REGISTERED CHARITY NUMBER: 1006402 REPORT OFTHETRUSTEES AND NAUDITED FINANCIAL STATEMENTS FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 FOR WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 Page Report of the Trustees Independent Examlner's Report Statement of Flnancial Actlvlties Balance Sheet Notes to the Flnan¢lal Statements 7 to 12 Detalled Statement of Financial Actlvltles 13
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND REPORTOF THE TRUSTEES FOR THE PERIOD I NOVEMBER 2023TO 31 OCTOBER 2024 The trustees present thelr report with the financial statements of the charity for the period l November 2023 to 31 October 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective l January 20191. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number 1006402 Prlnclpal address Founders, Hall Number One Cloth Fair London ECIA 7JQ Trustees The trustee of the Charity is The Worshipful Company of Founders of the City of London. The Master, Wardens and Assistants comprise the Court of The Worshipful Company of Founders, its governing body. Both the governlng body and the Charlty Commlttee meet quarterly. Grant applications are consldered by the Charity Committee which reports to and recommends appropriate grants to the governing body for its approval. Independent Examiner Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Su55ex BN214NN OBJECTIVES AND ACTIVITIES Objectlves and alms The principal objectives of the fund are helping the dlsadvantaged whose need is caused by poverty, infirmity or disabilitv. 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 frust Fund) for the sole purpose of funding the gift of the Bible to each new Freeman, he Donor5 hereby declare that it is their united prayer that our Heavenly Father shall richly bless and prosper both those who recelve 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 rlng-fenced to ensure that the original purpose of this endowment are met by the charity. Page I
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND REPORT OF THE TRUSTEES FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 Slgniflcant activities The charity transferred its investments to a pooled fund The Founders Combined Charity Income Common Investment Fund - Non Endowed fund on l April 1996. The charity receive5 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 l April 1996 and any Subsequent capital contributions to that fund. At the start of the year the fund's share of the unrestricted income and net assets was 23.698% 12023- 23.677%1. The charity has transferred £1,000,000 to a pooled fund-The Founder5 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. At the start of the year the fund's share ofthe income and net assets was 44,116%12023- 44.0870AI, During the year all investments were consolidated at Charle5 Stanley, and the charity was allocated it5 separate endowed and non-endowed investment portfolios, removing the need to split investments and income on a percentage basis. FINANCIAL REVIEW Reserves policy It is the policy of the charity that unrestricted fund5 whlch 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 conslders 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 whlch addltlonal funds may be raised. At 31 October 2024 the charity held £55K12023, £35KI. These levels are in line wlth the target range. The trustee Intends to manage its expenditure to maintain the reserves In line with the target range over the comin8 5 years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Fund was established in 1990 to celebrate the 400th anniversary of the 8rant of the arms to The Worshipful Company of Founders of the City of London IThe Founder5 Company). Capital was subscribed by the members of The Worshipful Company of Founders by outright gift and addltional capltal Is received each year from members, deed of covenants and occasional gifts, The trustees conf irm that they have referred to the guldance contained in the Charlty Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future actlvities and setting the grant making policy for the year. Decislon making The trustee meets quarterly. The Charity Committee of the Worshipful Company of Founder5 agrees the broad strategy and area5 of activity for the Trust, including consideration of grant making, investment, reserves and risk management, policies and performance. The day-to-day administration of grants and the processing and handling of new grant applications prior to consideration by the Charity Committee is delegated to the Clerk of the Company. The Charity Committee also considers the monitoring information concerning the performance of grants to date, and makes recommendations to the Court concerning the extension, ce55ation or suspension of existing grant approvals. Trustees are required to disclose all relevant interests and register them with the Clerk and if appropriate to withdraw from decisions where a conflict of interest arises. Page&
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND REPORT OF THE TRUSTEES FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 Rlsk management The trustees have considered the major risks to which the charlty Is exposed and have reviewed those risks and established systems and procedures to manage those risks, The trustees consider variability of investment returns on the charltable assets to constitute the charity's major financial risk and recent extreme volatility in world stock markets has demonstrated this risk. The trustees manage the a55ets on a medium risk basis of income generation and capital growth, thereby maintaining stability for grant making, and hopefully thereby facilitating longer term grants and a more stable number of awards, but the trustees also take account of the outlook for investment returns and keep the level of awards under review. 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 Iunlted Kingdom Generally Accepted Accounting Practicel Including Financial Reportlng Standard 102 The Financial Reportlng Standard applicable in the UK and Republic of Ireland" The law applicable to charitie5 In England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requlre the trustees to prepare financial statements for each financial year whlch give a true and fair view of the state of affairs of the charity and of the incomlng resources and application of resources, Including the income and expenditure, of the charity for that period. In preparlng those flnancial statements, the trustees are required to select sultable accounting policies and then apply them con515tentlv; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent,. state whether applicable accountin8 Standards have been followed, sublect to any material departures dlsclosed and explained in the financial statements; prepare the flnancial statements on the golng concern basss unless it is Inappropriate to presume that the charity will continue in business. The trustees are responsible for keeplng proper accountlng records whlch dlsclose wlth reasonable accuracy at any tlme the f inancial position of the charity and to enable them to ensure that the flnancial statement5 comply with the Charities Act 2011, the Charity (Accounts and Report51 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. Ap oved by order of the board of trustees on and signed on its behalf by; A Hughes Master Revd NK Stephenson Clerk Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND Independent e¥aminer's reportto the trustees of Worshlpful Company of Founders Annlversarles 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 l November 2023 to 31 October 2024, Responsibllltles and basls of report A5 the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l, I report in respect of my examination of the Trust's account5 carried out under section 145 of the Act and In carrylng out my examination I have followed all applicable Directions given by the Charity Commission under section 14515llbl 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 Charitle5 (Accounts and Reports) Regulations 2008 other than any requirement that the account5 give a true and falr view whlch Is not a matter considered as part of an independent examination. I have no concern5 and have come acr055 no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn In this report in order to enable a proper understanding of the accounts to be reached. A L 8reeze FCA Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN214NN Page 4
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Donations and legacie5 44,103 44,103 16,993 Other trading activities Investment income 43 27,732 38,420 306 38.726 Total 82,523 306 82,829 44,768 EXPENDITURE ON Charitable activitles Grants payable Bibles 34,389 34,389 1,895 28,447 80 1,895 Other 5,090 32 5,122 7,143 Total 39,479 1,927 41,406 35,670 Net galnsll5ossesl on Investments 6 9,761 87,135 96,896 187,5321 NET INCOME/IEXPENDITURE) 52,805 11,6211 87,135 138,319 {78,4341 RECONCILIATION OF FUNDS Total funds brought forward 167,731 709 1,172,072 1,340,512 1,418,946 TOTAL FUNDS CARRIED FORWARD 220,536 19121 1,259,207 1,478,831 1,340,512 The notes form part of these f inancial statements Page 5
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND BALANCE SHEET 31 OCTOBER 2024 2024 Total funds 2023 Total fund5 Unrestrl¢ted fund Restricted fund Endowment fund Notes FIXED ASSETS Investments 166,S14 1,259,207 1,425,721 1,295,826 CURRENT ASSETS Debtors Cash at bank 27,160 38,327 27,160 37,415 29,262 31,947 65,487 19121 64,575 61,209 CREDITOR5 Amounts falllng due wlthin one year 18,4651 18,4651 110,5231 NET CURRENT ASSETS 57,022 56,110 50,686 TOTAL ASSETS LESS CURRENT LIABILITIES 223,536 19121 1,259,207 1,481,831 1,346,512 CREDITORS Falling due after one year 13,0001 13,0001 16,0001 NET ASSETS 220,536 1,259,207 1,478,831 1,340,512 FUNDS Unrestricted funds Restricted funds Endowment funds 220,536 19121 1,259,207 167,731 709 1,172.072 TOTAL FUNDS 1,478,831 1,340,512 The financial statement5 were approved by the Board of Trustees and authorised for issue on 28Ap*2025 and were signed on its behalf bv: HHJ SJ Oliver Worshipful Company of Fo er Warden estlev The Worshipful Company of Founders- Under Warden The notes form part of these financial statements Pa6e 6
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The flnar)clal statements of the charlty, which Is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The f Sriancial 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 asset5. Income All income is recognised in the Statement of Flnancial Activities once the charity ha5 entitlement to the funds. it is probable that the Income will be recelved and the amount can be measured reliably. Expendlture Liabilities are recognlsed 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 benefit5 will be required in settlement and the amount of the obligation can be measured reliably. Expendlture is accounted for on an accrua15 basi5 and ha5 been classified under headings that aggregate all costs related to the category. Where costs cannot be dlrectly attrlbuted to partScular headin8S they have been allocated to activities on a basis consistent with the use of resources, Grants offered subject to conditions whlch have not been met at the year end date are noted as a commltment but not accrued as expenditure. Taxatlon The charity Is exempt from tax on Its charltable actlvlties. Fund accounting Unrestricted fund5 can be used in accordance wlth the charitable objective5 at the discretion of the trustee5. 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 charSty's share is calculated In proportion to the market value of the investments transferred at l April 1996 and any subsequent capltal contributions. Pa8e 7 continued...
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 DONATIONS AND LEGACIES 2024 2023 Legacy to Anniversaries Fund Donation5 to Anniversaries Fund 33.000 11,103 44,103 16,993 16,993 OTHER TRADING AcfiviTIES 2024 2023 Fundralsing a¢tlvlty- Amazonsmile 43 INVESTMENT INCOME 2024 2023 Charity Income CIF Charity Capital CIF 4,419 34,307 38,726 2,656 25,076 27,732 The flnancial statements include net Income from Investments managed by Charles Stanley and Ruffer, which is distributed to the Charity. TRUSTEES, REMUNERATION AND BENEFITS During the period the charlty paid £3,64812023 - £4,767) to its trustee, the Worshipful Company of Founders, for dminlstratlve and management support. No person5 connected to the trustee received any remuneration during the year. Page 8 CDntinued..-
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 FIXED A55ET INVESTMENT5 Listed inve5tment5 MARKET VALUE At l November 2023 Additions Revaluations 1,295,826 33,000 96,895 At 31 October 2024 1,425,721 NET BOOK VALUE At 31 October 2024 1,425,721 At 31 October 2023 1,295,826 All Investments are carrSed at theSr falr value. Investments are all traded In quoted public markets, primarily the London Stock Exchange. The total value of investments includes £12,52512023 £11,348) that relates to the Young Trust Fund. Cost or valuation at 31 October 2024 is represented by.. Listed investments Valuation in 2024 1,425,721 Listed investments represents the Anniversarles Fund's and the Youn8 Trust Fund's share of the funds held in The Worshipful Company of Founders Combined Charity Income and Capltal Common Investment Funds. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Loan to Robert Warner Fund HMRC Gift Aid Claim - Unrestricted Investment Income from Founders Capital CIF 14,000 426 12,734 14,000 3,047 12,215 27,160 29,262 Page 9 continued,..
WORSHIPFULCOMPANY OF FOUNDERS ANNIVERSARIES FUND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditor5- WCF administration fee Deferred income- doxy.me match f unding for Medical Electives Accrue Cornfield accountancy fee5 Accrue RAF award 2023 Owed to Founders Charity Income CIF Owed to Founders Charity Capital CIF 3,648 3,000 991 4,767 3,000 778 250 371 1,357 826 8,465 10,523 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Deferred Income- doxy.me match funding for Medical Electives 3,000 6,000 MOVEMENT IN FUNDS Net movement In funds At 01111123 At 31110124 Unrestrlrted funds General fund 167,731 52,805 220.536 Restrlcted funds Youn8 Trust Fund 709 11,6211 19121 Endowment funds Founder5 Combined Ch3rity Capital CIF 1,172,072 87,135 1,259,207 TOTAL FUNDS 1,340,512 136,818 1,477,330 Net movement in funds, included in the above are as follows; Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 82,523 139,4791 9,761 52,805 Restrlcted funds Young Trust Fund 306 11,9271 {1,6211 Endowment funds Founders Combined Charity Capital Common Investment Fund 87,135 87,135 TOTAL FUNDS 82,829 141,4061 95,395 136,818 Page 10
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 MOVEMENT IN FUNDS- continued ComparatSves for movement in funds Net movement in funds At 01111122 At 31110123 Unrestrlcted funds General fund 162,284 5,447 167,731 Restrlcted funds YoungTrust Fund 539 170 709 Endowment funds Founders Combined Charity Capital CIF 1,256,123 184,0511 1,172,072 TOTAL FUNDS 1,418,946 178,4341 1,340,512 Comparative net movement in f unds, included in the above ar as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 43,161 134,2331 13,4811 5,447 Restrlcted funds Young Trust Fund 250 1801 170 Endowment funds Founders Combined Charity Capital CIF 1,357 11,3571 184,0511 184,0511 TOTAL FUNDS 44,768 135,6701 187,5321 178,4341 Page 11
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 io. RELATED PARTY DISCLOSURES During the period, the charity had Investment income receivable of £4,41912023 - £2.6561 from The Founders Combined Charity Income Common Investment Fund. At the period end £826 was included in creditors12023 £3711. During the period, the charity had investment income receivable of £34,30712023 - £25,076) from The Founders Combined Charity Capital Common Investment Fund. At the period end £12,73412023 £10,858) was included in debtors. During the period the charity agreed to pay £3,64812023 - £4,7671 to Its trustee, the Worshlpful Company of Founders, for administrative and management support. At the period end this amount was in creditors 12023 £4,767). At the year end £14,00012023 - £14,000) wa5 included Sn debtors as due from the Robert Warner Fund. rhe charities have the same trustee and 8overnin8 body. Page 12
WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacies Donations Legacy 11,103 33,000 16,993 44,103 16,993 Other tradlng actlvities Fundraising events 43 Investment income Charity Income CIF Charity Capital CIF 4,419 34,307 2,656 25,076 38,726 27,732 Total Incomlng resources 82,829 44,768 EXPENDITURE Charltable actlvltles Bibles Grants to Institutions Grants to individua15 1,895 34,139 250 80 28,197 250 36,284 28,527 Support costs Flnance and Governance costs Bank char8e5 Management fees- current year Management fees- prior year adjustment Talks and lectures Income transferred to Capital CIF Income transferred to Income CIF ICO registration Accountancy and legal fees 63 3,648 63 4,767 3,340 192 143 1,357 35 778 35 1,184 5,122 7,143 Total resources expended 41.406 35,670 Net Income l (expendlture) 42,923 9,098 This page does not form part of the statutory financial statements Page 13