THE TRUSTEES OF THE UNITED GUILDS SERVICE REGISTERED CHARITY NO. 1060419 DRAFT FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024
TRUSTEES OF THE UNITED GUILDS SERVICE FINANCIAL STATEMENTS-YEAR ENDED 30 JUNE 2024 CONTENTS Page Trustees Reference and admlnlstratlve details Trustees, Report Independent Examlnerfs report to the Trustees Statement of Flnancial Actlvitles for the year ended 30 June 2024 Balance Sheet as at 30 June 2024 statement of Cash Flows for the Year ended 30 June 2024 Notes to the Flnanclal Statements 10-12
TRUSTEES OF THE UNITED GUILDS SERVICE TRUSTEES The Trustees who served durlng the year and until the date of this report were: Mr Andrew Henry Scott DL (Honorary Chairman) Mr Andrew John Glllett (Co-opted Trustee) Mr David Scott Ico-opted Trustee) Brlgadier Davld Homer MBE IResl8ned 26 November 2024) Mrs Honor Jane Page Brlgadier Jonathan Bourne-may Brigadier Philllp Napier {Appointed 26 November 2024) Mr Stephen Malle (Co-opted Trustee) {Appolnted 26 November 2024) The Trust Deed provldes that the body of Trustees shall conslst of up to 8 persons, belng 5 Co-opted Trustees and 3 Nomlnated Trustees. The Assoclation of Clerks of The Great 12 Companies, The Clerks Assoclatlon, and The Fellowshlp of Clerks shall each appoint a Nomlnated Trustee. The Trustees have the power to appolnt Co-opted Trustees. REFERENCE AND ADMINISTRATIVE DETAILS ADDRESS FOR ENQUIRIES Toby Wllllamson MVO The Honorary Secretary-Trustees of the Unlted Gullds Servlce Flshmongers, Hall London Brldge London EC4R 9EL INDEPENDENT EXAMINER John K Cardnell BSC FCA Berrlngers LLP Lygon House, 50 London Road, Bromley, BRI 2RA PRINCIPAL BANKERS HSBC Bank plc l Bishopsgate Street London EC2N 3AQ
TRUSTEES OF THE UNITED GUILDS SERVICE TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responslble for preparlng the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accountlng Standards (the United Kingdom Generally Accepted Accountlng Practice). The law applicable to charitles In England and Wales requires the Trustees to prepare flnanclal statements for each flnanclal year whlch give a true and falrvlew of the state of affairs of the charlty and of the Incomlng resources and application of resources of the charlty for that period. In preparlng these flnanclal statements, the Trustees are requlred to: • select sultable accountlng pollcles and then apply them conslstently, observe the methods and prlnciples In the Charltles SORP; • make Judgements and estlmates that are reasonable and prudent. • state whether appllcable accountlng Standards have been followed, subject to any materlal departures dlsclosed and explalned In the flnancial statements. prepare the flnanclal statements on the goln8 concern basls unless It Is Inapproprlate to presume that the charlty will contlnue In buslness. The Trustees are responslble for keeplng proper accounting records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charity and enable them to ensure that the flnanclal statements comply wlth the Charltles Act 2011 and the provlsions of the trust deed. They are also responslble for safeguarding the assets of the charity and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other irregularlties. OBJECTIVES AND ACTIVITIES The objects of the Trust as set out In Its Trust Deed are: The advancement of rellglon as practiced and observed by the City Churches wlthln the Clty of London ond wlthln the Dlocese of the Blshop of London. The Trust fulflls thls objectlve for the publlc beneflt by means of the provlslon of an annual servlce of worshlp held at St Paul's Cathedral, supported by donatlons from Llvery CompanSes and by the donatlon of surplus Income to the St Paul's Chorlster Trust. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees of the Unlted Gullds Servlce15 an unlncorporated trust, governed by a trust deed dated 12 June 1996, as amended on 6 November 2014. It is re8lstered with the Charity Commission, Registration Number 1060419. The Trustees at the date of thls report are1Ssted on page 3 of thls report. The Trustees meet at least twice a year to conslder arrangements for the admlnlstratlon of the annual service. Day to day management and administration of the Trust Is delegated to the Flshmongers, Company, whlch charges a fee to the Trust for its services. No Trustees recelve any remuneratlon In respect of thelr servlces. GRANT-MAKING POLICY The Trust does not actlvely solicit applicatlons for grant-funding but has chosen to dlrect surplus funds in support of a chorister via the St Paul's Chorister Trust.
TRUSTEES OF THE UNITED GUILDS SERVICE TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 (Contlnued) PUBLIC BENEFIT The Trustees continue to have regard to the Charity Commission's guidance on public benefit In setting planning their activities and are satlsfied that the annual servlce and grants that have been made provlde public benefit to the communlty. REVIEW OF THE YEAR The Trust received donatlons of £26,475 (2023: £29,775). The Trust expended £15,505 {2023-£14,555> on the annual servlce at St Paul's on 15 March 2024 at whlch the Preacher was The Very Reverend Andrew Tremiett. The Trust contlnued Its annual charltable grant of £10,000 to the St Pual's Chorlster Trust (2023: £10,000>. The Trustees wlsh to thank all Livery Companles for their generous donatlons and partlcularly those Llvery Companles and The Corporatlon of London whlch have made donatlons In excess of the suggested mlnlmum of £200. RESERVES POLICY The Trustees, pollcy Is to malntaln sufflclent funds to cover future expendlture, In order to be able to contlnue wlth a planned arrangement In the event of withdrawal of support by partlcipatlng bodles. At the end of the perlod, the Trust held total funds of £34,431 (2023: £38,010). Thls represents about 2 years, expendlture. The Trustees conslder this approprlate conslderln8 thelr deslre to support a Chorister through the entlrety of thelr educatlon at St Paul's by means of annual donatlons to The St Paul's Chorlster Trust. RISK MANAGEMENT The Trustees have assessed the major rlsks to whlch the Trustls exposed to and agreed In May 2022 the creatlon of a rlsk reglster whlch Is now a standard agenda Item. The major flnanclal rlsk derives from the dependence of the Trust upon donatlons from Llvery Companles. The Trustees have mltigated thls rlsk by means of the Trust's Resenfes Policy. The major operatlonal rlsk derlves from natlonal restrictions on travel and gatherlng on account of transportatlon strlkes and the pandemlc. The Trustees have mltSgated thls by use of robust declslon-maklng processes regardlng declslons on whether to proceed, defer or cancel a Servlce. The Trustees believe that procedures are in place to Identify materlal rlsks. PLANS FOR THE FUTURE The Trustees plan to hold a servlce on Frlday 28 March 2025. The long-term plan Is to contlnue wlth the provlslon of an annual servlce of Worshlp at St Paul's Cathedral. On behalf of the Trustees Date
TRUSTEES OF THE UNITED GUILDS SERVICE INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE UNITED GUILDS SERVICE Report to the Trustees of the United Guilds SeNice Trust on the accounts for the year endlng 30June 2024 set out on pages 7 to 12. Respectlve responslbllltles of Trustees and Exarnlner The Trustees are responsible for the preparatlon of the accounts. The Trustees consSder that an audlt Is not requlred for thls year under section 14412) of the Charltles Act 2011 (the Act) and that an independent examination is needed. It is my responsibillty to: examlne the accounts under sectlon 145 of the Act, follow the procedure5 lald down in the General Dlrectlons glven by the Charlty Commlssloners under sectlon 145(5)(bl of the Act and to state whether partlcular matters have come to my attentlon. 8asls of Independent Examlner's Statement My examlnatlon was carrled out In accordance wlth General Directions given by the Charlty Commlsslon. An examlnatlon Includes a revlew of the accountln8 records kept by the Trust and a comparlson of the accounts wlth those records. It also Includes conslderatlon of any unusual Items or dlsclosures In the accounts and seeking explanatlons from the Trustees concernlng such matters. The procedures undertaken do not provlde all the evidence that would be requlred In an audit and consequently, no oplnion is given as to whether the accounts present a 'true and falr vlew" and the report Is Ilmited to those matters set out Sn the statement below. Independent Examlner's Statement In connectlon with my examlnatlon, no matter has come to my attentlon. 111 whlch glves me reasonable cause to belleve that in any materSal respect the requlrements; to keep accountln8 records In accordance wlth sectlon 130 of the Act and to prepare accounts whlch accord wlth the accountlng records and comply wlth the accounting requirements of the Act have not been met or (2> to whlch In my oplnlon, attentlon should be drawn In order to enable a proper understanding of the account5 to be reached. Slgned hn K Cardnell Bsc FCA Berrlngers LLP, 50 London Road, Bromleyi BRI 3RA Date:
TRUSTEES OF THE UNITED GUILDS SERVICE STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 30 JUNE 2024 Total Funds 2024 Total Funds 2023 Note Income from: Investments.. Interest recelvable 416 151 Donatlons 26,475 29,775 Total 26,891 29,926 Expendlture on; Charltoble octlvltles,. Anntjal Servlce Other grants Support Costs Bank Charges Total 15,505 10,000 4,900 65 30,470 14,555 10,000 4,800 66 29,421 Net (Expendlture)/lncome (3,579) 505 Net movement In funds (3,579) 505 Reconclllatlon of Funds: Total Funds brought forward Total Funds carrled forward 38,010 34,431 37,505 38,010
TRUSTEES OF THE UNITED GUILDS SERVICE BALANCE SHEET AT 30 JUNE 2024 Total Funds 2024 Total Funds 2023 Note Current assets: Short term deposit accounts Cash at the bank and In hand 22,181 12,250 21,765 16,245 Total current assets 34,431 38,010 Net current assets 34,431 38,010 Net assets 34,431 38,010 The funds of the charlty: Unrestrlcted funds Total eharlty funds 34,431 34,431 38,010 38,010 The flnancial statements were approved by the Trustees on 5 March 2025 and slgned on thelr behalf. On behalf of the Trustees Date: The notes on page5 10 to 12 form part of these flnanclal statements.
TRUSTEES OF THE UNITED GUILI)S SERVICE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 Total Funds 2024 Total Funds 2023 Cash flows from operatlng actlvltles: Net cash provlded by operatlng actlvltles (3,579> 505 Change In cash and cash equlvalents In the reportlng perlod Cash and cash equlvalents at l July 2023 Cash and cash equlvalents at 30 June 2024 (3,579) 38,010 34.431 505 37,505 38,010 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net Incomel(expendlture) for the reportlng perlod (as per the SOFA) Increase/lDecrease) In credltors Net cash used In operatlng actlvltles (3,579) 505 13,579) 505 ANALYSIS OF CASH AND CASH EQUIVALENTS Short term deposlts Cash at the bank and In hand Total cash and cash equlvalents 22,181 12,250 34,431 21,765 16,245 38,010
TRUSTEES OF THE UNITED GUILDS SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 I. ACCOUNTING POLICIES The prlnclpal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basls of Preparatlon The financial statements have been prepared in accordance wlth 'Accountlng and Reportlng by Charltles,. Statement of Recommended Practlce applicable to charltles preparSng their accounts in accordance with the Financlal Reportlng Standard applicable In the UK and Republlc of Ireland (FRS 1021 (effectlve l January 2015)'_ (Charltles SORP (FRS 10211 and the Financlal Standard appllcable in the UK and Republlc of Ireland {FRS 1021. The Charlty constltutes a Publlc Beneflt Entlty as defined by FRS 102. The flnancial statements have been prepared to glve a 'true and falr, vlew and have departed from the Charltles (Accounts and Reports) Regulations 2008 only to the extent required to provlde a 'true and falr vlew,. Thls departure has Involved followlng Accountlng and Repoitlng by Charltles preparlng thelr accounts in accordance wlth the Financlal Reportln8 Standard appllcable In the UK and Republlc of Ireland (FRS 102) issued on 16 July 2014 and amended In February 2016 rather than the Accountlng and Reportlng by Charltles; Statement of Recommended Practlce effectlve from l Aprll 2005 whlch has slnce been wlthdrawn. b) Reconclllatlon wlth prevlous Generally Accepted Accountlng Practlce No restatements of comparative Items have been required as a result of applylng the pollcle5 requlred by FRS 102 and the Charltles SORP FRS 102. c) Preparatlon of the accounts on a goln8 concern basls The Trustees are satlsfled that the Trust Is a golng concern and have prepared these flnanclal statements on that basls, d) Income Donatlon Income Is recognlsed when the Trust has the entltlement to the funds, It Is probable that the Income wlll be recelved, and the amount can be measured rellably and Is not deferred. Consequently, donatlons are recognlsed in the year In whlch they are received as the Trust has no entitlement to donatlons. e) Fund Accountlng All of the funds of the Trust are unrestricted funds avallable to spend on act7vltles that further any of the purposes of the charlty, f) Expendlture and Irrecoverable VAT Expendlture Is recognised once there is a legal or constructive obllgatlon to make a payment to a thlrd party, it Is probable that settlement will be required, and the amount of the obligatlon can be measured rellably. Expendlture on Charitable Activitles Includes both associated support costs. Irrecoverable VAT is charged as a cost against the activity for whlch expendlture was Incurred. g) Allocatlon of support costs Support costs are those functlons that asslst the work of the Trust but do not directly undertake charitable activities. Support costs include the fee charged to the Trust for management and administration. io
TRUSTEES OF THE UNITED GUILDS SERVICE NOTES TO THE FINANCIAL STATEMENTS Icontlnued) h) Creditors and provlslons Creditors and provlslons are recognlsed where the charlty has a present obligation resulting from a past event that wlll probably result in the transfer of funds to a third party and the amount due to settle the obligatlon can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount due. l) Flnanclal Instruments The Trust has only financial assets and financlal IlabS1ities of a klnd that quallfy as baslc flnanclal instruments. Baslc financial 5nstruments are Inltlally recognlsed at transactlon value and subsequently measured at thelr settlement value. 2. INTEREST INCOME 2024 2023 416 151 Total Interest Income 416 151 3. DONATIONS 2024 2023 Donatlons 26,475 29,775 Total Donatlons 26,475 29,775 4. GRANTS 2024 2023 Grants to organlsatlons: The St Paul's Chorlster Trust- Hardshlp bursarles 10,000 10,000 Total Grants to organlzatlons 10,000 10,000 li
TRUSTEES OFTHE UNITED GUILDS SERVICE NOTES TO THE FINANCIAL STATEMENTS (Contlnued) 5. BANK CHARGES 2024 2023 65 66 Total Bank Charges 65 66 6. RELATED PARTIES The Honorary Chalrman of the Trust Is a Member of the Court of the Flshmon8ers' Companyi whlch provides Management and Admlnlstratlon SeNSces to the Trust. Co-opted Trustee Stephen Maile Is Finance Dlrector of the Flshmongers, Companv, Members of Court receive no remuneration In respect of thelr service. The Finance Dlrector Is a pald employee of the Flshmongers, Company. The Management and Admlnlstratlon charge levied by the FSshmongers' Company in respect of Its servlces Is set Independently by the execut5ve staff of the Company, excludlng the Flnance Dlrector. 7. TRUSTEES, INTERESTS The Trustees had no flnanclal Interest In the assets or activlties of the Trust and recelved no remuneratlon or expenses from the Trust during the year. 8, RECONCILIATION OF MOVEMENT IN RESERVES Balance l Julv 2023 Balance 30June 2024 Income/ Galns Expendlture Unrestrlcted Funds 38,010 26,891 130,470) 34,431 12