**REGISTERED CHARITY NUMBER: 1006402**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS**
## **FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **FOR**
## **WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 3|
|**Independent Examiner's Report**|4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 to 12|
|**Detailed Statement of Financial Activities**|13|
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
The trustees present their report with the financial statements of the charity for the period 27 October 2020 to 25 October 2021. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The principal objectives of the fund are helping the disadvantaged whose need is caused by poverty, infirmity or disability.
Following a restructure of the charities administered by The Worshipful Company of Founders funds the charity took over the funds established by an endowment dated 22 September 1941 from Gordon and Douglas Young (previously known as The Young Trust Fund) for the sole purpose of funding the gift of an authorised version of the Bible to each new Freeman.
"The Donors hereby declare that it is their united prayer that our Heavenly Father shall richly bless and prosper both those who receive benefits of the said Gift made by them and those who shall from time to time serve in administration thereof."
The funds of the Young Trust Fund are ring-fenced to ensure that the original purpose of this endowment are met by the charity.
## **Significant activities**
The charity transferred its investments to a pooled fund - The Founders Combined Charity Income Common Investment Fund - Non Endowed fund on 1 April 1996.
The charity receives a share of the net income of the fund arising in the period and owns the net assets in proportion to the market value of the investments at 1 April 1996 and any subsequent capital contributions to that fund.
The fund's current share of the unrestricted income and net assets is 23.657% (2020 - 23.657%)
The charity has transferred £1,000,000 to a pooled fund - The Founders Combined Charity Capital Common Investment Fund - Endowed fund.
The charity receives a share of the net income of the fund arising in the period and owns the net assets in proportion to its capital contribution and any subsequent capital contributions to that fund.
The fund's current share of the income and net assets during the year was 44.060% (2020 - 44.060%).
Grant applications are considered by the Charity Committee who then recommend appropriate grants to the Court for its approval.
Page 1
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **FINANCIAL REVIEW**
## **Reserves policy**
It is the policy of the charity that unrestricted funds which are readily available for spending and have not been designated for a specific use should be maintained at a level between six and twelve months’ expenditure. The trustee considers that reserves at this level will ensure that, in the event of a significant drop in funding, it will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
At 25 October 2021 the charity held £44K. These levels are in line with the target range. The trustee intends to manage its expenditure to maintain the reserves in line with the target range over the coming 5 years.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Fund was established in 1990 to celebrate the 400th anniversary of the grant of the arms to The Worshipful Company of Founders of the City of London (The Founders Company).
Capital was subscribed by the members of The Worshipful Company of Founders by outright gift and additional capital is received each year from members' deed of covenants and occasional gifts.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1006402
## **Principal address**
Founders Hall Number One Cloth Fair London EC1A 7JQ
## **Trustees**
The trustee of the charity is The Worshipful Company of Founders of the City of London.
The Master, Wardens and Court of Assistants of The Worshipful Company of Founders comprise the governing body.
Both the Court, which consists of the governing body and the Charity Committee meet quarterly. The Charity Committee reports and makes recommendations to the Court for its final approval.
## **Independent Examiner**
Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN
Page 2
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Master
.......................................................................... Clerk
Page 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **Independent examiner's report to the trustees of Worshipful Company of Founders ANNIVERSARIES FUND**
I report to the charity trustees on my examination of the accounts of Worshipful Company of Founders Anniversaries Fund (the Trust) for the period 27 October 2020 to 25 October 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A L Breeze FCA Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN
Date: .............................................
Page 4
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
|Unrestricted
Restricted
Endowment
Total
Total
fund
fund
fund
Notes
£
£
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
14,862
-
-
Other trading activities
2
23
-
-
Investment income
3
21,384
132
-
**Total**
36,269
132
-
**EXPENDITURE ON**
**Charitable activities**
Grants payable
45,820
-
-
Bibles
-
1,942
-
Other
9,905
33
-
**Total**
55,725
1,975
-
Net gains/(losses) on
investments
17,862
-
176,383
**NET INCOME/**
**(EXPENDITURE)**
(1,594)
(1,843)
176,383|PERIOD
27/10/20
TO
25/10/21
funds
£
14,862
23
21,516
36,401
45,820
1,942
9,938
57,700
194,245
172,946|PERIOD
29/10/19
TO
26/10/20
funds
£
4,937
-
20,475
25,412
36,040
187
43
36,270
(5,583)
(16,441)|
|---|---|---|
## **RECONCILIATION OF FUNDS**
## **Total funds brought forward**
188,902 2,214
1,238,906 1,430,022 1,446,463
The notes form part of these financial statements
Page 5
## **TOTAL FUNDS CARRIED FORWARD**
187,308 371
1,415,289
- 1,602,968
- 1,430,022
The notes form part of these financial statements
Page 5
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **BALANCE SHEET 25 OCTOBER 2021**
|Unrestricted
Restricted
Endowment
Total
Total
fund
fund
fund
Notes
£
£
£
**FIXED ASSETS**
Investments
5
142,600
-
1,415,289
**CURRENT ASSETS**
Debtors
6
67,559
1,241
-
Cash at bank
915
-
-
68,474
1,241
-|2021
2020
funds
funds
£
£
1,557,889
1,363,644
68,800
63,925
915
5,639
69,715
69,564|
|---|---|
## **CREDITORS**
Amounts falling due within one year
7
(23,766)
(870)
-
(24,636)
(3,186)
## **NET CURRENT ASSETS**
44,708 371
-
45,079 66,378
The notes form part of these financial statements
Page 6
## **TOTAL ASSETS LESS CURRENT LIABILITIES**
187,308
371
- 1,415,289
- 1,602,968
- 1,430,022
## **NET ASSETS**
187,308 371 1,415,289 1,602,968 1,430,022
## **FUNDS**
The notes form part of these financial statements
8 Unrestricted funds
Page 6
187,308 188,902 Restricted funds 371 2,214 Endowment funds 1,415,289 1,238,906
## **TOTAL FUNDS**
1,602,968 1,430,022
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. The Worshipful Company of Founders – Upper Warden
............................................. The Worshipful Company of Founders – Under Warden
The notes form part of these financial statements
Page 6
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
## **Investments**
Fixed asset investments are stated at market value. Market value is calculated as the charity's share of the net assets of The Founders Combined Charity Income and Capital Common Investment Fund. The charity's share is calculated in proportion to the market value of the investments transferred at 1 April 1996 and any subsequent capital contributions.
continued...
Page 7
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **2. OTHER TRADING ACTIVITIES**
|**OTHER TRADING ACTIVITIES**|||
|---|---|---|
||PERIOD|PERIOD|
||27/10/20|29/10/19|
||TO|TO|
||25/10/21|26/10/20|
||£|£|
|Fundraising events|23|-|
|**INVESTMENT INCOME**|||
||PERIOD|PERIOD|
||27/10/20|29/10/19|
||TO|TO|
||25/10/21|26/10/20|
||£|£|
|Charity Income CIF|1,979|1,622|
|Charity Capital CIF|19,537|18,853|
||21,516|20,475|
## **3. INVESTMENT INCOME**
The financial statements include investment income from both Charles Stanley and Ruffer, who manage a portfolio of investments on behalf of the Charity. The net investment income from Charles Stanley are distributable dividends amounting to £18,379. and the net investment income from Ruffer are dividends reinvested into the accumulated fund portfolio amounting to £3,137. Thus only £18,379 is available to spend.
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the period ended 25 October 2021 nor for the period ended 26 October 2020.
Neither the trustee nor any persons connected to the trustee received any remuneration during the year, except for Founders Properties Limited who charged the charity a total of £8,531 (2020 - £nil) for providing administrative and management support.
## **Trustees' expenses**
There were no trustees' expenses paid for the period ended 25 October 2021 nor for the period ended 26 October 2020.
continued...
Page 8
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **5. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 27 October 2020|1,363,644|
|Revaluations|194,245|
|At 25 October 2021|1,557,889|
|**NET BOOK VALUE**||
|At 25 October 2021|1,557,889|
|At 26 October 2020|1,363,644|
All investments are carried at their fair value. Investments are all traded in quoted public markets, primarily the London Stock Exchange.
The total value of investments includes £13,635 (2020 - £11,878) that relates to the Young Trust Fund.
Cost or valuation at 25 October 2021 is represented by:
|||Listed|
|---|---|---|
|||investments|
|||£|
|Valuation in|2021|1,557,889|
Listed investments represents the Anniversaries Fund's and the Young Trust Fund's share of the funds held in The Worshipful Company of Founders Combined Charity Income and Capital Common Investment Funds.
## **6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||2021|2020|
|---|---|---|
||£|£|
|Other debtors and accrued income|68,800|63,925|
continued...
Page 9
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Other creditors
**8.**
**MOVEMENT IN FUNDS**|2021
£
3,444
21,192
24,636|2020
£
-
3,186
3,186|
|---|---|---|
|**MOVEMENT IN FUNDS**||||
|---|---|---|---|
|||Net||
||At|movement|At|
||27/10/20|in funds|25/10/21|
||£|£|£|
|**Unrestricted funds**||||
|General fund|188,902|(1,594)|187,308|
|**Restricted funds**||||
|Young Trust Fund|2,214|(1,843)|371|
|**Endowment funds**||||
Founders Combined Charity Capital Common Investment Fund
1,238,906
176,383
1,415,289
## **TOTAL FUNDS**
1,430,022 172,946 1,602,968
continued...
Page 10
Net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|36,269|(55,725)|17,862|(1,594)|
|**Restricted funds**|||||
|Young Trust Fund|132|(1,975)|-|(1,843)|
|**Endowment funds**|||||
Founders Combined Charity Capital Common Investment Fund
-
-
176,383 176,383
## **TOTAL FUNDS**
36,401 (57,700) 194,245 172,946
continued...
Page 10
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **8. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|||Net||
|---|---|---|---|
||At|movement|At|
||29/10/19|in funds|26/10/20|
||£|£|£|
|**Unrestricted funds**||||
|General fund|200,274|(11,372)|188,902|
|**Restricted funds**||||
|Young Trust Fund|2,213|1|2,214|
|**Endowment funds**||||
Founders Combined Charity Capital Common Investment Fund
1,243,976
(5,070)
1,238,906
## **TOTAL FUNDS**
1,446,463 (16,441) 1,430,022
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement resources expended losses in funds
continued...
Page 11
£ £ £ £ **Unrestricted funds** General fund 25,225 (36,084) (513) (11,372) **Restricted funds** Young Trust Fund 187 (186) - 1 **Endowment funds**
Founders Combined Charity Capital Common Investment Fund
- -
(5,070)
(5,070)
## **TOTAL FUNDS**
25,412 (36,270) (5,583) (16,441)
continued...
Page 11
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
## **9. RELATED PARTY DISCLOSURES**
During the period, the charity had investment income receivable of £1,979 (2020 - £1,623) from The Founders Combined Charity Income Common Investment Fund. At the period end £1,979 (2020 - £1,623) was included in debtors.
During the period, the charity had investment income receivable of £19,537 (2020 - £18,852) from The Founders Combined Charity Capital Common Investment Fund. At the period end £19,537 (2020 - £18,852) was included in debtors.
During the period the charity paid £8,531 (2020 - £nil) to Founders Properties Limited for providing administrative and management support. At the period end this amount was in creditors. The trustee of the charity is the same as those charged with Governance within the Company.
At the year end £39,950 (2020 - £43,450) was included in debtors as due from the Robert Warner Fund.
At the year end £12,295 (2020 - £186) was included in creditors as due to the Sexcentenary Appeal Fund.
The charities have the same trustee and governing body.
Page 12
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021**
|||PERIOD||PERIOD||
|---|---|---|---|---|---|
||27/10/20|29/10/19||||
|||TO||TO||
|||25/10/21|26/10/20|||
|||£||£||
|**INCOME AND ENDOWMENTS**||||||
|**Donations and legacies**||||||
|Donations||14,862||4,937||
|**Other trading activities**||||||
|Fundraising events||23|||-|
|**Investment income**||||||
|Charity Income CIF||||||
|1,979||||||
|1,622||||||
|Charity Capital CIF||||||
|19,537||||||
|18,853||||||
|||21,516||20,475||
|**Total incoming resources**||||||
|36,401||||||
|25,412||||||
|**EXPENDITURE**||||||
|**Charitable activities**||||||
|Bibles||1,942||187||
|Grants to institutions||45,114||16,848||
|Grants to individuals||706||19,192||
|||47,762||36,227||
|**Support costs**||||||
|**Finance**||||||
|Bank charges||68||43||
This page does not form part of the statutory financial statements
Page 13
## **Governance costs**
Management fees 8,531 -
Sundries 36 -
Accountancy and legal fees 1,303
-
- 9,870
Total resources expended 57,700 36,270
## **Net expenditure**
(21,299) (10,858)
This page does not form part of the statutory financial statements
Page 13