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2023-12-31-accounts

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY REGISTERED CHARITY 206754

ANNUAL REPORT & ACCOUNTS

31[ST] DECEMBER 2023

Registered Charity 206754

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

CORPORATE TRUSTEE

St Clement Danes Holborn Estate Trustee Ltd (Company number 15364427)

DIRECTORS OF THE CORPORATE TRUSTEE

Mr. M.D. MacFarlane, LLB ( Chairman) Mr. C. Bayly 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 Mr. M. Sabin, BA (Hons), FCA (Vice-Chairman) Ms. S. Simmonds Miss M.L.R. Williams Mr. N. Williams

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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

CONTENTS Page
Report of the Corporate Trustee 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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

Chief Executive & Clerk to the Trustees, Telephone: 07553 568583 K.M.F. Rea, Esq., MA E-mail: hec@3chars.org.uk

Ref: TTEES-REP2023 REPORT BY THE CORPORATE TRUSTEE FOR THE YEAR ENDED 31[ST] DECEMBER 2023

The Corporate Trustee presents its report with the financial statements of the Charity for the year ended 31 December 2023. 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 served during the year, together with the principal officers and professional advisers of the Charity, are those that are now directors of the Corporate Trustee as 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 and an Order dated 22 October 2024 under which the Corporate Trustees now administers the Charity.

Directors of the Corporate Trustee are now appointed in accordance with the Articles of Association of the Corporate Trustee . The directors of the Corporate Trustee meet 4 times in the year, and 3 times in the year a small group of directors 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 directors 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 deeds 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.

The Board of Trustees remained stable throughout 2023 and into 2024 with 12 Trustees, prior to the appointment of the Corporate Trustee on 22 October 2024(See Plans for Future Periods).

Mr Sabin has also announced that he will step down as a director of the Corporate Trustee at the end of 2024 after 14 years’ service.

Registered Charity 206754

1

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

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 the directors of the Corporate Trustee. The schedule is updated and reviewed by the Board of directors 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:

The Corporate Trustee confirms that it has 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 1,596 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 2023 was restricted to the mandatory grant of £60,000 and an additional grant of £8,193 to transfer the balance of the Old Danes fund and prize fund to the school. As previously reported 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 2023 the School was able to utilise £68,193 (2022: £60,000) from the School Restricted Fund for the benefit of its students.

Contributions from residents (£602,910) were higher than 2022 (£536,107) due to a higher level of flat occupation.

The cost of operating St. Clement’s Heights, excluding support costs, was £1,270,993 (2022: £935,278). The increase in overall costs was due to considerably higher expense on building maintenance, largely due to rectifying defects in the construction of the Almshouses and related professional fees. Other contributory factors to the increase in running costs were higher energy bills and legal and professional fees relating to employment and HR advice.

Non-routine expenditure during the year (excluding support costs) amounted to Cyclical £13,044 (2022: £7,451) and Extraordinary £237,115 (2022: £106,127).

Registered Charity 206754

2

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

The directors of the Corporate Trustee have reviewed their depreciation policy and from 2016 the new building is being depreciated at the rate of 2% per annum. A charge of £161,867 is included in the total.

No provision was made in 2023 for a grant from the Westminster Persons in Need Fund (WPIN) to Westminster Amalgamated Charity (WAC), due to the continuing high level of Almshouse expenditure. The grant is at Trustee's discretion and will be restored as soon as funds permit. A transfer of £5,000 was made to the WPIN and will be used as a grant to The Connection at St Martin’s to assist with the provision of a Christmas meal for the homeless in Westminster

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 2023 this amounted to 50% (2022: 50.4%) due to the increase in receipts from Almshouse residents arising from increased occupancy levels.

The Charity's 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 £526,000, agreed with Rathbones, was exceeded during the year due to the continuing recovery of stock markets. The final result was £602,343 (2022: £544,934). The income target for 2024 will be set close to the end of 2023 to allow Rathbones a fair chance to make their best estimate. The portfolio value, excluding short term cash deposits, at 31[st] December 2023 was £21,643,236 (2022: £20,495,970).

The directors of the Corporate Trustee 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 and 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. The Charity's 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 overall result for the year, including revaluation gains on the portfolio, amounted to a surplus of £65,757. As a result of continued high expenditure on the Almshouses, the then Trustees were unable to make transfers to the Cyclical Maintenance Fund and to the Extraordinary Repair Fund to restore the balances on these funds to their original level. Transfers to the CMF and ERF will be made when funds permit. A transfer of £60,000 was made to the School Restricted Fund. A transfer of £5,000 was made to the Westminster Persons in Need Fund.

As at 31[st] December 2023, there remains a general reserve of £282,312. As in 2022 the reserve is higher than would normally be retained and will be adjusted when there is more certainty about both income and expenditure levels.

Registered Charity 206754

3

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

8. Plans for future periods

The attention of the directors of the Corporate Trustee 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 deal with the situation. All efforts are being directed to returning, as far as possible, to normal almshouse life. The aims of achieving full occupation continued through 2023 with increasing success. At 31[st] December 2023 45 out of 48 flats were occupied which resulted in a much-increased flow of Weekly Maintenance Contributions. At the time of writing there are now 5 vacant flats following a number of recent deaths.

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 previously reported 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 resumed in January 2024 as the appointment made in January 2023 proved to be unsatisfactory. An appointment was made in March 2024, initially on a part-time basis, moving to full-time in September 2024. The new member of staff will have a major role to play in a review and overhaul of the systems and procedures at China Works and St Clement’s Heights, including implementation of the Xero accounting system.

The Charity has an expectation of investment income of £542,000 in 2024, with an estimate for 2025 to be provided by Rathbones towards the end of 2024. The Charity had informed the School that any grant uplift in 2024 would be considered in March 2024. Following that review 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 May 2023 Westminster City Council (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 directors of the Corporate Trustee as it sees fit, without recourse to WCC.

9. Key management personnel remuneration

The directors of the Corporate Trustee considers the Board of directors 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 directors give of their time freely and no director/trustee remuneration was paid in the year. Details of director/trustee expenses and related party transactions are disclosed in note 25 to the accounts.

The directors of the Corporate Trustee are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Charity’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 a similar role.

Registered Charity 206754

4

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

10. Trustee's responsibilities in relation to the financial statements

The directors of the Corporate Trustee are responsible for preparing a trustee's annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The directors of the Corporate Trustee 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 directors' 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 directors are required to:

So far as each of the directors is aware, at the time the report is approved:

11. Related Parties

The charity has a close ongoing relationship with Westminster Amalgamated Charity. The relationship with St. Clement Danes Educational Foundation ceased on 30[th] September 2023 with the vacation of School House, Drury Lane.

The directors are, as always, indebted to their administrative team in China Works. They are grateful for the very dedicated assistance that the residents receive at St. Clement’s Heights from the staff there. The directors also appreciate the support received from their many professional advisers.

Approved by the directors of the Corporate Trustee on 30[th] October 2024 and signed on its behalf by:

M Macfarlane Chairman of the Board of Directors of the Corporate Trustee

Registered Charity 206754

5

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

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 2023 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:

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 Charity's 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/directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Corporate Trustee is 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 statements 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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

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 annual 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:

Responsibilities of the trustee

As explained more fully in the trustee's responsibilities statement, the trustee is 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 trustee determines 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 trustee is 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 trustee either intends 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:

Registered Charity 206754

7

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

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:

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: 8[th] November 2024

Registered Charity 206754

8

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY

YEAR TO 31[ST] DECEMBER 2023

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2023

The notes on pages 12 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
2023
£
TOTAL
2022
£
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 1.1.23
Balances carried fwd at 31.12.23		 602,343
602,910
-		 14,911
14,911
(14,911)
(14,911)
(14,911)
50,000
35,089		 602,343
544,934
602,910
536,107
-
-
1,205,253 1,205,253
1,081,041
990,951 271,057 101,969
101,969
104,459
68,193
180,634
1,525,746
1,368,021
990,951 271,057 68,193
282,603
1,627,715
1,472,480
488,219
488,219
(3,597,279)
488,219
488,219
(3,597,279)
214,302
(60,000)
(5,000)
5,000
149,302		 (271,057)
(271,057)		 (68,193)
205,616
65,757
(3,988,718)
60,000
-
-
(8,193)
205,616
65,757
(3,988,718)
(7,521)
(7,521)
149,302
133,010
210,020
-		 (271,057)
400,000		 (8,193)
198,095
58,236
(3,988,718)
242,972
13,833
27,456,790
28,506,625
32,495,343
282,312
210,020
5,000		 128,943 234,779
13,833
27,654,885
28,564,861
28,506,625

9

Registered Charity 206754

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

BALANCE SHEET AS AT 31[ST] DECEMBER 2023

Notes Unrestricted
Funds
£
Restricted
Funds
£
Endowment
Funds
£
Total
2023
£
Total
2022
£
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		 6,375,440
6,375,440
6,475,590
57,515
57,515
82,783
7,211
21,770,558
21,777,769
21,391,054
7,211
28,203,513
28,210,724
27,949,427
374,341
374,341
482,495
264,525
248,612
(513,137)
-
-
134,316
134,316
301,379
773,182
248,612
(513,137)
508,657
783,874
119,029
35,491
154,520
226,676
654,153
248,612
(548,628)
354,137
557,198
661,364
248,612
27,654,885
28,564,861
28,506,625
661,364
248,612
27,654,885
28,564,861
28,506,625
282,312
282,312
133,010
210,020
210,020
210,020
5,000
5,000
-
128,943
128,943
400,000
35,089
35,089
50,000
234,779
234,779
242,972
13,833
13,833
13,833
27,654,885
27,654,885
27,456,790
661,364
248,612
27,654,885
28,564,861
28,506,625

Approved by the Board of Directors of the Corporate Trustee on 30[th] October 2024, and signed on its behalf by:

Director of the Corporate Trustee:

M. Macfarlane

The notes on pages 12 to 29 form part of these accounts.

Registered Charity 206754

10

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

STATEMENT OF CASH FLOWS YEAR ENDED 31[ST] DECEMBER 2023

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
2023
£
Total
2022
£
At 31 Dec 2022
301,379		 (38,813)
(919,508)
602,343
544,934
(9,044.543)
(10,793,465)
(71,546)
(11,759)
8,385,496
10,936,433
(128,250)
676,143
(167,063)
(243,365)
301,379
544,744
134,316
301,379
Cash fows
At 31 Dec 2023
(167,063)
134,316
301,379 (167,063)
134,316

Registered Charity 206754

11

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO STATEMENT OF CASH FLOWS YEAR ENDED 31[ST] DECEMBER 2023

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
2023
£
Total
2022
£
58,236
(3,988,718)
180,663
184,553
(602,343)
(544,934)
(488,219)
3,611,474
16,301
-
108,154
(90,945)
(72,156)
(42,682)
760,551
(48,256)
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
(38,813)
(919,508)
NET CASH USED IN OPERATING ACTIVITIES

Registered Charity 206754

12

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS

YEAR ENDED 31[ST] DECEMBER 2023

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.

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.

Charitable income is accounted for on a receivable basis.

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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

d. Expenditure

Expenditure is included on an accruals basis.

Costs of raising funds comprise investment management fees.

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.

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

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.

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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

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.

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 Trustee's best estimate of staff time spent on each charity. Management and administration costs are apportioned by the Trustee 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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

Restricted Funds
Unrestricted
Funds
£
Residents
Extra
Benefts
£
School
Fund
£
Endowment
Fund
£
Total
2023
£
Total
2022
£
602,343
602,343
544,934
2. INVESTMENTS
Income from quoted
investments
602,343
602,343
544,934
In 2022 all investment income was atributable to unrestricted funds.
3. CHARITABLE ACTIVITIES
Contributons from
Almshouse residents
Weekly maintenance
570,341
570,341
502,375
Care-Call maintenance
9,351
9,351
15,932
Shopping and cleaning
4,489
4,489
4,509
Laundry and Guest Flat
7,351
7,351
4,966
Heatng, Hot Water and
Electricity
11,378
11,378
8,325
3. CHARITABLE ACTIVITIES
Contributons from
Almshouse residents
Weekly maintenance
Care-Call maintenance
Shopping and cleaning
Laundry and Guest Flat
Heatng, Hot Water and
Electricity
602,910
602,910
536,107

In 2022 all charitable activities income was attributable to unrestricted funds.

Restricted Funds
Unrestricted
Funds
£
Residents
Extra
Benefts
£
School
Fund
£
Endowment
Fund
£
Total
2023
£
Total
2022
£
4. DONATIONS & LEGACIES
Donatons

In 2022 other income was attributable to restricted funds.

5. RAISING FUNDS

Investment Management
Fees		 101,969
101,969
104,459

In 2022 all costs for raising funds were attributable to endowment funds.

Registered Charity 206754

17

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

Expenditure
Note 9
£
Support
Costs
Note 8
£
Governance
Costs
Note 8
£
Total
2023
£
Total
2022
£
6. ANALYSIS OF EXPENDITURE ON
CHARITABLE ACTIVITIES		 200,000
-
From Income Funds:
Grants to St. Clement Danes School
Grants to Westminster Persons in Need
200,000
843,022
120,677
27,252
990,951
812,907
13,044
1,867
14,911
8,909
237,115
33,942
271,057
106,127
177,812
2,822
180,634
180,078
Almshouse expenditure:
Income Fund
Cyclical Maintenance Fund
Extraordinary Maintenance Fund
Endowment Fund
1,270,993
159,308
27,252
1,457,553
1,108,021
68,193
68,193
60,000
From Restricted Funds
Grants to St. Clement Danes School
1,339,186
159,308
27,252
1,525,746
1,368,021
Total Charitable Expenditure

In 2022 £1,127,943 expenditure on charitable activities was attributable to unrestricted funds, £180,078 attributable to endowment funds and £60,000 attributable to restricted funds.

Total
2023
£
Total
2022
£
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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

8. TOTAL SUPPORT AND GOVERNANCE COSTS

Total Cost
Net Costs Afer Allocatons		 2023
2022
Before
Allocatons
Allocatons
Income
Fund
Endowment
Fund		 Total
Costs
Total
Costs
£
£
£
£		 £
£
Total Expenses 149,718
48,776
100,942
-
-
-
11,609
4,644
6,965
13,175
5,270
7,905
1,311
1,311
-
1,540
-
-
-
-
1,092
1,092
1,282
6,405
6,405
-
-
1,508
603
905
39,319
12,728
26,591
1,781
712
1,069
1,922
769
1,153
12,273
4,909
7,364
3,592
-
3,592		 100,942
90,328
-
-
6,965
9,376
7,905
-
1,540
3,323
-
2,471
1,282
-
-
-
905
2,242
26,591
33,936
1,069
1,338
1,153
1,422
7,364
7,178
3,592
3,067
Salaries and pensions
Staf Training
Equipment maintenance
Clearance of School House
Depreciaton equipment
Depreciaton building
Loss on disposal of equipment
Loss on disposal of building
Rates
Rent
Insurance
Energy costs
Communicatons
Other expenses
243,705
87,219
156,486
2,822		 159,308
154,681
Total support costs
-
-
-
19,937
7,975
11,962
-
-
-
15,290
-
15,290		 -
1,050
11,962
4,682
-
-
15,290
12,330
Governance Costs
Costs of meetngs
Professional fees
Trustee expenses
Fees – audit
Total governance costs 35,227
7,975
27,252		 27,252
18,062

Total support costs attributable to charitable activities are allocated to Almshouse expenditure.

Registered Charity 206754

19

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

Income
Fund
£
Cyclical
Maintenance
£
Extra-
Ordinary
Repair
£
Capital
Fund
£
Total
2023
Note 7(a)
£
Total
2022
Note 7(a)
£		 Income
Fund
£
Cyclical
Maintenance
£
Extra-
Ordinary
Repair
£
Capital
Fund
£
Total
2023
Note 7(a)
£
Total
2022
Note 7(a)
£
9. ANALYSIS OF ALMSHOUSE
EXPENDITURE		 210,547
210,547
227,753
1,308
1,308
5,593
-
-
-
34,675
34,675
-
30,717
30,717
29,953
250,912
13,044
237,115
501,071
240,467
31,377
31,377
27,967
36,374
36,374
56,640
17,782
17,782
17,033
91,472
91,472
56,773
500
500
500
6,964
6,964
3,651
8,086
8,086
8,955
-
-
650
66,731
66,731
27,151
55,577
55,577
57,908
161,867
161,867
156,475
15,945
15,945
17,809
Salaries and pensions
Staf training
Staf recruitment
Premises Manager cover
Out of hours warden cover
Building repairs & maintenance
Land and garden maintenance
Water rates and council tax
Insurance
Energy costs
IT support/maintenance
Communicatons
Other expenses
PPE/sanitsing costs
Professional fees
General beneft of residents
Depreciaton:
Buildings
Equipment
843,022
13,044
237,115
177,812
1,270,993
935,278
Total
2023
£
Total
2022
£
60,000
60,000
110,575
(60,000)
(170,575)
-
-
(5,000)
(115,036)
-
-
5,000
-
-
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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

11. EXTRACT OF EXPENDITURE INCLUDED IN
STATEMENT OF FINANCIAL ACTIVITIES		 2023
£		 2022
£
a. Analysis of Staf Costs
Total emoluments
Pension Contributons paid by the Charity
Employer’s Natonal Insurance Contributons
Deduct Recoveries		 307,417
28,303
24,545
360,265
(48,776)
311,489		 307,710
24,592
27,309
359,611
(41,530)
318,081

The average number of employees during the year was 11 (2022: 13) with all staff time involved in governance or charitable activities.

The Charity considers its key management personnel comprise the directors of the Corporate Trustee and the Chief Executive Officer. The total employment benefits including employer pension contributions of the key management personnel were £62,765 (2022: £59,779). One employee had employee benefits in excess of £60,000 (2022: none).

Accrued pension contributions at 31[st] December 2023 amounted to £nil as all outstanding premiums had been collected by the pension provider (2022: £nil).

During the year no redundancy payments were made. (2022: £nil).

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 £14,330 (2022: £12,330). Other non-audit services £2,788 (2022: £972).

12. FIXED ASSETS
a. Freehold land and assets for
charitable use		 HEIGHTS
School
£
Land
£
Buildings
£
Plant and
Fixtures
£
Total
2023
£
655,945
81,000
6,563,055
251,009
7,551,009
61,717
61,717
Cost
At 1stJanuary 2023
Additons
655,945
81,000
6,563,055
312,726
7,612,726
At 31stDecember 2023
-
-
916,156
159,263
1,075,419
-
-
131,374
30,493
161,867
Depreciaton
At 1stJanuary 2023
Charge foryear
-
-
1,047,530
189,756
1,237,286
At 31stDecember 2023
655,945
81,000
5,515,525
122,970
6,375,440
Net Book Value
At 31stDecember 2023
655,945
81,000
5,646,899
91,746
6,475,590
At 31stDecember 2022

Registered Charity 206754

21

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

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
74,038
-
9,001
(82,144)
(53,221)		 For charitable use
Furniture and
Equipment
Total
£
£
143,900
300,082
828
9,829
-
(135,365)
Cost
At 1stJanuary 2023
Additons
Disposals
-
29,818		 144,728
174,546
At 31stDecember 2023
68,217
66,522
-
2,851
(68,217)
(50,847)		 82,560
217,299
15,945
18,796
(119,064)
Depreciaton
At 1stJanuary 2023
Charge for year
Disposals
-
18,526		 98,505
117,031
At 31stDecember 2023
-
11,292		 46,223
57,515
Net Book Value
At 31stDecember 2023
13,927
7,516		 61,430
82,783
At 31stDecember 2022

All fixed assets in 2022 were attributable to the endowment fund.

Registered Charity 206754

22

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

13. a. INVESTMENTS 2023
£
2022
£
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 2023
13. b. Material Investments (over 5% by value)
There were no investments over 5% by value.		 20,495,970
24,250,412
9,044,543
10,793,465
(8,385,496)
(10,936,433)
488,219
(3,611,474)
21,643,236
20,495,970
134,533
895,084
21,777,769
21,391,054
4,862,901
6,752,601
9,000,512
7,984,737
3,769,336
1,279,106
985,485
1,944,640
333,356
641,292
2,691,646
1,893,594
134,533
895,084
21,777,769
21,391,054
19,235,543
18,232,786
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 2022 £7,211 of investments were attributable to the unrestricted fund, £nil to the restricted fund and the balance of £21,383,843 to the endowment fund.

Registered Charity 206754

23

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

14. DEBTORS 2023
£
2022
£
Accrued income
Associated charites:
Westminster Amalgamated Charity
Capital Fund debtor
Other debtors
Prepayments
Unrestricted Funds debtors
Amount due from other Funds		 5,161
5,651
312,227
407,695
9,098
8,245
47,855
60,904
374,341
482,495
513,137
458,202

In 2022 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 2022 £301,379 was attributable to the unrestricted fund.

In 2022 £301,379 was atributable to the unrestricted fund.
16. CREDITORS 2023
£
2022
£
Associated charites:
Westminster Amalgamated Charity
Other creditors
Accruals
Capital Fund – accruals
Amount due to other Funds		 -
100,000
23,781
25,111
95,248
74,341
119,029
199,452
35,491
27,224
154,520
226,676
513,137
458,202

In 2022 £177,842 creditors were attributable to the unrestricted fund, £21,610 to the restricted fund and the balance of £27,224 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.
2023
£
2022
£
Balance at 1stJanuary 2023
Less:Expenditure in year
Add:Contributon foryear
Balance at 31stDecember 2023		 210,020
410,020
-
(200,000)
-
-
210,020
210,020

Registered Charity 206754

24

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

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.

2023
£
2022
£
Balance at 1stJanuary 2023
Less:Expenditure in year
Add:Contributon foryear
Balance at 31stDecember 2023		 -
-
-
-
5,000
-
5,000
-

19. EXTRAORDINARY REPAIR FUND (Clause 30) – UNRESTRICTED DESIGNATED FUND

Under the Charity Commission Scheme dated 2[nd] September 1991 the Charity may set aside an initial sum of £20,000 in the fund and transfer to the fund such annual sum as it thinks 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.
2023
£
2022
£
Balance at 1stJanuary 2023
Less:Expenditure in year (Note 6)
Less:Transfer from Accumulated Income Fund
Balance at 31stDecember 2023		 400,000
400,000
(271,057)
(106,127)
-
106,127
128,943
400,000

20. CYCLICAL MAINTENANCE FUND (Clause 29) – UNRESTRICTED DESIGNATED FUND

Under the Charity Commission Scheme dated 2[nd] September 1991 the Charity 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 Charity thinks fit. An initial sum of £20,000 may be set aside in the fund.

2023
£
2022
£
Balance at 1stJanuary 2023
Less:Expenditure in year (Note 6)
Less:Transfer from Accumulated Income Fund
Balance at 31stDecember 2023		 50,000
50,000
(14,911)
(8,909)
-
8,909
35,089
50,000

Registered Charity 206754

25

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

21. SCHOOL RESTRICTED FUNDS – RESTRICTED INCOME FUND

Discret-
Old
Restricted Fund
General
Fund
School
Fund
ionary
Fund
Danes
Fund
Prize
Fund
2023
Total
2022
Total
£
£
£
£
£
£
£
EXPENDITURE 59,000
1,000
2,500
5,693
68,193
60,000
Investment management
Costs
Grantspayable
Total Expenditure 59,000
1,000
2,500
5,693
68,193
60,000
(59,000)
(1,000)
(2,500)
(5,693)
(68,193)
(60,000)
45,000
15,000
60,000
60,000
14,000
(14,000)
110,575
Net Income before
transfers
Mandatory transfers
Other transfers
Net incoming Resources -
(2,500)
(5,693)
(8,193)
110,575
-
227,279
7,500
2,500
5,693
242,972
132,397
before recognised
gains/(losses)
BALANCE BROUGHT
FORWARD AT 1ST JANUARY
-
227,279
7,500
-
-
234,779
242,972
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(k)).

21.c. DISCRETIONARY FUND 2023
£
2022
£
Balance at 1stJanuary 2023
Share of Holborn Estate Charity grant (Note 1l)
Grants to Individuals
Support costs (Note 1i)
Surplus transferred to General Fund(Note 1l)
Balance at 31stDecember 2023		 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. During the year the balance was transferred to the School for further distribution.

Registered Charity 206754

26

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

21.e. THE PRIZE FUND

The Prize Fund enables the Charity to make awards to pupils who are studying at St. Clement Danes School. The awards are paid out of the Head Teacher’s allocation. During the year the balance was transferred to the School for further distribution.

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 2023
Add:Donatons received
Balance at 31stDecember 2023
23. CAPITAL FUND – PERMANENT ENDOWMENT FUND		 2023
£
2022
£
13,833
13,833
-
13,833
13,833
2023
£
2022
£
Balance at 1stJanuary 2023
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 2023		 27,456,790
31,338,606
(101,969)
(104,459)
(177,812)
(174,284)
(2,822)
(5,794)
(7,521)
-
488,219
(3,597,279)
27,654,885
27,456,790

24. OPERATING LEASES

On 14[th] November 2022 the Charity entered into a license on the premises at 315. China Works, Black Prince Road London SE1 7SJ for the period to 13[th] November 2024. The premises are licenced from Workspace Group PLC (Note 25(c).

On 24[th] November 2019 the Charity entered into a 5 Year Lease Agreement with Automotive Leasing on a new Iveco Minibus at an annual rental of £14,243.

Registered Charity 206754

27

Docusign Envelope ID: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

24. OPERATING LEASES ( cont )

Total commitments payable in the future are summarised as follows:

Total commitments payable in the future are summarised as follows:
2023
£
2022
£
Under 1 year
Over 1 year: 2 – 5 years
Over 5years
Total		 18,238
26,243
5,935
-
18,238
32,178

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.

B. Trustees’ Expenses

No trustee or director of the Charity received reimbursed expenses (2022: £Nil).

C. Salary and Expense Allocation

The St. Clement Danes Holborn Estate Charity and Westminster Amalgamated Charity occupied offices leased from St. Clement Danes Educational Foundation until 30[th] September 2023 (Note 24).

The amounts of the salary and expense allocations are set out in Note 8.

No trustee or director of the Charity has been paid any remuneration or received any benefit.

Amounts owed to and from the associated charity, Westminster Amalgamated Charity, are shown in Notes 14 and 16 to the accounts.

The basis of the apportionment of expenses between the two charities is set out in Note 1(l).

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: A8300E63-FC64-428F-9A26-07205D2B56B4

ST. CLEMENT DANES HOLBORN ESTATE CHARITY YEAR TO 31[ST] DECEMBER 2023

NOTES TO THE ACCOUNTS ( cont ) YEAR ENDED 31[ST] DECEMBER 2023

26. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023

Fixed
Assets
£
Freehold
Property
£
Investments
£
Net
Current
Assets
£
2023
Total
£
UNRESTRICTED FUNDS 7,211
280,101
287,312
374,052
374,052
234,779
234,779
13,833
13,833
57,515
6,375,440
21,770,558
(548,628)
27,654,885
Accumulated Income Fund
Designated Funds
RESTRICTED FUNDS
School Fund
Residents Extra Benefts
Capital Fund
57,515
6,367,640
21,777,769
361,937
28,564,861

27. 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

28. CAPITAL COMMITMENTS

During the year the charity entered into a repair contract that spanned the year end. An amount of £160,125 was still payable and committed to at year end in relation to this

29. CONTINGENT ASSET

During the year ended 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. This continued in the current year and 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