Charity number: 1088658 THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST CONTENTS Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and Adviser8 Trustees, report 3-10 Chalr's statement Independent Audltor8' Report 16-18 Statement of financlal actlvitles 19 Balanc6 sheet 20 Notes to tho financlal statement8 21-28 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 2024 Trustees During the year ending 30 June 2023, there were the following changes: The Master of the Worshipful Company of Security Professionals (°the 1OICoSP°) is an ex officio Trustee for their time in office which does not align with the Trusts Financial year dates. The Masters who served were. Russell Penny from 6 June 2023 to sh June 2024 Michael Thwaites from 5 June 2024 Three new Trustees were appointed during the year.. Nick Markantonis from 18 July 2023 to 17 July 2025, lan Dyson QPM DL and Andrew Knights with effect from 17 April 2024 to 16 April 2026. Claire Palmer stood down on the 30 January 2024 as the Chair and a Trustee at the end of her term of office. James Brown and Vicki Vidler stood down at the end of their temi of office on 17 July 2023 and Steve Marshall stood down at the end of his temi of office on 30 January 2024. The Trustees during the financial year were: Claire Palmer, Chair from 30 January 2020 to 30 January 2024. Trustee (Appointed 31 January 2018 to 30 January 2024) Rob Atkin, Trustee (Appointed 21 June 2022 to 22 June 2026) Steve Marshall (Appointed 31 January 2018 to 20 January 2024) James Brown (Appointed 18 July 2019 to 17 July 2023) Vicki Vidler (Appointed 18 July 2019 to 17 July 2023) Kate Bright, Trustee (Appointed 14 April 2020 to 13 April 2026) Bill Collier, Trustee (Appointed 23 June 2022 to 22 June 2026) Ashley Fernandes, Trustee (Appointed 14 April 2020 to 13 April 2026), appointed Chair from 31 January 2024 Peter Fraser-Hopewell, Trustee (Appointed 14 April 2020 to 13 April 2026) Devon Johnson (Appointed 23 February 2023 to 22 February 2025) Joseph McGee (Appointed 23 February 2023 to 22 February 2025) Russell Penny, ex officio Trustee as Master (from 6 June 2023 to 5 June 2024) Nick Markantonis (Appointed 18 July 2023 to 17 July 2025) lan Dyson QPM DL{Appointed 17 April 2024 to 16 April 2026) Andrew Knights (Appointed 17 April 2024 to 16 April 2026) Michael Thwaites, ex-officio (Appointed 5 June 2024) Charlty reglstered number 1088658 Reglstered offlce Princlpal address Saddlers, Hall 40 Gutter Lane London EC2V 6BR Adrienne Harper 36 Queens Road North Warnborough Odiham Hants RG29 1DN 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 2024 Advisers Independent Auditors Donald Reid Limited Chartered Accountants and Statutory Auditors Prince Albert House 20 King Street Maidenhead Berkshire SL6 1DT Bankars Lloyds Bank PIC 39 Threadneedle Street London EC2R 8AU EFG Private Bank Limited Park House 116 Park St London W1K6AP Accountant Jane Knights Tanglewood Bath Road Marlborough Wiltshire SN8 1NN THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 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 2024. The Trustees confirm that the annual report and financial statement of the Charity comply with the current statutory requirements, the Charity's goveming document and the provisions ofthe 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. Ob'ectlves and Ac Ivitles a. Pollcles and objectives The Charity is a grant-making Trust focused on the wider wodd of Security. This includes the private security industry, blue light services, and the anned forces {'the security profession.). As well as supporting members and former members of the security profession, the Charity also considers broader public protection benefits including the prevention of crime and the protection of others. The Charity has focused on domestic projects although, it has, in the past, funded a small number of overseas projects which both salisfy the funding criteria and usually have a UK connection, so that the Charity can ensure that funds are being well used. The objects of the Charity are: general ch8n'table purposes. including the benefit of other charitable institutions, in any part of the wortd except that,. at the Trustees, own absolute discretion they may at any time sub divide the Charity capital and by revocable or irrevocabl8 de8d declare particular Trusts for any part of the Charity Gapital," save that Ihese purposes and trusts shall b8 exclusively charitable wilhin the meaning of English law (the °objects"). Trustees continue to work to the mission statement which is to distribute monies in order to (i) assist members and former members of the security profession in difficulty and alleviating suffering and distress; (li) promote and further educatton: and {iii) deliver projects with wider significance to the public. In doing so, we aim to provide Kindness in Security. valuing and adopting our ethics of Commitment, Integrity and Trust. b. Grant maklng pollcles 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. The Charity receives more applications for funding than it has available in tts annual fijnding budget. c. Strategles for achleving objectives As the °Charitable Trust of the Security Industy. the Charity's grant-making has a particular focus on projects that reduce crime, increase public safety, and provide help to those in need from or connected to the wider worSd of security. Trustees continue to proactively identify areas in the profession where support can be targeted and THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 is needed. Imilst applications receive detailed consideration from Trustees, this approach helps to ensure that the availability of the Trust's support is known in the profession and by those who work to support those in the profession. Members of the Worshipful Company of Security Professionals Livery Company (WCOSP) are also encouraged to bring potential causes to the attention of the Trustees. The Charity 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 Trusfs grant-making, from its unrestricted fund, is developing to become more focused on larger grants to support selected projects over a longer-tenn plan rather than being primarily reactive. Donations from the Security Benevolent Fund ("the SBF.) (a Restricted Fund focused on helpin9 individuals) 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 Trust maintains the ability to be dynamic and where meritorious applications are made, or areas where support is needed or identified, the Trustees will consider those applications even where specific money has not been budgeted. The Charity prefers to fund small to medium-sized organisations. This generally allows the Trust to effect a bigger impact from its rosources,. the Charity does not nomially consider grants to fund salaries orgeneral running costs, The Charity favours organisations actively supported by volunteers, especially those which 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 the Whittington Course and by the support of other organisations and bodies. d. Actlvltles for achlevlng objectives A named Trustee takes responsibility for each of the projects that the Charity supports. A named Trustee is also responsible for each Restricted 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 perfomiance of the sector against the budget and the plan going foNards. e. Short and long temi obJectlves The short-tem objectives are covered by the annual budget and the longer-term objectives are covered by the rolling five-year plan which is updated annually as part of the budget process. The Trustees financial strategy aims to maintain the investment portfolio at around the £1 million level and to focus on income rather than growth to enable the Charity to meet its desired objectives and to make grants to worthy causes, whilst ensuring it will survive long into the future. Vlhilst a separate organisation to the Livery Company, the Charity receives a substantial part of its income through new members joining fees as well as from Company events, principally the Spring Dance. Trustees continue to be particularly mindful of the need to ensure that the Trust investments take account of sustainability. f. Main activlties undertaken to further the Charity's purposes for the public benefit Trustees are aware of the Charity Commission guidance on Public Benefit and confinn that they have complied THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 with the duty of Section 17 of the Charits'es Act 2011 to have due regard to it The Trustees believe that the Trust's aims, activities and achievements. in the many areas of interest that the Charity supports, demonstrates the benefit to its beneficiaries and through them to the public benefitting from those activities. Slgnlficance of volunteers In activities The Charity does not formally use volunteers in its activities. vements and erfornlance a.Key flnancial perfomiance Indlcators The Charity 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. Revlew of actlvitle8 202312024 was a stronger year with confidence retuming to the financial markets and inflation easing which helped the value of the portfolio and investment income while the impact of cost inflation impacted on the individuals, budgets and the amount of disposable income they had available. This clearly had an impact in the area of Joining Fees. As the Trust's income comes from new members joining the INCOSP, as well as from Company events, the Trustees had set a budget with a conservative projection for income, which was exceeded, but agreed to ensure that meritorious appllcations for funding would not go unfvnded rf the budget was all that were achieved. Throughout the financial year the Trust received a lower level of applications to the SBF Fund which is being followed up as it did not seem to refiect the challenges facing individuals. The results for the year are a surplus of £60,739 which is better than the budgeted result of a deficit of £55,096 and a prior year deficit of £6,804. The total income during the financial year was £66,716 compared lo the conservative budgeted income of £55.265. This was mainly due to a large increase in the investment income. The hugely successful Spring Dance continues to raise money for both the SBF and the wider Charity as well as a well-supported City of London Police Commissionerfs dinner. To try and offset the loss of the Freedom Fines being paid into the Charity the small monthly donation was promoted to the membership of the WCOSP. This received a positive response with a number of members and Trustees signing up to make monthly donations. This funding source will continue to be promoted. In respect of donations- The Trustees can report that the Charity made donations of £67,591, in respect of charitable donations excluding the five Restricted funds. This was over the budgeted level of £58,911. The Trust continued to support Secure Futures initiative, which delivers excellent work. One of our Trustees, employers separately supported the initiative, and of our Trustees mentored those on the scheme and could report first hand the benefits of the project SBF donations at £2,800 were less than the budgeted amount of £6.000, although Trustees supported all appli¢atJ'ons that met the criteria given the Challenging times. Disney donations were of £6,000 compared to a budgeted amount of £4,500. Per Loof Travel Bursary Fund donations were £462 compared to a budget of £1,000, although this is THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 dependent on Apprentices attending events and claiming monies. The Whittj'ngton Fund. is empty with the balance of the funds being used the previous Year and will now be closed. The Trust however remains committed to supporting the Whittington Course which will be funded via the General Fund. Therefore, during the year. the total level of grants made amounted to £76,853 (2023.. £65,761). The Trustees are constantly reviewing the processes to ensure that greater awareness of the Restricted Funds is being communicated to the members of the WCOSP and wider audience. as well as encouraging applications to the Charity for projects not covered by the Reserve Funds. The value of the reserves increased by £60,739 at the year-end. The value of the investment as at end of June 2024 had increased from the valuation at June 2023. However, it should be noted that at June 2023 the fund was still recovering from the volatility over the last two years. The Trustees have continued to keep the value of investments under review. As at year end, the reserves increased to £1,027,778 after expenses {2023.' £967,039). c. Investment pollcy and perfomiance Trustees continue to adopt a balanced investment strategy. The Trust's portfolio is managed by EFG Private Bank on a fully managed basis with the fund managers working to an agreed set of objectives. A formal annual review takes place with EFG each year. The Trustees continue to monitor the performance of the portFolio regularly at Trustee meetings and to have a formal annual review of the Portfolio. Trustees have requested and obtained assurances that funds are in sustainable investments wherever possible. The Chair receives monthly statements and the same being circulated to Trustees. Flnanclal revlew a.Going concern After making appropriate enquirres, 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 Charity Reserve Policy was approved at the Trustees meeting on 21 March 2018. However, the Trustees are aware of the need to maintain levels of donations and to ensure that worthy projects are supported. The Charity has four Restricted Funds. The Security Benevolent Fund (SBF), the Disney Fund. and the Per Loof Travel Bursary Fund are intended to be long tenn. The Imiittington Fund. now empty, will be closed and applications funded from the General Fund. c. Prlncipal funding The principal sources of income are donations from the Spring Dance organised by the Worshipful Company of Security Professionals, membership joining fees and investment incorne. Capital growth is not relied on as a source of funding. In previous years, the Worshipful Company of Security Professionals made a donation to the Charity at the end THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 of each financial year, but this has not happened for a number of years whilst the Company invests in its future which it is hoped will lead to the continued support of the Trust. Nevertheless, WCOSP, through its members, contribute significantly to the Trust's income. The budget for the financial year 1 July 2023 to 30 June 2024 was provided in draft by the Treasurer prior to the 17 April 2024 meeting. Various points were raised for amendment although the overall structure of the budget was approved in principle. An updated budget was provided for and discussed at the 1 August 2024 and the budget was approved at that meeting. Structur• overnance and mana ement The Charity is run by the Board of Trustees. The Livery Company donate the services of its Clerk to provide administrative and secretarial support. The Livery Company's Hon. Treasurer also provides his seNices to the Trust. All other SeNi￿S required by the Charity are either provided by companies or independent contractors. Services are either provided against a formal quotation or a written specification. All payments are made by bank transfer, cheque or stsnding order against an invoice and are recorded in the Charity's computerised accounting system. In terms of its high street banking facility this is provided by Lloyds Bank. All chequ8s issued by the Charity require two slgnatures from a total of four signatories. The Charity does not have any petty cash and no payments are made by cash. The Charity now uses internet banking to facilitate online Banking. The EFG Private Bank mandate was reviewed in July 2024. The Trustees have four nominated signatories with any to sign on any transaction. No transacts'ons are made in cash. a.Constitutlon The Charity 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. The Trustees have also considered whether the Charity should become a Charitable Incorporated Organisation (CIO). Whllst remaining open to the position changing, the Charity considered that it was not a route that would benefit the Charity or its beneficiaries at this stage. On the contrary, it would incur significant costs with limited benefits. b. Method of appolntment or electlon of Trustees All Trustees must be Members of the Worshipful Company of Security Professionals, A Livery Company of the City of London. Trustees are recruited in accordance with the Trustee Recruitment document and process, in that vacancies are advertised to the Members of the WCOSP. Trustees, selection is based upon the requirements of the Charity and takes into accountthe relative experience and ability ofthe respective applicants, while satisfying the requirement that the maximum number of Trustees is twelve" comprising one ex-officio Trustee and up to eleven Trustees (of whom not less than five must be non-court members). Trustees are appointed for a ￿0-year term. All Trustees have equal voting rights save for the Chair who has a casting vote when an initial vote is tied. The Court, which is the governing body of the INCOSP, confirms the appointment of Tnjstees The Master of the WCOSP is offered the ex-officio position during hislher time as 'the office holderf but may nominate an altemate in advance of the start of the year. THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 c. Pollcles adoptod for the Induction and tralnlng of Trustees A Trustee starter pack containing all the core documents and information is provided electronically to all new Trustees. The Charity also budgets each yearfor Trustee training. This is to allow new Trustees to attend relevant courses and for estsblished 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 senlor staff The Charity 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 WCOSP and is paid through the WCOSP'S payroll. The Treasurer is an honorary position, and the office holder does not recetve payment. None of the Trustees, including the Chair of the Board of Trustees, receive payment for being In office. e. Organlsatlonal Structure and declslon maklng The Charity is run by the Trustees. All Grants and Donats'ons are all approved by the Board of Trustees, a simple majority being required. All Trustees take on specific responsibilities which is recorded on the Trustee matrix. In addition to each Restricted Fund the General Fund is divided into Education, The City, The Services, Professional Organisations and The Sheriffs, Award and are then looked after by a particular Trustee. From May 2020, applications made to the Charity that are approved are allocated to a nominated 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 fvrfo thirds of the number of Trustees, whichever is the greater, save that the number of Twstees shall fall below 3 the remaining Trustee(s) can and must act only to preserve the Trust's assets and to appoint new Trustees as soon as possible. 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 Chair, who has a casting vote, every Trustee has one vote on each issue. Approved expenses incurred by a Trustee. which do not include costs associated with attending Trust meetings, can be reclaimed by the Trustee on a ft)rmal Expense sheet supported by valid receipts. f. Related party relationships The WCOSP is a ￿lated 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 exposure to the major risks. Some further discussion of this is set out below. THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees monitor training opportunits'es and nominate Trustees to attend any relevant training course5 that are identified. Ail Trustees are required to complete a Conflict-of-lnterest form annually, which is reviewed by the Chair annually. Individual Trustees are also expected to consider whether any particular application creates a conflict and declare it accordingly, and then abstsin from the decision. The Charity is registered with the Information Commissioners Office. Trustees continue to review risks during each of its Trust meetings. and are mindful of the legal obligations as Trustees, as well as the need for good corporate govemance. The Trust requires all requests to be in writing with the application detailing the total amount of funds required, the funding commitment being requested, the intended use of the funds and the timescale over which the funds will be spent or used. As a condition of making a grant the Trust also requires a written report detailing the use of the funds. If a grant is approved a Trustee will then be nominated as a point of contsct with the organisation. A drop in income or funding from any source is a concern. However, as the budgeted donations figure is based on the previous yearfs income any immediate risk is mitigated and time to plan to accommodate the change provided without an immediate impact on the grants and donations that are planned. While the Trust seeks to develop some longer-temi ￿latIOnShIpS it reviews the use of any previous funding prior to committing funds to any organisab'on. The Trust's investment fund is invested on a longer-term basis in accordance with both the Trust's financial strategy and investment strategy and is subject to a detailed annual review by the full Board of Trustees. A further risk is that relating to the volatility of the stock market glven the investment in traded funds. Again, Trustees have considered this, and the investment strategy is being 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 and last financial years have shown, it is important to not crystallise 'paperf losses, and the Trust's overall financial position has allowed it to 'weather the stomi,. Nevertheless, Trustees are not complacent, and there will be continued reviews of the investment strategy. Finally, because the Charity keeps its planned multiyear donations under review each year, and considers any ongoing applications at least once a year, the Charity does not have fomal financial commitments on an ongoing basis. Nevertheless, it has sought to give the projects rt supports some certainty that subject to reporting it will continue to fund the projects over a three-year period. The level of the Investment Fund has given us flexibility to be able to respond in an agile way, giving greater to support when needed. Plans for future perlods 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 Profession and to work with other groups within the Security Profession who raise funds for Charitable causes. Trustees, responsibllities statement THEWORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounts'ng 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 ststements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. obseNe the methods and principles in the Charities SORP: make judgments and accounting estimates that are reasonable and prudent,. prepare the financial ststements on the going concern basis unless tt is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accountlng 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 Charity 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. Ashley Fernandes Chalr Josef Khan Hon Treasurer 10 THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 Chair's statement This report relates to the financial year from 1 July 2023 to 30 June 2024. Introductlon During the 2023-2024 financial year. a transition in leadership occurred as Claire Palmer handed over the role of Chairperson to Ashley Fernandes, a current trustee who officially assumed the position on January 1, 2024. Gratitude is extended to Claire for her exceptional support and leadership during her tenure as Chair. The Company of Security Professionals Charitable Trust ('the Charity.) experienced another successful year. with the Truste88 demonstrating flexibility and proactivity in responsibly managing funds and allocating grants to those in need. At the outset of this report, I would like to express sin￿re gratrtude to several individuals whose contributions have significantly facilitated my role as Chair. Special thanks to our clerk, Adrienne, for diligently organising meetings, managing donations, and handling applications. Gratitude also extends to Jane Knights for her invaluable assistance with the accounts, to our Treasurer. Josef Khan. to our auditors, efforts, and to EFG for managing our funds. Recognition is also due to Andrew Knights. a new Trustee, whose support has been invaluable. Acknowledgement is extended to Peter French for his relentless fundraising endeavours at the Spring Dance and on behalf of the Trust, along with an appreciation for all oursponsors and contributors to Charity's fundraising initiatives. The success of the Trust can greatly be attributed to the unwavering dedication of each Trustee. In addition to pivotal decision-making during meetings, they diligently engage in email correspondence and actively support the projects and individuals we serve, all while fulfilling their demanding professional responsibilities and other charitsble commitrnents. The latest ststutory Accounts highlight changes in the composition of our Trustees, with the addition of new members, Andrew Knights and lan Dyson, who assumed their roles in April 2024. The Trust remains well-supported by the Company, and revenue from joining fees and events organised by the Company and its members contributes to its financial stability. l am delighted that the Charity has had another prosperous year. culminating in the approval and disbursement of grants totalling £76,853, benefiting every eligible project in line with our established criteria. Reserves In previous reports, the ongoing uncertainty in financial markets and the broader economy was highlighted as a factor necessitating a vigilant approach from the Trustees. Potential volatility in the global economic and geopolitical landscape was identified as a factor that could negatively impact the growth of our fund, requiring careful monitoring. I'm pleased to share that the EFG fund's value increased. rising to £1,027,778 as of June 30, 2024, from £967,039 at the start of the financial year. The Trustees have consistently monitored th8 perfomianc8 of our investments. We regularly review our financial strategy and communicate closely with our EFG advisers. A comprehensive review of the economic strategy is also planned for the upcoming year. THEWORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 Ineomo We sincerely thank the Company and its members for their unwavering support. The contributions from joining fees, which go directly to the Charity, along with the fvnds raised through events like the Spring Dance and the City of London Police Commissioners Dinner. play a crucial role in our efforts. Our primary aim is to ensure that the Trust fund continues to generate consistent income each year, providing financial stability for many years despite any shifts in the economic climate. While this yearfs income was above budget. it was only marginally above the p￿VIouS year. There was a noticeable drop in revenue from joining fees. which will now be an area of focus. However, there was a welcome increase in investment income this year, which exceeded budget expectats'ons. Thanks to events like the Spring Dance and the City of London Commissioners Dinner, we continue to raise money for the Trust, including the SBF. We owe particular gratitude to the Master and the various committees Events & Communication. Membership & Fundraising, Young Members, and Military Affiliates-and individuals like Peter French, whose dedication to fundraising is greatly appwiated. ile the primary focus of the Trust is not on directfundraising efforts, theTrustees play a crucial role in managing the fund's resources. Thls ensures that we can provide donations when needed and maintsin the fund's sustainability over the long term. As Trustees who are also Company members, we recognise the importance of supporting the Company's mission to advance charitable causes, and we are committed to ensuring the Charity's financial Stsbility. Moving forward. the Trustees are optimistic about the future. We will continue to assist the company in hosting fundraising events and attracting new members, which will help generate contributions to the charity. We are excited to maintain strong event attendance and encourage corporate sponsorships. Additionally, we are eager to explore further opportunities for Company members to support the Charity directly, whether through small regular donations or by participating in additional Iow-COSt events dedicated to raising funds for the Charity. Donatlons This year, our donations have remained steady, with the Charity continuing its support for educational initiatives, City of London-based causes, and other charities, primarity but not exclusively, connected to the broader security sector. The Security Benevolent Fund (SBF) remains one of the most active areas of the Trust's work. Although there has been a slight decrease in applications, I want to thank Trustee Nicholas Markantonis, who stepped in to review applications as needed. The task of administering and evaluating these applications is highly time- consuming and typica15y done during personal b'me outside regular working hours. Applications to this fund come from individuals wthin the security sectorwho find themselves in hardship or need. Each application requires thorough research and must be carefully evaluated against the Trust's funding criteria before deciding. The SBF is often where we see the financial instability mentioned earlier impacting the daily lives of those who are "just about managing." We continue to work closely wtth the professional and charitable organisations that recommend applicants to ensure we identify the most deserving cases. As noted, the number of applications has decreased, yet we still distributsd £2,800 during the financial year, supporting four different individuals. There are still instances Whe￿ we are unable to provide support, such as when requests are solely for debt reduction without a clear plan for improving the individual's overall financial situation or when the information provided is incomplete or shows an insufficient connection to the security sector or a lack of genuine need. 12 THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 Our income for the SBF continues to exceed the number of applications that meet our criteria. Once again this year, we are exploring ways to further raise the SBF'S profile within the industy, with the goal of increasing the quality and standard of applications we receive. Edu Education continues to be a key focus of the Charity's efforts. Supportlng the Harris Garrard Academy in South East London remains a top priority for the Trustees, mainty through the Endeavour Award, which is given to Year 13 students pursuing tertiary education. I want to extend my gratitude to the Hon. Simon Imbert and Trustee Bill Collier, who played crucial roles in re- establishing our connection with the Academy and gathering applications for the Endeavour Award following some staff changes at the school. The Charity's commitment to education is also reflected in our donations to professional organisations that educate young people. For instance, we support the Helen Arkell Dyslexia Charity, which assists children of those in the security industry. Additionally, we contribute to inrtiatives like Secure Futures and continue supporting the King's College London MA Award. Sherl ' Brave Award The Sheriffs. Bravery Award is designed to honour individuals who have demonstrated extraordinary courage. This flagship initiative, supported by the Sheriffs of London, aligns closely with the Charity's mission to back projects with significant community impact, particularly in public protection. The Principal Recipient now receives £5,000, an increase from the previous amount of £2,500, while each of the five Commendation Recipients is awarded £500. This year, due to multiple recipients for a single nomination, a sixth commendation was added, bringing the total donation to £8,000. Other Donatlons There were 11 donations of £1,000 or more, each of which is summarised below. Our annual support of £1.000 to the Lord Mayorfs Fund Appeal £1,000 to City Harvest, a pan-livery inib'ab've supporting families across greater London and beyond who are otherwise going without food. We continued to support PTSD Resolution, a charity providing mental health support to armed forces veterans as well as to security and emergency services fronuine staff. increasing our donation from last year to £5,000 The Charty 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 supported Secure Futures again this year. reducing the donation to £2200 whilst appealing to the members and wider security to also support. We continued to support Fumishing Futures. which provides packs of furniture and other household 13 THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 items to furnish the homes of women and children experiencing furniture povety. particularly those fleeing domestic abuse, using good quality items that would othewise end up in landfills. We increased our donation to £2000 Advocacy After Fatal Domestic Abuse (AAFDA) provides holistic, long-term support to families affected by fatal domestic abuse. They provide expert advocacy through statutory review processes alongside specialist, trauma-infomied individual and peer support for adults and children to help them come to terms with what has happened and move fopward with their lives. We donated £2400 Invisible Walls provides support. guidance and tangible help to people in prison who want to rebuild or retain their relationships with their children and loved ones in the community. This includes support for children and families and for those in and leaving prison, all of which make a significant contribution not only to the reduction of re-offending rates but, just as importantly, the reduction of the development of inter-generational criminal attitudes and behaviours. We donated £5000 Rising Sun provides a safe and secure future for survivors of domestic abuse in Canterbury, Ashford and Folkestone & Hythe. They strive towards a world where women, children and young people can live free from actual or threatened domestic abuse and all forms of violence. Again, we donated £5000 London Search and Rescue, known as LonSAR, supports the Metropolitan Police and City Police in searches forvulnerable missing people across London, helping to end preventable loss of life. A donation of £3520 was made to purchase a specialist wheeled stretcher. Prevent Violence Against Women & Girls & Domestic Abuse (Prevent VAWG-DA) has a mission to help prevent violence against women and girls, foming alliances with relevant public and private companies in the City of London to create a framework which can ultimately be adopted nationally. An initial donation of £4730 was made to support a number of inttiatives running in the City of London The Charf The Trustees work diligently throughout the year to strengthen ongoing relationships with the charitable organisations we support. While we receive numerous applications-each representing a worthy cause-many unfortunately do not meet our funding criteria. Therefore, receiving an application that aligns perfectly with our mission is especially rewarding. l am deeply grateful to all the Trustees who have generously contributed their time and expertise during meetings and reviewing applications via email be￿een sessions. I want to thank our Trustees for their adaptability-retuming to in-person meetings when possible and participating remotely when necessary despite the ongoing challenges and changes in their professional and personal lives. At the end of the last financial year, we were pleased to welcome two new Trustees, Andrew Knights and lan Dyson, who were appointed in April 2024. As a Charitable Trust, we understand the importance of balancing stability and experience with the need for fresh ideas and rejuvenation. l am incredibly proud of what we have accomplished this year, and I look forward to leading our team of Trustees as we continue to reassess our work and build on our achievements. 14 THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 We remain committed to our mission of distributing funds to (i) a5SlSt current and former members of the security profession in times of difficulty. alleviating suffering and distress: (li) promote and further education., and (iii) support projects that have a broader impact on the public. In doing so, we strive to embody our values of Kindness in Security and uphold our core principles of Commitment. Integrity, and Trust. Ashley Fernandes Chair of Trustees 15 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 2024 which comprise the Statement of Financial Acts'vities, Balance Sheet and notes to the financial statements, including significant accounting policies, set out on pages 20 to 29. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial Stateff￿nts: gwe a true and fair vrew of the state of the Charty's affairs as of 30 June 2024, and of its incoming resources and applrcation of resourw. including ts income and expendrture, for the year then ended,. have been propety prepared in accordan￿ with Unrted Kingdom Generalty A￿pted Accounting Practice,. and have been prepared in accordance wth the requirements of the Chanb'es Act 2011. Basls for opinlon We conducted our audit in accordance vith Intemational Standards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fijrther descrtbed in the Auditoffs responsibilities for the audit of the fnancial statements sectK)n of our reporL We a￿ independent of the Chanty in accordano wrth the ethical requirements that are relevant to our audtt of the financial statements in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethtcal responsibilities in accordance with these requirements. Vle believe that the audr( evidence we have obtained is sufficient and appropriate to provKJe a basis for our opinion. Concluslons relatlng to golng concem In auditi'ng the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting In the preparab'on of the financial statements is appropriate. Based on the work we have performed, we have not ijenb'fied any material uncertainties relat'ng to events or conditions that, individually or collectrvely, may cast signfficant doubt on the Chanty's ability to continue as a going concem for a penod of at least ￿efve rmnths from when the financial statements are authorised for issue. Our responsibilrties and the responsibil￿.eS of the Trustees respect to going concem are described in the relevant sections of thL8 report Other infonnatlon The other information comprises the infomiation included in the Trustees, annual report other than the financial statements and our audrtorfs report thereon. The Trustees are responsible for the other information contsined within the annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise expl￿tty ststed in our reprt we do not express any fomi of assurance conclusion thereon. Our responsibilty is to read the other information and. in doing so, consider whether the other infomation is materially Inconsistent the financial statements or our knowledge obtained in the course of the audtt or otheNise appears to be materialty misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gNes nse to a matenal misstatement in the financial statements themselves. If, based on the work we have perfomEd, we conclude that there is a material misstatement of this other infomiation, 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 vthich the Charities (A£counts and Reports) Regulations 2008 require us to reFrf)rt to you rf, in our opinion: the infOnT￿knn 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 agreementwth the accounts'ng records and retums: or we have not [￿E1Ved all the information and explanab'ons we require for our audit. 16 THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF SECURITY PROFESSIONALS CHARITABLE TRUST Responslbllllles ol Trustees As explained more fully in theTrustees' responsbi ifjtss statement the Trustees are resF)onsible for the preparation ofthe financial statements and being sab'sfied that they give a true and fair view, and for such intemal control as the Trustees detsmine k% necessary to enabie the preparalx)n of frianciai slakments that are fre8 from material misstatemn( whether due to fraud or error. In prepartng the financlal statements, the Tnjstees are resp)nsibfe for assessing the Charity's abilty to continue as a going concem, disclosirYJ. as applicable, matters retated to going and using the going concern basis of accounting unless theTrustees either intend to liquidate the Charity orto cease operations, or have no realistic atsmats've but to do so. Audltorfs re8ponslbllltSes for the audlt of the flnanclal statsment8 We have been ap￿inted as audlor under section 144 ofthe ChatitieshA 2011 and report in &(xYdarte with regulats'ons made under secb'on 154 of that ACL Our oblectNies are to obtsin reasonats￿ assurance atout whelher the financial staterrÉnts a5 a vthole are free from material misst*m8n( whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance ts a h￿h level of assuran￿ but bs not a guarantee that an audit conducted in accordan with ISAS (UK) will aws delect a materlal mis$tsten*nt￿n tt exists. Misststerrents can arise from fraud or error and are constdered material if, individualty CK in the aggregate, they could reasona￿ be expected to influence the econom decisions of users taken on the basis of these finanual statements. Irregularities, including fraud, are instances of non