The International Bankers Charitable Trust A charity registered in England & Wales (1087630) Report & Financial Statements For the financial year ended 30, Seplernber 2022
THE INTERNATIONAL BANKERS CHARITABLE TRUST Contents Page Report of the Trustee Independent Examinerfs Report Statement of Financial Activitie5 io Balance sheet li Note5 to the financlal statements 12
THE INTERNATIONAL BANKERS CHARITABLE TRUST Report of the Trustee The Worshipful Company of International 8ankers is the sole Trustee of The International Bankers Charitable Trust I"IBCT or the Trust" the charitable arrn of The Worshipful Company of International Bankers °the Company" IWCIBII- The Court of the WCIB is the 8overnin8 body of the Trustee and psents the Annual Report and Financial Statements for the year ended 30 September 2022. Alms and Objectlves of the Trust The International Bankers Charitable Trust 15 constituted under a Tiust Deed dated 28 June 2001 las amended by deed dated 29 February 20081 and is a registere(i charity (No. 10876301. The main objectives and purpose of the Trusl, as per its Deed. are to promote charitable works that reflect the aims and purposes of The Worshipful Company of International Bankers. Revlew of Actlvltles, achlevements and performafite In the 22 years since the Trust was established over £1.6 mlllion has been raised and dispersed to charlties. The core focus of the Trust remains to provide support for educatlon. financlal literacy, and employability while raisin8 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 posltlve impact upon the communlties 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. However. we also ran two fund-raising appeals tar8eting our members during the year - one raised £10,000 for the Platinum Jubilee celebrations and the other, with exlsting fund5 from the Trust. raised £20,CQO for the DEC Ukraine Appeal. In June 2022 we also ran a fund.raisin8 ball at Merchant Taylors Hall and were recipients of 60% of the profits from the Securities Industry Ball in May 2022. These two events contributed over £45.000 to our funds. Grants Grants were made this year to support education at all levels of education as well as Clty-related charities, as follows: Impactlng students at primary school level: School Home Support ISHSI.. a dOnatn of £5.LXK) to support specific cost-of-living 8rants to directly benefit up to Ilx) families. This is in addttion to £9.580 donated in the last financlal year to support their economic well-being IEWBI toolkit which helps educate needy families to cope with financial challenges so that the education of their children 15 not adversely impacted. The EWB toolkit is part of the overall SHS program which reached over 5,8CKI individual family members and resulted in 77% of severely absent children spend an average of 39 more days in school. Impacting students at the secondary level.. Our long time relationship and largest beneficiary. The Brokerage. received a grant of £42.000 in support of The Brokerage's 'Gateway to City career5, programme. The Brokerage is a social mobility charity providing SUPPOrt to students in local schools and colle8es to increase their awareness of and provide experience of career opportunities in the City of London. 18CT is a main sponsor of The Brokerage, providing both financial support and expertise of our members through speaking opportunities and mentorin8.
THE INTERNATIONAL BANKERS CHARITABLE TRUST The Company is invofved in running an Essay Competition for Year 13 students in London state schools as well as a Debating Competition, also aimed at state schools. We awarded a total of £2.7C to the essay competition winners and their schools and we gave £6,31J) for the debating initiative to fund training se55i0ns for participating schools. Additionally grants were made to.. Dulwich College-. a grant of £10.836 to fund the WCIB Lord George Scholarship èi Dulwich College which enables a student from a less prNileged background to attend the sixth form at the college. Greenhouse Sports which was approved as part of the "pltch your chariv inltiative involves working to get young people to attend school. They specialise in getting the kids invotve(i 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 £l.OQ) to be used in their Young People's Education programme which provides after-school academic support, under8raduate student and corporate mentorin& study weeks. careers workshops and one-to-one literacy and numeracy support. Financial Futures.. a 8rant of £2,5(Kl to fvnd 50 places on a flnancial literacy pro8ram run by the London Institute of Banking and Finance. Universify: a grant of £l.ILXI lo support two students from less advantaged back8round on summer program for prospective Oxbrid8e cartdidates. Impartln8 Sdents at the Unl¥erslty 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 £3 tash prlze plus a Certificate notin8 iheir achievement. The winners then compete for the Lombard PrSze for the best dlssertation plus oral responses to topical quesiions. A total of £7,5CQ was awarded to universlty academic prizes. Additionally, the IBcf provided grants in sUPPOrt of students at university level.. It gave £5,000 to the Mansion House Scholarship Scheme which helps fund overseas student5 Studying in the UK at Masters degree level in subjects associated with financial services. Bayes Business School. fomierly known as Cass Business School, was awarded a 8rant of £4,300 to fund thelr subscrlption to economic publications for use by all students. Other Charitiès The Company and the IBcf also supported other charities associated with the Lord Mayor and the City of London. of which the major ones were: Lord Mayorfs appeall£2.CI St Mary-le Bow Young Homeless project {£l,IXX)) ABF, The Soldiers. Charity l£l,OCQI We awarded £4.CXQ to our military affiliate National Reserves Headquarters Royal Artillery INRHQ RAI to help fund Exercise COCKNEY RATfLESNAKE 22 in September 2022. This was an overseas Adventurous Training expedition to the Lake Tahoe region of California and Neva(Ja. USA.
THE INTERNATIONAL BANKERS CHARITABLE TRUST We made a donation of £20.IXJO to the DEC Ukraine Appeal. agreed as an exceptFonal one-off donation by the Tru5tee5 8Nen the unique circumstances of the appeal. This wa5 funded through direct member pledges and from existing IBCT funds. We also gave miscellaneous grants of under £l,(KM) to a value of £3,590. Flnanclal Revlew The International Bankers Charitable Trust IIBCT) raised donations of £183,436 In the year to 30 September 2022 12021: £103.3211, a 77% increase. Charitable 8rants totalling £131,826 12021: £97,803) were distributed by the Charty and Education Committee. The value of investments was £928,41112021= £1.019,2841- This includes an unrealised loss of £90,873 as at 30, September 2022. Interest receivable on investments was £13 12021.. £131 and dividends receivable on investment were nil12021.' nill. Cash in bank was E154,09212021'. E118,833). The overall loss was £46,98812021 surplus.. £108,5421. Funds carried forward totalled £1.133,53612021'. £1.180.5241. Grant-Makln8 Polity The beneficiaries reflect the Trusys commitment to support worthwhile causes and make a positive impact upon the communities within which we both live and work. with partlcular emphasls on those youn8er people in the immediate area of the City who would not nom)ally be able to aspire to 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 tapplng into this talented and ethnicalty diverse population. Rlsk Mana8¢ment Poll¢y Members of the WCIB Court, as the governlng body of the Trustee, have the legal responslblllty to act in the Trust's best interests. mana8e the Trust's re50ur¢es responsibly and act with reasonable care and sklll. The Trustee throughout ihe year cate8orlsed risks as relatlng to governance, operations, flnance, reputation and legal. A5 a grant-givlng charity, the Trust has limited operational rlsk and Its governance Is assured through it5 affiliation to the Company. Financial and legal risk5 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 referrln8 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 investrnents held by the Charily. Appolntment of Trustees The Worshipful Company of International Banker5 is Ihe 501e Trustee of the Trust, a5 such no appointment policy is in place.
THE INTERNATIONAL BANKERS CHARITABLE TRUST Report of the Trustee (continued) Investment Poli Investments are held in liquid Cash and securit5 instruments. Cash deposits are considered as follows.. Credit Rating Maximum amount on deposlt per Bank or Instltutlon Up to 50% of funds held on deposit by The International Banker5 Charitable Trust per UKRe ulated Bank Up to 15% of funds held on deposit by The International Bankers Charilable Trust per acceptable institution Maxlmum amounts deposlt In total Up to of funds held on deposit by The Intemational Banker5 Charitable Trust at UK Re ulated Banks Up to 25% of funds held on deposit by The International 8anker5 Charitable Trust at acceptable institutions on Public rating of at least A-IA3 No public ratln8 or public rating below A-/A3 Additionally I8 holds a range of investments detalled below. Asset Allocatlon The Trustee has agreed the followin8 initlal asset allocation with the portfolio manager: A range of investments that are invested to achieve a return similar to the "Equity to 8ond 6S.35 model portfolio". Investment constralnts The portfolio is not subject to investment constraints. There is no requiremeni for the rM)rtfolio to be specifically managed on an Environmental, Social Responsible or Governance mandate, however, it Is managed on the basls of an ESG mandaie. Benchmarks The following benchmarks have been agreed.. The long-term objective is to achieve an annualised return above the rate of inflation as current measured by the chan8e in the Consumer Price Index ICPII. This objective is net of portfolio charges and other costs. The time horizon for thls objective is over the long term lin excess of 10 years). Reserves and Llquldlty Pollcy Cash instrument5 are lo be held to meet up to twelve rnonths of future expenditure on demand. The amount of reseryes held is £1.133.536 at the year*nd {2021'. £1,IPA).5241- This is split between the General Reserve 1£357,8891, KC Wu Fund Irestrictedl 1£79,6281, Past Master5 Fund Ire5trictedl 1£118,1511 and the Unrestrirted Fund 1£577,8681. To qualify as a LNery Company the Court of Alderman requires the Trust to maintain the General Reserve at a minimum level of £3tM),(KK). This is the 'General Resen4e' in the accounts. Publlc Benefft In setting the Trust's objectives and planning its activltles. the Trustee has 8iven careful consideration to the Charity Commission'5 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 Charitvs purpose as per it's Deed.
THE INTERNATIONAL BANKERS CHARITABLE TRUST Report of the Trustee (contlnued) The Court Master- Senior Warden.. Middle Warden.. Junior Warden= Jason Van Praagh Angela Knight CBE Nick Garnish rim Skeet Court Assistants: John Bennett MBE Ilmmediate Past Masterl Robert Merrett (Past Masterl Karina Robinson Ipast Masterl Mark Sismey-Durrant (Past Master) Alderman Sir Peter Estlin (Past Masterl Frank Moxon IPasi Masterl Michael Llewelyn-Jone5 (Past Masterl Mark Seligman (Past Masterl Angus MacLennan (Post Masterl Sir Henry Angest (Past Master) Jordan Buck Lit Field Peter Green Ali Griffiths Alderman Tim Hailes JP Simon Hills Tim Jones Jenny Knott Ali Miraj James Ni5bet Antonello Russo Omiros Sarikas Martin Watkins Clerk.. Carole Seawert
THE INTERNATIONAL BANKERS CHARITABLE TRUST Report of the Trustee (continued) Admlnistratlon & Advisers Reglstered Charity Number 1087630 Governirw Documènt Trust Deed executed on 28 June 2CQI las amended by deed dated 29 February 2CQ8) Trustee The Worshipful Compafty of International Bankers PrSnclpal Offlee The Worshipful Company of International Bankers 3rd Floor. 12 Austin Friars, London EC2N 2HE 8ank•rs Barclays Bank plc I Churchill Place Canary Whèrf London E14 5HP CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent examlner MHA 2 London Wall Place London EC2Y SAU
THE INTERNATIONAL BANKERS CHARITABLE TRUST Report of the Trustee (continued) ststement of the Tnstee's Responslbllities The Trustee is responsible for preparing the Tfustee's Annual Report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in En8land & Wales require5 the trustee to prepare financlal statements for each financial year whlch give a true and fair view of the state of affairs of the charity and of the incoming resource5 and application of resources of the charity for that period. In preparin8 these financial statements. the trustee is required to- select suitable accounting policies and then appty them ¢onsi5tently; obseNe the methods and principles in the Charities SORP 2015 IFRS 1021; make judgements and esiimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to anv material departures disclosed and explained in the financial statements,. prepare the financial statements on the goin8 concern basis unless It is inappropriate to presume that the charity will continue in operation. The Trustee Is responslble for keeping proper accountlng 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 ReFXlrtsl Re8ulations 2008 and the provisions of the trust deed. They are also responsible for safe8uardin8 the assets of the charity and hence for taking reasonable steps for the prevention and detectlon of fraud and other irre8ularities. Approved by the Court ofthe Companyassole Trustee and signed on its behalf by.. Jason Van Praagh Master Date: cIF)Lg
THE INTERNATIONAL BANKER5 CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE INTERNATIONAL BANKERS CHARITABLE TRUST Independent Examinels Report to the Tnth of The Internatlonal Bankers Charftsble Trust I report to the charity trustee on My examination of the accounts of the charity for the year ended 30 September 2022 which are set out on pa8es 10 to 19. Responslbllltles and basls of report As the charity's trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charliies Act 20111.the Art'l. I report In respect of my examination of the charity5 accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Direction5 glven by the Charily Commission under section 14515llb} of the Acl. Independent examlnerfs Statement I have completed my examination. I confirm that no material matter5 have come to my attention in connection with the examination givin8 me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by sertlon 130 of the Art; or the accounts do not accord with those records- or the accounts do not comply with the applicable reqvirements concerning the form and content of accounts set out In the Chariiles (Accounls and Reports) Regulations 21x18 other than anv requirement ihat the ac¢ount5 8ive a 'true and fair view, which is not a matter tonsidered as part of an independent examinatlon. I have no concerns and have come across no other matters in connectbon 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 2 London Wall Place London EC2Y5AU Date: 14 July 2023
THE INTERNATIONAL BANKERS CHARITABLE TRUST Statement of Financial Artivities For the Year ended 30 September 2022 20 2022 2022 2022 2021 KCWU Fund Masters Fund Unrestrlcted Ful$ General Totsl Funds Income Ind Endovmients from: Donations Receivable - WCl8 members and others Other trading artivrties Tlcket income - Auction income 183,426 103,321 25,850 18.767 UJ6Y. Tax recoverable under Grfi Ald Investment Income Interest Receivable 26.922 14.695 13 Total Income 254,966 118,029 EXPdItYre an: Ralsln8 Funds Fund ralsing events . Lombard Appeal Expense . CAF Fees Charltable Actlvitles Gronts paid to instituti¢n5 - Support Costs 26.943 691 551 99 120,99) 51,082 10,836 97,803 48,701 51,082. Total Expen 21X).257 10.836 146,603 Net Surplus/lDeficltl 54.709 110.8321 . 43MS 128,5741 Net Movement In Funds before unrealised loss 54,709 110,8321 43., 128,5741 Unreallsed Iloss118ain on Investment 144.5281 16,3611 111,8131 128,1711 .IW74. 137,116 Net Movement in Funds 10.181 16,3591 122,6451 128,1651 t44988i 108,542 Funds brought forward * 01 October 2021 567,687 85,987 140.796 386,054 IKI524 1,071,982 Funds carrfed foard at 30 September 2022 577.868 79,628 118.151 357,889 .,-&033 1,180.524 io
THE INTERNATIONAL BANKERS CHARITABLE TRUST Balance Sheet For the Year ended 30 September 2022 Notes 2022 2021 Flxed Assets Investments 928.411 1.019,284 Cwrent Assets Debtors due In less than one year 65,433 78,857 Cash at bank 154,092 118,833 219,525 197,690 Creditors.. Amount fallin8 due within one year 114,4iXII 136,4501 Nel Current Assets 205,125 161,240 Net Assets 1,133,536 1.180,524 Funds General ReseThe io 357.889 386,054 KCWU Fund io 79.628 85,987 Past Masters Fund io 118,151 140,796 Unrestrlcted Fund io 577,868 567,687 Net Funds 1,133,536 1,180,524 Jason Van Praagh Master Jenny Knott Chairman Finanre Commlttee
THE INTERNATIONAL BANKERS CHARITABLE TRUST Notes to the Financial Statements th For the Year ended 30 September 2022 SUMMARY OF SIGNIFICANT ACCOUNTING POLiaES General Informatlon and basls of preparatlon The flnancial statements have been prepared in accordance wlth Accounting and Reporting by Charilies.. Statement of Recommended Piactice appllcable to charitles preparing their ac¢ounts in actofdance with the Flnanoal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20151- (Charities SORP IFRS 10211, the Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies 2CO6. The financial statements have been prepared to 8lve a 'true and falr. vlew and have departed from the Charities IAccounts and Reports) Regulations 2&)8 only to the extent required io provide a 'tTue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published on 16 july 2014 rather than the Accounting and Reporting by Chafitles: Statement ol Recommended Practice effective from l April 2005 whlch ha5 slnce been wiihdrawn. The Internatlonal 8ankers Charitable Trust meets the definition of a publlc benefit entitv un(ier FRS 102. Assèts and liabilities are initially recognised at hlstorlcal cost or tronsafflion value unless otherwise stated in the relevant accountin8 polky. The charitls functional and presentational currency Is Pounds Sterling and roundlng Is to the nearest £1. In¢om• All Incomlng resour¢e5 are Included In the Statement of Flnandal Acilvlties when the Trus¢ Is le8ally entitled to the income after any performancè conditions have been met, the amouni can be measured reliably. and it is probable that the incorne wlll be received. For donation5 to be recognised the Trust will have been notified of the amounts and the settlement date in writing. If there are conditions atiached to the donatlon and thls requires a level of performan befofe entitlement can be obtained, then income Is delerred vntil th05e conditions are fully met or ihe fulfilmeni of those Conditions is wlthin the control of the Trust and 11 is probable thai ihey wlll be fvlfilled. Income from tradin8 artivities includes Income earned from fvndralslng events and tradin8 activities to raise fund5 for the Trust. Incorne is reeelved in exchange for supplying goods and service5 in order to raise fur5 and is reco8ni5ed when entitlement has occurred. Investment income is earned through holding listed shares for investment purposes. It includes dividends and interes1. Where it is not prarticable to identify investment management costs incurred within a scheme with reasonable accuracy ihe Investment Income is reported of these costs. It is Included when ihe amount can be measured reliabw. 12
THE INTERNATIONAL BANKERS CHARITABLE TRUST Notes to the Financlal Statements Icontinued) Expendlture All expenditure Is accounted for on an accruals basls and has been clèsslfied under headings that a88re8ate all costs related to the utegory. Expenditure is Tecognised where there is a legal or constructive obligation io make payments to third partles. it is probable that the settlement will be required. and the amount of the obllgaiion can be measured reliably. It is cotegorbsed under the following headings: Costs of generatlng fvnds indudes costs Incurre(I seekln8 voluntary ntributIonS through donations and the running of fvndraisin8 events durirt8 the year- Expenditure on chaiitable activities includes all costs incurred on furtherin8 the objects of the Trust- and Other expenditure represents those items not falling into the categories above. Grants payable to third partbe5 are within the tharitable objectlves. Where unconditional grants are offered, thls is acuued as soon as the recipient is notified of the grant. as thls gives rise to a reasonable expectaiion that ihe recipient will receive the grants. Where granis are conditional relating to performance then the grani is only accrued when any unfulfilled conditions afe outside of the control of the Trust. Investments Investment5 are a form of basic financial instrument and are initially reco8ni5ed at their transaciion value and subsequently measured at their fair value usin8 the quoted market price. All galns and losses are taken to the Statement of Financial Activities as they arlse. The Statement of Financlal Aclfvities IrKludes the net aains and losses arisln8 on revaluations and dlsposals throughout the year. As inves¢ments afe revalued to falr value contSnuously, no reallsÈd gains or losses arlse. Debtors Short-term debtors are measured ai tranllIon price. less any lrnpalrment. Cash and cash equlvalents Cash is represented by cash in hand and deposits with financial insiltulions repayable without penalty on notice of not mole Ihan 24 hours. Cash equlvalents are hb8hly liquid investrnents that mature in no more than three months from the date of acquisitlon and that are readity convertible to known amount5 of cash with insignificant risk of change in value. Credltors Creditors are re¢ogni5ed when the Trust has a pre5eni leBal or ¢on5tru¢tive obli8at¥on 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 {contlnued) Funds General funds are unrestricted furKls whith are available for use at the discretion of the Trustee in furtherance of the general objective5 of the Trust and which have not been designated for other purposes. Restricted funds are funds which are to be used in attordante with specifit restrbttions imposed by donors or which have been raised by the Trust for partictslar purposes. The ¢osts of raisin8 and administering such funds are char8ed against the specific fund. The aim and use ol each festiicted fund is set oui in the notes to the financial statements. The KC Wu Fund commemorates the life of K C Wu, who died in January 22. Initial used to fund an annual lerture after consultin8 the family of the late Mr. Wu it now lunds Mansion House Stholar5 from the Far East, at the dCretIon of the Trusiee. The Past Masters Fynd was set up to Commemorate the life of Past Master the late Lord Geor8e 0151 Tudy and funds the WCIB Lord Geor8e BUrry at Dulwich Colle8e. Flnanclal Instrufflents The Charity only holds basic financial instruments as defined in FRS 102. The flnanclal assets and financial liabilities of the Charily Jnd thèir measuiernent basis are as lollows.. Debtors trade and other debtor5 lindudinB èctrued income) are baslc financl31 instruments and are debt instrument5 measured at amortised cost as detailed in Note 7. Prepayments are not finanual instruments. Cash at bank is cla$5bfied as a basic financial instrument and Is measured at face value. trade creilitors. accruals and other creditors are financlal instruments. and are measured at amortised tost as detailed in Note 8. 1.10 Golng concem The finaft¢ial statements have been prepared on a 8oing Concern basts as the Trustees belleve that no material uncertainties eiist. The Tru5tee5 have considered the level of funds held and the expected level of Income ano expenditure for 12 months from authori5in8 these financlal 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. Independent Examlnerfs Fees 2022 2021 Independent Examination 1,8rJ) 14
THE INTERNATIONAL BANKERS CHARITABLE TRUST Notes to the Financial Statements (continued) Grants Payable For the year ended For the year 30.09.22 ended 30.09.21 Grants pald to Instftutlons Dulwich College Mansion House Scholarship Scheme The Brokera8e Citylink University Academic Prizes Essay Competition Ischools, The brokerage) Bayes 8uslness School. City Vnr¥ersity Lord Mayor'5 Big Curry Lunth IABF The Soldiers, Charity) Lord Mayor'5 Appeal Debate Mate Schools Ukraine Appeal Plaiinum Jubilee NRHQ RA Finandal Futures 10,836 10,623 42,(MXI 42.000 9,069 2,9tKJ 4,31)) i.0) 2.700 4,300 I,cKJo 6,300 20,OCQ iO.CKK) 2,500 1.1 University Education The Sherlffs. & Recorder's Fund School Home Support Talent Ed 9,580 I,oco 2,OCKJ Greenhouse Sports Klng Henrfs Walk Garden 8ookm3rk Aeadin8 Chaflty Guildhall School of Muslc & Drama London Excellence kademv St Clements & Si James Community Development Projert St Mary-le-Bow Young Homeless Charity My8nk' Grants of less thèn £1? I,OCN) i.oc4J I,oco 12.40)) 2,731 97.803 3,590 131.826 •The 2017 programme wilh Feltham Youn8 Offenders was goin8 to be repeated in 2018, for which 8rant or £2.4CKI wa5 approved. In the end, this PfO8ramme did not take pla so the amount was wrltten back in. 15
THE INTERNATIONAL BANKERS CHARITABLE TRUST Notes to the Financial Statements (continued) Support Costs 2022 2021 Staff costs 27.237 16,704 2.978 27,237 16,704 2.865 95 Occupancy costs Investment Management Fee5 Bank charges Governance costs- Independent examination fee Annual Banquet 1.8C(I 2.295 51,082 48,701 Employees Staff costs relate only to a ie¢har8e from The Worshipful Company of International Bankers. The average monthly number of employees durin8 the year was I12021- 11. There were no employees who re1ve lotal employee benefits of more than £60.000. Investments 2022 2021 Investments at 01 October 2021 Addltlons Oisposa15 Revaluatlon Movemènl in cash holdln8S Investments at 30 September 2022 1.019,284 882,111 128,000 1128,CQOI 137,116 57 190,8731 928,411 1,019,284 Investments at fair value comprise: Llsted Investments 928,411 1,019,284 All the fixed a$5et investments are held In the UL Debtors: Amounts falllng due wlthin one year Trade Debtors 14.241 I,iio Accrued Income 51.192 61,013 Prepayments 16,734 65.433 78,857 16
THE INTERNATIONAL BANKERS CHARITABLE TRUST Notes to the Financial Statements (continued) Credltors: Amounts falling due withln one year Deferred income 32.850 Other accruals 14,4 3.6C 14,4CQ 36.450 During the year. deferred income brought forward of £32.850 was released and income of £NII was deferred. resulting in a carried forward balance of £Nil at the year*nd. Deferred intome related to bookings for events whith had been delayed until aftef the year-end due to COVID. Trustee Expenses The Trustee is considered to be ihe Key Management Personnel of the Charity. The Trustee received no remuneratlon12021.. £nill. No expenses were incurred by the Trustee in the year12021.- £nill. io Fund Re¢on(illatlon The funds of the Trust Indude segr4ated funds comprisini the followin8 unexpended balances.. Mo¥em•nt In Funds At l Ortob•r Incomlni Resourte5 Expended Resour¢•s Gthlnsl Losse$ 30.09.12 Al 2021 Unrestrlcted: General Reserve 386.054 7.687 128,1711 12CKI.2571 144.5281 357,889 577,868 Unrestricted Fund Resirkted: Past Masters Fund KC Wu Memorial Fund 254.966 140,796 8S.987 1.180524 110,8361 111,8131 6,361 190,873 118,151 79.628 1,133.536 254.978 211.093 li Analysls of Net Asset5 between Funds Unrestrkted KC Wu Past Masters Total Funds Funds 2022 Fund 2022 Fund 2022 2022 Fixed asset investments Current assets Creditors due wiihin one year 781.851 168.3( 114,4(Kil 935.757 52.297 27.331 94,263 23.888 928.411 219.525 114,4001 1,133,536 79.628 Detslls on each of the funds above can be found in Note 1.8 on page 14.
THE INTERNATIONAL BANKERS CHARITABLE TRUST Notes to the Flnanclal Statements (continued) 12 Related Party Transact15 The Worshipful Company of International 8ankeTS, the 501e Trustee of thi5 Charitv, recharged salary and occupancy costs to the Yrust of £27.237 12021.. £27,237) and £16,70412021: £16.7041 Tespectrvely in the year. During the financial year the Charity also invoiced The Worshipful Company of International Banker5 £78,01812021'. £78.8571 for voluntary donations that were collected on behalf of the Chority. At the Balance Sheet date an amount of £14.241 was due io the Charity12021.' £8101. 13 Agency Arrangement During the finanaèl year the Charlty acled as agent for The Securlties Flnance Ball ISFSCBI in or8anisin8 a fvnd raising dinntr on 12 May 2022 at Plaistererfs Hall. The Charity processed income of £129,732 and paid expenses of £74,132 on behalf of SFSCB. At the Balance Sheet dale an amount of £9,c was held on behalf of SFSCB. 14 Post Balance Sheet Event The Charlty recelved a number of one-ofl le8ac¥ donatlons on 31 January 2023 totalling £409.832. primarily emanating Irom UK domiciled and regulated banks, with the residual from the London Offi of rtain Eufopean. North American and International banks. 8anco de Sabadell S.A. Bank ol Ireland UK PLC Barclays 8ank PIC Brilish Bankers, Assoclation Le8acy CAF Bank Ltd Cambrid8e & Countle5 8ank Umited Danske Bank Hampden & Co HSBC Privaie Bank Limited Monzo Bank Limited Nailonal Bank of Canada National Bank of Kuwait Ilniernaiionall plc Northern Trust Global Servlces timited Royal Bank of Scotland Pl Secure Trust Bank PIC Tesco Personal Finance PIC £572 £5,083 £204,521 £82,524 £572 £572 £1,142 £572 £2,S78 £S72 £572 £710 £3,148 £102.260 £997 £3.437 £409,832 18
THE INTERNATIONAL BANKERS CHARITABLE TRUST 15 Statement of Financial Artivltles For the Year ended 30th September 2021 Notes 2021 2021 2021 Past KCWU Masters Fund Fund General IReJtr*todl 1Re¥thtt) Reserve 2021 2020 Unre5trirted Funds Tot•1 Funds Income and Endowments fvoffl: Donations Re¢elvable - WCIB members and others Fund Raising Event . Lombard Appeal Income Tax recoverable under Gift Aid Investment Income Interest Receivable Divldend Received 103,321 93,223 6,461 14,695 14,748 875 Tot•1 Incam• 118.017 115,307 Expendlture on: Raising Funds . Lombard Appeal Expense . CAF Fees Charttable ArtNities Grants paid to instr¢utSon5 - Support Cost5 183 75 87.180 48.701 10,623 97 ILhJ,768 47,543 Total Expenses 135,980 10,623 X46M3 148,569 Net SurplusllDeflcitl 117.963) 110,6191 6 {W74} 133,2621 Net Movement In Funds before unrealised Galn {17.9631 110.6191 I274} 133.2621 Unrealised Gain on Investment 67.187 9,598 17,825 42,506 39,602 Net Movement In Funds 49.224 7.206 42.512 ICA542 6,340 Funds Ixought forward at 01 Ortober 2020 518,463 76.387 133.59) 343.542 ' L97 1.065,642 Funds carrled forward al 30 September 2021 S67.687 85,987 140,796 386.054 IJW24' 1.071,982 19