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|**CONTENTS**|**PAGE**|
|---|---|
|**Charity Information**|**3−4**|
|**Trustees Report**|**5−10**|
|**Independent examiner's Report**|**11**|
|**Statement of Financial Activities (Income & Expenditure Account)**|**12**|
|**Statement of Cash Flows**|**13**|
|**Statement of Financial Position (Balance sheet)**|**14**|
|**Notes to the financial statements**|**15−25**|





## 

|**Name of the charity:**|**The Danish Church in London**|
|---|---|
|**Registered office**|**The Danish Church in London**|
||**4 St Katherine's Precinct**|
||**Regent's Park, London NW I 4HH**|
|**Trustees**|**Trustees and members of the Church Council from January 2021 to**|
||**June 2022 are:**|
||**Bette Petersen Broyd (Chair, appointed June 2021)**|
||**Dorte Bille Harding (Chair, retired June 2021)**|
||**Christine Bergstedt Jorgensen (Deputy Chair)**|
||**Niels Ring Andersen (Honorary Treasurer)**|
||**Anne−Grethe Jensen (Honorary Secretary)**|
||**Per Gullestrup (Church Warden)**|
||**Ole Justesen (Church Warden from Spring 2022)**|
||**Palle Baggesgaard Pedersen (Church Warden until Spring 2022)**|
||**Andy Marino (Church Warden, retired June 2021)**|
||**Flemming Kloster Poulsen (Pastor)**|
||**Johanne NOrtoft Thomsen (Pastor, to March 2021)**|
||**Peter Melbye (Organ & IT)**|
||**Helle Diget Bond (Saturday School)**|
||**Jacob Christiansen (retired June 2021)**|
||**Casper Orlyk (Clerical & IT)**|
||**Anne Dorothea Bruum Aubry (Ex−Officio −Royal Danish Embassy)**|
||**Connie Yilmaz Jantzen (Ex−Officio — Danish YWCA)**|





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||||Unrestricted|Restricted|Endowment|**Total**||Total|
|---|---|---|---|---|---|---|---|---|
||||Funds|Funds|Funds|**Funds**||Funds|
|||||||**2021**|**•**|2020|
|||Notes|**GB £**|**GB £**|**GB £**|**GB £**||**GB £**|
|**INCOME & ENDOWMENTS**|||||||||
|Donations & legacies||2.1|78,842|248,752||**327,594**||758,978|
|Income from charitable activities||2.2|88,242|||**88,242**||19,835|
|Income from other trading activities||2.3|27,617|||**27,617**||37,074|
|Income from Investments||2.4|10,620||33,806|**44,426**||44,395|
|**Total income & endowments**|||205,321|248,752|33,806|**487,879**||860,282|
|**EXPENDITURE**|||||||||
|**Costs o f raising funds**|||||||||
|Costs of generating activity income||**.**<br>3.1|. 31,406|−||**31,406**||18,643|
|Investment Management costs|'|3.2|427||5;193|**5,620**||6,664|
|**Expenditure on charitable activities**||**4**|203,055|530,398|23,090|**756,543**||2,113,548|
|**Total expenditure**|||234,888|530,398|28,283|**793,569**||2,138,855|
|**Net (expenditure)/ income before**<br>**gain/(losses) on investments**|||**(29,567)**|**(281,646)**|**5,523**|**(305,690)**||**(1,278,573)**|
|Net (loss)/gain on investments||8|92,972||12,778|**105,750**||(30,870)|
|Net (expenditure)! income for the year|||63,405|(281,646)|18,301|**(199,940) **||**(1,309,443)**|
|||||||,|||
|**Transfer between funds**|||**−**|**284,543**|**(284,543)**||||
|**Net movement in funds**|||**63,405**|**2,897**|**(266,242)**|**(199,940)**||**(1,309,443)**|
|**Reconciliation o f Funds:**|||||||||
|Total funds brought forward||14|619,183|27,169|1,148,326|**1,794,678**||**3,104,121**|
|**Total funds carried forward**||14|**682,588**|**30,066**|**882,084**|**1,$94,738**||**1,794,678**|





## 

||||**Total 2021**|Total 2020|
|---|---|---|---|---|
|||**Notes**|**GB £**|**GB £**|
|**.Cash flows from operating activities:**|||||
|**Reconciliation of net movement in funds to**|||||
|**net cash flow from operating activities**|||||
|**Net movement in funds**|||**(199,940)**|(1,309,443)|
|Add: depreciation|||**988**|1,150|
|Deduct: interestand dividend income|−||**(44,426)**|(44,395)|
|Add: loss/ (deduct gain) on revaluation|of investments||**(105,750)**|30,870|
|(Increase)/Decrease in stocks|||**(8,600)**|0|
|(Increase)/Decrease in debtors|||**8,063**|**"**56,885|
|(Decrease)/Increase in creditors|||**(92,828)**|(102,398)|
|**Cash (used in)/ provided by operating **|**activities**|**A**|**(442,493)**|(1,367,331)|
|**Cash flows from investing activities**|||||
|Income from interest and dividends|||**44,426**|44,395|
|Net movements in foreign exchange|||**(1,915)**|**(400)**|
|Net movements on investment funds|||**202,299**|7,215|
|**Cash provided by/ (used in) investing activities**||**B**|**244,810**|51,210|
|**Cash flows from financing activities**|||||
|_|||||
|**(Decrease)/Increase in cash and cash equivalents in the year (A+B+C)**|||**(197,683)**|(1,316,121)|
|**Total cash & cash equivalents brought forward**|||**421,808**|1,737,929|
|**Total cash & cash equivalents carried **|**forward ***||**224,125**|421,808|
|*refer to balance sheet|||||





## 

||||**2021**||2020||
|---|---|---|---|---|---|---|
||**Notes**|**GB £**|**GB L.**||GB £|GB £|
|**fixed assets**|||||||
|Tangible assets|9||**247,962**|||248,950|
|Investments|10||−**1,118,229**|||1,212,863|
||||**1,366,191**|||1,461,813|
|**Current assets**|||||||
|• Stocks|11|**8,600**|||||
|Debtors|12|**31,590**|||39,653||
|Cash at bank and in hand||**224,125.421,808**|||||
|||**264,315**|||**.461,461**||
|**Creditor!**|||||||
|Amounts failing due within one year|13|**35,768**|||128,590||
|**Net current assets**|||**228,547**|||332,865|
|**Total net assets**|||**1,594,738**|||1,794,678|
|**Funds**|||||||
|Unrestricted funds|14||**682,588**|**,**||619,183|
|Restricted funds|14||**30,066**|||27,169|
|Endowment funds|14||**882,084**|||1,148,326|
|**Total Church funds**|14||**1,594,738**|**•.,**||1,794,678|





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|**Plant & Machinery**|_•_ **5.years**|
|---|---|
|**Furniture** **_8z_ fixtures •**|**10 years**|
|**Organ (refurbishment)**|**5−years**|
|**Office equipment**|**5 years**|
|**Motor vehicles**|**10 years**|





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|**2. Income summary**||**Unrestricted**|**Restricted**|**Endowment**|**Total 2021**|**Total 2021**|**Total 2020**|**Total 2020**|
|---|---|---|---|---|---|---|---|---|
|||**GB £**|**GB £**|**GB £**||**GB £**||**GB £**|
|**2.1 Income from donations and legacies**|||||||||
|Membership||38,261||||**38,261**||**35,457**|
|Collections, donations & gift aid||40,581||||**40,581**||**74,083**|
|Organ fund donations||||||||1,733|
|In memoriam fund donations|−|||||||60|
|Garden fund grants and donations|||32,500|||**32,500**|||
|Nordea fund grants and donations|||||||||
|Second Priest accommodation designated|||||||||
|Church interior fund designated|||||||||
|Building project fund grants & donations|||216,252|||**216,252**||**.647,645**|
|||78,842|248,752|||**327,594**||758,978|
|**2.2 Income from charitable activities**|||||||||
|Catering for charitable activities|& events|37,671||||**.**<br>31;71.||4,813|
|Church shopjalCOme<br>'−' ''||19,479,||||**19,479**||767|
|Educational fees and books||16,714||−||**16,714**||10,447|
|DSUK allowances<br>"||14,378|−|||**14,378**||3,808|
|,||88,242||−||**88,242**||19,835|
|**;**<br>**4**<br>**2 3 Income from other trading **|**activities**||||||||
|Church hall hire||1,600||−||**1,600**|||
|−Rents<br>,<br>,_<br>Church magazine advertising||20,047<br>. 5,970|−|||. **20,047 .**<br>**5,970**||20,040<br>5,574|
|Coronavirus Job Retention Scheme||−||||−||11,460|
|||.||,|||||
|||27,617||||**27,617.**||**,37,074**|
|,.|||||||||
|**2.4 Income from investments**||10,620||33,806|"|**44;426' ;**||44,395|
|**Total Income**||205,321|248,752|33,806||**487,879**||860,282|





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||Unrestricted|Restricted|Endowment|**Total 2021**|**Total 2021**|Total 2020|Total 2020|
|---|---|---|---|---|---|---|---|
||GB £|GB £|GB £||**GB £**|**GB £**||
|Catering & shop expenses|19,656||−||**19,656**||512|
|Books & education|7,218||||**7,218**||7,040|
|Ecclesiastical expenses|4,402||||**4,402**||11,091|
|Fundraisidg costs|130||||**130**|||
||31.406||||**31.406**||18.643|
||||−|||||
|**3.2 Investinent Management costs**||||||||
||Unrestricted|Restricted|Endowment|**Total 2021**||Total 2020||
||GB £|GB £|GB £||**GB £**|**GB £**||
|Fees paid to investment managers|427||5,193||**5,620**||**6,664**|
||427||5,193||**5,620**||6 664|
|**4. Expenditure on charitable activities**||||||||
||Unrestricted|..<br>Restricted|.<br>Endowment|•<br>.<br>**Total 2021**||**Total** 2020||
||GB £|GB £|GB £||**GB £**|**GB £**||
|Benevolent fund bursaries|||3,999||**3,999**||8,694|
|, Summer School _&_ educational grants•<br>Salaries & staff costs (note 6)|59,693||2,354<br>8,361||**2,354**<br>**68,054**||1,800<br>45,532|
|Premises costs<br>Insurance|11,619<br>15,227||2,909<br>".−'||**13,619,**<br>**8,227**||13,031<br>12,149|
|Utilities<br>'' −|'18;754||||**18,754**|**'**|25,642|
|Repairs, maintenance & refurbishment|20,543||6,376||**26,919**||13,602|
|Organ expenses|11,030||||**11,030**|||
|Church interior fund expenses|36||||.<br>**36**|**−**||
|Nordea Fund: furniture & equipment costs||11,451|||**11,451**||31,468|
|Garden costs||50,271|||**50,271**||481|
|Building project costs<br>Second Priest accommodation costs|,−<br>1,619|468,676|||**468,676**<br>**1,619**|**,** 4,877,271<br>13,400||
|Motor & travel expenses|3,128||||**3,128**||3,337|
|Administrative costs & communications|9,648||||**9,648**|**,**|15,502|
|Magazine costs|5,179||−||**5,179**||6,466|
|Depreciation|988||||**988**||1,150|
|Support & accountancy costs|23,730||||**23,730**||22,485|
|Bank charges|1,925||||**1,925**||2,007|
|Irrecoverable VAT on general expenditure|14,360||||**14,360**||13,500|
|Governance costs (note 5)|5,576||||**5,576**||6,031|
||203,055|530,398|23.090||**756 543**|2.113.548||
|**5. Governance costs**||||||||
||Unrestricted|Restricted|Endowment|**Total 2021**||Total 2020||
||GB £|GB £|GB £||**GB £**|**GB** £||
|Independent examination fee|2,100||−||**2,100**||1,900|
|Accounts drafting fee|2,900||||**2,900**||3,555|
|Trustee liability insurance|576||||**576**||576|
|Trustee and AGM costs (note 7)||||||||
|As restated|5,576||−||5.576||6.031,|
|**Total Expenditure (notes 3.1, 3.2 & 4)**|234 888|530 398|28,283||793 569|2,138,855||



## 



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|**6. Staff costs**|||
|---|---|---|
||**2021**|2020|
||**GB £**|**GB £**|
|Wages and salaries|40,142|33,050|
|Social security costs|2,187|1,586|
|Less: employment allowance|(2,187)|(1,585)|
|Other pension costs|4,014|2,898|
||44,156|35,949|
|Other staff costs (temps, child protection etc.)|19,512|5,223|
|DSUK Contribution|4,386|4,360|
|**Total**|**68,054**|45,532|
||**2021**|2020|
||**No.**|No.|
|Staff (full time equivalent)|3.0|2.0|



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|**. Gain/(Lo**|**ss) o n investments**||||||
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|**Total 2021**|Total 2020|
|||GB £|GB £|GB £|**G B £**|GB £|
|Unrealised|gain/(loss) on investments|93,293||14,372|**107,665**|(30,470)|
|Gain/(loss)|on foreign exchange translation|(321)||(1,594)|**(1,915)**|(400)|
|||92,972||12.778|**105.750**|(30.870)|



## 

|**9. Tangible fixed assets**||||
|---|---|---|---|
||**Freehold**|**Cars,**||
||**Property**|**Fittings &**<br>**Equipment**|**Total**|
|**Cost**|**G B £**|**G B £**|**G B £**|
|At 1 January 2021|245,000|114,141|359,141|
|Additions /(disposals)||||
|At 31 December 2021|245,000|114,141|359,141|
|**Depreciation**||||
|At 1 January 2021||110,191|110,191|
|O n disposals||||
|Charge for year||988|988|
|At 31 December 2021||111,179|111,179|
|**Net b o o k value**||||
|**At 31 December 2021**|245,000|2,962|247,962|
|At 31 December 2020|245,000|3,950|248,950|





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## 

||**10. Investments**|||
|---|---|---|---|
|||**2021**|**2020**|
||**Benevolent fund investments:**|**GB £**|**GB £**|
||_M&G Securities Ltd Charifund Income Units_|||
||Value of 8466.31 units at 1st January|**117,645**|**143,181**|
||Net movement on funds *|||
||Sub−total|**117,645**|**143,181**|
||Value a 8466.31 units at 31st December|**133,700**|**117,645**|
||Unrealised (loss)/ gain −market movement|**16,055**|**(25,536)**|
||**_**<br>**Summer School fund investments:**|||
||_Danske Bank_|||
||Value of investments at 1st January|**28,030**|**25,411**|
||Net movement on funds *|**504**|**(60)**|
||Value of investments at 31st December|**25,765**|**28,030**|
||Unrealised (loss)/ gain −market movement|**(2,769)**|**2,679**|
||**Other fund investments:**|||
||_General portfolio through Charles Stanley & Co. Ltd_|||
||Value of investments at 1st January|**488,980**|**515,267**|
||Net movement on funds *|**(202,803)**|**(7,155)**|
||Value of investments at 31st December|**343,405**|**488,980**|
||Unrealised (loss)/ gain −market movement|**57,228**|**(19,132)**|
||_General portfolio through Cazenove Schroder_|||
||Value of investments at 1st January|**578,208**|**566,689**|
|'|Net movement on funds *|||
||Value of investments at 31st December|**615,359**|**578,208**|
||Unrealised (loss)/ gain −market movement|**17,151**|**−11,519**|
||**Total value o f investments**|||
||Closing value at 31st December|**1,118,229**|**1,212,863**|
||||**_**|
||Opening value at 1st January|**1,212,863**|**1,250,548**|





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|**Portfolio asset allocation**|**Charles Stanley**|**Charles Stanley**|**Danske Bank**|**Charles Stanley**|**Cazenove Capital**|
|---|---|---|---|---|---|
|**and total investment value**|**M&G Charifund**||**Summer School**|**General Portfolio**|**General Portfolio**|
||**Benevolent **|**Fund**|**Fund**|||
|GB £|GB £||GB £|GB k'|GB ±'|
|Fixed Income||−|24,817|28,922|49,460|
|Equities|131,753|||270,240|400,474|
|Property||||13,420|93,431|
|Alternatives||−||15,123|52,176|
|Mixed investments||−||7,931|9,379|
|Cash||1,947|948|7,769|10,439|
|1,118,229|133,700||25,765|343,405|615,359|



## 

|**11. Stocks**|||
|---|---|---|
||**2021**|**2020**|
||**GB £**|**GB £**|
|**Stocks of canteen and shop goods**|**8,600**||
|**Total**|**8,600**||
|**12. Debtors: Amounts falling due within one year**|||
||**2021**|**2020**|
||**GB £**|**GB £**|
|**Registrations, memberships & advertising**|**4,762**|**4,765**|
|Accrued **income**|**1,990**|**4,056**|
|**Other debtors & prepayments**|**13,920**|**6,034**|
|**Listed places of worship grant due**|**1,676**|**6,998**|
|**Gift aid repayable**|**5,000**|**8,593**|
|**VAT repayable**|**4,242**|**9,207**|
|**Total**|**−31,590**|**39,653**|





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|**13. Creditors: Amounts falling due within one year**|||
|---|---|---|
||**2021**|2020|
||G B £|G B £|
|Shop creditors|||
|VAT payable|||
|PAYE/ NIC payable|||
|Other creditors & accruaLs|**35,768**|128,596|
|**Total**|**35,768**|128,596|



## 

|**14.** Movement in funds|||||
|---|---|---|---|---|
||At 1st|Net|Transfer|At 31st|
||January|Movement|between|**December**|
||2021|in funds|funds|**2021**|
||**GB £**|**GB £**|**GB £**|**GB £**|
|**Unrestricted funds**|||||
|General Fund|605,132|76,266||681,398|
|**Designated funds**|||||
|Organ fund|12,120|(11,030)||1,090|
|Church interior fund|212|(212)|||
|Second vicar accommodation fund|1,719|(1,619)||100|
|**Total designated funds**|14,051|(12,861)||1,190|
|**Total unrestricted funds (general & designated)**|619,183|63,405||682,588|
|Restricted funds|||||
|Garden fund|17,771|(17,771)|||
|Friends fund|16,042||−|16,042|
|In memoriam fund|4,331|||4,331|
|Building project fund|(32,119)|(252,424)|284,543||
|Nordea fund|21,144|(11,451)||9,693|
|**Total restricted funds**|27,169|(281,646)|284,543|30,066|
|**Endowment Funds**|||||
|Salary and pension fund (17.2)|432,243|||432,243|
|Benevolent fund (17.3)|140,583|16,794||157,377|
|FIJI−ILI fund|60,000||−|60,000|
|Building and reserve fund (17.1)|488,295|3,773|(284,543)|207,525|
|Summer School fund|27,205|(2,266)||24,939|
|**Total endowment funds**|1,148,326|18,301|(284,543)|882,084|
|**Total church funds**|**1,794,678**|**(199,940)**||**1,594,738**|





## 

## 

|**14 cont. Net movement in funds in year**|||||
|---|---|---|---|---|
||**Incoming**|**Resources**|**Gains/**|**Movement**|
||**resources**|**expended**|**(losses) on**|**in funds**|
||||**investments**||
||**GB £**|**GBf**|**GB £**|**GB £**|
|**Unrestricted funds**|||||
|General fund|205,321|(222,027)|92,972|76,266|
|**Designated funds**|||||
|Organ fund|−|(11,030)||(11,030)|
|Church interior fund||(212)||(212)|
|Second vicar accommodation fund||(1,619)||(1,619)|
|**Total designated funds**||(12,861)||(12,861)|
|**Total unrestricted funds (general & designated)**|205,321|(234,888)|92,972|63,405|
|**Restricted funds**|||||
|Garden fund|32,500|(50,271)||(17,771)|
|Friends fund|||||
|In memoriam fund|||||
|Building project fund|216,252|(468,676)|−|(252,424)|
|Nordea fund|−|(11,451)|−|(11,451)|
|**Total restricted funds**|248,752|(530,398)|−|(281,646)|
|**Endowment Funds**|||||
|Salary and pension fund (17.2)|/2,535|(12,535)||−|
|Benevolent fund (17.3)|6,265|(5,018)|15,547|16,794|
|FUHU fund|1,200|(1,200)||−|
|Building and reserve fund (17.1)|12,149|(8,376)||3,773|
|_Summer_School fund|1,657|(1,154)|(2,769)|(2,266)|
|**Total endowment funds**|33,806|(28,283)|12,778|18,301|
|**Total church funds**|**487,879**|**(793,569)**|**105,750**|**(199,940)**|



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|**15. Analysis o f net assets between funds**||||||
|---|---|---|---|---|---|
|||||**Other Net**||
||**fixed**||**Bank &**|**Current**||
||**Assets**|**Investments**|**Cash**|**Assets**|**Net Assets**|
||GB £|GB £|GB £|GB £|GB £|
|**Unrestricted funds**||||||
|General fund|247,962|358,430|70,584|4,422|681,398|
|**Designated funds**||||||
|Organ fund|||1,090||1,090|
|Church interior fund||||||
|Second vicar accommodation fund|||100||100|
|**Total designated funds**|||**1,190**||**1,190**|
|**Total unrestricted funds (general & designated)**|**247,962**|**358,430**|**71,774**|**4,422**|**682,588**|
|**Restricted funds**||||||
|Garden fund||||||
|Friends fund|||16,042||16,042|
|In memoriam fund|||4,331||4,331|
|Building project fund||||||
|Façade project fund||||||
|Nordea fund|||9,693||9,693|
|**Total restricted funds**|||**30,066**||**30,066**|
|**Endowment Funds**||||||
|Salary and pension fund* (17.2)||432,243|||432,243|
|Benevolent fund (17.3)||**133,700**|**23,677**||**157,377**|
|**FUHU fund**|||**60,000**|**.**|60,000|
|Building and reserve fund* (17.1)||168,091|39,434||207,525|
|Summer School fund||25,765|(826)||24,939|
|**Total endowment funds**||759,799|122,285|−|882,084|
|**Total church funds**|**247,962**|**1,118,229**|**224,125**|**4,422**|**1,594,738**|



## 



## 

## 

|**17. Linked Charities**|||||
|---|---|---|---|---|
||**2021**||**2020**||
|**17.1 Danish Church in London Building and Reserve Fund**|**GB £**|**GB £**|**GB £**|**GB £**|
|**(Linked charity number 237897−1)**|||||
|Opening value of investments at 1st January||488,295||488,295|
|Income from investments (net return after management fees)|12,149||24,803||
|Less: Lease payment to Crown Estates|(2,000)||(2,000)||
|Facade expenditure|||||
|General repairs to buildings|(6,376)||(6,949)||
|Surplus to carry forward||3,773||15,854|
|Transfers to main building project fund||(284,543)||(15,854)|
|Investment (losses)/ gains in year|||||
|Closing value of investments at 31st December||**207,525**||**488,295**|
|**17.2 Danish Church in London Salary and Pension Fund**||**GB £**||**GB**|
|**(Linked charity number 237897−2)**|||||
|Opening value of investments at 1st January||432,243||432,243|
|Income from investments|12,535||11,617||
|Less: Salaries applied from employees|(8,361)||(7,695)||
|Portfolio management & transaction fees|(4,174)||(3,922)||
|Surplus to carry forward|||||
|Investment (losses)/ gains in year|||||
|Closing value of investments at 31st December||**432,243**||**432,243**|
|**17.3 Benevolent Fund: Hjaelpefond for Danske I London**||**GB £**||**GB** £|
|**(Linked charity number 237897−3)**|||||
|Opening value of investments & cash at 1st January||140,583||160,118|
|Income from investments|6,265||5,674||
|Donations to benevolent fund|||9,921||
|Less: Payments to beneficiaries|(3,999)||(8,694)||
|Portfolio management fees|(1,019)||(900)||
|Surplus to carry forward||1,247||6,001|
|Investment (losses)/ gains in year||15,547||(25,536)|
|Closing value of investments and cash at 31st December||**157,377**||**140,583**|
|Represented by:|||||
|Investments||133,700||117,645|
|Cash balances (benevolent account & with general fund)||23,677||22,938|
|||**157,377**||**140,583**|