Charity number: 1088658
# THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## CONTENTS
||Page|
|---|---|
|Reference and administrative details ofthe Charity, its Trustees and Advisers|1-2|
|Trustees’ report|3-11|
|Chairman's statement|12-16|
|IndependentAuditors’ Report|17-19|
|Statement of financial activities|20|
|Balance sheet|21|
|Notestothefinancialstatements|22-29|
THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021
## Trustees
- During the year ending 30 June 2021, there were a number of changes: e Due to COVID-19, the current Master's term started from 16 September 2020, and therefore her ex officio appointment was between 16 September 2020 to 23 July 2021.
- e Anew Clerk (Adrienne Harper) was appointed from 1 December 2020 which also resulted in a change of the principal trading address and the bank mandate.
## The Trustees during the financial year were:
- e Claire Palmer, Chairman from 30 January 2020, Trustee (Appointed 31 January 2018, to 30 January 2022)
- e Yasmeen Stratton, ex officio Trustee as Master (Appointed 16 September 2020, to 23 July 2021)
- e Kate Bright, Trustee (Appointed 15 April 2020 to 14 April 2022) e James Brown, Trustee (Appointed 18 July 2019, to 17 July 2023) e Ashley Fernandes, Trustee (Appointed 15 April 2020 to 14 April 2022) e Peter Fraser-Hopewell, Trustee (Appointed 15 April 2020 to 14 April 2022) e Josef Khan, Honorary Treasurer from 22 October 2019, Trustee (Appointed 15 April 2020 to 14 April 2022)
- e Paul Miller (Appointed 23 November 2016 to 22 November 2022)
- e Crawford Robinson, Trustee (Appointed 23 November 2016, to 22 November 2022) e Steve Marshall, Trustee (Appointed 31 January 2018, to 30 January 2022) e Stuart Seymour, Trustee (Appointed 13 June 2017, to 12 June 2023) e Vicki Vidler, Trustee (Appointed 18 July 2019, to 17 July 2023)
## Charity registered number
1088658
## Registered office
Saddlers' Hall 40 Gutter Lane London EC2V 6BR
## Principal address
From 1.12.2020 To 30.11.2020 Adrienne Harper Tricia Boswell 36 Queens Road 4 Holmere Farm Cottages North Warnborough Goose Green Odiham Ashill Hants RG29 1DN Thetford IP25 7AS
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021
## Advisers
Independent auditors
Daniel Reid FCA (Senior Statutory Auditor) Donald Reid Limited Chartered Accountants and Statutory Auditors Prince Albert House 20 King Street Maidenhead Berkshire SL6 1DT
## Bankers
Lloyds Bank Plc 39 Threadneedle Street London EC2R 8AU
EFG Private Bank Limited Leconfield House Curzon Street London W1J 5JB
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## Accountants
Jane Knights Tanglewood, Bath Road, Marlborough, Wiltshire SN8 1NN
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021
The Trustees present their annual report together with the financial statements of The Worshipful Company of Security Professionals Charitable Trust (the Charity) for the year ended 30 June 2021. The Trustees confirm that the annual report and financial statement of the Charity comply with the current statutory requirements, the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).
The Charity was originally registered under the name The Guild of Security Professionals Charitable Trust Fund.
## Objectives and Activities
## a. Policies and objectives
The Worshipful Company of Security Professionals Charitable Trust is a grant-making Trust focused on the wider world of Security. The Trust primarily funds charitable organisations in the UK although it has, in the past, funded a small number of overseas projects which both satisfy the funding criteria and usually have a UK connection so that the Trust can ensure that funds are being well used.
## The objects of the Charity are:
general charitable purposes, including the benefit of other charitable institutions, in any part of the world except that; at the Trustees’ own absolute discretion they may at any time sub divide the Trust capital and by revocable or irrevocable deed declare particular Trusts for any part of the trust capital; save that these purposes and trusts shall be exclusively charitable within the meaning of English law (the “objects”).
## b. Grant making policies
Trustees award three types of grant:
. Small grants, under £500 ° Medium grants, £500 - £5,000
: Large grants, over £5,000. Large grants are only given to charities known to the Trustees and in all probability where a smaller initial grant will have previously been made. There is no requirement on the Trustees to make any large grants in a financial year. Applications for large grants will automatically be rejected unless they are discussed with the Clerk and Chairman prior to submission to a meeting of the Board of Trustees.
The Trust receives more applications than it has funds to support.
## c. Strategies for achieving objectives
As “The Charitable Trust of the Security Industry” the Trust’s grant-making focuses on the identified sectors (as below) and helping those in need from or connected to the wider world of security. In the last 18 months, Trustees have been asked to proactively identify areas in the industry where support can be targeted and is needed. Whilst applications still received detailed consideration from Trustees, this approach helps to ensure that the availability of the Trust's support is known in the industry and by those who work to support those in the industry. Members of the Worshipful Company of Security Professionals (“VWWCOSP”) are also encouraged to bring potential causes to the attention of the Trustees.
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In this last year, this has led to the establishment of the COVID-19 Crisis fund (“the COVID Fund”) which is directly targeted to assisting front line security professionals who have been hospitalised with COVID-19 or the families of those security professionals who have sadly passed away with COVID-19. This came about from a combination of one of our Trustees, a Past Master, who highlighted the issue and with unanimous support from the Trustees and support from the WCOSP, led to the creation of the fund.
The Trust works to a detailed annual budget which is approved by the full board of Trustees. The Trustees’ grant budget is based on the previous year’s donation and investment receipts which allows a budget for grant donations to be set and allocated over the various sectors.
The Trust's grant-making, from its unrestricted fund, is developing to become more focussed on supporting selected projects over a longer term plan rather than being primarily reactive. Donations from the Security Benevolent Fund (a Reserve Fund) remain and will always be predominantly reactive due to the nature of individual hardship applications from retired and current employees (or their families) from within the security sector, military or blue light services. However, the allocation of funds maintains the ability to be dynamic and where meritorious applications are made or areas where support is needed identified, the Trustees will consider those applications even where the specific money has not been budgeted. This has included setting up the COVID Fund, although the initiative has not required significant support from Trust funds as it has been well supported by the industry and by personal donations from WCOSP members.
The Trust prefers to fund small to medium-sized organisations. The majority of grants are for one-off projects or where the funds support a clear ongoing project within an organisation; the Trust does not normally consider grants to fund salaries or general running costs.
The Trust favours organisations which make good use of volunteers and encourage past and current users to participate. The Trustees are aware of their responsibilities to help the wider community.
In addition to the basic thrust of the Charity which is to help all people in need in the wider world of security the Trustees always look to seek ways of providing additional help and support to the wider public community. This can be through providing publicity opportunities at events or facilitating access to organisations and facilities such as with the Whittington Course and by the support of other organisations and bodies.
## d. Activities for achieving objectives
A named Trustee takes responsibility for each of the projects that the Trust supports. A named Trustee is also responsible for each reserve fund. The Trustees report back on the activity within the project they have responsibility for and on any significant events that could or will impact on the performance of the sector against the budget and the plan going forwards.
## e. Short and long term objectives
The short term objectives are covered by the annual budget and the longer term objectives are covered by the rolling five year business plan which is updated annually as part of the budget process. As at the last year end, the Trustees team was relatively new, with a new Chairman, Deputy Chairman and 3 new trustees in the financial year. To that end, it was decided that Trustees should have a period of time settling into their roles and learning about the workings of the Trust, before holding a strategy day to set the direction of the Trust. It was hoped that this could take place in person to maximise creativity and discussion which is harder remotely. This has not yet been able to take place and has been more challenging in the current year given COVID-19, the workload of our volunteer Treasurer and Trustees in their professional lives and the continuing restrictions. The intention is to arrange the
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2021
strategy day as soon as we are able, but also to review and update the budget more regularly.
## f. Main activities undertaken to further the charity's purposes for the public benefit
Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty of Section 17 of the Charities Act 2011 to have due regard to it. The Trustees considered that the Trust's aims, activities and achievements in the many areas of interest that the Trust supports demonstrates the benefit to its beneficiaries and through them to the Public, that arises from those activities. Of particular note, in this financial year, the Trust set up the COVID Fund in response to the COVID-19 pandemic and the impact on those in the security industry.
## Significance of volunteers in activities
The Charity does not formally use volunteers in its activities.
## Achievements and performance
a. Key financial performance indicators
The Charitable Trust operates a detailed annual budget and rolling five year business plan. Management Accounts are submitted to each meeting of the Trustees to allow performance to be tracked against budget.
b. Review of activities
2020/2021 was another challenging year largely due to the continuation of the COVID-19 pandemic, the ongoing set of restrictions on people's lives which has prevented face-to-face meetings, hugely increased the workload of already busy professional trustees, and led to more volatile stock and share values as well as the consequential difficulties faced by organisations that the Trust supports in raising funds and delivering their good works. However, there has been a good recovery in the value of the Trust fund (EFG portfolio) and the EFG fund has overall increased from the second half of the financial year. Notably, as a consequence of the EFG portfolio rallying, the value of the Trust fund has reached the £1,000,000 mark for the first time during this financial year.
Due to the significant uncertainty, the Trustees had set a cautious budget for the 2020/2021 financial year, particularly in relation to projected income, although Trustees were also keen to ensure that meritorious applications would not go unfunded. As a consequence of the COVID-19 pandemic and the restrictions, all Company in-person events were cancelled and there was a reduction in new Members during the financial year but initiatives from the Company to raise money for the Trust through online events and remote freedom ceremonies meant that there remained income. Throughout the financial year we received good number of applications for the SBF, and were able to approve all that met our criteria. Most notably, the Trustees decided to create a new Reserve fund: the COVID Fund to respond to the impact of the pandemic on the industry. Trustees considered that this was an important initiative and there was full support from the Trustees. It was decided that the Trust would be prepared to fund up to £20,000 towards the Fund, but that funds would also be sought from the industry. This was an agile change to the budget, and allowed the initiative to be supported and to have sufficient backing to start. However, we were delighted at the backing received from industry and to date the Trust has donated £5,000 to the fund, with an additional £2,000 from the Master's fund. The remaining monies remain available if there continues to be a take up to the fund.
Additional caution was exercised particularly pending clarification of the likely impact from the pandemic, which remained uncertain as the lockdowns and restrictions continued for the whole of the financial year rather than just part. However, there were no applications that were rejected on the basis of financial uncertainty, given the significant reserves, and the rallying financial performance of the EFG fund.
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021
The results for the year are overall better than the budgeted results which is mainly due to the gain on revaluation of £120,969 from EFG fund and are therefore regarded as good in such challenging times. The total income during the financial year was £70,489 compared to budgeted income of £38,481, which is significantly higher than the budget, this is mainly due to the COVID Fund that had income and included donations of £22,122. In respect of donations:
- e The Trustees can report that the Charitable Trust made donations of £33,770 at just over the level budgeted of £32,200, in respect of charitable donations excluding the five reserve funds.
- e The Security Benevolent Fund donations were 86.2% (£11,172) higher than the budgeted amount £6,000, although Trustees considered it important to support all applications that met the criteria given the challenging times. Similarly, there were Covid fund donations of £8,750.
- e Disney donations were of £4,807 compared to budgeted amount of £5,000, although this donation directly matches the monies raised and is therefore a figure outside the control of the Trustees.
- e However, due to the lockdowns and only one physical event held during the financial year, no donations were made towards the Loof Travel Bursary and Whittington Funds. It is expected that donations will start to be made again in the next financial year as restrictions start to lift.
Therefore, during the year the total level of grants made amounted to £58,499 (compared to 2020: £39,235, 2019: £58,411, and 2018: £50,464). The Trustees are constantly reviewing the processes to ensure greater awareness of the reserve funds are being communicated to the members of the company and wider audience, as well as encouraging applications to the Trust fund for projects not covered by the reserve funds.
The value of the reserves increased by £116,619 above the budgeted level at the year-end due to the increase in investment values at year end. However, it should be noted that during the course of the previous financial year, the value of the Trust varied dramatically given the volatility of the stock market, although this financial year has seen greater stability and a return to growth. Trustees discussed with EFG at that time the impact of the pandemic and the decision was taken to maintain the existing strategy, as otherwise the losses would have crystallised. The Trustees have continued to keep the value of investments under review and have been pleased to see the return of stability and subsequently growth. As at year end, the reserves were increased to £1,097,519 after expenses (compared to 2020: £980,900).
## c. Investment policy and performance
As reported in the last Annual Reports, the Trustees adopted a new balanced investment strategy with effect from 1 April 2018 which slightly increased the risk in the anticipation of increased return. The objective of the balanced investment strategy, in these times of very low interest rates, being to increase the return from the portfolio to allow the level of donations to be maintained while managing the level of risk.
The Trustees continue to monitor the performance of the portfolio regularly at Trustee meetings and to have a formal annual review of the Portfolio. Prior to the pandemic, this has been dealt with by representatives of the EFG Investment Fund management team attending a full Trustees meeting in person. The Trustees undertook a review at the end of the previous year in light of the COVID-19 pandemic and agreed that there was no need to any change in investment strategy, rather that to do so would crystallise losses. That decision has been the correct one, with the fund increasing over time, and where there were any reductions month on month, they were at an acceptable level. In light of the COVID-19 pandemic, dynamic reviews were held on an ongoing basis, with the Treasurer and Chairman receiving the monthly statements each month and the same being circulated to Trustees. This would ensure that any changes could be made promptly. It was decided that no action was required. A formal review with EFG is scheduled to take place early next financial year.
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## a THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST a TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021 a
## Financial review
## a. Going concern
After making appropriate enquiries, there is reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
## b. Reserves policy
The current Trust reserve policy was approved at the Trustees meeting on 21 March 2018.
In 2018, the risk profile of the fund was altered in order to maximise growth going forward bearing in mind the changes to the way the fund will be managed after the end of the 21-year Accumulation Period in March 2022. However, Trustees are aware of the need to maintain levels of donations and to ensure that worthy projects are supported. This has not adversely affected the level of donations in this financial year.
The Trust has five reserve funds including the new reserve fund created this year to support the people affected by the pandemic (the COVID Fund). Generous donations of £22,122 were received in this financial year for the Covid Fund and this reserve fund is intended to support those in the security sector seriously affected by the pandemic (hospitalised or where a security worker has passed away due to COVID-19). The Security Benevolent Fund and the Disney Fund, and the Per Loof Travel Bursary Fund are intended to be long term. The Whittington Fund remains open, but due to COVID-19, no course took place during this financial year.
## c. Principal funding
The principal sources of income are donations from the Spring Dance organised by the Worshipful Company of Security Professionals, membership joining fees and freedom fines from its membership, and capital growth. Where possible, the Worshipful Company of Security Professionals, make a donation to the Trust at the end of each financial year. Given COVID-19, no such donation was made this year, and it is expected that this may not be possible next financial year, given the need to invest in the Company and the continuing uncertainty regarding events, and potential greater costs. The budget for the financial year 1 July 2020 — 30 June 2021 which was considered to be realistic and achievable was approved at a meeting of the Trustees on 13" May 2020.
The Trust has also maintained a fundraising initiative within the Security Industry to raise funds to support the Security Benevolent Fund and the COVID Fund, and the latter has been a principal source of funding in this year, given the excellent fundraising for and support for this initiative.
## Structure, governance and management
The Trust is run by the Board of Trustees.
All services required by the Charitable Trust are provided by either companies or independent contractors. Services are provided either against a formal quotation or a written specification. All payments are made by bank transfer or cheque or standing order against an invoice and are recorded in the Charity's computerised accounting system.
All cheques issued by the Trust require two signatures from a total of four signatories. These were amended at the January 2020 Trustees meeting and now include three Trustees (the Chairman, Deputy Chairman, and the Honorary Treasurer) and the Clerk. Accordingly, every cheque must be signed by at least one Trustee. The Trust
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021
## does not have any petty cash and no payments are made by cash.
The Trust now uses internet banking to facilitate online Banking.
EFG completed a renewal of the mandate which was completed at the start of the financial year. This involved the provision of identification documents by all Trustees.
## a. Constitution
The Charitable Trust is registered with the Charity Commission and was constituted by deed on 27 March 2001 and amended by supplementary deeds dated 5 May 2004, 10 March 2010 and 4 June 2014.
There have been no changes in the objectives since the last Annual Report. However, this is the last full financial year within the Accumulation period (the first 21 years of the Trust) and within the next financial year (from March 2022) the legal position changes. The Trustees have this issue firmly on their agenda and it is the key point to be discussed at the forthcoming Strategy Day both within the Trustees but also in conjunction with the Company.
The Strategy Day will also consider whether there need to be any revisions to the Trust Deed to reflect the end of the Accumulation period, whether to increase the number of Trustees, and whether any other changes are needed. The forthcoming budget includes an allowance should legal advice or other costs be involved.
The Trustees have also considered whether the Trust should become a CIO and there are ongoing discussions and consideration of this point in consultation with the Company.
## b. Method of appointment or election of Trustees
Trustees are recruited in accordance with the Trustee Recruitment document and process, in that vacancies are advertised to the Members of the Worshipful Company of Security Professionals. Trustees' selection is based upon the requirements of the Charity and takes into account the relative experience and ability of the respective applicants, while satisfying the requirement that the maximum number of Trustees is twelve; comprising one ex-officio member and up to eleven Trustees (of whom not less than five must be non-Court members). Trustees are appointed for a two year term. All Trustees have equal voting rights save the Chair who has a second or casting vote. The Court, which is the governing body of the Worshipful Company of Security Professionals, confirms the appointment of Trustees. The Master of the Company is offered the ex-officio position during his/her time as “the office holder’ but may nominate an alternate in advance of the start of the year.
## c. Policies adopted for the induction and training of Trustees
A Trustee starter pack containing all the core documents and information is provided electronically to all new Trustees. The Trust also budgets each year for Trustee training. This is to allow new Trustees to attend relevant courses and for established Trustees to attend courses relating to general Trustee responsibility and legislative changes as well as courses relevant to the areas for which they take specific responsibility.
## d. Pay policy for senior staff
The Charitable Trust does not employ any staff and has no plans to employ any staff in the budget year or in any years covered by the five year business plan.
The Clerk, who works for the Charity for around half a day a week, is provided without charge by the Worshipful Company of Security Professionals and is paid through the Company's payroll.
The Treasurer is an honorary position and the office holder does not receive payment.
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# THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021
None of the Trustees including the Chair of the Board of Trustees receive payment for being in office.
## e. Organisational structure and decision making
The Trust is run by the Trustees.
Grants and Donations are all approved by the Board of Trustees, a simple majority being required.
The Security Benevolent Fund (applications from individuals), COVID Fund, and Education are separate sector responsibilities, and a Trustee is allocated to each of these so that applications and activities in a nominated area are then looked after by a particular Trustee. From May 2020, applications made to the Charitable Trust that are approved are allocated a nominal Trustee to maintain the relationship and to encourage consistency in reporting.
The Trustees must hold at least two meetings each year.
A quorum at a meeting is three Trustees or half of the number of Trustees present in person, whichever is the greater, save that if the number of Trustees shall fall below three, the remaining Trustee(s) can and must act to preserve the Trust assets and appoint new Trustees as soon as practicable. Except where otherwise provided in the deed, every issue may be determined by a simple majority of the votes cast at a meeting of the Trustees. Except for the Chairman of the meeting, who has a second or casting vote, every Trustee has one vote on each issue.
Any expenses incurred by a Trustee, which do not include costs associated with attending Trust meetings, can be reclaimed by the Trustee on a formal Charitable Trust Expense sheet supported by valid receipts.
## f. Related party relationships
The Worshipful Company of Security Professionals is a related party due to the fact that the Court confirms the appointment of the Trustees of the Charity.
## g. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate any exposure to the major risks. Some further discussion of this is set out below.
The Trustees monitor training opportunities and nominate Trustees to attend any relevant training courses that are identified. All Trustees are required to complete a conflict of interest form annually, which is reviewed by the Chairman, and one other Trustee, annually. Individual trustees are also expected to consider whether any particular application creates a conflict and declare it accordingly.
The Trust is registered with the Information Commissioners Office, and is separately registered from the Company.
During the financial year, the Trustees commenced a review of the risks including giving consideration to the imposition of a formal risk management policy and risk register and to formalise the consideration of the areas of potential risk. This has not yet been formalised and it was hoped to cover this in some detail at a strategy day, which as explained above has not yet taken place. However, the Trustees have considered the risks during this financial year, and are mindful of the legal obligations as Trustees, as well as the need for good corporate governance.
Given the nature of the Trust, as being a primarily grant making organisation with no employees or volunteers, the risks overall are assessed as low. The Trust ensures good governance in respect of the projects supported by
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2021
requiring applications for funding and reporting from those that are supported, as well as having a designated point of contact, and there are clear financial controls in place.
One area of risk highlighted is regarding the potential lack of income from the Company in any given year. However, given the level of the reserve funds, it is not assessed that this would be significant and, as this financial year has shown, the Trustees will continue to support charitable initiatives when they meet our criteria even when our income levels have or might be reduced. However, we do so, with more caution given the desire to maintain a fund on an ongoing basis and to continue the good work over many years to come. A further risk is that relating to the volatility of the stock market given the investment in reserved funds. Again, Trustees have considered this, and the investment strategy is kept under review as set out in this document. The Trustees are also mindful that this is a long term investment strategy and short term losses, whilst requiring review, do not necessarily mean that the strategy should be changed. As this financial year has shown, it is important to not crystallise ‘paper’ losses, and the Trust’s overall financial position has allowed it to ‘weather the storm’ and in fact bounceback stronger. Nevertheless, Trustees are not complacent and a meeting has been set for early in the next financial year for a more formal review of the investment strategy as the world starts to open up again from the pandemic.
Finally, this year has also demonstrated circumstances in which there was an obvious additional need for support within the industry in the context of the COVID-19 pandemic. Because the Trust keeps its donations under review each year, and considers any ongoing applications at least once a year, the Trust does not have formal financial commitments on an ongoing basis. Nevertheless, it has sought to give the projects it supports some certainty that subject to reporting it will continue to fund the projects over a three year period. The level of the reserve fund has given us flexibility to be able to respond in an agile way to the COVID-19 crisis by setting up the new fund. Although, as set out above, the commensurate increase in donations to a specific cause were also notable.
## Plans for future periods
## a. Future developments
The Charity intends to continue to operate in the established format. It has no plans to directly employ staff or to take on office space commitments.
The Charity intends to continue to look for new funding sources from within the Security Industry and to work with other groups within the Industry who raise funds for Charitable causes.
The key future development is the review of the Trust’s position given the impending end to the Accumulation Period in March 2022. This will be dealt with during the forthcoming financial year and in discussion with the Company.
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THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2021
## Trustees’ responsibilities statement
The Trustees are responsible for preparing the Trustees’ 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 Trustees 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 trustees are required to:
- ° select suitable accounting policies and then apply them consistently;
- ° observe the methods and principles in the Charities SORP;
- ° make judgments and accounting estimates that are reasonable and prudent;
- e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (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.
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Claire Palmer
Chairman
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Josef Khan
Trustee & Hon Treasurer
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 30 JUNE 2021
## Chairman's statement
The report that follows was written on 18th July 2021.
At the start of the financial year, the world remained in a global lockdown, with plans to open up and ease restrictions in July 2020. However, the easing of restrictions did not last for long, and there were further lockdowns over the course of the year which continued and remained in effect at the end of the financial year, albeit with some variations. This has therefore been a year of continued significant change for everyone and great uncertainty as to whether restrictions would lift and whether events could take place.
When | took over as Chairman of the Trust, with effect from 30 January 2020, it was intended that we would have in person meetings, plentiful opportunities for raising the profile of the Trust and its projects through Trustee attendance at events, and would be able to meet for a strategy day in Autumn 2020 / Spring 2021 once the new team had had an opportunity to learn about the Trust, its existing initiatives and projects. Unfortunately, throughout this financial year, there has been no option for an in person meeting at any time, and all meetings have been conducted over Zoom or MS Teams. The Trustees, who are all (save one) working full time, have also been extremely busy in their professional lives, working longer hours and juggling domestic commitments alongside their Trustee roles and other volunteering initiatives. Many of the projects that we have supported over the years have faced challenging times and have had to change how they do their business. The level of uncertainty of the world we have been facing has made it all the more challenging to consider the future of the Trust and it was decided to await the return to some normality before conducting a fuller review of Strategy. | wish to record at the outset of this report my gratitude to each of the 11 trustees with whom | serve on the Trust Board, our clerk (now Adrienne, but also Tricia for her continued support) and the accounting support from Jane Knights, the hard work of our Treasurer, Josef Khan, as well as the work of our auditors and accountants and to EFG (for managing our funds). | also remain extremely grateful to the former Chairman of Trustees, Jeremy Batchelor, as well as former trustees, Nigel Churton and Roy Penrose OBE QPM who have all continued to support the Trust and supported me personally.
## 2020/2021
It has been a challenging 12 months with much uncertainty as set out above, but | am pleased to be able to record that the Worshipful Company of Security Professionals Charitable Trust has nevertheless had another successful year. During the year, the Trustees approved and made grants of £58,499 which was above the level budgeted, and we were able, at the same time, to achieve good growth in our capital fund despite the impact of COVID-19. This was all achieved against a backdrop of remote meetings and a new set of trustees who have had to get to know each other without being able to meet in person. The Trust was aware from industry knowledge and the media that those in the security sector have been particularly affected by the COVID-19 pandemic. During last financial year, applications that were capable of support by the Security Benevolent Fund had reduced and as at the end of the financial year only 22.5% of the amount budgeted had been paid out. The Trust's focus has been to ensure that Members are reminded of the Security Benevolent Fund and encouraged to ensure their workers and colleagues are aware of the resource. Members of the Worshipful Company of Security Professionals have been encouraged to highlight any worthy causes for the Trust's consideration.
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THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 30 JUNE 2021
As expected, we received an increase in applications in this financial year, and were able to approve £11,172 in payments under the SBF. Originally, the Trust had budgeted for £6,000 at a time when the Trust's financial position was uncertain and with the volatility of the stock market. However, Trustees continued to approve applications that met the criteria and, once it became apparent that the Trust fund was not only stable, but growing, Trustees continued to approve applications through the year.
At the same time, with thanks to Peter French and Crawford Robinson for their encouragement, and to Ashley Fernandes for his sterling work on it, the Trustees agreed to establish the COVID Fund. This fund provides payments of £250 to those security workers who have been hospitalised with COVID-19 or £500 to the families of a security worker who has passed away due to COVID-19. The payments were set at that level to ensure maximum support across the industry and a deliberate decision was to make the awards non means-tested and to put no caveat on how the money was spent. We have been delighted at the support shown to this Trust by the Worshipful Company of Security Professionals who raised money for the Fund at events and also to the wider security industry including donations from individuals.
We were particularly delighted that the COVID fund was the recipient of a significant donation (£9,372.23) from the Security Industry Authority as well as £5,000 donations from ICTS UK Ltd and David Ward and £2,000 from Profile Security Services. In addition, the Trust decided to allocate £5,000 representing monies raised at the Christmas event, and the Master kindly donated £2,000 of her Master's fund. Overall, the COVID fund has received donations totalling £29,122.23. During this year, the COVID fund has approved 24 payments, 13 to those hospitalised and 11 to the families of those who have lost a loved one. The Trust proposed to continue to fundraise for this initiative and to provide support for those in the industry continuing to be affected by COVID19. However, it is anticipated that the COVID Fund will be a short term initiative and the aim is to allocate all of the money raised within a 2-5 year period.
In last year’s report, it was noted that the level of uncertainty in financial markets and in the real economy required the Trustees to remain vigilant as to how a potentially volatile economic and geo-political world may affect the ability to grow the fund, and that downside risk may even result in a negative outcome. Towards the end of last financial year, the investment fund significantly reduced in value as the global pandemic hit. Trustees reviewed the risk profile of the fund with our fund managers, and the strategy to maintain the risk profile has proved a good decision during this financial year.
At the end of the year the Trust had reserves of £1,097,519 which included £1,052,418 under the professional management of EFG Private Bank. The Trustees monitored the monthly figures in respect of EFG, noting that by the end of 2020, the fund had reached the £1 million mark for the first time. Given the continued uncertainty, Trustees were keen to see that this was a figure that could be maintained, and were pleased to see that over the second half of the financial year, the fund continued to grow. During the financial year our managed funds provided £120,969 in capital growth (less fees).
Reaching the £1 million figure for the Trust fund is significant and is the outcome of many years of hard work from previous Trustees and Chairman, but also more importantly from the Worshipful Company of Security Professionals. It is due to the foresight of those who set up the Trust, and the Masters that have stewarded the Company over that time, as well as the support of the members, that has made this possible.
Whilst it might seem like a large sum of money, we will need to continue to fundraise to be able to ensure that we can be more ambitious with our strategy and donations. This value of Trust fund will generate good levels of income year on year, subject to the financial climate, and to have the security of many years to come. It is now also time for the Trust in conjunction with the Worshipful Company of Security Professionals to discuss the next stage of the Trust's life, particularly as the accumulation period (21 years from inception) is due to expire in March 2022, during the next financial year.
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 30 JUNE 2021 sgee The Trust's income for the year to June 2021 was £70,489, which wasa slight increase on last year’s income of £69,866 and significantly above the (conservative) £38,481 budgeted. However, as with last year, this income reflects the continued impact of the change in investment strategy (and of COVID19) which has meant that we have been able to grow the capital fund whilst maintaining the level of budgeted donations.
It is also testament to the Worshipful Company of Security Professionals who through event income (the Virtual Spring Ball and Virtual Christmas Party, and a donation regarding the Commissioners Dinner), direct debits from members, and through members and Trustees ensuring donations whether to the SBF, COVID Fund, Disney, or the general Trust have ensured that there continued to be other sources of income. Particular thanks to the Master for all her support this year, but also to Membership and Fundraising, and a number of other individuals, including the always ready Peter French for his support in fundraising.
Beyond the important matter of managing and growing the capital fund, the main areas of activity with regard to donations have remained unchanged this year, with the Trust continuing its support of Education, City of London-based causes, and other charities, generally but not exclusively, connected to the wider security sector. The Security Benevolent Fund continues to be one of the busiest areas of the Trust's work, and | am particularly indebted to James Brown (the Trustee with Welfare Responsibility) who works tirelessly to administer the applications to this reserve fund as they come in. He is now assisted by a second Trustee, Steve Marshall, and they are also supported by Crawford Robinson. | am extremely grateful to all of them.
Applications to this fund are received from individuals within the security sector who find themselves in hardship or in need, and each one has to be researched and compared with the Trust's funding criteria before a decision is made. The Security Benevolent Fund is where we see the financial uncertainty referred to above also impacting the everyday lives of those “just about managing” and applications to this fund show no sign of reducing. During this financial year, the form has been reviewed and a guidance note drafted to assist applicants in completing the form. Steps have also been taken to liaise with the professional and charitable bodies that recommend applicants and to help them identify the most worthy cases.
We are also particularly excited by the recent news that Esoteric Ltd will donate £200 to the SBF every time a client refers another colleague or organisation to them. Another Peter French initiative, and we are grateful to him and Esoteric.
Education remains an important area of the work of the Trust which supports both the Harris Garrard Academy in Bexley and the Reed's School Foundation. At Reed’s School, the Trust supported the Foundationers’ scheme which provides scholarship funding for pupils who have lost one or more of their parents; the Foundationers supported by the Trust all come from families with links to the security sector. The students supported are in their final year and as this financial year concludes, so does their time at the school. We wish them all the best for the forthcoming year.
The Harris Garrard Academy in South-East London remains an important priority for the Trustees, with support coming via the Endeavour Award for Year 13 students who are going on to tertiary education. The Trustees are currently considering the level and type of support it will offer in the next financial year given the changing landscape of tertiary education and the impact of the pandemic. Whilst the Whittington course has been unable to go ahead this year, this is only because of the timing of COVID 19 and the Trustees will support any future course when it can take place. The Trust is particularly grateful to Steve Marshall, who is the Trustee with responsibility for Education and also to the Hon Simon Imbert for his continued support of the Education portfolio of the Trust.
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THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 30 JUNE 2021
The Trust has also made donations to a number of professional organisations in this financial year. There were seven donations of £1,000 or more, each of which is summarised below.
Donations of £1,000 were made to London Air Ambulance who continue to deliver emergency services in the most challenging of circumstances (two payments show as one was a payment made that was approved last year), and to the Lord Mayor's Fund. The Trustees continue to support Build Up foundation which delivers construction projects in communities facing intense deprivation, donating £1,800 this financial year.
A donation of £3,750 was made to PTSD Resolution, a charity provided mental health support to armed forces veterans. The donation was doubled due to matched funding. The Trust also continues to support Friendship Works, a charity providing mentoring and support to vulnerable children with complex needs including domestic abuse, mental health issues and parents with drug and alcohol issues, with a donation of £5,000.
The Trustees agreed at the end of last year to support a new initiative: Secure Futures which provides work experience and mentoring to children eligible for free school meals and give them a grounding in the security industry. A donation of £3,000 was made and supported 2 children. Trustees, Kate Bright and Ashley Fernandes also provided mentoring support to the programme. It is hoped to encourage more members of the Worshipful Company of Security Professionals to support this with their time, as well as their financial generosity.
This year, the Trust supported a new initiative, the Helen Arkell Dyslexia Charity, which will provide support to children of those in the security industry (whether blue light services, military, or the security sector) who have dyslexia. We approved a payment of £2,375 to support 5 children.
Throughout each year the Trustees seek to build on-going relationships with the charitable organisations which we support. We receive a great many applications which, although each a worthy cause, regrettably fall outside our criteria for funding; and so, it is particularly gratifying when an application is received that falls squarely within our area of activity.
The Trustees met five times in the last financial year, but all meetings have been remote. They have been 90 minutes, but generally every 2 months rather than every 3 months. To assist with remote meetings, | have produced a paginated pack of documents in advance of each meeting along with a Chairman’s Note to allow for the meetings to be used as efficiently as possible and to make and ratify key decisions. This also means that there is a clearer record of the documents available to Trustees at meetings which will be able to be provided to future trustees.
| am indebted to all of the Trustees who have given their time and expertise both at the meetings and in considering applications over e-mail in between meetings. | particularly thank our Trustees for adapting so well to dealing with Trust meetings remotely and in the background of a continued worldwide pandemic and the continued disruption on their professional and personal lives. As mentioned above, our fund managers EFG Private Bank provided invaluable support with regard to our investments, and we are most grateful to them. In the current uncertainties, they have provided regular updates and been available to discuss strategy and to manage the risk.
| would also like to record my thanks to the team who have provided accounts support over the financial year: Josef Khan, our Honorary Treasurer, and Honorary Court Assistant, Andrew Knights who continues to support Josef. A particular thanks goes to Jane Knights for her hard work not only in producing these accounts but in providing regular updates in advance of Trust meetings and for making herself available at all times of the week and all times of day! Her work is hugely appreciated and has been well above and beyond the call of duty.
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 30 JUNE 2021
The Master of the Worshipful Company of Security Professionals serves as an ex-officio Trustee, and due to the delayed installation, Mike Barley continued as Master (and a Trustee) until 16 September when his very large shoes were ably filled by Master, Yasmeen Stratton. My personal thanks to both of them, but particularly to Yasmeen for her support of the Trust throughout her 9 months as Master. Yasmeen donated her Master’s Fund to Maggies, a cancer support charity, the Sepsis Trust as well as £2,000 to the COVID Fund.
Of course, none of this would happen without the significant contribution of our Clerk, Adrienne Harper, and her predecessor, Tricia Boswell, who complete a huge amount of work in the background, always with competing priorities of her other work within the wider Company. The Board of Trustees would be able to achieve very few of its goals without Adrienne and Tricia’s support and we are very grateful to them both. Ceoten Name Claire Palmer
Chairman of the Board of Trustees
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
We have audited the financial statements of the Worshipful Company of Security Professionals Charitable Trust for the year ended 30 June 2021 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies, set out on pages 22 to 30. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 30 June 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## 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 trustees’ 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.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST i et a cn tees INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST eai em ae ae Ss oe ge
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- * the charity has not kept adequate accounting records; or * the financial statements are not in agreement with the accounting records and returns; or * we have not received all the information and explanations we require for our audit.
## Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www. fre. org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-quidance/Standardsand-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilitiesfor-audit.aspx. This description forms part of our auditor’s report.
## Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
D» ane 7 gae Daniel Reid FCA (Senior Statutory Auditor) Donald Reid Limited Chartered Accountants and Statutory Auditors Prince Albert House 20 King Street Maidenhead Berkshire SL6 1DT Date: \g|x-[20r)
Donald Reid Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
i
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
|STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2021|STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2021|STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2021|STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2021|STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2021|STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2021|STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2021|
|---|---|---|---|---|---|---|
|Eee|||||||
|||Designated
funds|General
fund||Total
funds|Total
funds|
|||2021|2021||2021|2020|
||Note|£|£||£|£|
|Income from:|||||||
|Donations and legacies
Charitable activities
Investments|2
3
4|30,144
-
-|15,915
13,914
10,516|—|46,059
13,914
10,516|50,814
11,660
7,392|
|Total income||30,144|40,345||70,489|69,866|
|Expenditure on:|||||||
|Raising funds
Charitable activities
Other expenditure|5|-
24,729
:|11,560
41,319
355||11,560
66,048
355|10,485
48,645
318|
|Total expenditure|6|24,729|53,234||77,963|59,448|
|Net income/(deficit) before investment|||||||
|gains
Net gains on investments
Net income / (expenditure) before other||5,415
:|(12,889)
124,093||(7,474)
124,093|10,418
69,402|
|recognised gains and losses||5,415|111,204||116,619|79,820|
|Net movement in funds||5,415|111,204||116,619|79,820|
|Reconciliation offunds:|||||||
|Total funds brought forward||80,397|900,503||980,900|901,080|
|||85,812|1,011,707||1,097,519|980,900|
|Transfer offunds from General to|||||||
|Designated||7,000|(7,000)||-|-|
|Totalfundscarriedforward||92,812|_1,004,707|||980,900|
The notes on pages 22 to 29 form part of these financial statements.
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
BALANCE SHEET AS AT 30 JUNE 2021
||||2021||2020|
|---|---|---|---|---|---|
||Note|£|£|£|£|
|Fixed assets||||||
|Investments|8||1,045,407||922,362|
|Current assets||||||
|Debtors|9|4,702||3,588||
|Cash at bank and in hand||64,195||70,134||
|||68,897||73,722||
|Creditors: amounts falling due within one||||||
|year|10|(16,785)||(15,184)||
|Net current assets|||52,112||58,538|
|Net assets|||1,097,519||980,900|
|Charity Funds||||||
|Designated funds|11,12||92,812||80,397|
|General fund|11,12||1,004,707||900,503|
|Totalfunds|||1,097,519||980,900|
The financial statements have been prepared in accordance with the provisions applicable to small entities within the Charities Act 2011, and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved by the Trustees on 22! Spr By and signed on their behalf, by: S Claire Palmer Josef Khan
The notes on pages 22 to 29 form part of these financial statements.
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## THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## eS
## Le Accounting policies 1.1 Basis of preparation of financial statements
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 accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. The Worshipful Company of Security Professionals Charitable Trust constitutes a public benefit entity as defined by FRS 102.
1.2 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out below: Security Benevolent Fund (S.B.F) A service to provide Liverymen, Freemen, and members of the security industry, including members of the charity, and their families with medical and health related guidance and support.
## Disney Fund
A fund to provide Taxis and associated support for Children with life threatening illnesses to visit Disneyland Paris in the Worshipful Company of Hackney Cab Drivers’ annual appeal.
## Whittington Course
A fund to pay for incidental costs associated with the annual visit to the City of London of children from the Harris Garrard Academy, to encourage them to raise their aspirations for life and work opportunities. Per Loof Travel Fund Bursary A fund to pay for the travel by Apprentices to Company related events. COVID-19 Crisis Fund A fund created in 2021 to support Liverymen, Freemen, and members of the wider world of security and their families.
Investment income, gains and losses are allocated to the appropriate fund.
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THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. Accounting policies (continued)
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the receipt of the Gift Aid Claim from HMRC.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross in the Statement of Financial Activities.
- 1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those 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.
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THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## eee
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## See
1. Accounting policies (continued)
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.
## 1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## 1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
## 1.10 Cash flow
The financial statements do not include a Statement of cash flows because the Charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard 102 Section 1A - small entities.
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THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
;
## 2. Income from donations and legacies
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Designated|General|Total|Total|
|funds|fund|funds|funds|
|2021|2021|2021|2020|
|£|£|&|£|
|Donations|30,144|10,446|40,590|39,831|
|Similar|incoming|resources|-|5,469|5,469|10,983|
|Total|donations|and|legacies|
|——__|30,144|__15,915 ___46,059 __50.814|
**----- End of picture text -----**
Total donations and legacies
In 2020, of the total income from donations and legacies, £23,852 was to general funds and £26,952 was to designated funds
## ce Income from charitable activities
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Designated|General|Total|Total|
|funds|fund|funds|funds|
|2021|2021|2021|2020|
|£|£|£|£|
|Membership|fees|-|13,914|13,914|11,660|
**----- End of picture text -----**
In 2020, of the total income from charitable activities, £77,660 was to general funds and £N/L was to designated funds.
## 4. Investment income
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Designated|General|Total|Total|
|funds|fund|funds|funds|
|2021|2021|2021|2020|
|£|£|£|£|
|Investment|income|-|local|listed|
|investments|-|10,516|10,516|7,392|
**----- End of picture text -----**
In 2020, of the total investment income, £7,392 was to general funds and £N/L was to designated funds.
## 5. Investment management costs
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Designated|General|Total|Total|
|funds|fund|funds|funds|
|2021|2021|2021|2020|
|£|£|£|£|
|Investment|management|fees|ee|BeGD), 1560.|10,485|
**----- End of picture text -----**
25)
THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
6. Analysis of resources expended by expenditure type
||Other costs|Total|
|---|---|---|
||2021|2020|
||£|£|
|Expenditure on investment management|11,560|10,485|
|Raising funds|11,560|10,485|
|Grants|58,499|39,235|
|Expenditure on governance|7,549|9,410|
|Other expenditures|355|318|
||pe OOS___
5 AaB||
|Analysis of resources expended by expenditure type continued|||
|Grantstoinstitutionsanalysis|||
|Grants to institutions analysis|||
|---|---|---|
||2021|2020|
||£|£|
|General Fund|||
|Other grants to institutions (18 grants in the current year, 13 grants in|||
|the prior year)|17,270|9,695|
|Harris Garrard Academy (previously Bexley Business Academy)|9,000|10,250|
|Friendship Works|0|5,000|
|Reed's School Foundation|5,000|5,000|
|Disney Fund (Worshipful Company of Hackney Carriage Drivers)|||
|Disney Trip|4,807|4,936|
|Security Benevolent Fund|11,172|1,798|
|Whittington course|0|0|
|Per Loof Travel Fund Bursary|0|56|
|COVID-19 Crisis Fund|8,750|0|
|Total|||
||§5,999|36,735|
|Grants to individuals analysis|||
||2021|2020|
||£|E|
|Sheriffs’ Award|2,500|2,800|
|||26|
THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 1: Trustees and Employees
The Charity has no employees. The Charity has twelve Trustees.
During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses (2020 - £Nil)
## 8. Fixed asset investments
**----- Start of picture text -----**
Investments at market value comprise:
Overseas 2020
£ £
Listed investments 1,045,407 922,362
Market Value
At 1 July 2020 922,362
Additions 10,516
Disposals 10,606
Capital Account movement 2,166
Revaluations 120,969
At 30 June 2021 4,045,407
**----- End of picture text -----**
## Valuation
Valuation is provided by the fund manager, EFG Private Bank Limited.
## 9. Debtors
||2021|2020|
|---|---|---|
||£|E|
|Trade debtors|3,655|1,472|
|Other debtors|976|2,116|
|Prepayments and accrued income|71|0|
||4,702|3,588|
|Creditors: Amounts falling due within one year|||
||2021|2020|
||£|£|
|Trade creditors|600|300|
|Other creditors|4,886|6,250|
|Accruals and deferred income|11,299|8,634|
||16,785|15,184|
## 10. Creditors: Amounts falling due within one year
27
THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 11. Statement of funds
## Statement of funds - current year
||||||||Balance at|
|---|---|---|---|---|---|---|---|
||Balance at|||Gains/||Funds|30 June|
||1 July 2020|Income|Expenditure|(Losses)||Transfer|2021|
||£|£|£||£||£|
|General fund||||||||
|General Funds- all funds|900,503|40,345|53,234|124,093||(7,000)|1,004,707|
||900,503|40,345|53,234|124,093||(7,000)|1,004,707|
|Designated funds||||||||
|S.B. Fund|63,916|4,022|11,172||||56,766|
|Disney Fund|§,227|4,000|4,807||||4,420|
|Whittington|1,310|-|-||||1,310|
|Per LoofTravel Bursary Fund|9,944|-|-||||9,944|
|COVID-19 Crisis Fund|-|22,122|8,750|||7,000|20,372|
||80,397|30,144|24,729||-|7,000|92,812|
|Total offunds|980,900|70,489|77,963|124,093||-|1,097,519|
|12.
Analysis of net assets|between funds|||||||
|Analysis of net assets between funds - current year||||||||
||||Designated||General||Total|
||||funds|||fund|funds|
||||2021|||2021|2021|
|||||£||£|£|
|Fixed asset investments||||||1,045,407|1,045,407|
|Current assets||||92,812||(23,915)|68,897|
|Creditors due within one year||||||(16,785)|(16,785)|
||||—__92,812 __1,004,707||||___1097,519|
|Analysis of net assets between funds - prior||year||||||
||||Designated||General fund||Total|
|||||funds|||funds|
|||||2020||2020|2020|
|||||£||£|E|
|Fixed asset investments||||-||922,362|922,362|
|Current assets||||80,397||(6,675)|73,722|
|Creditors due within one year||||-||(15,184)|(15, 184)|
|||||80,397||900,503|980,900|
## Analysis of net assets between funds - current year
## Analysis of net assets between funds - prior year
28
THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 13. Related party transactions
The Worshipful Company of Security Professionals is a related party due to the fact that the Court confirms the appointment of the Trustees of the Charity.
At the year-end there was a balance owing to the Charity of £976 from the Worshipful Company of Security Professionals (2020: £2,116 owed to the Charity). During the period the Charity received donations of £Nil (2020 - ENil) from the Worshipful Company of Security Professionals.
29