**REGISTERED CHARITY NUMBER: 1006402** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS** ## **FOR THE PERIOD 26 OCTOBER 2021 TO 31 OCTOBER 2022** ## **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 26 OCTOBER 2021 TO 31 OCTOBER 2022** ||**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 26 OCTOBER 2021 TO 31 OCTOBER 2022** The trustees present their report with the financial statements of the charity for the period 26 October 2021 to 31 October 2022. 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% (2021 - 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% (2021 - 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 26 OCTOBER 2021 TO 31 OCTOBER 2022** ## **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 31 October 2022 the charity held £35K (2021, £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 26 OCTOBER 2021 TO 31 OCTOBER 2022** ## **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 7 August 2023 and signed on its behalf by: RMB Holmes Master Revd NK Stephenson 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 26 October 2021 to 31 October 2022. ## **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: 7 August 2023 Page 4 **WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 26 OCTOBER 2021 TO 31 OCTOBER 2022** |||||||PERIOD|PERIOD||PERIOD| |---|---|---|---|---|---|---|---|---|---| |||||||26/10/21||27/10/20|| ||||||||TO||TO| |||||||31/10/22||25/10/21|| ||Unrestricted||||||||| |||Restricted||Endowment|||||| |||Total||Total|||||| |||fund
|fund|fund||funds|||funds| ||Notes|£|£|£|||£||£| |**INCOME AND**|||||||||| |**ENDOWMENTS FROM**|||||||||| |Donations and legacies||7,158|-||1,362||8,520||14,862| |Other trading activities|2|13|-||-||13||23| |Investment income|3|18,983|168||-||19,151||21,516| |**Total**||26,154|168||1,362||27,684||36,401| |**EXPENDITURE ON**|||||||||| |**Charitable activities**|||||||||| |Grants payable||30,479|-||-||30,479||45,820| |Bibles||-|-||-||-||1,942| |Other||5,196|-||-||5,196||9,938| |**Total**||35,675|-||-||35,675||57,700| |Net gains/(losses) on||(15,503)|-|(160,528)|||(176,031)||194,245| |investments|||||||||| |**NET**||(25,024)|168|(159,166)|||(184,022)||172,946| |**INCOME/(EXPENDITURE)**|||||||||| |**RECONCILIATION OF FUNDS**|||||||||| |**Total funds brought forward**||187,308|371||1,415,289||1,602,968
1,430,022||| |**TOTAL FUNDS CARRIED**|||||||||| |**FORWARD**||162,284|539||1,256,123||1,418,946
1,602,968||| The notes form part of these financial statements Page 5 **WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND** ## **BALANCE SHEET 31 OCTOBER 2022** |||||||2022|2022|2021|2021| |---|---|---|---|---|---|---|---|---|---| ||Unrestricted||||||||| |||Restricted|||Endowment||||| |||Total||Total|||||| |||fund
|fund||fund|funds||funds|| ||Notes|£|£||£||£||£| |**FIXED ASSETS**|||||||||| |Investments|5|127,235|-||1,256,123||1,383,358||1,557,889| |**CURRENT ASSETS**|||||||||| |Debtors|6|61,422|1,409||-||62,831||68,800| |Cash at bank||1,300|-||-||1,300||915| |||62,722|1,409||-||64,131||69,715| |**CREDITORS**|||||||||| |Amounts falling due within|||||||||| |one year|7|(27,673)|(870)||-||(28,543)||(24,636)| |**NET CURRENT ASSETS**||35,049|539||-||35,588||45,079| |**TOTAL ASSETS LESS**|||||||||| |**CURRENT LIABILITIES**||162,284|539||1,256,123||1,418,946||1,602,968| |**NET ASSETS**||162,284|539||1,256,123||1,418,946||1,602,968| |**FUNDS**|8||||||||| |Unrestricted funds|||||||162,284||187,308| |Restricted funds|||||||539||371| |Endowment funds|||||||1,256,123||1,415,289| |**TOTAL FUNDS**|||||||1,418,946||1,602,968| The financial statements were approved by the Board of Trustees and authorised for issue on 7 August 2023 and were signed on its behalf by: NG Butterworth The Worshipful Company of Founders – Upper Warden A Hughes 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 26 OCTOBER 2021 TO 31 OCTOBER 2022** ## **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 26 OCTOBER 2021 TO 31 OCTOBER 2022** ## **2. OTHER TRADING ACTIVITIES** |**OTHER TRADING ACTIVITIES**||| |---|---|---| ||PERIOD|PERIOD| ||26/10/21|27/10/20| ||TO|TO| ||31/10/22|25/10/21| ||£|£| |Fundraising activity|12|23| |**INVESTMENT INCOME**||| ||PERIOD|PERIOD| ||26/10/21|27/10/20| ||TO|TO| ||31/10/22|25/10/21| ||£|£| |Charity Income CIF|1,752|1,979| |Charity Capital CIF|17,399|19,537| ||19,151|21,516| ## **3. INVESTMENT INCOME** The financial statements include net income from investments managed by Charles Stanley, which is distributed to the Charity. In addition investments managed by Ruffer generated £3,986 net income (2021, £3,137) which is reinvested into the accumulated fund portfolio. ## **4. TRUSTEES' REMUNERATION AND BENEFITS** During the period the charity paid £4,445 (2021 - £nil) to its trustee, the Worshipful Company of Founders, for administrative and management support. No persons connected to the trustee received any remuneration during the year (2021: Founders Properties Limited charged the charity a total of £8,531 for administrative and management support). continued... Page 8 **WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 26 OCTOBER 2021 TO 31 OCTOBER 2022** ## **5. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 26 October 2021
Donation invested
Revaluations
At 31 October 2022
**NET BOOK VALUE**
At 25 October 2022
At 26 October 2021|Listed
investments
£
1,557,889
1,500
(176,031)
1,383,358
1,383,358
1,557,889| |---|---| 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 £12,107 (2021 - £13,635) that relates to the Young Trust Fund. Cost or valuation at 31 October 2022 is represented by: |||Listed| |---|---|---| |||investments| |||£| |Valuation in|2022|1,383,358| 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** ||2022|2021| |---|---|---| ||£|£| |Other debtors and accrued income|62,831|68,800| 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** |||||||2022||2021| |---|---|---|---|---|---|---|---|---| |||||||£||£| ||Trade creditors|||||4,445||3,444| ||Other creditors|||||24,098||21,192| |||||||28,543||24,636| |**8.**|**MOVEMENT IN FUNDS**|||||||| |||||||Net||| ||||At||movement|||At| ||||26/10/21|||in funds||31/10/22| ||||£|||£||£| ||**Unrestricted funds**|||||||| ||General fund||187,308|||(25,024)||162,284| ||**Restricted funds**|||||||| ||Young Trust Fund||371|||168||539| ||**Endowment funds**|||||||| ||Founders Combined Charity Capital|||||||| ||Common Investment Fund|||1,415,289(159,166)||||1,256,123| ||**TOTAL FUNDS**|||1,602,968(184,022)||||1,418,946| ||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|26,154|(35,675)|||(15,503)||(25,024)| ||**Restricted funds**|||||||| ||Young Trust Fund|168||-||-||168| ||**Endowment funds**|||||||| ||Founders Combined Charity Capital|||||||| ||Common Investment Fund|1,362||-||(160,528)||(159,166)| ||**TOTAL FUNDS**|27,684|(35,675)|||(176,031)||(184,022)| continued... Page 10 **WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 26 OCTOBER 2021 TO 31 OCTOBER 2022** ## **8. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**Restricted funds**
Young Trust Fund
**Endowment funds**
Founders Combined Charity Capital
Common Investment Fund
**TOTAL FUNDS**|Net
At
movement
At
27/10/20
in funds
25/10/21
£
£
£
188,902
(1,594)
187,308
2,214
(1,843)
371
1,238,906 176,383
1,415,289
1,430,022 172,946
1,602,968| |---|---| Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Resources|Gains|and|Movement|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 11 **WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 26 OCTOBER 2021 TO 31 OCTOBER 2022** ## **9. RELATED PARTY DISCLOSURES** During the period, the charity had investment income receivable of £1,752 (2021 - £1,979) from The Founders Combined Charity Income Common Investment Fund. At the period end £1,752 (2021 - £1,979) was included in debtors. During the period, the charity had investment income receivable of £17,399 (2021 - £19,537) from The Founders Combined Charity Capital Common Investment Fund. At the period end £17,399 (2021 - £19,537) was included in debtors. During the period the charity agreed to pay £4,445 (2021 - £nil) to its trustee, the Worshipful Company of Founders, for administrative and management support. At the period end this amount was in creditors. During the period the charity paid £nil (2021 - £8,531) to Founders Properties Limited for administrative and management support. The trustee of the charity is the same as those charged with Governance within the Company. At the year end £39,950 (2021 - £39,950) was included in debtors as due from the Robert Warner Fund. At the year end £23,650 (2021 - £12,295) 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 26 OCTOBER 2021 TO 31 OCTOBER 2022** ||PERIOD
PERIOD|PERIOD
PERIOD| |---|---|---| |26/10/21|27/10/20|| ||TO
|TO| ||31/10/22
25/10/21|| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|8,520|14,862| |**Other trading activities**||| |Fundraising events|13|23| |**Investment income**||| |Charity Income CIF|1,752|1,979| |Charity Capital CIF|17,399|19,537| ||19,151|21,516| |**Total incoming resources**|27,684|36,401| |**EXPENDITURE**||| |**Charitable activities**||| |Bibles|-|1,942| |Grants to institutions|30,229|45,114| |Grants to individuals|250|706| ||30,479|47,762| |**Support costs**||| |**Finance**||| |Bank charges|63|68| |**Governance costs**||| |Management fees|4,445|8,531| |Sundries|35|36| |Accountancy and legal fees|972|1,303| |Accountancy and legal fees – prior year adjustment|-319|-| ||5,133|9,870| |Total resources expended|35,675|57,700| |**Net expenditure**|(7,991)|(21,299)| This page does not form part of the statutory financial statements Page 13