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2022-03-31-accounts

The Charter 600 Charity

Trustee’s Annual Report & Financial Statements 2022

Charity Commission Number 1051146

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CONTENTS

Trustee’s Annual Report for the Year Ended 31 March 2022 4
Objectives and activities for public benefit 4
Grant making 4
A review of performance and achievements 4
Monitoring and Impact 5
Future plans 5
Financial Review 6
Funding Sources 6
Investments 6
Results for the year 7
Risk management 8
Reserves policy 8
Structure, governance and management 8
Our volunteers 10
Related parties 10
Trustee’s responsibilities in relation to the financial statements 10
Independent Auditor’s Report 12
Statement of Financial Activities for the year ended 31 March 2022 17
Balance Sheet as at 31 March 2022 18
Statement of Cash Flows for the year ended 31 March 2022 19
Notes to the financial statements 20
1 Accounting Policies 20
2 Income 23
3 Expenditure 23
4 Quoted Investments 25

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5 Debtors 25
6 Creditors: Amounts Falling Due Within One Year 26
7 Grant Commitments 26
8 Related Parties and Connected Charities 27
9 Reconciliation of Net Income to Net Cash Flow from Operating Activities 28
10 Grants 28
Legal & Administrative Information 29

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Trustee’s Annual Report for the Year Ended 31 March 2022

The Mercers’ Company as the Trustee of The Charter 600 Charity (the Charity) presents its Annual Report and Audited Financial Statements for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s Governing Document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities for public benefit

The Charity was founded by the Trustee in 1995 to commemorate the 600th anniversary of the Mercers’ Company’s first Royal Charter. It was intended that it should be a modern day benefaction to which the then current and future members of the Mercers’ Company would be encouraged to contribute, the income from which would be used for charitable purposes.

The Charity's principal object is to apply the income of the Trust Fund to such charities or for such charitable purposes in such shares and proportions and generally in such manner in all respects as the Trustee shall in its discretion decide.

The Trustee confirms that it has complied with its duty under Section 17 Charities Act 2011 to have due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities and in setting the grant making policy for the year.

Grant making

The Charity is one of several charities that contributes to the people-based Philanthropy Framework co-ordinated by the Trustee. The Charity contributes to this framework through the Members’ Philanthropy programme by making a small number of grants known as the Charter 600 Charity Awards. The Charity utilises the income from its investments for grant making.

A review of performance and achievements

In 2021/22 the Charity made three grants totalling £45,000. Details of the recipients, which are all based in England, are provided below.

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Monitoring and Impact

The Charity monitors each of the grants awarded through progress reports as well as other material supplied by grantees such as videos and external impact reports. Grantees are also invited to an event at The Mercers’ Company to give a presentation of their work.

Future plans

The Charity will continue to support the Members’ Philanthropy Programme over the coming year by providing a budget of £45,000 for the Charter 600 Awards which are awarded to a small number of organisations.

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Financial Review

Funding Sources

The Charity generates income primarily from its own sources through:

The Charity generates income primarily from its own sources through: The Charity generates income primarily from its own sources through:

2022		 2021
£ £
Donations, legacies & events income 51,678 44,028
Stock market investments 43,425 37,223
Interest - 3

Donations, legacies & events income are generated from regular giving from individuals via standing order, sponsored events, one-off donations by individuals and events held by the Trustee to fundraise for the Charity.

Investments

Listed investments

There were total gains of £123,756 on stock market investments during the year (2021: £514,172).

Fund Return Primary Comparator Secondary Comparator
Investment Fund (CPI+4.0%) (Composite)
General Investment
7.9% 10.4% 9.9%
Fund

£69,243 was transferred into the investment fund during the year. This includes £35,201 transferred from 2020/21 donations. There were continued markets improvements after the negative impact of the COVID-19 pandemic on global stock markets, however, the Fund Return has an adverse variance of 25% against the Primary Comparator and 20% against the Secondary Comparator as these gains were reduced in the latter part of the year due to the market reaction to the Ukrainian conflict. The Trustee is monitoring the performance of the investments.

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Results for the year

Total income for the year was £95,103 (2021: £81,254); total expenditure for the year was £58,792 (2021: £86,849) and net gains on investments were £123,756 (2021: £514,172) resulting in a net surplus for the year of £160,067 (2021: £508,577).

Financial position

Net assets at the end of the year were £2,334,080 (2021: £2,174,013). These are unrestricted funds.

Fundraising

The Charity has three fundraising streams:

During the year the number of regular donors increased to 77 (2021:74). Given the restrictions and social distancing in place for part of the year because of the pandemic, no fundraising events for the sole purpose of the Charity were able to be held during the year.

Investment policy

In accordance with the Trust Deed, the Trustee has the power to invest in such stocks, shares, and property as appropriate to meet the objectives of the Charity. The policy is for a balanced risk approach with investments split between funds for income growth and capital growth. The investment performance of stock market investments is compared against relevant

benchmarks. The Charity has a policy of responsible investment, positively screening to invest in companies that can demonstrate socially responsible values and sustainable growth, and negatively screening companies or sectors that are not in line with the charitable objects. As such, the following areas are excluded from our investments.

The Trustee is satisfied that its objectives are being met.

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Risk management

The Trustee acknowledges its responsibility for the management of risks faced by the Charity. A review is undertaken regularly by the Trustee to identify, assess and mitigate those risks.

The Trustee, in considering the governance, management, operational, financial and environmental risks is satisfied that there is no material exposure and that there are procedures in place to mitigate such risks.

The Trustee has agreed clear lines of delegation and authority and the Trustee and its staff are involved in the recognition of risk in all their activities.

The principal risks faced by the Charity are:

The principal risks faced by the Charity are:
Risk Mitigation
Financial Risk - loss of asset value and
investment income		 Regular review of valuation by Trustee’s
executive team and where needed
reforecasting of budgets
Financial Risk – fall in donation/legacy income Fundraising opportunities regularly considered
by Members' Philanthropy Committee

Reserves policy

The reserves of the Charity comprise the unrestricted funds and amounted to £2,334,080 in 2022 (2021: £2,174,013). Of these reserves £2,205,597 is currently designated as investment funds to generate income and growth.

Further amounts are carried forward with the intention of:

This results in free reserves of £83,484 which the Trustee has plans to utilise for grant making in future years. The Trustee reviews the policy annually.

Structure, governance and management

The Wardens and Commonalty of the Mystery of Mercers of the City of London (more commonly known as The Mercers' Company) which is a body corporate formed by Royal Charter in 1394 is the Trustee of the Charity and is the controlling party. The Mercers' Company’s governing body is

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the Court of Assistants. From 13 July 2019 to 9 July 2021 the Master was MCL Aspinall. Since 9 July 2021 CJ Vermont has been Master. Since 08 July 2022, NAH Fenwick has been Master. The Clerk to the Mercers’ Company is RM Abernethy.

The Mercers’ Company acts as trustee for several charities and has established a governance committee for each charity. The members of the Charity’s Governance Committee are:

Ms AES Hohler (Chairman)

Mr FBR Wathen

Mr BJ Parkinson

The Charter 600 Charity Governance Committee reviewed the Charity’s grant making strategy, fundraising policy, investment policy and reserves policy in 2021.

The Charity’s Governance Committee also delegated certain matters to a number of the Trustee’s specialist committees:

Trustee’s specialist committees:
Function Delegated Body
Grant making and fundraising Members’ Philanthropy Committee
Oversight of investment management Investment Sub-Committee
Overview of risks and financial management
procedures		 Audit Committee

The Charity is supported by the staff of the Mercers’ Company, who are appropriately trained and qualified. Administrative services are provided by the Trustee under a service agreement. The following members of the Mercers’ Company’s senior management are involved in the provision of services:

Mr RM Abernethy (Clerk to the Mercers’ Company)

Ms SMA Hedley-Dent (Deputy Clerk to The Mercers’ Company)

Mr J Christie (Finance Director)

The Standard & Appointments Committee meets on a regular basis to keep the skills and composition of the committees and succession planning under review and, where needed, to recruit new members for their experience, empathy and knowledge in charity matters.

The Trustee intends to apply the principles of the Charity Governance Code so far as is possible given that it is sole corporate trustee. The Trustee has undertaken a self-assessment against the Charity Governance Code in 2021 and has identified areas in which it can further improve its practice to reflect the Governance Code principles. In addition, the Trustee has completed the checklist for a charity working with a non-charity and has concluded that the relationship between the Charity and the Trustee is in the Charity’s best interests.

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Our volunteers

The Charity relies on members of The Mercers' Company volunteering their time to sit on committees, review grant requests, visit applicants and grantees, and attend events involving beneficiaries. In keeping with recommended practice, an estimate of the numbers of hours that Committees give to the Charity free of charge during the year has been undertaken resulting in approximately 26 hours of voluntary time.

Related parties

The Charity works closely with the Trustee, whose members are the principal donors to the Charity. Details of related parties and connected charities are given in note 8 of the financial statements.

Trustee’s responsibilities in relation to the financial statements

The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee 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 income and expenditure of the Charity for that year.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charity (Accounts and Reports) Regulations. The Trustee is 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.

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The Trustee is responsible for the maintenance and integrity of the Charity’s financial information included on the Trustee’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Mr NAH Fenwick Master

Mr RM Abernethy

Clerk to the Mercers’ Company

17 November 2022

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Independent Auditor’s Report

TO THE TRUSTEE OF THE CHARTER 600 CHARITY

We have audited the financial statements of The Charter 600 Charity (the ‘Charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements which include the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Trustee’s Annual Report and Financial Statements other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustee

As explained more fully in the Trustee’s responsibilities statement, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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In preparing the financial statements, the Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Use of our report

This report is made solely to the Charity’s Trustee, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s Trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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The Charter 600 Charity

Statement of Financial Activities for the year ended 31 March 2022

Year Ended
Year Ended
31 March 2022
31 March 2021
Unrestricted
Unrestricted
Funds
Funds
Notes
£
£
Income
Donations and legacies 51,678
44,028
Investments 43,425
37,226
Total income 2 95,103 81,254
Expenditure
Raising funds
Investment management costs (6,700)
(5,374)
(6,700)
(5,374)
Charitable activities (52,092)
(81,475)
Total expenditure 3 (58,792)
(86,849)
Gains on investments 4 123,756
514,172
Net income and net movement in funds 160,067
508,577
Fund balances brought forward at 1 April 2,174,013
1,665,436
Fund balances carried forward at 31 March 2,334,080
2,174,013

All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above.

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Balance Sheet as at 31 March 2022

31 March 2022
31		 March 2021
Notes
£		 £
£
£
Fixed assets
Investments 4 2,205,597 2,019,197
Current assets
Debtors 5 5,113 4,885
Cash at bank and in hand 125,650 152,151
Total current assets 130,763 157,036
Creditors: amounts falling due within one 6 (2,280) (2,220)
year
Net current assets 128,483 154,816
Total net assets 2,334,080 2,174,013
The funds of the Charity:
Unrestricted income funds 2,334,080 2,174,013
Total charity funds 2,334,080 2,174,013

The attached notes on pages 20 to 29 form an integral part of these financial statements. The financial statements on pages 17 to 29 were approved by the Trustee on 17 November 2022 and signed on its behalf by:

Mr NAH Fenwick

Mr RM Abernethy

Master

Clerk to the Mercers’ Company

17 November 2022

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Statement of Cash Flows for the year ended 31 March 2022

2022
2021
Note £
£
Cash flows from operating activities:
Net cash used in operating activities 9 (6,419)
(37,908)
Cash flows from investing activities:
Interest received -
3
Dividends received 42,562
37,945
Purchase of quoted investments (481,683)
(492,349)
(Increase)/decrease in cash held by investment managers (9,058)
17,128
Proceeds from the sale of quoted investments 428,097
480,515
Net cash (used in) / provided by investing activities (20,082)
43,242
Change in cash and cash equivalents in the financial year (26,501)
5,334
Cash and cash equivalents at the beginning of the financial
year 152,151
146,817
Cash and cash equivalents at the end of the financial year 9 125,650
152,151

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Notes to the financial statements

1 Accounting Policies

ACCOUNTING BASIS

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (‘SORP (FRS 102)’), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the SORP (FRS 102) rather than the previous withdrawn version which it replaced.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

GOING CONCERN

The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. The Trustee has considered the continuing impacts of the Coronavirus pandemic on the Charity’s operations, with a particular focus on its effect on its beneficiaries and suppliers and on the Charity’s income and expenditure. The Trustee does not consider this to be cause for material uncertainty in respect of the Charity’s ability to continue as a going concern. The Charity has reforecast its grant making budget and adapted to its beneficiaries’ needs. The Trustee considers that it has sufficient financial resources for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

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CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY

There are no significant estimates or judgements used in the preparation of the financial statements.

INCOME

All income, comprising donations and legacies, income from events and dividends from investments is reported on an accruals basis when the Charity has entitlement, receipt is probable and the amount can be measured with sufficient reliability. Income relating to a subsequent financial period is carried forward as a creditor in the balance sheet and shown as deferred income. Event income is recognised when the event occurs.

EXPENDITURE

All expenditure is included on an accruals basis and is recognised as soon as there is a legal or constructive obligation committing the Charity to it, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is included with the underlying expenses and charged to the Statement of Financial Activities (SOFA) as incurred. Support costs relate to staff time and facility costs incurred by The Mercers' Company on behalf of the Charity and are allocated to the Charity on an accruals basis. Support costs have been allocated between activities based on estimated breakdowns of staff time and grant making activity. This includes time spent on the governance arrangements relating to the general running of the Charity.

GRANTS

Grants payable are charged in the year when the offer is conveyed to the recipient except in cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

INVESTMENT GAINS AND LOSSES

Unrealised gains and losses for the year reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward (or cost if acquired in the year). Unrealised and realised investment gains or losses are shown net on the SOFA.

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INVESTMENTS

Investments are stated at their market value at the balance sheet date. Cash held by investment managers is recognised as part of investments.

TAXATION

The Charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. Accordingly, no provision is made for current or deferred taxation.

FUNDS

The Charity has one type of fund:

FINANCIAL INSTRUMENTS

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, except for investments which are measured at fair value.

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2 Income

Analysis of donations and legacies income:

Analysis of donations and legacies income:
2022 2021
£ £
Regular giving schemes: Give as You Earn, Standing Order Scheme 34,029 35,201
Donations from The Mercers’ Company 10,880 -
Other one off donations from individuals 6,769 8,827
51,678 44,028

Investment income is generated from the General Investment Fund and bank interest.

3 Expenditure

a) Analysis of total expenditure:

a) Analysis of total expenditure:
Governance Other
Grant & Support direct Total Total
Further making costs costs 2022 2021
notes £ £ £ £ £
Investment management costs - 101 6,599 6,700 5,374
Charitable activities 10 45,000 7,092 - 52,092 81,475
45,000 7,193 6,599 58,792 86,849
Governance Other
Grant & Support direct
Total
Further making costs costs
2021
notes £ £ £
£
Investment management costs - 80 5,294
5,374
Charitable activities 10 73,367 8,108 -
81,475
73,367 8,188 5,294
86,849

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b) Analysis of governance and support costs

Charitable
Raising funds activities Total
Total
Basis of 2022
2021
apportionment £ £ £
£
Staff costs Staff time 101 3,366 3,467
4,866
Office administration Staff time - 61 61
43
IT & telephone services
Staff time		 - 477 477
554
Offices & meeting Staff time
facilities - 908 908
505
Audit fees Expenditure - 2,280 2,280
2,220
101 7,092 7,193
8,188
Charitable
Raising funds activities
Total
Basis of 2021
apportionment £ £
£
Staff costs Staff time 80 4,786
4,866
Office administration Staff time - 43
43
IT & telephone services Staff time - 554
554
Offices & meeting Staff time
facilities - 505
505
Audit fees Expenditure - 2,220
2,220
80 8,108
8,188

The Charity has no employees (2021: none). The Mercers’ Company, by way of a services agreement, provides staff to the Charity. The Trustee has not received any emoluments or reimbursements during the year for services as a Trustee (2021: nil). No Trustee indemnity insurance costs have been paid by the Charity (2021: nil). £2,280 (including irrecoverable VAT) (2021: £2,220) was charged to the SOFA for audit fees.

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4 Quoted Investments

The changes during the year are as follows:

1 April Movement Revaluation 31 March
2021 Purchases Sales in cash gains 2022
£ £ £ £ £ £
General
Investment Fund		 2,019,197 481,683 (382,147) 9,058 77,806 2,205,597
Historical cost 1,594,625 1,745,399

The General Investment Fund investments, managed by Rathbone Brothers Plc, had the following investment asset allocation:

investment asset allocation:
31 March
2022
£’000 %
UK Equities 950 43.0
Overseas Equities 885 40.1
Fixed Interest 141 6.4
Alternatives 150 6.8
Cash 80 3.7
Total 2,206 100.0

No individual holding in each of the investment classes above was more than 5% of total investments. Net investment gains during the year totalled £123,756 (2021: £514,172). This includes both realised and unrealised gains. All investments are held in the United Kingdom.

5 Debtors

Debtors are made up as follows:

Debtors are made up as follows:
2022 2021
£ £
Tax reclaimable 3,790 4,425
Dividends receivable 1,323 460
5,113 4,885

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6 Creditors: Amounts Falling Due Within One Year

Creditors are made up as follows:

Creditors are made up as follows:
2022 2021
£ £
Audit Fee 2,280 2,220
2,280 2,220

7 Grant Commitments

The Charity had no commitments at the end of the year in respect of charitable grants (2021: none).

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8 Related Parties and Connected Charities

The following related parties and charities have common management and are therefore regarded as connected:

Becket House Limited (dormant) Charity of Sir Richard Whittington St Paul's Schools Foundation Earl of Northampton's Charity Lady Campden’s Money Legacy for Loans Longacre Estates Limited (dormant) Longmartin Properties Limited Maiden Trading Limited (dormant) Mercers' Company Educational Trust Fund (dormant) Mercers’ Company Housing Association Mercers’ School Memorial Trust (incorporating The Merrett Bequest) MSM Trust (dormant) Old Mercers’ Benevolent Fund The Mercers' Charitable Foundation The Mercers' Company

The principal address of the above entities is:

6 Frederick’s Place London EC2R 8AB

The Mercers' Company made cash donations of £10,880 in 2022 (2021: none) and no donations of goods and services for fundraising in 2022 (2021: none). The Mercers' Company allocated overheads of £4,912 (2021: £5,968) to the Charity in the year. There were no other transactions with related parties requiring disclosure (2021: none).

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9 Reconciliation of Net Income to Net Cash Flow from Operating Activities

2022 2021
£ £
Net income for the reporting year (as per statement of financial
activities) 160,067 508,577
Adjustments for:
Gains on investments (123,756) (514,172)
Interest receivable - (3)
Dividends receivable (43,425) (37,223)
Change in debtors 635 5,439
Change in creditors 60 (526)
Net cash used in operating activities (6,419) (37,908)

ANALYSIS OF CASH AND CASH EQUIVALENTS

ANALYSIS OF CASH AND CASH EQUIVALENTS
2022
2021
£
£
Cash at bank and in hand 125,650
152,151
Total cash and cash equivalents 125,650
152,151

10 Grants

Listed below are all charitable grants made during the year:

2022
2021
£
£
Emerge Advocacy 15,000
-
Kids on Track 15,000
-
Winchester and District Young Carers 15,000
-
Kennedy Street Foundation -
25,000
Mindsong -
23,500
Headway Cambridgeshire -
24,867
Total cash and cash equivalents 45,000
73,367

The Charter 600 Charity

Trustee’s Annual Report & Financial Statements 2022 | 29

Legal & Administrative Information

LEGAL STATUS BANKERS

The Charter 600 Charity was established in Barclays Bank PLC, 1994 to commemorate the 600th 1 Churchill Place, London E14 5HP anniversaries both of the grant of The Mercers' Company's first Charter in 1394 and SOLICITORS of the first Mastership of Sir Richard Whittington in 1395. Bates, Wells & Braithwaite, The Charity operates under a Trust Deed 10 Queen Street Place, London EC4R 1BE dated 27 October 1995. The registered charity number is 1051146. INVESTMENT MANAGERS Rathbone Brothers Plc 8 Finsbury Circus PRINCIPAL ADDRESS London, EC2M 7AZ 6 Frederick’s Place London EC2R 8AB INDEPENDENT AUDITOR Buzzacott LLP 130 Wood Street, London, EC2V 6DL