The International Bankers Charitable Trust A charity registered in England & Wales (1087630)
Report & Financial Statements
For the financial year ended 30[th] September 2021
THE INTERNATIONAL BANKERS CHARITABLE TRUST
| Contents | |
|---|---|
| Page | |
| Report of the Trustee | 2 |
| Independent Examiner’s Report | 9 |
| Statement of Financial Activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 |
1
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Report of the Trustee
The Worshipful Company of International Bankers is the sole Trustee of The International Bankers Charitable Trust (“IBCT or the Trust” - the charitable arm of The Worshipful Company of International Bankers “the Company” (WCIB)). The Court of the WCIB is the governing body of the Trustee and presents the Annual Report and Financial Statements for the year ended 30 September 2021.
Aims and Objectives of the Trust
The International Bankers Charitable Trust is constituted under a Trust Deed dated 28 June 2001 (as amended by deed dated 29 February 2008) and is a registered charity (No. 1087630). The main objectives and purpose of the Trust, as per its Deed, are to promote charitable works that reflect the aims and purposes of The Worshipful Company of International Bankers.
Review of Activities, achievements and performance
In the 20 years since the Trust was established over £1.5 million has been raised and dispersed to charities. The core focus of the Trust remains to provide support for education, financial literacy, and employability while raising aspirations of under privileged young people in London. The Trust has a particular emphasis on strengthening the links between the city and the communities which surround it. The beneficiaries reflect the company's commitment to support worthwhile causes and make a positive impact upon the communities within which we both live and work.
The majority of our funding comes from the generosity of members who mostly donate on a regular basis to the Trust.
During much of the financial year under review the UK was in full or partial lockdown for extended periods which had an impact on the activities of the Trust. It was not possible to hold any major fundraising events, however we invited attendees at online events to make ad hoc donations to the Trust in order to mitigate our inability to hold fundraising events. We are pleased to report that overall, we recorded a slight increase in donations received and our grants to charities continued with a particular emphasis on assisting those charities who were under pressure because of the COVID-19 pandemic.
Grants
Grants were made this year to support education at all levels of education as well as City-related charities, as follows:
Impacting students at primary school level:
-
School Home Support (SHS): a grant of £9,580 to support their economic well-being toolkit which helps educate needy families to cope with financial challenges so that the education of their children is not adversely impacted. A total of 385 people have directly benefited from the toolkit this year
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Bookmark Reading: a grant of £1,000 in support of their programme to teach reading to youngsters.
-
King Henry’s Walk Garden: a grant of £2,000 in support of education of primary aged children using KHW garden.
Impacting students at the secondary leve l:
The Company is involved in directly initiating an Essay Competition as well as a Debating Competition. Unfortunately, the Debating Competition this year could not be held because of the pandemic but the Essay Competition was held for Year 13 students at London state schools. Due to online studying because of the pandemic, secondary schools found it difficult to take up the full quota of prizes we wished to offer, thus there was a reduction in the grants made for the essay competition.
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THE INTERNATIONAL BANKERS CHARITABLE TRUST
Report of the Trustee (continued)
Additionally grants were made to:
-
Dulwich College: a grant of £10,623 to fund the WCIB Lord George Scholarship at Dulwich College which enables a student from a less privileged background to attend the sixth form at the college.
-
Our long time relationship and largest beneficiary, The Brokerage, received a grant of £42,000 in support of The Brokerage’s ‘Gateway to City careers’ programme. The Brokerage is a social mobility charity providing support to students in local schools and colleges to increase their awareness of and provide experience of career opportunities in the City of London.
-
Talented: a grant of £1,000 to support the provision of small group tuition to disadvantaged young people to help them to achieve their full potential. Our donation facilitated the delivery of two additional online programmes to support a further 8 young people over 1215 weeks, covering the cost of tutors and programme management.
-
Greenhouse Sports which was approved as part of the “pitch your charity” initiative involves working to get young people to attend school. They specialise in getting the kids involved in table tennis, tennis, basketball and volleyball and record that children in their programmes attend school 4-8 days more per year than those that do not. The Trust gave a grant of £2,000.
-
Clement James Centre: a grant of £1,000 to be used in their Young People’s Education programme which provides after-school academic support, undergraduate student and corporate mentoring, study weeks, careers workshops and one-to-one literacy and numeracy support.
-
The London Academy of Excellence: in collaboration with the London Institute of Banking and Finance supported the rollout of its financial literacy programme for school students by launching a pilot programme for 50 students. The Trust gave a grant of £1,000.
Impacting students at the University Level:
At the university level the IBCT supported the WCIB prize competition that provided a prize for the best dissertation or piece of written work at 20 business schools where the company pays a £300 cash prize plus a certificate noting their achievement. The winners then compete for the Lombard Prize for the best dissertation plus oral responses to topical questions.
Additionally, the IBCT provided grants in support of students at university level:
-
It gave £5,000 to the Mansion House Scholarship Scheme which helps fund overseas students studying in the UK at Masters degree level in subjects associated with financial services. The recipient students were studying online for much of the time because of the COVID-19 pandemic.
-
Guildhall School of Music and Drama received £1,000 in support of their general educational support for students
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Bayes Business School, formerly known as Cass Business School, where the IBCT funded the Economist on-line to the students as well as funding the Finance Society to produce their programme for students.
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THE INTERNATIONAL BANKERS CHARITABLE TRUST
Report of the Trustee (continued)
Other Charities
The Company and the IBCT also supported other charities associated with the Lord Mayor and the City of London, of which the major ones were:
-
Lord Mayor’s appeal (£2,000)
-
Sheriffs’ and Recorder’s Fund in support of ex-prisoners (£1,000)
-
St Mary-le Bow Young Homeless project (£1,000)
-
ABF, The Soldiers’ Charity (£1,000)
Financial Review
The International Bankers Charitable Trust (IBCT) raised donations of £103,321 in the year to 30[th] September 2021 (2020: £99,684), a 3.6% increase. The national lockdown during the Covid-19 pandemic made it impossible to hold a major fund-raising event planned for the second half of the year. Charitable grants totalling £97,803 (2020: £100,768) were distributed by the Charity and Education Committee. The value of investments was £1,019,284 (2020: £882,111). This includes an unrealised gain of £137,116 as at 30[th] September 2021. Interest receivable on investments was £13 (2020: £875) and dividends receivable on investment were nil (2020: nil). Cash in bank was £118,833 (2020: £165,329). The overall surplus was £108,542 (2020 surplus: £6,340). Funds carried forward totalled £1,180,524 (2020: £1,071,982).
Grant-Making Policy
The beneficiaries reflect the Trust’s commitment to support worthwhile causes and make a positive impact upon the communities within which we both live and work, with particular emphasis on those younger people in the immediate area of the City who would not normally be able to aspire to a City job. Statistics show that our immediate neighbours are under-represented in our sector. Therefore our focus is directed at implementing programmes that seek to redress the imbalance by tapping into this talented and ethnically diverse population.
Risk Management Policy
Members of the WCIB Court, as the governing body of the Trustee, have the legal responsibility to act in the Trust’s best interests, manage the Trust’s resources responsibly and act with reasonable care and skill. The Trustee throughout the year categorised risks as relating to governance, operations, finance, reputation and legal.
As a grant-giving charity, the Trust has limited operational risk and its governance is assured through its affiliation to the Company. Financial and legal risks are carefully monitored by the Finance Committee of the Company. Reputational risk is mitigated by examination of potential recipients by the Charity and Education committee of the Company referring when necessary to the Court.
Investment Powers
The Trustee has the power to invest at its discretion in the best interests of the Charity and to appoint an investment manager to oversee any investments held by the Charity.
Appointment of Trustees
The Worshipful Company of International Bankers is the sole Trustee of the Trust, as such no appointment policy is in place.
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THE INTERNATIONAL BANKERS CHARITABLE TRUST
Report of the Trustee (continued)
Investment Policy
Investments are held in liquid Cash and securities instruments. Cash deposits are considered as follows:
| Credit Rating | Maximum amount on deposit per Bank or institution |
Maximum amounts on deposit in total |
|---|---|---|
| Public rating of at least A-/A3 | Up to 50% of funds held on deposit by The International Bankers Charitable Trust per UK Regulated Bank |
Up to 100% of funds held on deposit by The International Bankers Charitable Trust at UK Regulated Banks |
| No public rating or public rating below A-/A3 |
Up to 15% of funds held on deposit by The International Bankers Charitable Trust per acceptable institution |
Up to 25% of funds held on deposit by The International Bankers Charitable Trust at acceptable institutions |
Additionally IBCT holds a range of investments detailed below.
Asset Allocation
The Trustee has agreed the following initial asset allocation with the portfolio manager: A range of investments that are invested to achieve a return similar to the “Equity to Bond 65-35 model portfolio”.
Investment constraints
The portfolio is not subject to investment constraints. There is no requirement for the portfolio to be specifically managed on an Environmental, Social Responsible or Governance mandate, however, it is managed on the basis of an ESG mandate.
Benchmarks
The following benchmarks have been agreed:
The long-term objective is to achieve an annualised return above the rate of inflation as currently measured by the change in the Consumer Price Index (CPI). This objective is net of portfolio charges and other costs. The time horizon for this objective is over the long term (in excess of 10 years).
Reserves and Liquidity Policy
Cash instruments are to be held to meet up to twelve months of future expenditure on demand. The amount of reserves held is £1,180,524 at the year-end (2020: £1,071,982). This is split between the General Reserve (£386,054), KC Wu Fund (restricted) (£85,987), Past Masters Fund (restricted) (£140,796) and the Unrestricted Fund (£567,687). To qualify as a Livery Company the Court of Alderman requires the Trust to maintain the General Reserve at a minimum level of £300,000. This is the ‘General Reserve’ in the accounts.
Public Benefit
In setting the Trust’s objectives and planning its activities, the Trustee has given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefits guidance on advancing education. All activities have been undertaken for the furtherance of public benefit and to further the Charity’s purpose as per it’s Deed.
5
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Report of the Trustee (continued)
The Court
Master: Jason Van Praagh Senior Warden: Angela Knight CBE Middle Warden: Nick Garnish Junior Warden: Tim Skeet
Court Assistants: John Bennett MBE (Immediate Past Master) Robert Merrett (Past Master) Karina Robinson (Past Master) Mark Sismey-Durrant (Past Master) Alderman Sir Peter Estlin (Past Master) Frank Moxon (Past Master) Michael Llewelyn-Jones (Past Master) Mark Seligman (Past Master) Angus MacLennan (Past Master) Sir Henry Angest (Past Master) Jordan Buck Liz Field Peter Green Ali Griffiths Alderman Tim Hailes JP Simon Hills Tim Jones Jenny Knott Ali Miraj Thomas Newman James Nisbett Catherine Raines Antonello Russo Omiros Sarikas Martin Watkins John Winter
Clerk: Carole Seawert
6
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Report of the Trustee (continued)
Administration & Advisers
| Registered Charity | 1087630 |
|---|---|
| Number | |
| Governing Document | Trust Deed executed on 28 June 2001 (as amended by deed dated |
| 29 February 2008) | |
| Trustee | The Worshipful Company of International Bankers |
| Principal Office | The Worshipful Company of International Bankers |
| 3rd Floor, | |
| 12 Austin Friars, | |
| London EC2N 2HE | |
| Bankers | Barclays Bank plc |
| 1 Churchill Place | |
| Canary Wharf | |
| London | |
| E14 5HP | |
| CAF Bank Ltd | |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Independent examiner | MHA MacIntyre Hudson |
| 2 London Wall Place | |
| London | |
| EC2Y 5AU |
7
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Report of the Trustee (continued)
Statement of the Trustee’s Responsibilities
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 & 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 incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Court of the Company as Sole Trustee and signed on its behalf by:
Jason Van Praagh Master
Date:
8
THE INTERNATIONAL BANKERS CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE INTERNATIONAL BANKERS CHARITABLE TRUST
Independent Examiner's Report to the Trustee of The International Bankers Charitable Trust
I report to the charity trustee on my examination of the accounts of the charity for the year ended 30 September 2021 which are set out on pages 9 to 18.
Responsibilities and basis of report
As the charity’s trustee 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
…………………………………….. Rakesh Shaunak FCA MHA MacIntyre Hudson 6[th] Floor 2 London Wall Place London EC2Y 5AU
Date:
9
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Statement of Financial Activities For the Year ended 30[th] September 2021
| Notes Income and Endowments from: Donations Receivable - WCIB members and others - Fund Raising Event - Lombard Appeal Income Tax recoverable under Gift Aid Investment Income - Interest Receivable - Dividend Received Total Income Expenditure on: Raising Funds - Lombard Appeal Expense - CAF Fees Charitable Activities - Grants paid to institutions 3 - Support Costs 4 Total Expenses Net Surplus/(Deficit) Net Movement in Funds before unrealised Gain Unrealised Gain on Investment 6 Net Movement in Funds Funds brought forward at 01 October 2020 Funds carried forward at 30 September 2021 |
2021 2021 2021 2021 Unrestricted Funds KC Wu Fund (Restricted) Past Masters Fund (Restricted) General Reserve £ £ £ £ 103,321 - - - - - - - - - - - 14,695 - - - 1 2 4 6 - - - - |
2021 2020 Total Funds Total Funds £ £ 103,321 93,223 - 6,461 - - 14,695 14,748 13 875 - - |
|---|---|---|
| 118,017 2 4 6 |
118,029 115,307 |
|
| - - - - 99 - - - 87,180 - 10,623 - 48,701 - - - |
- 183 99 75 97,803 100,768 48,701 47,543 |
|
| 135,980 - 10,623 - |
146,603 148,569 |
|
| (17,963) 2 (10,619) 6 |
(28,574) (33,262) |
|
| (17,963) 2 (10,619) 6 67,187 9,598 17,825 42,506 |
(28,574) (33,262) 137,116 39,602 |
|
| 49,224 9,600 7,206 42,512 |
108,542 6,340 |
|
| 518,463 76,387 133,590 343,542 |
1,071,982 1,065,642 |
|
| 567,687 85,987 140,796 386,054 |
1,180,524 1,071,982 |
10
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Balance Sheet For the Year ended 30[th] September 2021
| Notes Fixed assets Investments 6 Current assets Debtors due in less than one year 7 Cash at bank Creditors: Amounts falling due within one year 8 Net Current assets Net Assets Funds General Reserve 10 KC Wu Fund 10 Past Masters Fund 10 Unrestricted Fund 10 Net Funds |
2021 2020 £ £ 1,019,284 882,111 78,857 78,542 118,833 165,329 |
|---|---|
| 197,690 243,871 (36,450) (54,000) |
|
| 161,240 189,871 |
|
| 1,180,524 1,071,982 |
|
| 386,054 343,542 85,987 76,387 140,796 133,590 567,687 518,463 |
|
| 1,180,524 1,071,982 |
Jason Van Praagh Master
Jenny Knott Chairman Finance Committee
11
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Notes to the Financial Statements For the Year ended 30[th] September 2021
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.1 General information and basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The International Bankers Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The charity’s functional and presentational currency is Pounds Sterling and rounding is to the nearest £1.
1.2 Income
All incoming resources are included in the Statement of Financial Activities when the Trust is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the Trust will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Trust and it is probable that they will be fulfilled.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Trust. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is earned through holding listed shares for investment purposes. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably.
12
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Notes to the Financial Statements (continued)
1.3 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Costs of generating funds includes costs incurred seeking voluntary contributions through donations and the running of fundraising events during the year;
-
Expenditure on charitable activities includes all costs incurred on furthering the objects of the Trust; and
-
Other expenditure represents those items not falling into the categories above.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Trust.
1.4 Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value using the quoted market price. All gains and losses are taken to the Statement of Financial Activities as they arise.
The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. As investments are revalued to fair value continuously, no realised gains or losses arise.
1.5 Debtors
Short-term debtors are measured at transaction price, less any impairment.
1.6 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.7 Creditors
Creditors are recognised when the Trust has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic benefits.
13
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Notes to the Financial Statements (continued)
1.8 Funds
General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
The KC Wu Fund commemorates the life of K C Wu, who died in January 2002. Initially used to fund an annual lecture after consulting the family of the late Mr. Wu it now funds Mansion House Scholars from the Far East, at the discretion of the Trustee.
The Past Masters Fund was set up to commemorate the life of Past Master the late Lord George of St Tudy and funds the WCIB Lord George Bursary at Dulwich College.
1.9 Financial Instruments
The Charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows: Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 7. Prepayments are not financial instruments.
Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in Note 8.
1.10 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.
The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
2 Independent Examiner’s Fees
| ndependent Examiner’s Fees | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Independent Examination | 1,800 | 1,800 |
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THE INTERNATIONAL BANKERS CHARITABLE TRUST
Notes to the Financial Statements (continued)
3 Grants Payable
| Grants paid to institutions Dulwich College Mansion House Scholarship Scheme The Brokerage Citylink University Academic Prizes Essay Competition (schools, The Brokerage) The Business School, City University Lord Mayor's Big Curry Lunch (ABF The Soldiers’ Charity) Lord Mayor's Appeal Debate Mate Schools Salusbury World The Sheriffs' & Recorder's Fund School Home Support Uprising Leadership Talent Ed Greenhouse Sports King Henry’s Walk Garden Bookmark Reading Charity Guildhall School of Music & Drama London Excellence Academy St Clements & St James Community Development Project St Mary-le-Bow Young Homeless Charity MyBnk* Grants of less than £1000 |
For the year ended 30.09.21 For the year ended 30.09.20 £ £ 10,623 10,623 5,000 10,000 42,000 47,000 9,069 4,500 2,900 4,100 4,300 4,300 1,000 1,000 2,000 2,000 - 5,700 - 1,000 1,000 1,000 9,580 5,000 - 2,000 1,000 1,000 2,000 - 2,000 - 1,000 - 1,000 - 1,000 - 1,000 - 1,000 - (2,400) - 2,731 1,545 97,803 100,768 |
|---|---|
*The 2017 programme with Feltham Young Offenders was going to be repeated in 2018, for which a grant or £2,400 was approved. In the end, this programme did not take place so the amount was written back in.
| 4 Support Costs Staff costs Occupancy costs Investment Management Fees Bank charges Governance costs - Independent examination fee Annual Banquet |
2021 2020 £ £ 27,237 27,237 16,704 16,704 2,865 - 95 112 1,800 1,800 - 1,690 48,701 47,543 |
|---|---|
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THE INTERNATIONAL BANKERS CHARITABLE TRUST
Notes to the Financial Statements (continued)
5 Employees
Staff costs relate only to a recharge from The Worshipful Company of International Bankers. The average monthly number of employees during the year was 1 (2020: 1). There were no employees who received total employee benefits of more than £60,000.
| 6 Investments Investments at 01 October 2020 Additions Disposals Revaluation Movement in cash holdings Investments at 30 September 2021 Investments at fair value comprise: Listed Investments All the fixed asset investments are held in the UK. |
2021 2020 £ £ 882,111 842,056 128,000 189,000 (128,000) - 137,116 40,473 57 (189,418) 1,019,284 882,111 |
|---|---|
| 1,019,284 882,111 |
|
7 Debtors: Amounts falling due within one year
| Trade Debtors Accrued Income Prepayments 8 Creditors: Amounts falling due within Grants payable Deferred income Other accruals |
1,110 13,795 61,013 48,013 16,734 16,734 78,857 78,542 one year - 17,550 32,850 32,850 3,600 3,600 36,450 54,000 |
|---|---|
During the year, deferred income brought forward of £32,850 was released and income of £Nil was deferred, resulting in a carried forward balance of £32,850 at the year-end. Deferred income relates to bookings for events which have been delayed until after the year-end due to COVID.
9 Trustee Expenses
The Trustee is considered to be the Key Management Personnel of the Charity. The Trustee received no remuneration (2020: £nil). No expenses were incurred by the Trustee in the year (2020: £nil).
16
THE INTERNATIONAL BANKERS CHARITABLE TRUST
Notes to the Financial Statements (continued)
10 Fund Reconciliation
The funds of the Trust include segregated funds comprising the following unexpended balances:
| Unrestricted: General Reserve Unrestricted Fund Restricted: Past Masters Fund KC Wu Memorial Fund |
Movement in Funds At 1 October Incoming Resources Gains/ At 2020 Resources Expended Losses 30.09.21 £ £ £ £ £ 343,542 6 - 42,506 386,054 518,463 118,017 135,980 67,187 567,687 133,590 4 10,623 17,825 140,796 76,387 2 - 9,598 85,987 |
|---|---|
| 1,071,982 118,029 146,603 137,116 1,180,524 |
11 Analysis of Net Assets between Funds
| Fixed asset investments Current assets Creditors due within one year |
Unrestricted KC Wu Past Masters Total Funds Funds 2021 Fund 2021 Fund 2021 2021 £ £ £ £ 854,550 58,658 106,076 1,019,284 135,641 27,329 34,720 197,690 (36,450) - - (36,450) |
|---|---|
| 953,741 85,987 140,796 1,180,524 |
Details on each of the funds above can be found in Note 1.8 on page 13.
12 Related Party Transactions
The Worshipful Company of International Bankers, the sole Trustee of this Charity, recharged salary and occupancy costs to the Trust of £27,237 (2020: £27,237) and £16,704 (2020: £16,704) respectively in the year. During the financial year the Charity also invoiced The Worshipful Company of International Bankers £78,857 (2020: £86,232) for voluntary donations that were collected on behalf of the Charity. At the Balance Sheet date an amount of £810 was due to the Charity (2020: £13,795).
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THE INTERNATIONAL BANKERS CHARITABLE TRUST
13 Statement of Financial Activities For the Year ended 30[th] September 2020
| Income and Endowments from: Donations Receivable - WCIB members and others - Fund Raising Event - Lombard Appeal Income Tax recoverable under Gift Aid - Interest Receivable - Dividend Received Total Income Expenditure on: Raising Funds - Lombard Appeal Expense - CAF Fees Charitable Activities - Grants paid to institutions - Support Costs Total Expenses Net Surplus/(Deficit) Net Movement in Funds before unrealised Gain/(Loss) Unrealised Gain/(Loss) on Investment Net Movement in Funds Funds brought forward at 01 October 2019 Funds carried forward at 30 September 2020 |
2020 2020 2020 2020 2020 2019 Unrestricted Funds KC Wu Fund Past Masters Fund General Reserve Total Funds Total Funds £ £ £ £ £ £ 93,223 - - - 93,223 103,589 6,461 - - - 6,461 54,269 - - - - - 22 14,748 - - - 14,748 16,760 121 68 129 557 875 3,496 - - - - - 1,727 |
|---|---|
| 114,553 68 129 557 115,307 179,859 |
|
| 183 - - - 183 - 75 - - - 75 75 85,145 5,000 10,623 - 100,768 107,829 47,543 - - - 47,543 47,601 |
|
| 132,946 5,000 10,623 - 148,569 155,505 |
|
| (18,393) (4,932) (10,494) 557 (33,262) 24,354 |
|
| (18,393) (4,932) (10,494) 557 (33,262) 24,354 19,405 2,772 5,148 12,277 39,602 57,601 |
|
| 1,012 (2,160) (5,346) 12,834 6,340 81,964 |
|
| 517,451 78,547 138,936 330,708 1,065,642 983,678 |
|
| 518,463 76,387 133,590 343,542 1,071,982 1,065,642 |
18
THE INTERNATIONAL BANKERS CHARITABLE TRUST 19