of Westminster and former residents of the Almshouses who are in conditions of need, hardship or distress by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives. The Charity fulfils its charitable objectives by providing affordable sheltered housing for low-income elderly people who have been resident in the area of benefit, this area being any London Borough, excluding The City of London. The Charity may also award grants to organisations relieving need and operating in the City of Westminster. In addition, the Charity makes an annual grant to St. Clement Danes School in Chorleywood, in Hertfordshire. The School, rated as “outstanding” by Ofsted, is a non-selective all-ability Academy providing top quality education to 1,360 students. ## **5. Achievement and Performance** From 1[st] January 2022 the grants to the School continued to be paid directly by HEC through the restricted fund in which the assets of the former Foundation have been ring-fenced for the benefit of the School. The grant for 2022 was restricted to the mandatory grant of £60,000. As reported last year the discretionary inflation grant of £88,500 and an additional grant of £36,300 have been discontinued. The current level of annual grant stands at £60,000. There are no conditions attached to this grant in order to give the School maximum flexibility in identifying its own priorities. Under normal circumstances the main recurring items for which the School uses the grant are minibus leasing and running costs, Commemoration Day, Speech Day and the production of School Brochures. In 2022 the School was able to utilise £60,000 (2021: £184,800) from the School Restricted Fund for the benefit of its 1,360 students. Trustees were able to make a payment to the School of £200,000 from an existing provision, for a contribution towards an all-weather pitch, a project which had first been agreed in 2019. Contributions from residents (£536,107) were higher than 2021 (£500,218) due to a higher level of flat occupation made possible by the lifting of all pandemic-based restrictions. The cost of operating St. Clement’s Heights, excluding support costs, was £935,278 (2021: £827,336). The increase in overall costs was due to a full year of salary and pension costs relating to the Deputy Scheme Manager. In addition, there was considerably higher expense on building maintenance. This is due to the diligence of the full-time Premises Manager in identifying and dealing with maintenance matters. Other contributory factors to the increase in running costs were higher energy bills and some legal and professional fees relating to employment advice. Expenditure during the year amounted to Cyclical £8,909 (2021: £Nil) and Extraordinary £106,127(2021: £Nil). Registered Charity 206754 2 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** The Trustees have reviewed their depreciation policy and from 2016 the new building is being depreciated at the rate of 2% per annum. A charge of £156,475 is included in the total. No provision was made in 2022 for a grant from the Westminster Persons in Need Fund (WPIN) to Westminster Amalgamated Charity (WAC), due to the high level of Almshouse expenditure. The grant is at Trustees’ discretion and will be restored as soon as funds permit. ## **6. Financial Review** The Charity’s income is derived from two sources, these being the investment portfolio and weekly maintenance contributions from the Almshouse residents. The Charity has never raised funds from the public or any governmental sources and has no plans to do so in the future. Normally approximately 52% - 55% of total income is generated by the investment portfolio currently under discretionary management by Rathbone Investment Management Ltd. In 2022 this amounted to 50.4% (2021: 48%) due to the continuing recovery of stock markets post-pandemic. The Trustees investment policy expects a balance between capital growth and income. Specifically, there is a requirement that the portfolio maximises income without eroding the capital value of the fund. The income target of £455,000, agreed with Rathbones, was exceeded during the year due to the gradual recovery of stock markets. The final result was £544,934 (2021: £461,254). The income target for 2023 will be set close to the end of 2022 to allow Rathbones a fair chance to make their best estimate. The portfolio value, excluding short term cash deposits, at 31[st] December 2022 was £20,495,970 (2021: £24,250,412). Trustees continue to be very satisfied with the service given by Rathbone Investment Management Ltd and appreciate the attention which is given to the Charity’s needs. ## **7. Reserves policy** The Charity holds its reserves in the following funds: The Extraordinary Repair Fund (ERF) for the purpose of providing for the extraordinary repairs, improvement or rebuilding of the Almshouses; the Cyclical Maintenance Fund (CMF) for the purpose of providing for those items of ordinary maintenance and repair of the Almshouses which recur at infrequent intervals; The School Fund to hold funds for approved projects at the school, where year-end surpluses allow; The Westminster Persons in Need Fund to hold funds for relief of need in Westminster, where year-end surpluses allow. The Residents Extra Benefits Fund is a restricted fund into which accumulated amounts donated for the specific benefit of the Almshouse residents are held. The St. Clement Danes School Restricted Fund is a fund in which the assets of the former Foundation are ring-fenced for the exclusive benefit of St. Clement Danes School. Trustees’ policy is to ensure that expenditure, excluding those items charged directly to the Permanent Endowment, does not exceed income. Any accumulated, unspent income forms the general reserve against future contingencies. The small deficit for the year amounted to £17,477, as a result of continued high expenditure on the Almshouse. Trustees made transfers to Reserve Funds of £8,909 to the Cyclical Maintenance Fund and £106,127 to the Extraordinary Repair Fund to restore the balances on these funds to their original level. A transfer of £170,575 was made to the School Restricted Fund, comprising the Mandatory Grant of £60,000 and an adjustment of £110,575 to eliminate a deficit on the General Fund held within the Funds comprising the restricted fund. As at 31[st] December 2022, after offsetting the deficit against the brought forward balance there remains a general reserve of £133,010. As in 2021 the reserve is higher than would normally be retained and will be adjusted when there is more certainty about both income and expenditure levels. Note: see comments in Section 8 - Plans for future periods. ## **8. Plans for future periods** The attention of the Trustees and staff continues to be directed towards ensuring the wellbeing of the elderly and vulnerable residents of the Almshouse as well as ensuring that Almshouse staff are properly equipped to Registered Charity 206754 3 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** deal with the situation. All efforts are being directed to returning to as far as possible to normal almshouse life. The aims of achieving full occupation continued through 2022 with increasing success. At the time of writing 47 out of 48 flats are occupied which has resulted in a much-increased flow of Weekly Maintenance Contributions. The ongoing matter of latent defects at St Clement’s Heights continues to be the subject of discussions with Crest Nicholson. No further comment on the matter can be made at this stage. As reported last year the 2 Charities concluded that the Head Office accommodation in Drury Lane was no longer fit for purpose and decided to move to serviced offices. Staff moved from Drury Lane to China Works, Vauxhall, in November 2022 and are enjoying their new working environment. Recruitment of a 3[rd] member of the Head Office team is ongoing as the appointment made in January 2023 proved to be unsatisfactory. The full benefit of savings on the costs of maintaining the Head Office will be felt from January 2024. Trustees have an expectation of investment income of £542,000 in 2023, with an estimate for 2024 to be provided by Rathbones towards the end of 2023. Trustees have informed the School that any grant uplift in 2024 will be considered in March 2024. The funds available to the School will continue to be limited to the mandatory grant of £60,000. Further cost-cutting measures will be explored, although the safety, security and well-being of residents and staff remains paramount. In 2022 Westminster City Council announced that it was carrying out a wide-ranging review of the council’s involvement with and appointments to external bodies. In May 2023 WCC confirmed that it would no longer be the appointing authority for a number of places on the HEC board. The Charity is now free to appoint Trustees as it sees fit, without recourse to WCC. ## **9. Key management personnel remuneration** The trustees consider the board of trustees and the chief executive as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 23 to the accounts. Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises. The pay of the charity’s chief executive is reviewed annually and normally increased in accordance with average earnings. The remuneration is bench-marked with grant-making charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar role. Registered Charity 206754 4 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **10. Trustees’ responsibilities in relation to the financial statements** The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. It is the Trustees responsibility to prepare accounts that give a true and fair view of the state of affairs of the Charity and of its income and expenditure for the financial year. In doing so the Trustees are required to: - Select suitable accounting policies and apply them consistently; - Make judgements and estimates that are reasonable and prudent; - Prepare the accounts on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation; - Observe the methods and principles in the applicable Charities SORP; - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts. So far as each of the Trustees is aware at the time the report is approved: - There is no relevant audit information of which the Charity’s auditors are unaware, and - The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## **11. Related Parties** The charity has a close relationship with Westminster Amalgamated Charity and St. Clement Danes Educational Foundation (see Note 23). The Trustees are, as always, indebted to their administrative team in School House. They are grateful for the very dedicated assistance that the residents receive at St. Clement’s Heights from the staff there. Trustees also appreciate the support received from their many professional advisers. Approved by the trustees on 31[st] October 2023 and signed on its behalf by: **M Macfarlane Chairman** Registered Charity 206754 5 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ST. CLEMENT DANES HOLBORN ESTATE CHARITY** ## **Opinion** We have audited the financial statement of St. Clement Danes Holborn Estate Charity for the year ended 31 December 2022 which comprise the statement of financial position, statement of financial activities, statement of cashflows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - Give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - Have been prepared in accordance with the requirements of the Charities Act 2011. ## **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 financial statements section of our report. We are independent of the charity in accordance with 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 provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, 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 12 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 trustees’ 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 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statement or our knowledge 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 material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we 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. Registered Charity 206754 6 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ST. CLEMENT DANES HOLBORN ESTATE CHARITY** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - The financial statements are not in agreement with the accounting records and returns; or - Certain disclosures of trustees’ remuneration specified by law are not made; or - We have not received all the information and explanation we require for our audit. ## **Responsibilities of the trustees** As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such 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 relating to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operation, or has no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether 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 considered material if, individually or in the aggregate, they could reasonably be expected to influence with economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlines above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the charity’s business, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the charity’s financial statements to material misstatement from irregularities, including fraud and instances of non-compliance with laws and regulations. - Based on this understanding, we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries on the management; journal entry testing; review of bank letters and any correspondence received from regulatory bodies; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. - We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Registered Charity 206754 7 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ST. CLEMENT DANES HOLBORN ESTATE CHARITY** An auditor conducting an audit in accordance with ISAs (UK) is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error and in our audit procedures described above. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statement, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **Use of our report** This report is made solely to the charity’s members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s members 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 responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Shipleys LLP Statutory Auditor Chartered Accountants & Statutory Auditor 5 Godalming Business Centre Woolsack Way Godalming Surrey GU7 1XW Date: 23 November 2023 Registered Charity 206754 8 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY** ## **YEAR TO 31[ST] DECEMBER 2022** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2022** The notes on pages 11 to 29 form part of these accounts. ## **UNRESTRICTED FUNDS** ## **RESTRICTED FUNDS** |part of these accounts.|**DESIGNATED FUNDS**|**DESIGNATED FUNDS**||**INCOME FUND**
**CAPITAL FUND**| |---|---|---|---|---| |**Notes**|
**Accumulated**
**Income Fund**
**£**
**School Fund**
**(Note 17)**
**£**
**Westminster**
**Persons in**
**Need**
**(Note 18)**
**£**|**Extraordinary**
**Repair Fund**
**(Note 19)**
**£**|**Cyclical**
**Maintenance**
**Fund**
**(Note 20)**
**£**|**School**
**Fund**
**(Note 21)**
**£**
**Residents**
**Extra**
**Benefts**
**(Note 22)**
**£**
**Permanent**
**Endowment**
**(Note 23)**
**£**
**TOTAL**
**2022**
**£**
**TOTAL**
**2021**
**£**| |**INCOME AND ENDOWMENTS:**
From: Investments
2
Charitable actvites
3
Donatons and legacies
4
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
5
Cost of charitable actvites:
6
**TOTAL**
**Net gains/(losses) on investment**
**assets**
Realised and unrealisedgains
**TOTAL**
**Net Income/Expenditure**
**Transfer between funds**
Allocaton to School Fund
10
Allocaton to Reserve Fund
**Net Income/Expenditure before**
**recognised gains/(losses)**
**Other recognised gains/(losses)**
Loss of disposal of fxed
Gain on disposal of Freehold
property
**Net movement in funds**
**Reconciliaton of funds**
**Balances brought fwd at 1.1.22**
**Balances carried fwd at 31.12.22**|544,934
536,107
-||8,909
8,909
(8,909)
8,909
-
50,000
50,000|544,934
461,254
536,107
500,218
-
1,000| ||1,081,041|||1,081,041
962,472| ||812,907
200,000|106,127||104,459
104,459
115,345
60,000
180,078
1,368,021
1,265,664| ||812,907
200,000|106,127||60,000
284,537
1,472,480
1,381,009| |||||(3,597,279)
(3,597,279)
2,930,053| |||||(3,597,279)
(3,597,279)
2,930,053| ||268,598
(200,000)
(170,575)
(115,036)
(17,477)
(200,000)|(106,127)
106,127||(60,000)
(3,881,816)
(3,988,718)
2,511,516
170,575
-
-
110,575
(3,881,816)
(3,988,718)
2,511,516| ||(17,477)
(200,000)
150,487
410,020
-|-
400,000||110,575
(3,881,816)
(3,988,718)
2,511,516
132,397
13,833
31,338,606
32,495,343
29,983,827| ||133,010
210,020
-|400,000||242,972
13,833
27,456,790
28,506,625
32,495,343| 9 Registered Charity 206754 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **BALANCE SHEET AS AT 31[ST] DECEMBER 2022** |**Notes**|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Endowment**
**Funds**
**£**
**Total**
**2022**
**£**
**Total**
**2021**
**£**| |---|---| |**FIXED ASSETS**
Freehold Property
12a
Tangible Assets
12b
Investments
13a
**CURRENT ASSETS**
Debtors
14
Balance between funds
14/16
Balance at bank
15
Less:
Creditors: amounts falling due
within oneyear
16
Net current assets/(liabilites)
Total assets less current liabilites
Total net assets
**THE FUNDS OF THE CHARITY:**
Income Fund
P.9
School Fund
17
Westminster Persons in Need
Fund
18
Extraordinary Repair Fund
19
Cyclical Maintenance Fund
20
School Restricted Fund
21
Residents Extra Benefts Fund
22
Capital Fund
23
**TOTAL FUNDS**|6,475,590
6,475,590
6,632,065
82,783
82,783
99,102
7,211
21,383,843
21,391,054
25,097,240| ||7,211
27,942,216
27,949,427
31,828,407
482,495
482,495
391,550
179,787
278,415
(458,202)
-
301,379
301,379
544,744| ||963,661
278,415
(458,202)
783,874
936,294
177,842
21,610
27,224
226,676
269,358| ||785,819
256,805
(485,426)
557,198
666,936| ||793,030
256,805
27,456,790
28,506,625
32,495,343| ||793,030
256,805
27,456,790
28,506,625
32,495,343| ||133,010
133,010
150,487
210,020
210,020
410,020
-
-
-
400,000
400,000
400,000
50,000
50,000
50,000
242,972
242,972
132,397
13,833
13,833
13,833
27,456,790
27,456,790
31,338,606| ||793,030
256,805
27,456,790
28,506,625
32,495,343| Approved by the Board of Trustees on 31[st] October 2023, and signed on its behalf by: Chairman: _________________________ M. Macfarlane Vice Chairman: _________________________ Chief Executive: ______________________ M. Sabin K.M.F. Rea The notes on pages 11 to 29 form part of these accounts. Registered Charity 206754 10 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **STATEMENT OF CASH FLOWS YEAR ENDED 31[ST] DECEMBER 2022** |**Notes**
**NET CASH USED IN OPERATING ACTIVITIES**
1
**CASH FLOWS FROM INVESTING ACTIVITIES**
Interest and dividends
Purchase investments
Purchase fxed assets
Proceeds sale of investments
**NET CASH PROVIDED BY INVESTING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS IN**
**THE YEAR**
**CASH AND CASH EQUIVALENTS BROUGHT**
**FORWARD**
**CASH AND CASH EQUIVALENTS CARRIED**
**FORWARD**
**ANALYSIS OF CHANGES IN NET DEBT**
Cash at bank and in hand||**Total**
**2022**
**£**
**Total**
**2021**
**£**| |---|---|---| ||**At 31 Dec 2021**
544,744|(919,508)
(825,015)
544,934
461,254
(10,793,465)
(4,126,493)
(11,759)
(14,061)
10,936,433
4,749,641| |||676,143
1,070,341| |||(243,365)
245,326
544,744
299,418| |||301,379
544,744| |||**Cash fows**
**At 31 Dec 2022**
(243,365)
301,379| ||**544,744**|**(243,365)**
**301,379**| Registered Charity 206754 11 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** **NOTES TO STATEMENT OF CASH FLOWS YEAR ENDED 31[ST] DECEMBER 2022** ## **1. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**1.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET**
**CASH FLOW FROM OPERATING ACTIVITIES**||| |---|---|---| ||**Total**
**2022**
**£**|**Total**
**2021**
**£**| ||(3,988,718)
184,553
(544,934)
3,611,474
-
(90,945)
(42,682)
(48,256)|2,511,516
182,923
(461,254)
(2,930,053)
-
(40,284)
50,458
(138,321)| |Net movement in funds||| |Add back depreciaton charge||| |Deduct investment income shown in income and endowment||| |Deduct profts on investments||| |Loss on disposal of fxed assets||| |(Increase)/decrease in debtors||| |Increase/(decrease) in creditors||| |Movement in investment cash deposits||| ||(919,508)|(825,015)| |**NET CASH USED IN OPERATING ACTIVITIES**||| Registered Charity 206754 12 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS** **YEAR ENDED 31[ST] DECEMBER 2022** ## **1. ACCOUNTING POLICIES** ## **a. Basis of Preparing the Financial Statements** The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. With effect from 1 January 2019, the charity has adopted the second addition of the Charities SORP (FRS 102) and the amendments to FRS 102 published in the Triennial Review 2017. There are no adjustments to the current or comparative period in relation to the amendments. The trust constitutes a public benefit entity as defined by FRS 102. The trust is a registered charity (registration number 206754 England & Wales) and the governing document as detailed on page 1 is the Scheme that was set up in 2014. The principal address is noted on page 1. These financial statements have been prepared on a going concern basis. No material uncertainties exist related to events or conditions that may cast a significant doubt on the charity’s ability to continue as a going concern. These financial statements are presented in Sterling (£), which is also the functional currency of the charity and rounded to the nearest £. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts are prepared on a going concern basis. ## **b. Charity Commission Scheme** The Charity is registered under the Charities Act 1960 and the Charity has been administered in accordance with the Charity Commission Scheme dated 2[nd] September 1991 as modified by orders dated 1[st] October 1997, 27[th] July 1998, 29[th] August 2006 and amended by a resolution dated 11[th] June 2014. ## **c. Income** An income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income will be measured reliably. ## i) _Investments_ Income from both fixed interest investments and deposit accounts is included in the accounts on a receivable basis. Dividend income is recognised with reference to the dividend declaration date. Property rental income is recognised on a receivable basis. Income from endowment funds is unrestricted. - ii) _Donations, legacies and grants_ Grants receivable are recognised when any conditions attaching to them are fulfilled. Grants are allocated to the relevant funds as appropriate. Donations received are used in accordance with the wishes of the donor if applicable or are included as unrestricted funds. They are recognised when the charity is notified that it will receive the donation. - iii) _Activities in furtherance of the charity’s objects_ Charitable income is accounted for on a receivable basis. - iv) _Other income_ Other income is accounted for in the year in which it is received and allocated to funds as appropriate. Registered Charity 206754 13 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ## **d. Expenditure** Expenditure is included on an accruals basis. - i) _Costs of raising funds_ Costs of raising funds comprise investment management fees. - ii) _Grants payable_ Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure. On 30[th] June 2014 the assets of St. Clement Danes School Charitable Foundation were transferred to St Clement Danes Holborn Estate Charity. Prior to this date the Grants were paid in accordance with Clause 27 of the Charity’s scheme in the following order of priority: Clause 27 (1): An annual grant of £60,000 to the Trustees of St. Clement Danes School Charitable Foundation, to be applied by the said Trustees for the purposes of that Charity. Clause 27 (3): A further grant to the Trustees of St. Clement Danes School Charitable Foundation, to be applied by the said Trustees for the purposes of that Charity. Clause 27 (4): Grants to institutions in the City of Westminster whose purpose is to relieve need. Grants may also be paid to former residents of the almshouses. After 30[th] June 2014 the grants previously made to the Trustees of St. Clement Danes School Charitable Foundation are made as transfers to the School Restricted Fund. - iii) _Allocation of support and governance costs_ Support costs have been allocated between charitable activities and governance. Support costs relating to charitable activities have been apportioned on the best estimate of staff time spent on each activity. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit and legal fees together with an apportionment of overhead and support costs. ## **e. Tangible Fixed Assets and Depreciation** - i) _Capitalisation and replacement_ All assets including additions in the year are stated at cost. The Charity is responsible for keeping the original buildings in fit and useful condition and these costs are written off as incurred to the General Fund, Cyclical Maintenance Fund or Extraordinary Repair Fund as appropriate. Building improvements and other fixed assets are capitalised and carried in the balance sheet at historical cost. - ii) _Depreciation_ The cost of the freehold land is not depreciated. Depreciation of other assets is provided at rates calculated to write off the cost over the estimated useful economic lives of each class of asset, subject to annual review. Depreciation is charged to the fund in which the asset is held. Registered Charity 206754 14 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ii) _Depreciation (cont)_ These rates are currently as follows: |rates are currently as follows:|| |---|---| |Freehold land|Nil| |Freehold buildings and development costs|50 years| |Freehold buildings, plant a fxtures|10 years| |Buildings additons and improvements|12 – 20 years| |Ofce refurbishment|10 – 25 years| |Furniture and equipment for administraton use|5 – 20 years| |Computer for administraton use|3 years| |Furniture and equipment for charitable use|5 – 20 years| |Computers for charitable use|3 years| ## **f. Fixed Asset Investment** Investments are included in the accounts at their fair value. Any gain or loss on revaluation is taken to the Statement of Financial Activities. Realised and unrealised gains and losses on investment assets are included in the accounts as they arise. ## **g. Debtors** Debtors are initially recognised at fair value and thereafter stated at amortised costs less impairment losses for bad and doubtful debts. ## **h. Cash at Bank** Cash at bank includes short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **i. Creditors and provisions** Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. ## **j. Financial Instruments** The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **k. Funds Structure** The Charity has a permanent endowment, the income from which is wholly unrestricted. The restricted fund, the Residents Extra Benefits Fund receives any donation or legacies from residents which are then used to provide benefits that the Trustees would not normally provide. Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. These include designated funds which reflect the main charitable activities. Transfers to and from these funds are reviewed annually by the Trustees and are shown in Note 8. Details of the nature and purpose of each fund is set out in Notes 17 to 23. Registered Charity 206754 15 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** On 30[th] June 2014 St. Clement Danes Charitable Foundation transferred its funds to Holborn Estate Charity to be held as restricted funds. The Charity had an Accumulated General Fund, split between Income and Capital. The Income Fund reflected the operation of the Charity and the Capital Fund represented the net book value of the School buildings. The School Fund was formerly known as the Repair Fund and was originally intended to enable the Trustees to meet their obligation to contribute 10% towards certain categories of capital funding. With the granting of Academy Status this obligation no longer applies. To reflect this change Trustees changed the title of the fund to School Fund to be retained as a reserve for the benefit of the School. There are three restricted funds for the purpose of making small grants to individuals and the School and for providing annual prises for academic and sporting achievements, these being the Discretionary Fund, the Prize Fund and the Old Danes Fund. Until 30[th] June 2014 a quarter of the Holborn Estate Charity Clause 27(1) grant was allocated to the Discretionary Fund. Administrative expenses of £1,000 were allocated to this fund. Under Clause 29 (4) of the 1999 Charity Scheme any surplus arising on the Discretionary Fund will be transferred to the General Fund. Income from the Prize Fund is transferred annually to the General Fund. An explanation of the nature and purpose of each fund is set out in note 21. ## **l. Salary and Expense Allocations – Associated Charities** A charge, which is agreed annually, is levied on Westminster Amalgamated Charity. From 1[st] September 1986 under the authority from the Charity Commissioners dated 10[th] February 1987 the recharge previously made to the Trustees of St. Clement Danes School Charitable Foundation has no longer been as a notional recharge and a corresponding notional grant until 30[th] June 2014 when the assets of the foundation were transferred to St. Clement Danes Holborn Estate Charity. Salaries are apportioned according to the Trustees’ best estimate of staff time spent on each charity. Management and administration costs are apportioned by the Trustees as deemed appropriate. ## **m. Value Added Tax** The Charity is not registered for VAT purposes and all expenses, where applicable, are inclusive of irrecoverable VAT. ## **n. Pension Scheme** The Charity operates a defined contribution pension scheme and the pension charge represents the amounts paid by the Charity to the fund in respect of the year. ## **o. Operating Leases** Rentals in respect of all leases are charged to the Statement of Financial Activities as incurred. Registered Charity 206754 16 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ||**Restricted Funds**|**Restricted Funds**|**Restricted Funds**|| |---|---|---|---|---| ||**Unrestricted**
**Funds**
**£**
**Residents**
**Extra**
**Benefts**
**£**
**School**
**Fund**
**£**||**Endowment**
**Fund**
**£**|**Total**
**2022**
**£**
**Total**
**2021**
**£**| ||544,934|||544,934
461,254| |**2. INVESTMENTS**
Income from UK quoted
investments||||| |||||| ||544,934|||544,934
461,254| |In 2021 all investment income was atributable to unrestricted funds.
**3. CHARITABLE ACTIVITIES**
**Contributons from**
**Almshouse residents**
Weekly maintenance
502,375
Care-Call maintenance
15,932
Shopping and cleaning
4,509
Laundry and Guest Flat
4,966
Heatng, Hot Water and
Electricity
8,325||||502,375
473,497
15,932
8,820
4,509
2,098
4,966
4,924
8,325
10,879| |**3. CHARITABLE ACTIVITIES**||||| |**Contributons from**
**Almshouse residents**||||| |Weekly maintenance||||| |Care-Call maintenance||||| |Shopping and cleaning||||| |Laundry and Guest Flat||||| |Heatng, Hot Water and
Electricity||||| |||||| ||536,107|||536,107
500,218| In 2021 all charitable activities income was attributable to unrestricted funds. ||**Restricted Funds**|**Restricted Funds**|**Restricted Funds**|| |---|---|---|---|---| ||**Unrestricted**
**Funds**
**£**
**Residents**
**Extra**
**Benefts**
**£**|**School**
**Fund**
**£**|**Endowment**
**Fund**
**£**|**Total**
**2022**
**£**
**Total**
**2021**
**£**| |||||1,000| |**4. DONATIONS & LEGACIES**||||| |||||| |Donatons||||| |||||| |||||1,000| ||||104,459|104,459
115,345| In 2021 all costs for raising funds were attributable to endowment funds. Registered Charity 206754 17 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ||**Expenditure**
**Note 9**
**£**
**Support**
**Costs**
**Note 8**
**£**
**Governance**
**Costs**
**Note 8**
**£**
**Total**
**2022**
**£**
**Total**
**2021**
**£**| |---|---| |**6. ANALYSIS OF EXPENDITURE ON**
**CHARITABLE ACTIVITIES**|200,000
200,000
50,000| |From Income Funds:|| |Grants to St. Clement Danes School|| |Grants to Westminster Persons in Need|| ||200,000
200,000
50,000
664,782
130,063
18,062
812,907
852,176
7,451
1,458
8,909
-
88,761
17,366
106,127
-
174,284
5,794
180,078
178,688| |Almshouse expenditure:|| |Income Fund|| |Cyclical Maintenance Fund|| |Extraordinary Maintenance Fund|| |Endowment Fund|| ||935,278
154,681
18,062
1,108,021
1,030,864
60,000
60,000
184,800| |From Restricted Funds|| |Grants to St. Clement Danes School|| ||| ||1,195,278
154,681
18,062
1,368,021
1,265,664| |**Total Charitable Expenditure**|| In 2021 £902,176 expenditure on charitable activities was attributable to unrestricted funds, £178,688 attributable to endowment funds and £184,800 attributable to restricted funds. ||**Total**
**2022**
**£**
**Total**
**2021**
**£**| |---|---| |**7. ANALYSIS OF INCOME FUND GRANTS**
Grants to Westminster Insttutons –
Clause 27(4): (Note 16)
Westminster Amalgamated Charity
The Connecton at St. Martn’s|-
-
-| Registered Charity 206754 18 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ## **8. TOTAL SUPPORT AND GOVERNANCE COSTS** ||**Total Cost**|**Net Costs Afer Allocatons**|**Net Costs Afer Allocatons**|**2022**
**2021**| |---|---|---|---|---| ||**Before**
**Allocatons**
**Allocatons**|**Income**
**Fund**|**Endowment**
**Fund**|**Total**
**Costs**
**Total**
**Costs**| ||**£**
**£**|**£**|**£**|**£**
**£**| |**Total Expenses**|131,858
41,530
15,626
6,250
2,830
2,830
1,645
1,645
3,736
1,494
56,560
22,624
1,945
607
2,370
948
11,241
4,063
3,067
-|90,328
9,376
-
-
2,242
33,936
1,338
1,422
7,178
3,067|3,323
2,471|**90,328**
**136,865**
-
**9,376**
**8,208**
**3,323**
**3,041**
**2,471**
**2,471**
**2,242**
**2,299**
**33,936**
**18,000**
**1,338**
**1,191**
**1,422**
**805**
**7,178**
**6,259**
**3,067**
**1,605**| |Salaries and pensions||||| |Staf Training||||| |Equipment maintenance||||| |Depreciaton equipment||||| |Depreciaton building||||| |Rates||||| |Rent||||| |Insurance||||| |Energy costs||||| |Communicatons||||| |Other expenses||||| ||230,878
81,991|148,887|5,794|**154,681**
**180,744**| |**Total support costs**||||| ||1,050
7,803
3,121
12,330|1,050
4,682
12,330||**1,050**
**-**
**4,682**
**10,324**
**12,330**
**12,460**| |**Governance Costs**||||| |Costs of meetngs||||| |Professional fees||||| |Fees – audit||||| |**Total governance costs**|21,183
3,121|18,062||**18,062**
**22,784**| Total support costs attributable to charitable activities are allocated to Almshouse expenditure. Registered Charity 206754 19 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY** ## **YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ||**Income**
**Fund**
**£**
**Cyclical**
**Maintenance**
**£**
**Extra-**
**Ordinary**
**Repair**
**£**
**Capital**
**Fund**
**£**
**Total**
**2022**
**Note 7(a)**
**£**
**Total**
**2021**
**Note 7(a)**
**£**|**Income**
**Fund**
**£**
**Cyclical**
**Maintenance**
**£**
**Extra-**
**Ordinary**
**Repair**
**£**
**Capital**
**Fund**
**£**
**Total**
**2022**
**Note 7(a)**
**£**
**Total**
**2021**
**Note 7(a)**
**£**| |---|---|---| |**9. ANALYSIS OF ALMSHOUSE**
**EXPENDITURE**|227,753
227,753
208,611
5,593
5,593
714
-
-
-
29,953
29,953
29,204
144,255
7,451
88,761
240,467
155,954
27,967
27,967
29,357
56,640
56,640
31,898
17,033
17,033
15,922
56,773
56,773
39,076
500
500
500
3,651
3,651
4,475
8,955
8,955
10,918
-
-
67,737
650
650
17,517
27,151
27,151
2,838
57,908
57,908
39,439
156,475
156,475
156,475
17,809
17,809
16,701|| |Salaries and pensions||| |Staf training||| |Staf recruitment||| |Out of hours warden cover||| |Building repairs & maintenance||| |Land and garden maintenance||| |Water rates and council tax||| |Insurance||| |Energy costs||| |Computer support/maintenance||| |Communicatons||| |Other expenses||| |Site security||| |PPE/sanitsing costs||| |Professional fees||| |||| |General beneft of residents||| |Depreciaton:||| |Buildings||| |Equipment||| ||664,782
7,451
88,761
174,284
935,278
827,336|| |||| |||**Total**
**2022**
**£**
**Total**
**2021**
**£**
60,000
60,000
110,575
88,500
(170,575)
(148,500)
-
-
(115,036)
-
-
-
-
-
8,909
-
106,127
-
-
-| |||| |**10. TRANSFER BETWEEN FUNDS**|- Clause 27(1)
- Clause 27(3)
- Clause 27(3)
- Clause 27(4)
- Clause 29
- Clause 30|| |**Allocaton to School Fund**||| |Annual grant||| |Infaton grant||| |Accumulated Income Fund||| |||| |||| |**Allocatons to Reserve Funds**
**(Notes 17 – 20)**||| |||| |Accumulated Income Fund||| |School Fund||| |Westminster Persons in Need||| |Cyclical Maintenance Fund||| |ExtraordinaryRepair Fund||| |||| |||| Registered Charity 206754 20 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** |**11. EXTRACT OF EXPENDITURE INCLUDED IN**
**STATEMENT OF FINANCIAL ACTIVITIES**|**2022**
**£**|**2021**
**£**| |---|---|---| |**a. Analysis of Staf Costs**
Total emoluments
Pension Contributons paid by the Charity
Employer’s Natonal Insurance Contributons
Payments to Pensioners
Deduct Recoveries|307,710
24,592
27,309
359,611
-
(41,530)
318,081|346,155
27,705
27,021| |||400,881
-| |||(55,405)| |||345,476| The average number of employees during the year was 13 (2021: 13) with all staff time involved in governance or charitable activities. The Charity considers its key management personnel comprise the Trustees and the Chief Executive Officer. The total employment benefits including employer pension contributions of the key management personnel were £59,779 (2021: £56,400). No employees had employee benefits in excess of £60,000 (2021: none). Accrued pension contributions at 31[st] December 2022 amounted to £nil as all outstanding premiums had been collected by the pension provider (2021: £nil). During the year no redundancy payments were made. (2021: £10,420 and £16,035). Deduct recoveries are based on staff time spent on working for the individual charities. See note 1(j). The auditor’s remuneration comprised an audit fee of £12,330 (2021: £12,460). Other non-audit services £972 (2021: £2,060). |**12. FIXED ASSETS**
**a. Freehold land and assets for**
**charitable use**|**HEIGHTS**| |---|---| ||**School**
**£**
**Land**
**£**
**Buildings**
**£**
**Plant and**
**Fixtures**
**£**
**Total**
**2022**
**£**| ||655,945
81,000
6,563,055
251,009
7,551,009| |**Cost**|| |At 1stJanuary 2022|| |Additons|| ||655,945
81,000
6,563,055
251,009
7,551,009| |At 31stDecember 2022|| ||-
-
784,782
134,162
918,944
-
-
131,374
25,101
156,475| |**Depreciaton**|| |At 1stJanuary 2022|| |Charge foryear|| ||-
-
916,156
159,263
1,075,419| |At 31stDecember 2022|| ||655,945
81,000
5,646,899
91,746
6,475,590| |**Net Book Value**|| ||| |At 31stDecember 2022|| ||655,945
81,000
5,778,273
116,847
6,632,065| |At 31stDecember 2021|| Registered Charity 206754 21 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ## **12. FIXED ASSETS (** _**cont**_ **)** On 1[st] April 2011 St. Clement Danes School was granted Academy status with effect from 1[st] July 2011. As a result of this change St. Clement Danes School Charitable Foundation granted a lease over the school’s land and buildings to the newly formed academy trust. The lease is fully repairing and insuring with a term of 125 years. Rent receivable under the lease is represented by a rose presented to each trustee at the annual commemoration day. The newly granted lease was deemed to be a finance lease as the risks and rewards of ownership had been transferred to the Academy, therefore the assets have been shown as disposed of effective from the commencement of the lease. A nominal value of £4,000 which is not being depreciated was retained within the balance sheet to represent any residual value which may occur at the end of the lease. In building the school, grants of £5,650,392 were received from the Department for Education and Hertfordshire County Council, under the agreement at the time these may be returned in the event of a disposal for noneducational purposes. |**b. Furniture and Other Equipment**|**For administraton use**
**School House**
**Works**
**Furniture and**
**Equipment**
**£**
**£**
82,144
68,504
-
5,534
-
-|**For charitable use**| |---|---|---| |||**Furniture and**
**Equipment**
**Total**
**£**
**£**
137,675
288,323
6,225
11,759
-
-| |||| |||| |**Cost**||| |At 1stJanuary 2022||| |Additons||| |Disposals||| ||82,144
74,038|143,900
300,082| |At 31stDecember 2022||| ||64,101
60,369
4,116
6,153|64,751
189,221
17,809
28,078| |**Depreciaton**||| |At 1stJanuary 2022||| |Charge for year||| |Disposals||| ||68,217
66,522|82,560
217,299| |At 31stDecember 2022||| ||13,927
7,516|61,430
82,783| |**Net Book Value**||| |||| |At 31stDecember 2022||| ||18,043
8,135|72,924
99,102| |At 31stDecember 2021||| All fixed assets in 2021 were attributable to the endowment fund. Registered Charity 206754 22 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** |**13. a. INVESTMENTS**|**2022**
**£**
**2021**
**£**| |---|---| |Market value at 1stJanuary
Additons
Disposal proceeds
Gain/(loss)inyear
Short term cash deposits
Total market value at 31stDecember
Investments at market value comprise:
UK equites
Global equites
UK fxed interest securites
Overseas fxed interest
Quoted property
Alternatve investments
Cash
Historical cost at 31stDecember 2022
**13. b. Material Investments (over 5% by value)**
There were no investments over 5% by value.|24,250,412
21,943,507
10,793,465
4,126,493
(10,936,433)
(4,749,641)
(3,611,474)
2,930,053| ||20,495,970
24,250,412
895,084
846,828| ||21,391,054
25,097,240| ||6,752,601
9,089,994
7,984,737
10,435,646
1,279,106
2,325,909
1,944,640
-
641,292
580,512
1,893,594
1,818,351
895,084
846,828| ||21,391,054
25,097,240| ||18,232,786
17,225,105| ||**Percentage**
**Value**
-
-| All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at bid price. The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review section of the trustees’ report. The main risk to the Trust from financial instruments lies in the combination of uncertain markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets. The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. In 2021 £7,211 of investments were attributable to the unrestricted fund, £nil to the restricted fund and the balance of £25,090,029 to the endowment fund. Registered Charity 206754 23 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** |**14. DEBTORS**|**2022**
**£**
**2021**
**£**| |---|---| ||| |Accrued income
Associated charites:
Westminster Amalgamated Charity
Capital Fund debtor
Other debtors
Prepayments
Unrestricted Funds debtors
Amount due from other Funds|5,651
6,899
407,695
322,496
8,245
8,245
60,904
53,910| ||482,495
391,550| ||458,202
450,918| In 2021 all debtors were attributable to the unrestricted fund. Accrued income relates to dividends and interest owed by the investment managers to the Charity at the year-end but not paid to the Charity. ## **15. BALANCE AT BANK** In 2021 £544,744 was attributable to the unrestricted fund. |In 2021 £544,744 was atributable to the unrestricted fund.|| |---|---| |**16. CREDITORS**|**2022**
**£**
**2021**
**£**| |Associated charites:
Westminster Amalgamated Charity
Other creditors
Accruals
Capital Fund – accruals
Amount due to other Funds|100,000
100,000
25,111
66,716
74,341
70,970| ||199,452
237,686
27,224
31,672| ||226,676
269,358| ||458,202
450,918| In 2021 £174,476 creditors were attributable to the unrestricted fund, £63,210 to the restricted fund and the balance of £31,672 to the endowment fund. ## **17. SCHOOL FUND – UNRESTRICTED DESIGNATED FUND** The amounts allocated to the School Fund are available in whole or in part for any project/expense at the School previously approved by the Trustees of Holborn Estate Charity. |previously approved by the Trustees of Holborn Estate Charity.|| |---|---| ||**2022**
**£**
**2021**
**£**| |Balance at 1stJanuary 2022
**Less:**Expenditure in year
**Add:**Contributon foryear
Balance at 31stDecember 2022|410,020
460,020
(200,000)
(50,000)
-| ||210,020
410,020| Registered Charity 206754 24 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ## **18. WESTMINSTER PERSONS IN NEED (Clause 27(4) – UNRESTRICTED DESIGNATED FUND** Amounts from any year-end surplus may be placed in this Fund for distribution to charities identified as being able to give grants to the needy in the City of Westminster. In addition, grants may be made from this fund to former residents of the Charity’s Almshouses. ||**2022**
**£**
**2021**
**£**| |---|---| |Balance at 1stJanuary 2022
**Less:**Expenditure in year
**Add:**Contributon foryear
Balance at 31stDecember 2022|-
-
-
-
-
-| ||-
-| ## **19. EXTRAORDINARY REPAIR FUND (Clause 30) – UNRESTRICTED DESIGNATED FUND** Under the Charity Commission Scheme dated 2[nd] September 1991 the Trustees may set aside an initial sum of £20,000 in the fund and transfer to the fund such annual sum as they think sufficient for the purpose of providing for the extraordinary repairs, improvements or rebuilding of the Almshouses. Under the previous Charity Commission Scheme dated 3[rd] October 1979, the Charity transferred the sum of £2,300 annually to this repair fund. A total of £29,900 has been transferred under this previous scheme. |fund. A total of £29,900 has been transferred under this previous scheme.|| |---|---| ||**2022**
**£**
**2021**
**£**| |Balance at 1stJanuary 2022
**Less:**Expenditure in year (Note 6)
**Less:**Transfer from Accumulated Income Fund
Balance at 31stDecember 2022|400,000
400,000
(106,127)
-
106,127
-| ||400,000
400,000| ## **20. CYCLICAL MAINTENANCE FUND (Clause 29) – UNRESTRICTED DESIGNATED FUND** Under the Charity Commission Scheme dated 2[nd] September 1991 the Trustees may establish and maintain a reserve fund for those items of ordinary maintenance and repair of the Almshouses which recur at infrequent intervals. The fund may be maintained by setting aside an annual sum out of the income of the Charity as the Trustees think fit. An initial sum of £20,000 may be set aside in the fund. ||**2022**
**£**
**2021**
**£**| |---|---| |Balance at 1stJanuary 2022
**Less:**Expenditure in year (Note 6)
**Less:**Transfer from Accumulated Income Fund
Balance at 31stDecember 2022|50,000
50,000
(8,909)
-
8,909
-| ||50,000
50,000| Registered Charity 206754 25 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ## **21. SCHOOL RESTRICTED FUNDS – RESTRICTED INCOME FUND** ||**Discret-**
**Old**
**Restricted Fund**| |---|---| ||**General**
**Fund**
**School**
**Fund**
**ionary**
**Fund**
**Danes**
**Fund**
**Prize**
**Fund**
**2022**
**Total**
**2021**
**Total**| ||**£**
**£**
**£**
**£**
**£**
**£**
**£**| |**EXPENDITURE**|59,000
1,000
60,000
184,800| |Investment management|| |Costs|| |Grantspayable|| |Total Expenditure|59,000
1,000
60,000
184,800| ||(59,000)
(1,000)
(60,000)
(184,800)
45,000
15,000
60,000
148,500
124,575
(14,000)
110,575| |Net Income before|| |transfers|| ||| |Mandatory transfers|| |Other transfers|| ||| |Net incoming Resources|110,575
-
110,575
(36,300)
(110,575)
227,279
7,500
2,500
5,693
132,397
168,697| |before recognised
gains/(losses)|| ||| |**BALANCE BROUGHT**|| |**FORWARD AT 1ST JANUARY**|| ||-
227,279
7,500
2,500
5,693
242,972
132,397| |**BALANCE CARRIED**|| |**FORWARD 31ST DECEMBER**|| ## **21.b. SCHOOL FUND** The School Fund is retained as a reserve for the benefit for the school (Note 1(j)). |**21.c. DISCRETIONARY FUND**|**2022**
**£**
**2021**
**£**| |---|---| ||| |Balance at 1stJanuary 2022
Share of Holborn Estate Charity grant (Note 1i)
Grants to Individuals
Support costs (Note 1i)
Surplus transferred to General Fund(Note 1i)
Balance at 31stDecember 2022|7,500
7,500
15,000
15,000
(1,000)
(1,000)
(14,000)
(14,000)| ||7,500
7,500| A quarter of the Holborn Estate Charity Clause 27(1) grant was allocated to the Discretionary Fund. Administrative expenses of £1,000 pa are allocated to this fund. Under Clause 29(4) of the 1999 scheme any surplus arising on the discretionary fund is transferred to the General Fund. ## **21.d. OLD DANES FUND** The Old Danes Fund was created in 2003 to hold donations made for the purpose of maintaining the historical traditions of St. Clement Danes School. Registered Charity 206754 26 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ## **21.e. THE PRIZE FUND** The Prize Fund enables Trustees to make awards to pupils who are studying at St. Clement Danes School. The awards are paid out of the Head Teacher’s allocation. ## **22. RESIDENTS EXTRA BENEFITS FUND – RESTRICTED INCOME FUND** This fund represents accumulated amounts donated for the specific benefit of the residents less amounts paid. |Balance at 1stJanuary 2022
**Add:**Donatons received
Balance at 31stDecember 2022
**23. CAPITAL FUND – PERMANENT ENDOWMENT FUND**|||**2022**
**£**
**2021**
**£**| |---|---|---|---| ||||13,833
12,833
-
1,000| ||||13,833
13,833| ||||| ||||**2022**
**£**
**2021**
**£**| ||||| |Balance at 1stJanuary 2022
Resources expended:
Cost of generatng funds
Charitable actvites:
Depreciaton of fxed assets for charitable use
Support costs: depreciaton
Gain/(Loss) on disposal of fxed assets
Investment (losses)/gains:
Realised and unrealised
Balance at 31stDecember 2022||31,338,606
28,702,586
(104,459)
(115,345)
(174,284)
(173,176)
(5,794)
(5,512)
(3,597,279)
2,930,053|| |||27,456,790
31,338,606|| ## **24. OPERATING LEASES** On 25[th] March 2001 the Trustees entered into a lease on the premises at School House, Drury Lane for the period to 25[th] March 2026. The current rent of £30,000 per annum was increased at the last rent review in January 2016. The rent was reviewed in 2021 and no increase was applied. The premises are leased from the St. Clement Danes Educational Foundation at nil premium and on an arm’s length basis (Note 25(c). On 24[th] November 2019 the Trustees entered into a 5 Year Lease Agreement with Automotive Leasing on a new Iveco Minibus at an annual rental of £14,243. On 25[th] September 2015 the Trustees entered into a 5 Year Lease Agreement with Konica on a photocopier at an annual rental of £3,432. On 24[th] September 2015 the Trustees entered into a 5 Year Lease Agreement with GE Capital on a phone system at an annual rental of £878. Registered Charity 206754 27 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ## **24. OPERATING LEASES (** _**cont**_ **)** Total commitments payable in the future are summarised as follows: |Total commitments payable in the future are summarised as follows:|| |---|---| ||**2022**
**£**
**2021**
**£**| |Under 1 year
Over 1 year: 2 – 5 years
Over 5years
Total|26,243
44,243
5,935
36,743
-
-| ||32,178
80,986| ## **25. RELATED PARTY TRANSACTIONS AND TRUSTEES’ EXPENSES** ## **A. Common Trustees** 1. Trustees common with Westminster Amalgamated Charity: Mrs. J. Bianco 2. Mrs. L. Clarkson and Mrs. R. Hadfield are members of the Danes Educational Trust. 3. Mr. N. Williams is Manager of Lloyds Bank, Southend Branch. ## **B. Trustees’ Expenses** No Trustee received reimbursed expenses (2021: £Nil). ## **C. Salary and Expense Allocation** The St. Clement Danes Holborn Estate Charity and Westminster Amalgamated Charity occupy offices leased from St. Clement Danes Educational Foundation (|Note 24). The amounts of the salary and expense allocations are set out in Note 8. No Trustee has been paid any remuneration or received any benefit. Amounts owed to and from the associated charity, Westminster Amalgamated Charity, are shown in Notes 12 and 14 to the accounts. The basis of the apportionment of expenses between the two charities is set out in Note 1(j). ## **D. Grants to St. Clement Danes School Governors** Grants were made to the Governors of St. Clement Danes School under Clauses 27(1) and 27(3) of the Charity’s scheme. The amounts of the grants are shown in Note 6. Registered Charity 206754 28 DocuSign Envelope ID: C2D59E4E-0FA9-4ED4-8CF0-FDD3304AA682 ## **ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2022** ## **NOTES TO THE ACCOUNTS (** _**cont**_ **) YEAR ENDED 31[ST] DECEMBER 2022** ## **26. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022** ||**Fixed**
**Assets**
**£**
**Freehold**
**Property**
**£**
**Investments**
**£**
**Net**
**Current**
**Assets**
**£**
**2022**
**Total**
**£**| |---|---| |**UNRESTRICTED FUNDS**|7,211
249,874
257,085
660,020
660,020
132,397
132,397
13,833
13,833
82,783
6,475,590
21,383,843
(485,426)
27,456,790| |Accumulated Income Fund|| |Designated Funds|| ||| |**RESTRICTED FUNDS**|| |School Fund|| |Residents Extra Benefts|| ||| |Capital Fund|| ||82,783
6,475,590
21,391,054
570,698
28,520,125| ||| ## **27. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021** ||**Fixed**
**Assets**
**£**
**Freehold**
**Property**
**£**
**Investments**
**£**
**Net**
**Current**
**Assets**
**£**
**2021**
**Total**
**£**| |---|---| |**UNRESTRICTED FUNDS**|7,211
143,276
150,487
860,020
860,020
132,397
132,397
13,833
13,833
99,102
6,632,065
25,090,029
(482,590)
31,338,606| |Accumulated Income Fund|| |Designated Funds|| ||| |**RESTRICTED FUNDS**|| |School Fund|| |Residents Extra Benefts|| ||| |Capital Fund|| ||99,102
6,632,065
25,097,240
666,936
32,495,343| ||| ## **28. CAPITAL COMMITMENTS** At the end of the year capital commitments not provided for in these accounts amounted to £Nil. ## **29. CONTINGENT ASSET** At 31 December 2022 the Charity had started preparing a claim in respect of rectification of defects at its Almshouse which is expected to result in an inflow of benefit to the Charity. There still remains uncertainty on the exact amount of the income or timing of settlement and therefore it is impractical for any further details to be provided at this time. Registered Charity 206754 29