REGISTERED CHARITY NUMBER: 1006402
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
FOR
WORSHIPFUL COMPANY OF FOUNDERS
ANNIVERSARIES FUND
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
| 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 1 NOVEMBER 2022 TO 31 OCTOBER 2023
The trustees present their report with the financial statements of the charity for the period 1 November 2022 to 31 October 2023. 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, this 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 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 23.677% (2022 - 23.657%). In 2023/24 the fund’s share will be 23.698%.
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 44.087% (2022 - 44.060%). In 2023/24 the fund’s share will be 44.116%.
Grant applications are considered by the Charity Committee who then recommend appropriate grants to the Court for its approval.
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WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
REPORT OF THE TRUSTEES
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
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 2023 the charity held £32K (2022, £35K). 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
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WORSHIPFULCOMPANYOF FOUNDERS ANNIVERSARIES FUND REPORT OF THÉ TRUSTEES FOR THE PERSOD I NOVEMBER 2022 TO 31 OCTOBER 2023 STATEMENT OF TRUSTEES. RESPONSIBILIYIES The trustees are responsible for preparing the Report of the Trustees and the financial statements In accordance with applicable 18w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales. the ChaTlties Act 2011, Charity (Accounts and Reports) Regulation5 2008 and the provisions of the trust deed requiS the trustees to prepare finèncial statements for each financial year which give a true and fair view of the state of affalrs of the charity and of the incoming Tesources 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 atcountin8 policies and then apply them consistently,. obsekve the m$thods and prineiples in the Charity SORP., make judgements and estlmates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charity will eontlnue in business. The trustees are responsible for keeping proper accountin8 records which disclose with reasonable accuracy at anytime the finènclal position of the charity and to enable them to ensure that the financial statements comply with the Charities Art 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trLkSt deed. They are also responsible for safeguarding the assets of the charity and hence for tsklng reasonable steps for the prevention and detertion of fraud and other irregularities. Approved by order of the board of trustees on ... nd signed on its behalf bv.. Master Clerk Pa8e 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 1 November 2022 to 31 October 2023.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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: ………………………………………………..
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WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Total EXPENDITURE ON Charitable activities Grants payable Bibles Other Total Net gains/(losses) on investments 5 NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 15,636 43 27,482 43,161 28,447 - 5,786 34,233 (3,481) 5,447 162,284 167,731 |
Restricted fund £ - - 250 250 - 80 - 80 - 170 539 709 |
Endowment fund £ 1,357 - - 1,357 - - 1,357 1,357 (84,051) (84,051) 1,256,123 1,172,072 |
PERIOD 01/11/22 TO 31/10/23 Total funds £ 16,993 43 27,732 44,768 28,447 80 7,143 35,670 (87,532) (78,434) 1,418,946 1,340,512 |
PERIOD 26/10/21 TO 31/10/22 Total funds £ 8,520 13 19,151 27,684 30,479 - 5,196 35,675 (176,031) (184,022) 1,602,968 1,418,946 |
|---|---|---|---|---|---|
The notes form part of these financial statements
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WORSHIPFULCOMPANY OF FOUNDERS ANNIVERSARIES FUND BALANCE SHEET 31 OCTOBER 2023 2023 Total funds 2022 Total funds Unrestricted fund Restricted fund Endowment fund Notes FIXED ASSETS Investments 123,754 1.172,072 1,295,826 1,383,358 CURRENT ASSET4 Debtors Cash at bank 28.991 30,152 271 1,086 29,262 31,947 62,831 1.300 709 59,143 709 1.357 61,209 64,131 CREDITORS Amounts falllng due within one Year 11,3571 110,5231 128,5431 19.1661 NET CURRENT ASSETS 49,977 709 50,686 35,588 TOTAL ASSETS LESS CURRENT LIABILITIÉS 173,731 709 1,172,072 1,346.512 1,418.946 CREDITORS Falling due after more than one year 16,0001 16,0001 NET ASSETS 167.731 709 1,172,072 1,340,512 1,418.946 FUNOS Unrestricted funds. Restricted funds Endowment f4nds 167.731 709 1,172.072 162,284 539 1,256.123 TOTALFUNDS 1.340,512 1,418.946 The ncial statements were approved by the Board of Trustees and authorised for issue on e signed on i The Worshipful Company of Founders- Upper Warden The Worship ul 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 1 NOVEMBER 2022 TO 31 OCTOBER 2023
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 Funds. 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...
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WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| PERIOD | PERIOD | |
| 01/11/22 | 26/10/21 | |
| TO | TO | |
| 31/10/23 | 31/10/22 | |
| £ | £ | |
| Fundraising activity - AmazonSmile | 43 | 12 |
| INVESTMENT INCOME | ||
| PERIOD | PERIOD | |
| 01/11/22 | 26/10/21 | |
| TO | TO | |
| 31/10/23 | 31/10/22 | |
| £ | £ | |
| Charity Income CIF | 2,656 | 1,752 |
| Charity Capital CIF | 25,076 | 17,399 |
| 27,732 | 19,151 |
3. INVESTMENT INCOME
The financial statements include net income from investments managed by Charles Stanley, which is distributed to the Charity.
4. TRUSTEES' REMUNERATION AND BENEFITS
During the period the charity paid £4,767 (2022 - £4,445) 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.
continued...
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WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
5. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 November 2022 | 1,383,358 |
| Revaluations | (87,532) |
| At 31 October 2023 | 1,295,826 |
| NET BOOK VALUE | |
| At 31 October 2023 | 1,295,826 |
| At 31 October 2022 | 1,383,358 |
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 £11,673 (2022 - £12,107) that relates to the Young Trust Fund.
Cost or valuation at 31 October 2023 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2023 | 1,295,826 |
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
| Robert Warner Fund HMRC Gift Aid Claim – Unrestricted Founders Capital CIF Founders Income CIF |
2023 £ 14,000 3,047 12,215 - 29,262 |
2022 £ 39,950 3,730 17,300 1,752 |
|---|---|---|
| 62,831 |
continued...
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WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| The Worshipful Company of Founders Deferred income Accruals Founders Charity Income CIF Founders Charity Capital CIF Owed to Sexcentenary Fund Others CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Deferred income 8. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Young Trust Fund Endowment funds Founders Combined Charity Capital CIF TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 43,161 Restricted funds Young Trust Fund 250 Endowment funds Founders Combined Charity Capital Common Investment Fund 1,357 TOTAL FUNDS 44,768 |
At 01/11/22 £ 162,284 539 1,256,123 1,418,946 Resources expended £ (34,233) (80) (1,357) (35,670) |
2023 £ 4,767 3,000 1,028 371 1,357 - - 10,523 6,000 Net movement in funds £ 5,447 170 (84,051) (78,434) Gains and losses £ (3,481) - (84,051) (87,532) |
2022 £ 4,445 - - - - 23,650 448 28,543 - At 31/10/23 £ 167,731 709 1,172,072 1,340,512 Movement in funds £ 5,447 170 (84,051) (78,434) |
|---|---|---|---|
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WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 26/10/21 £ Unrestricted funds General fund 187,308 Restricted funds Young Trust Fund 371 Endowment funds Founders Combined Charity Capital Common Investment Fund 1,415,289 TOTAL FUNDS 1,602,968 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 26,154 (35,675) Restricted funds Young Trust Fund 168 - Endowment funds Founders Combined Charity Capital Common Investment Fund 1,362 - TOTAL FUNDS 27,684 (35,675) |
Net movement in funds £ (25,024) 168 (159,166) (184,022) Gains and losses £ (15,503) - (160,528) (176,031) |
At 31/10/22 £ 162,284 539 1,256,123 1,418,946 Movement in funds £ (25,024) 168 (159,166) (184,022) |
|---|---|---|
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WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
9. RELATED PARTY DISCLOSURES
During the period, the charity had investment income receivable of £2,656 (2022 - £1,752) from The Founders Combined Charity Income Common Investment Fund. At the period end, there was £371 (2022 - £1,752 debtor) included in creditors.
During the period, the charity had investment income receivable of £25,076 (2022 - £17,399) from The Founders Combined Charity Capital Common Investment Fund. At the period end £10,858 (2022 - £17,399) was included in debtors.
During the period the charity agreed to pay £4,767 (2022 - £4,445) to its trustee, the Worshipful Company of Founders, for administrative and management support. At the period end this amount was in creditors (2022 - £4,307).
At the year end £14,000 (2022 - £39,950) was included in debtors as due from the Robert Warner Fund.
At the year end £nil (2022 - £23,650) was included in creditors as due to the Sexcentenary Appeal Fund.
The charities have the same trustee and governing body.
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WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 NOVEMBER 2022 TO 31 OCTOBER 2023
| PERIOD | PERIOD | |
|---|---|---|
| 01/11/22 | 26/10/21 | |
| TO | TO | |
| 31/10/23 | 31/10/22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 16,993 | 8,520 |
| Other trading activities | ||
| Fundraising events | 43 | 13 |
| Investment income | ||
| Charity Income CIF | 2,656 | 1,752 |
| Charity Capital CIF | 25,076 | 17,399 |
| 27,732 | 19,151 | |
| Total incoming resources | 44,768 | 27,684 |
| EXPENDITURE | ||
| Charitable activities | ||
| Bibles | 80 | - |
| Grants to institutions | 28,197 | 30,229 |
| Grants to individuals | 250 | 250 |
| 28,527 | 30,479 | |
| Support costs | ||
| Finance and Governance costs | ||
| Bank charges | 63 | 63 |
| Management fees | 4,767 | 4,445 |
| Income transferred to Capital CIF | 143 | - |
| Income transferred to Income CIF | 1,357 | - |
| ICO registration | 35 | 35 |
| Accountancy and legal fees | 778 | 653 |
| 7,143 | 5,133 | |
| Total resources expended | 35,670 | 35,675 |
| Net income / (expenditure) | 9,098 | (7,991) |
This page does not form part of the statutory financial statements
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