## **THE CITY AND METROPOLITAN WELFARE CHARITY**
## **ACCOUNTS TO 31 DECEMBER 2023**
Registered Number 205943
**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **TRUSTEES' REPORT**
The Trustees of the City and Metropolitan Welfare Charity present its Report for the year ended 31 December 2023.
## **Structure, Governance and Management**
## _**Legal status**_
The Charity was set up as a charity in September 1961 under a scheme of the Charity Commissioners from an amalgamation of two older charities namely "Prison Charities" (eight ancient bequests established by a high court scheme in 1876) and "The Central Fund of the Metropolitan Convalescent Institution".
The registered number is 205943.
## _**Trustees**_
Mr Henry Colthurst The City of London Corporation Mr Mark Wheatley The City of London Corporation Mr Tom Sheldon The Mercers' Company Mr David Tate OBE DL The Mercers' Company (retired April 2023) Mrs Gemma Prichard The Mercers' Company (joined October 2023) Mr Matthew Pellereau The Leathersellers' Company Mr David Barrow The Leathersellers' Company Mr Andrew Cartwright (Chairman) The Grocers’ Company Mr Adrian Waddington CBE The Haberdashers' Company Mr David Worlidge The Ironmongers' Company Mr Richard Jonas The Clothworkers’ Company
Mr Tom Sheldon retired as Chairman on 30[th] October 2023 and was replaced by Mr Andrew Cartwright on the same date.
The Trustees are chosen according to the individual practice of each appointing body. Persons appointed may, but need not be, a member of the appointing body.
The Trustees are appointed for a term of four years and may be re-appointed for further terms at the discretion of the Trustees, as follows:
Two by the Lord Mayor of London Up to three by the Master and Wardens of the Mercers' Company Two by the Wardens of the Leathersellers' Company One by the Master and Wardens of the Grocers' Company One by the Master and Wardens of the Haberdashers' Company One by the Master and Wardens of the Ironmongers' Company Separately, Mr R Jonas, Clothworkers’ Company has been co-opted as a trustee.
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **TRUSTEES’ REPORT (continued)**
The address of the principal office of the Charity is:
36 Ladbroke Grove London W11 2PA
The administration of the Charity is carried out by the Clerk - Mr Nigel Pullman, to whom the day-to-day management is delegated.
## **Advisors**
Independent Examiner: John Mawer, 1 Sycamore Rise, Tugby, Leicester LE7 9WU
Banking: Barclays Bank, 1 Churchill Place, London E14 5HP
Investment Management: Cazenove Capital, 1 London Wall Place, EC2Y 5AU
## **Objectives and Activities for the Public Benefit**
The Charity’s Scheme of Management states that the Trustees shall apply the income of the charity for the benefit of deserving persons who by reason of age, ill health, accident and infirmity or straitened financial circumstances are in need of assistance in either or both of the following ways:
- in the supply of articles in kind or in grants of money and/or
- in grants in aid of the funds of any institutions or organisations established or to be established for the care and relief of such persons.
During 2023, the Trustees determined that to have a greater effect on implementing the objectives of the Charity, it would be desirable to make larger grants to meet the needs of the charities working with offenders and ex-offenders that it has been supporting. This would require utilising the Endowment Fund and redeeming investment units held in the Fund.
After consultation with solicitors Veale Wasbrough Vizards LLP, a submission was made to the Charity Commission in accordance with Section 282 of the Charities Act 2011, to enable the Charity to be released from the restrictions imposed on the Endowment Funds. During 2023, the Charity Commission confirmed that it concurs with the Trustees' Resolution under section 282 of the Charities Act 2011, which means that the Resolution becomes part of the trusts of the Charity and the Trustees can spend the capital, subject to the Resolution, as if it were income.
The result is that over an expected period of 1-3 years, the assets will be sold and the Charity wound down and eventually closed.
The Trustees confirm that they have referred to the recommendations contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the forthcoming year. The Trustees consider that the grants made by the Trust during the year are solely for the public benefit.
## **Grant-making policy**
The policy is to apply the resources of the Charity in accordance with its principal objects (above). The Trustees meet twice a year to discuss applications and approve grants.
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **TRUSTEES’ REPORT (continued)**
## **Principal achievements for the year**
The Trustees have made grants to institutions and organisations providing for the relief of persons in need. All grants were to charitable bodies working in the fields of community welfare and relief in need, as listed in Note 3 to these accounts. No grants have been made directly to individuals. Grants during the year amounted to £33,500 (2022: £31,000).
No larger grants were made in 2023. The Trustees expect to finalise their disbursement policy and commence the implementation during 2024.
## **Review of financial position**
Total Incoming Resources during the year amounted to £31,206 (2022: £35,987) of which £29,206 was income from investments (2022: £26,987) and £2,000 (2022: £9,000) from annual donations received from Connected Charities, as set out in Note 6 to the accounts. The Connected Charities have advised that such Donations will no longer be forthcoming, with the final payment received in 2023.
In 2023, £33,500 was distributed to 11 charities (2022: £31,000 to 9 charities).
The Charity’s investments had a closing value of £665,096 versus an opening value of £667,827. The reduction in value of £2,731 resulted from the sale of £10,000 worth of units, realising a loss based on the closing 2022 value of £535, which was offset by an increase in the value of the remaining investments of £7,804.
Legal costs totalling of £2,683 were expended in relation to the Trustees’ Resolution. There are no additional costs expected in relation to the closure of the Charity.
## **Plans for 2024 and beyond**
As set out in the Objectives of the Charity, the Trustees intend to make several substantial grants to selected charities falling within its remit using the remaining resources of the Charity. The disbursement policy and timeframe to implement is expected to be determined during 2024.
## _**Investment policy and objectives**_
The Endowment Fund is fully invested in the Cazenove Charity NURS Fund, which is a multiasset fund designed and managed specifically for the charity sector. The Fund Managers have been advised by the Trustees of the decision to wind down the Charity assets through the redemption of units over the short to medium term.
## **Valuing volunteers**
In keeping with recommended practice, an approximation of the numbers of hours that the Trustees give to the Charity free of charge during the year has been undertaken and is estimated at 80 hours of voluntary time (2022: 80 hours).
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **Statement of Trustees' Responsibilities**
The law applicable to charities in England & Wales requires trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year.
In preparing financial statements giving a true and fair view, trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- prepare the finance 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 accounting records which are such as to disclose, with reasonable accuracy, the financial position of the charity at any time, and to enable the Trustees to ensure that the accounts comply with the disclosure regulations (primarily Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005) and the Charities Act 2011. The Trustees are also responsible for safeguarding the charity's assets, and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.
## **Risk management**
The Trustees acknowledge their responsibility for the management of risks faced by the Charity. The Trustees, in considering the governance, management, operational, financial and environmental risks, are satisfied, at this stage, that there is no material exposure and that there are procedures in place to mitigate such risks. This will, however, be kept under review.
The Trustees have agreed clear lines of delegation and authority and both the Trustees and Clerk are involved in the recognition of risk in all their activities.
Signed on behalf of the Trustees by:
## Andrew Cartwright
Chairman of Board of Trustees Date: 15 April 2024
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF The City and Metropolitan Welfare Charity**
## **for the year ended 31 December 2023**
## **Report of the independent Examiner to the Trustees of The City & Metropolitan Welfare Charity**
I report on the accounts of the Trust for the year ended 31 December 2023 which are set out on pages 6 to 10 as required by the Charities Act 2011.
## **Respective responsibilities of trustees and independent examiner**
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility:
- to examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of Independent Examiner’s Report**
My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
## **Independent Examiner’s statement**
In connection with my examination, no matter has come to my attention:
- 1) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met: or
- 2) to which, in my opinion, attention in connection should be drawn in order to enable a proper understanding of the accounts to be reached.
## John Mawer
Chartered Accountant JW Mawer Ltd 1 Sycamore Rise Leicester LE7 9WU
15 April 2024
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Notes**
**Incoming resources**
_Incoming resources from generated funds_
Investment income
Voluntary income
2
**Total incoming resources**
**Resources expended**
_Charitable activities_
Grants Paid
3
_Governance costs_
4
**Total resources expended**
**Net (outgoing)/incoming**
**resources**
**Gain/(Loss) on investments**
5
**Net movement in funds**
**Balances brought forward**
**Balances at year end**|**2023**
**Total**
**Funds**
**£**
29,206
2,000
31,206
(33,500)
(10,858)
(44,358)
(13,152)
7,269
(5,883)
686,033
680,150|**2022**
**Total**
**Funds**
**£**
26,987
9,000
35,987
(31,000)
(8,175)
(39,175)
(3,188)
(77,513)
(80,701)
766.734
686,033|
|---|---|---|
The attached notes form an integral part of these accounts.
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **BALANCE SHEET**
|**Notes**
**Fixed assets**
Quoted Investments
5
**Current assets and liabilities**
Cash at Bank
Creditors
**Net current assets**
**Net assets**
**Funds**
Unrestricted Fund
Unrestricted Endowment Fund|**31 December 2023**
**£ £**|**31 December 2023**
**£ £**|**31 December 2022**
**£ £**|**31 December 2022**
**£ £**|
|---|---|---|---|---|
||16,029
(975)|665,096
15,054
680,150
**£**
15,054
665,096
680,150|19,181
(975)|667,827
18,206|
||||||
|||||686,033|
|||||**£**
18,206
667,827|
|||||686,033|
The attached notes form an integral part of these accounts.
Approved by the Trustees and signed on their behalf by:
Signed Andrew Cartwright Date: 15 April 2024
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **NOTES TO THE ACCOUNTS - 31 DECEMBER 2023**
## 1 ACCOUNTING POLICIES
## **Accounting basis**
The accounts are prepared in accordance with applicable accounting standards, on an historical cost basis as modified by the revaluation of investments and comply with charity law and with the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2011.
## **Incoming Resources**
Interest and dividends from investment funds are included as receivable on the due dates. Donations and legacies are recognised when they are received. Gifts in kind are included at their market value at the date of receipt.
## **Costs of Generating Funds**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
## **Charitable activities**
Grants payable are charged in the year when the offer is conveyed to the recipient except in 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.
## **Governance costs**
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice including costs related to independent examination.
## **Investment gains and losses**
Unrealised gains and losses for the year reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward. Unrealised and realised investment gains or losses are shown net on the face of the Statement of Financial Activities.
## **Investments**
Investments are stated at the year end at their market value.
## **Funds**
Historically, under the auspices of the Trust Deed, the charity has maintained two types of fund:
- Endowment - where the capital is held in perpetuity to generate unrestricted income;
- Unrestricted - where the fund is not restricted as to use.
During the year, the Trustees, after consultation with Veale Wasbrough Vizards LLP and following approval by the Charity Commission, agreed to release the restriction on the Endowment Funds. As a result, the Statement of Financial Activities for the year no longer distinguishes between Endowment and Unrestricted Funds.
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **NOTES TO THE ACCOUNTS - 31 DECEMBER 2023 (Continued)**
## 2 VOLUNTARY INCOME
|Donations during the year came from the following sources:|**2023**
**2022**|
|---|---|
||**£**
**£**|
|Charity of Sir Richard Whittington (Mercers’ Company)|2,000
2,000|
|
Haberdashers' Benevolent Foundation|-
1,000|
|The Grocers’ Charity|-
3,000|
|
The Clothworkers’ Company|-
3,000|
||2,000
9,000|
## 3 CHARITABLE ACTIVITIES - GRANTS
The following grants to institutions were made by the Charity during the year:
||**2023**
**2022**|
|---|---|
||**£**
**£**|
|Book Project*|2,500
-|
|Change for Good*|-
4,000|
|Finding Rhythms*|4,000
-|
|Housing the Homeless Central Fund|-
4,000|
|Longford Trust*|4,000
-|
|Message Enterprise Centre (MEC)*|-
4,000|
|Not Beyond Redemption*|4,000
-|
|Prison Education Trust*|-
5,000|
|Prison Radio Association*|4,000
-|
|Prisoners Abroad*|2,500
-|
|South West Community Chaplaincy Ltd*|2,500
-|
|Spitalfields Crypt Trust|-
2,000|
|St. Giles Trust*|-
2,000|
|St. Mungo’s|-
2,000|
|The Recruitment Junction*|2,500
-|
|The Sofa Project|2,500
-|
|The Upper Room (St. Saviour’s)|-
5,000|
|Trailblazers Mentoring Ltd*|-
3,000|
|Treasures Foundation*|2,500
-|
|Why Me*|2,500
-|
||33,500
31,000|
|* Indicates an offender related charity||
## 4 GOVERNANCE COSTS
||**2023**
**2022**|
|---|---|
||**£**
**£**|
|Clerk’s Fees and Expenses|7,200
7,200|
|
Accountancy and Independent Examination Fees|975
975|
|
Legal fees|2,683
-|
||10,858
8,175|
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**THE CITY AND METROPOLITAN WELFARE CHARITY**
## **NOTES TO THE ACCOUNTS - 31 DECEMBER 2023 (Continued)**
## 5 QUOTED INVESTMENTS
Quoted investments are shown at market value. The change in value during the year is made up as follows:
|Fund Name
**Multi-Asset Funds**
Cazenove Charity NURS Fund
**Portfolio Total**|Opening
Balance at
1 Jan 2023
(Sales)/
Purchases
in year
Realised
Gains/
(Losses)
Unrealised
Gains/
(Losses)
Closing
Balance at
31 Dec 2023|
|---|---|
||667,827
(10,000)
(535)
7,804
665,096|
||**667,827**
**(10,000)**
**(535)**
**7,804**
**665,096**|
Quoted investments at the year-end are shown at market value. Investments are held in the United Kingdom and are managed by Cazenove Capital.
## 6 CONNECTED CHARITIES
The following related parties and/or their charitable arms are connected in relation to the Trustees:
Corporation of the City of London Haberdashers' Company Mercers’ Company Ironmongers' Company Grocers' Company Leathersellers' Company Clothworkers’ Company
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