Docusign Envelope ID.. C1105E6D-35B54B8A-9B04-A4C1011988B5 St. Clement Danes Educational Foundation Report and Financial Statements 31 December 2024 Charity Number 312319
Do¢usign Envelope ID.. C1105E6D-35B54B8A-gB04-A4C1011988B5 st Clement Danes Educational Foundation Contents For the ear ended 31 December 2024 Legal and administrative details Page 3 Report of the Trustees Pages 4-5 Report of the Independent Examiner Page 6 Statement of financial actlvities Page 7 Balance sheet Page 8 Notes to the financial statements Pages 9-15
Docusign Envelope ID. C1105E6D-35B54B8A-9B04-A4G1011988BS st Clement Danes Educatlonal Foundation Legal and administrative details For the year ended 31 Decernber 2024 constltuts.on The 5t Clement Danes Church of England Primary School, the School of the Foundation, wa5 founded on 13 January 1701. However the first charitable scheme regulating the Foundation was made under the Endowed Schools Act 1869. The Charity is currently regulated by a Scheme under the auspices of the Charlty Commission dated 30 July 1954, which Scheme was subsequently varled to a small degree by further Schemes dated l August 1972 and 27 November 1998 and an order dated 20 March 2001. The Charlty has been registered with the Charity Commission slnce 26 July 1965. Charlty number 312319 Registered office and operational address St Clement Danes Church of England Primary School 118 Drury Lane London WC2B 5SU Appointment of Trustees The Constitutlon allows for ten tru5tees'. One Ex-officio, being the Rector of St Mary le Strand with St Clement Danes or the nominee of the Archdeacon of Charing Cross b Seven Co-opted Trustees, whD shall be members of the Church Of England c Two by Ihe London Diocesan Board for Schools Appointed Resigned Term Trustees a The Revd Slmon Grigg b P. Maplestone b C. Thomson b K. Dodman b R. Sully b M. Lacey b H. Jarvis b D. Twining c I, Woolf B,E.M 2024-2029 2024-2029 2022-2027 2022-2027 2023-2028 2022-2027 2022-2027 2023-2026 Chairman P. Maplestone Vice-chairman K. Dodman clerk to the TNstees Nrs D. Starf(ey Independent Examiner Tim Hardyi Moore Kingston Smith LLP, 5 Godalming Business Centre, WDolsack Wayi Godalming, Surrey GU7 IXW Bankers Uoyds Bank, 70-71 Cheapside, LDndon EC2V 6EN Solicitors Wedlake Bell LLP, 71 Queen Vlctorfa Street, London EC4V 4AY Stockbroker Walker Crips Investment Management Limited, 128 Queen VictorAa Street, London EC4V 4BJ Page 3
Docusign Envelope ID.. C1105E6D-35B54B8A-9B04-A4C1011988B5 St Clement Danes Educatlonal Foundatlon Report of the Trustees for the year ended 31 December 2024 The Trustees present their Annual report and financial stetements of the Charity for the year ended 31 December 2024. The financial statements have been prepared in accordance wlth the accountlng policles set out in Note I to the accounts and comply wlth the Ch8rity's trust deed, the Charities Act 2011 and Accouniing and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Legal and admlnistrative information set out on the previous page forms part of this report. Objects of the Charlty The principal object of the Charity is to award grants to enable the Governlng Body of St Clement Danes Church of England Primary School to comply with their obligations under the Educatlon Acts. It may also apply such further sums, as the Trustees deem fit in the provislon off special benefsts for the School of a kind not provided by Westminster City Councll. In addition, after meeting the needs of the School, the Trustees may apply income to beneflt young persons, who have not attained the age of 25 years, are In need of financlal assIstan, are or have been pupils at the School or are resident in the DI0$e of London, with a preference for those resident within the City of Westminster. Public Benefit The Trustees confirm that they have had regard to the Charity Commission's Guidance on public benefit on reporting on the Charlty's objectives and activities, achievements and plans for the future. St Clement Danes Church of England Primary School, the principal beneficiary of the Charity, has an inclusive admissions policy for chlldren living locally. The Charity also makes grants to young persons In need of flnanclal asslstsnce. The Trustees consider that the Charity meets the criteria for public benefit as defined by the Charity Commission. organIsaOnal Structure The TNstees meet at least four timas each year. There are no sub-committees. Induction and Training The induction of new trustees is undertaken by the Clerk who, after sendlng a copy of the Constitution together with minutes, accounts and relevant papers, meets each new trustee to explain the administration and history of the Charity and glves a tour of the School. Trustees are made aware of the information avallable on the Charity Commission website to a&sist them with the discharge of their duties as a trustee of a charity. Risk Management The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are In Pla to Identlfy where and when attion is required. The ability to maintain the real value of Investment income and to attract sufficient children at a time when school rolls are falling in Central London are the risks with the highest mltlgated risk score. The Charity and Related Parties The Charlty has a close relationship with the School of the Foundation, Achievement, Performance and Financial Review Investment income decreased from £200,178 to £180,933 following the tenant of School House leaving in the latter part of 2023. Unrestricted charitable expenditure increased from £152,016 to £190,747 which included a grant to the School of £31,000 for the purchase 60 IPads to aid pupils, learning. Page 4
Docusign Envelope ID: C1105E6D_35B5.4B8A_9804_A4C1011988B5 St Clement Danes Educational Foundation Report of the Trustees for the year ended 31 Dember 2024 The resultant deficit in the unrestrlcted general fund was funded by transferrlng £10,185 from the designate School Fund. Volunteers Inigo Woolf volunteers to oversee the production of management accounts and draft the annual report and accounts. In addition he maintains an oversight of the investments of the Charlty. Investment Review The Charity invests in two pooled investment funds wlth one Investing in the UK and the other around the world. The Endowment is invested to provide a growing income to support the School with the expectation that the real value of the capltal can be malntslned; in 2024 the value of the endowment Inceased by 3.280/0, in line with the change in the Consumer Price Index. At the end of 2021 an £80,OOD fixed Interest bond was redeemed with the intention to relnvest the capltal in 2022. The funds continue to be held on deposit and will be invested in the refurbishment of School House, Reserves Pollcy The School Fund represents an accumulation of the unrestricted fijnds arlslng from past operating results. It also represents the free reserves of the Charlty, as all fixed assets are included in restricted funds, The School has been maintaining the school building to a high standard and the surveyor to the School prepares an annual condition report. The Trustees believe that a reserve of £500,000 would cover most risks; it is planned to use a substantial part of the reserves to rerbISh School House in 202512026. The resenre can then be rebuilt over a period of years. Objectives for 2025 To rerbIsh School House so that Income can be generated for the benefit of the School and its pupils. Independent Examiner Moore Kingston Smith LLP, formerly Shipleys LLP, has expressed its willingness to continue as independent examlners to the Charlty. Approved by the Trustees on 20 May 2025 and signed on their behalf by: Slgt)od by. 20715D1877874A8... Peter Maplestone, Chairman Page 5
Docuslgn Envelope ID.. C1105E6D-35B5-4B8A-9B04-A4C1011988B5 st Clement Danes Educatlonal Foundatlon Independent Examiner's Report to the Trustees for the year ended 31st December 2024 I report to the Trustees on my examinabon of the accounts of St Clement Danes Educatlonal Foundatlon for the year ended 31st December 2024 which are set out on pages 7 to 15. Responsibilities and basis of report As the charlty's trustees you are responslble for the preparalion of accounts in accordance wlth the requlrements of the Charltles Act 2011 ("the Act ). I report In respect of my examlnaLlon of the charlty's accounts carried out under section 145 of the Act and In carrylng out my examlnation I have followed all applicable Direttions given by the Charity Commlsslon under section 145(5)(b) of the Act. Independent Examlner's Statement I have completed by examination, I confirm that no materlal matters have come to my attention in connection with the examination giving me cause to believe that in any materfal respect: l. accounting records were not kept in respect of the charity as requlred by sectlon 130 of the Act; or 2. the accounts do not accord wlth those records,. or 3. the accounts do not comply wtth the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Repotts) Regulations 2008 other than any requirement that the accounts glve a 'true and fair view, which 15 not a matter considered as part of an Independent examlnatlon, I have no concerns and have come across no Matte in connection with the examlnation to whlch aitention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 40CW917 TIM Hardy FCA Moore Kingston Smith LLP Charter& Accountants 5 Godalming Busines5 Centre Woolsack Way Godalmlng Surrey GU7 IXW 20 Nay 2025 Page 6
Docuslgn Envelope ID.. C1105E6D_35B&4B8A.9804.A4C101198885 st Clement Danes Educational Foundation statement of financial activitles For the ear ended 31 December 2024 Unrestrlcted General Fund DesSgnated School Fund Restr]cted & Capital Funds 2024 2023 Total Totsl Note Income from: Donation5 Investsnents 200 200,178 200 378 180,562 180,562 371 180,933 180,933 Total income 371 Expendlture on: Charitsble activitles 190,747 190 747 371 191,118 191 118 152,369 152,369 Total expenditure Gainsl(Losses) on investment assets Unrealised gains on investsrent5 Net reallsed (losses)Igalns on Investments Net incomel(expendlture) before transfers 371 130,595 130,595 145,593 (10,185) 130,595 120,410 193,602 TransFer between funds Net Income after transfers (10,185) 130,595 120,410 193,602 Net movement in funds (10,185) 130,595 120NIO 193,602 Reconciliation of funds Brought fotward from previous year Funds carried forward 566,058 555,873 3,885,904 4,016,499 4,45¥962 4,571372 4,258,360 4A51,962 There are no recognized gains or losses other than those dlsclosed, The notes on pages 9 to 15 form part of these accounts. Page 7
Docuslgn Envelope ID.. C1105E6D-35B54B8A-9B04-A4C1011988B5 St Clement Danes Educational Foundatlon Balance sheet as at 31 December 2024 Note Unrestricted General Fund Designated Schi)ol Funds Restrlcted & Capltal Funds 2024 2023 Total Total Flxed assets Tangible assets Investments 500,000 3,430,992 3,930,992 500,000 500,000 3,430,992 3,300,397 3,930,992 3,800,397 Current assets Debtor Funds on deposit Cash at bank and in hand 505,065 50,808 555,873 85,5D7 590,572 58,108 648,680 589,000 66,715 655,715 7,300 7,300 85,507 Creditors Amounts due within l year (7,300) (7,300) (4,150) Net current assets 555,873 85,507 641,380 651,565 Total assets less current Ilabilities 555,873 4 016 499 4 572 372 4 451962 Net assets 555 873 4 016 499 372 4 451962 Funds Unrestricted General Fund Designated School Fund Restricted Funds 555,873 555,873 566,058 4 016rt99 3,885 904 4,572,372 4,451,962 io 4 016 499 Total funds 555,873 4,016,499 Approved by the Board of Trustees on 20 May 2025 and slgned on its behalf by.. Slgngd by. 2D715010F7874A8... Peter Maplestone (Chairman) The notes on pages 9 to 15 form part of these accounts, Page 8
Docusign Envelope ID: C1105E6D-35B5-4B8A-9B04-A4C1011988B5 st Clement Danes Educational Foundation Notes to the financlal statements For the year ended 31 Dember 2024 Accounting pollcles a) Basis of preparatlon The accounts (flnanclal statements) have been prepared under the historical cost convention with Items recognized at cost or transartion value unless otherwise stated In the relevant note(s) to these accounts. The financial statements have been prepared in accordance with FRS 102, 'The Flnancial Reportlng Standard applicable In the UK and the Republic of Ireland,, the Statement of Recommended Prac. "Accountlng and Reporting by Charities preparlng their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (Charlties SORP (FRS 102)) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charitles (Accounts and Repo) Regulations 2008 only to the extent required to provide a'tnje and fair view,. Thi5 departLSre has involved following Accounting and Reportlng by Charities preparing their accounts in accordan with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FKS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Pract1 effective from l April 2005 which has since been withdrawn. The Charlty Is not required to prepare 8 cash flow statement In accordance with the Charities SORP (FRS102). The presentation currency 15 £ sterling. The Charity is an unincorporated charity that constitutes a public benefits entity as defined by FRS 102. Additional information regardlng the legal form of the Charity, operational address and description of purpose can be found on pages 3 and 4 of the Accounts. The Trust*s consider that there are no material uncertainties about the charity's abilty to continue as a going concern. This going concern basls has been reached due to the charity having sufficient net assets to cover all grants and expenditure for the following 12 months. b) Flxed Assets The freehold building 15 shown at deemed cost in It5 use as a school. The trustees consider that the residual value of the freehold building is at least equal to its net book value and, therefore, no depreclation has been charged. The freehold building is occupied by a Church of England prlmary school and the Trustees have no power to termlnate their occupation. In Consequen it is not possible to provide a rnarlcet value for the site Leasehold property irnprovements are depreciated Dn a stralght Ilne basis over their estimated useft]I lives of 20 years although the underlying lease is for 99 years. This leasehold propertyi Twining Hall, can only be used for educatlonal purposes. Investments are re-valued annually to thelr fair value using the closing quoted market pr1. Any galn or10ss on revaluation is taken to the Statement of Finanaal Activities. Reallzed gains and losses are included in the Accounts as they arlse, c) Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or I5 from the date of acquisition or opening of the deposit or similar account. d) Creditors and provlslons Creditors and provisions are recognised where the charlty has a present obligation resulting from a past event that will probably result in the transfer of fijnds to a third party and the amount due to settle the obllgation rAin be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 9
Docusign Envelope ID- G110SE6D-35B5-4B8A-9B04-A4G1011988B5 St Clement Danes Educatlonal Foundation Notes to the financial statements For the year ended 31 December 2024 e) Taxatlon The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects. f) Value Added Tax The charlty is not recognized for VAT purposes and all expenses are Incluslve of Irrecoverable VAT where applicable. g) Income All income is recognized On the Charity has entitlement to the income, it is probable that the income will be received and that the amount of Income can be measured reliably. Investment income from property, fixed interest investments and deposit accounts is included In the accounts on a recelvable basls. Dlvldend income Is recognlzed wlth reference to the dividend declaration date, Donations, legacies and other income are recognized when the Charity is notified that it will receive the donation. Charltable Income re]Ved In furtherance of the Charlty's objects is accounted for on a receivable basis. Other income is accounted for in the year in which they are received and allocated to funds as approprlate. h) Expenditure Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committlng the Charity to that expenditure, it is pmbable that settlement will be required and the amount of the obligation can be measured rellably. Expenditure is included on an accruals basis. Cost of raising funds comprises charges for holding investments in a nominee company Grants payable to St Clement Danes Church of England Primary School and to students are recognized in the accounts when authorised. Grants to students are withdrawn and written back after an appropriate time if the grant condltlons cannot be complled wlth. Support costs have been apportioned between charitable expenditure and governance on the best estlmate of staff time spent on each aceivity. i) Restricted Funds Restricted funds are to be used for specific purposes as lald down by the donor. Expendlture whlch meets these crlteria Is charged to the fund together with a falr allocation of management and support costs where this is permitted. j) Designated Funds Any realised surplus arlslng in the unrestricted fund Is transferred to designated fvnds with referern to the trustees anticipated fvture expenditure requirements. Detai15 of the nature and purpose of each fund 1$ Set out In Note 9. k) Unrestrlctsd Funds Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. l) Permanent Endowment The charity has a permanent endowment, the income from which is wholly unrestricted. Page 10
Docusign Envelope ID.. C1105E6D-35B5-4B8A-9B04.A4C1011988B5 St Clement Dane5 Educational Foundation Notes to the financial statements For the year ended 31 December 2024 Investments 2024 2023 Income from Investments Interest frorn short term deposits Rental Income Unrestrirted Restricted income from investments TOTAL 150,909 29,653 145,228 25,097 180,562 371 180,933 199,825 353 200,178 Rental Income relates to SchDoI House whlch became vacant In September 2023 when the long temi lease was not renewed. Expenditure 2024 2023 3a Charitable activiti&s Grants (see also note 3b) Support costs.. Cost of charStable actlvlties Legal and professional fees Independent examination fee Total unrestricted Grants restrlcted (see Note 3b) 161,484 115,364 1,892 23,239 32,612 190,747 371 191 118 152,016 353 152 369 The Trustees receive no remunerdtlon and expenses relmbur5ed are Nil (2023: Nil) The average number of employees during the year was nil (2023.. nll, 2024 2023 3b Grants payable School grants unrestritted Student grants Grants no longer requlred Total unrestrlcted School grants restricted Totsl 152,253 9,231 107,178 9,994 1,808 115,364 353 115,717 161,484 371 161,855 St Clement Danes CofE Primary School Is the sole beneficiary of the school grants, 6 grants were awarded to students (2023.8) Students Include existing pupils at St Clement Danes CofE Primary School. Transfer between funds A transfer has been made to the General Fund from the designated School Fund of £10,185 (2023., from the General Fund to the de51gnated School Fund £48,009) for charitable purposes. Page 11
Docusign Envelope ID.. C1105E6D-35B54B8A_gB04_A4C1011988B5 St Clement Danes Educational Foundation Notes to the financial statements For the year ended 31 December 2024 Tanglble Assets Charitsble Use: Freehold Prope Leasehold Property Total Costlvaluation At l January 2024 addltlons disposals At 31 December 2024 500,000 182,781 682,781 500 000 182,781 682,781 Depreciation At l January 2024 additions disposals At 31 December 2024 182,781 185781 18 Net book values At 31 December 2024 At 31 December 2023 500,000 500,000 500,000 500,000 Freehold Property The Trustees consider the value of the freehold propety in its current use as a school to be in the region of £500,000. The original c05t of the property was £nll and was re-valued to deemed cost In the accounts to 31 December 1995. The market value of the property and site would however be significandy greater If converted to commercial or residential use - W&%tminster City Council insure5 the property for £17m. The value of £500,000 has not been updated and this will be held as the carying value in future years, School House School House forms part of the freehold site of the School. Leasehold Property A 99 year lease for the use of part of the basement of 9113 Kean Street, now called Twining Hall, was slgned on 8 November 2001. The Trust depreciated improvement expendiiure on this leasehold property over 20 years. As the lease is restricted to educational use no residual value has been placed on this asset. All tangible assets in 2024 and 2023 relate to the restricted and capital fund5 Page 12
Docusign Envelope ID.. C1105E6D-358&4B8A.9B04_A4C1011988B5 St Clement Danes Educatlonal Foundation Notes to the financial statements For the year ended 31 December 2024 Investments 2024 2023 Investments at Falr Value Fair value at l January Purchases SaleslRedemptions Galnl (Loss) in year Fair value at 31 Dember 3,300,397 3,154,804 130 595 3,430 992 145,593 3 300,397 2024 2023 2024 2023 Flxed interest securities listed on the London Stock Exchange Unquoted pooled Investment fijnds M&G Charifund income unlts COIF Global Equity Fund units 90,000 88,250 2.6Q/o 2.7% 1,581,495 1,759,497 3,430,992 1,497,355 1714 792 3 300 397 46.10/0 51.30/0 100.OQh 45.3010 52.00/0 100.OVo Hlstorical c05t at 31 December 2,032,579 2,032,579 All financial assets are carrled at their fair value. Investments in fixed interest securlties are traded in quoted public markets, prlmarlly the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended Investment companies are at the bid price. Asset sales and purchases are recognized at the date of trade at cost (that Is thelr transaction value). The fixed interest securltles comprises a holding of perpetual subordinated bonds issued by a UK clearing bank (2023.. 1 holdlng). The Trustees recognlze that with an interest coupon Df 13.625Yo, the bonds may be called for redemptlon and plan for the possible reinvestment at lower rates of interest. The Investment in pooled Investment fund5 is restricted to the restricted and capital funds. The Trustees rety on the income and the s1gnifican of the investments to the ongoing sustainability of grant making Is consldered in the Investment review of the Trustees Annual Report. All investments in 2024 and 2023 relate to the resiritted and capttal funds Current A55et5 2024 2023 Debtor - Cash at Bank balances were as follows.. Unrestrlcted funds Designated school funds Restricted and capital funds 7,300 555,873 4,150 566,058 85,507 655,715 648,680 648,68 Credltors- Amounts falling due wlthln one year 2024 2023 Grants payable Accruals 3,050 4,250 4,150 4,150 Grants payable relate to grants approved by the Trustees but not drawn down at the year end All accruals in 2024 and 2023 relate to unrestricted funds. Page 13
Do¢uslgn Envelope ID: C1105E6D45B&4B8A-9B04-A4CI 011988B5 st Clement Danes Educats"onal Foundation Not¢s to the flnanclal statements For the year ended 31 December 2024 Unrestricted Funds General 2024 General 2023 Designated 2024 Designated 2023 Balance at l January Investment income Expendlture 566,058 518,049 180,562 190,747 {10,185) 10,185 200,025 152 016 48,009 (48,009) 566,058 (10,185) 518,049 48,009 Transfer between funds Transfer to restricted Funds Balance at 31 Dember 555,873 566,058 The amounts allDcated to the Designated School Fund are available to the School Governing Body in order lo a5SiSt the Governors with their obligations under various Education Acts and for the provision of special benefits not normally provided for schools by the City of Westminster. It is a requirement of the Trustees that the School Governors obtain the prior approval of the Trustees before monies are drawn down. 10. Restrtcted Funds 2024 2023 Capltal Prfze Fund Balan at l January Income received Expenditure on priz 3,879,983 5,921 371 371 5,921 3,885,904 371 371 3,885,904 3,740,311 353 353 3,740,311 3,879,983 Unrealized gainl(loss) on investment Balance at 31 Dember 130,Ml 4 010 424 154 130 595 4 016 499 145 593 3,885 904 Capltal Fund Thls fund holds the capital of the Charity. Income is credited to the General Fund, Prize Fund Income from the Fund enable5 the School to offer the following prlzes: Roblnson Famlly prlze for PE Mabel Wilshire prize for humanltles Mounsey-Thear prize for RE Richard Burt prize for music Arthur Jephcott prize For music RAF prize for service to the School Miss Lyons prize for reading Thomas McBride prize for handwriting Major Bruce Low prize for environmental studies David Jarvis prize for maths G,A.T. Jone5 prize for progress Mabel Lynch prize for scien Pennington-Bickford prize for art within the balance of the Prize Funds there was accumulated unspent income of £nil at the start of the year and £nil at the end of the year. Page 14
Docusign Envelope ID- C1105E6D.3585488A.98O&>A4C10119888S St Clement Danes Educatlonal Foundatlon Notes to the financial statements For the year ended 31 December 2024 11. Analysis of Net Assets between Funds as at 31 December 2024 Freehold and leasehold Property Net Current Assets Investments Totsl Unrestricted Funds Deslgnated Restricted Funds Prize fund Permanent Endowment Funds Capital fund 555,873 555,873 6,075 6,075 500,000 500,000 3,424,917 3 430,992 85,507 641,380 4,010,424 4,572,372 Total 31 Dember 2023 Unwtrlcted Funds Designated Restricted Funds Prize fund Permanent Endowment Funds Capltal fund 566,058 566,058 5,921 5,921 500,000 500,000 3 294 476 3,300,397 3 879 983 4,451,962 Total 651,565 12. Related Party There are no related party transactions in the ctjrrent or prior year that require disclosure under FRS 102. Page 15