Charity number. 1158457 The Innholders, Charitable Foundation Trustee's Reportand Financial Statements for the Year Ended 30 September 2024
The Innholders, Charitable Foundation Contents Page Reference and Administrative Details of the Charity, its Trustee and Advisers Trustee's Report 3-11 Independent Auditor's Report on the Financial Statements 12-16 ststement of Flnanclal Actlvltles 16-17 Balance Sheet 18 ststement of Cash Flows 19 Notes to the Financial Statements 20-28
Reference and Admlnistrative Detsils of the Charity, Its Trustee and Advisers for the Year Ended 30 Septernber 2024 Trustge The Worshipful Company of Innholders Charity registernd number 1158457 Principal office Innholders, Hall 30 College Street London EC4R2RH The members of the Court of Assistants are: Master Upper Warden Middle Warden Renter Warden Mr TS Richardson SirJGM Wates CBE MrAG McKenzie FIH MI DrRJ Vtylde FREng Court Asslstants MrT Mellery-Pratt (until 1 October 2024) MrAJ Brighton MrAFG Groom CFRCs Mrs JL Slbley MBE Mr CH Attlee Mr NW Rettie FIH MI The Rev'd Cannon WJ Christianson FNI Mr K Harrison The Rt Hon The Viscount Thurso PC FIH MI Mr DC Brann Mr l Mullins Mr C Chaplin Mr D Morgan-Hewitt FIH MI Mr JP Essenhigh Mrs Molony FRGS Mr NH Fox Mrs B Aarons FIH Mr JD Beck FCCA Mr E Brandt (from 1 October 2024) Ms R Moule Mr C da Cunha (from 4 June 2024)
The Innholders, Charitable Foundation Reference and Administrative Details of the Charity, its Trustee and Advisers for the Year Ended 30 September 2024 Independent audltor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Bankers Lloyds Banking Group PIC 2nd Floor 39 Threadneedle Street London EC2R 8AU C. Hoare & Co 37 Fleet Str88t London EC4Y 1 BT Solicitors Cripps LLP 12 Mount Ephraim Tunbridge Wells TN4 8AS Investment Manager Cazenove Capital 1 London Wall Place London EC2Y SAU
The Innholders, Charitable Foundatlon Trustse's Report For the Year Ended 30 September 2024 The Worshipful Company of Innholders ('the Company") is a City Livery Company founded under Royal Charter in 1514 and is represented by its Court of Assistsnts. The Court of Assistants ('the Courf) acts on behalf of the Company, which is the sole Corporate Trustee ( the Trustee") of the Innholders, Charitable Foundation {"the Foundation ). The Trustee presents its annual report togetherwith the audited financial statements of the Foundation ft)r the year 1 October 2023 to 30 September 2024. A. Objectives and Activities Objects The objects of the Foundation reflect those of the seven unincorporated charities which were amalgamated into the Foundatlon when it was established. The objects ofthe Foundation are.. The Young and Furtherance of Educatlon To advance the education for the public benefit, in such ways as the Trustee sees fit including awarding scholarships, bursaries or similar awards to young people, particularly but not exclusively those from the Greater London area, and pupils attending schools owned and operated by the Licensed Trade Charity. and such other schools and educational establishments as the Trustee may, from time to time, see frt to supporL 11) The Elderlyand thelr Welfare To relieve financial hardship. sickness and poor health amongst elderly persons, particularly but not exclusively, those formerly employed within the hospitality industry by the provision of grants and helping in the development of nursing staff employed in the care and nursing of such persons. iii) Genernl Charitsbl• PUnse$ Such other charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the Trustee may from time to time determine. The Foundation also supports the advancement of the hospitalty industy in recognition of the Company's historic links with the sector. Meetlng the Charitable Objectives The Trustee is satisfied that its procedures ensure that recipients of its grants are identified, and awards are allocated and distributed, in a fair way. IlIe traditional links beeen a particular charity and the recipients of charitable support are, wherever possible, maintained. care is exercised to ensure that 8 recipient is not able to clairn a right to charitable support. Activitie8 durlng the Year under Revlew.. At Innholders, we place a great deal of importance on the impact of any grant that we award, and we therefore are pleased to share the valuable feedback that we have received from a number of the grantees listed below. ) The Young and Furtherance of Educatlon In a 50150 partnership with the City of London Corporation, the Foundation continues to fund places at each of the City of London Schools for exceptional candidates nominated and means-tested by the schools. In the year under review this funding was £57,554. The Head of Development reported that. The Innholders. generosity is transformational foryour individu81 bursary students and touches the life of everyone at City. We all benefit from having these girls in our community.. The Foundation also continued as a Donation Governor of Christ's Hospital. The Foundation made a further grant of £25,000 to Teach-First to support the 'Leading Together, p.rogramme. In their report, Teach First commented that 'd85prfe its cruclal role, school lead8rship is on6 of the most lonely and stressfuljobs in education. Faced with so much pressure and minimal support, school leaders have been pushed to their limrfs. leading many to quit. Without great leadership, schools underperform. This leads to lower pupil attainment, worsening their chances when they188va school and repeating the cycle of deprivation. As we face more economic, political and social challenges, our country's poorest children are suffering. We know that improving teaching and school leadership is the best way to Improve the Jife chances of these children. No other aspects of the school system have as muGh influ8nce on pupil achievement- PaCularlY the achievement of those
The Innholders. Charitable Foundation children from disadvantaged backgrounds. In this environment, the support of The Worshipfvl Company of Innholders continues to be vital in ensuring that we can be there for school leaders, to improve retention, pupil perfon77ance and schools." An award of £1,000 was made to a pan-livery programme put together by Livery Sch¢)ols Link which alms to identify and support under-res0urd London state schools. It is hoped that long temi relationships with such schools will develop from this initiative. The Foundation continued to fund bursaries of £5,000 each at the Guildhall School of Music and Drama the only conservatoire in the City of London. The School state that". °We ar8 proud of the depth and dwersity of our training, which enables our students to becom8 18ading performers and practitioners. The School aims to ensur8 that anyone with any talent and ambition to receive 8dmission onto ourprogrammes, is not constrained by financial limitations. Our Scholarships Fund provides vital assist8nce to under 8ndpost graduate students. which enables them to pursue their training at the Sohool, many of whom would othernise have struggled to take up theirplaces. With the support of the Worshipful Company of Innholders, we have been 8ble to provide annu818wards to students at a Grucial stage of theirprofessionaj training." It also renewed its support to the London Music Fund, sponsoring the music tuition of a primary school pupil for four years at a cost of £1,000 per year. The London Symphony Orchestra received £15.000 to continue the support of its 'Music in the Classroom, programme. In their grant report on the LSO Music in the Classroom programme for 2023124, the LSO stated that: "ChildTrn growing up in east London are amongst the most disadvantaged in England. with six east London boroughs(TowerHamlets, Hackney, Newham, Lewisham and Barking & Dagenham) falling within the most deprived 150/0 of the 317 local authorities in England (English Indices of Deprivation, 2019). Tower Hamlets has the highest level of child poverty in London (560/0), followed by 430/0 in Hackney (Trust for London, 2023). Despite the positiv8 impact that engagement in music can have on children's learning and educational attainment, the prow'sion of music activities in schools across the UK and crucially in ourpartner east London boroughs, is extremely sporadic. There is a conceming lack of staff expertise, musical resources and budget constraints that prevent many east London schools from delivering effective and engaging musiG18ssons. With the LSO'S Music in the Classroom programme working in partnership with the 10 east London Music SeNices. w& 8r8 able to reach children wrfh the greatest need. In addition, with Éhe increased housing costs and the stark rise in the cost of living. the support of IoGal arts organisations such as the LSO is becoming increasingly importsnt in 8nsuring that young people have access to enriching and high-quality music opportunities in our local communities. rhroughout this one yearptDgramme, te8chers from drfferent primary schools across the partner bon?ughs have the opportunity to increase their confidence and skills in facilitating cr68twity in their classrcioms, which in tum, will ensure the teachers will become the music specialists in theirprimary schools, sharing their new skills and knowledge Mqth other teachers. This will have a long-term impact on th8 education of pupils in future years through increased quality and provision of muslc wlthin their schools." The Foundation contlnued to support Jamie's Farm with the second tranche of a new three-year grant of £25,000 pa towards the costs of their Lead Food and Garden specialist, based at Hill House Fam near Bath. Gathering produce from their garden, preparing and enjoying meals - everyone sitting down together- is a central part of the family component that makes Jamie's Fami special, The management of their food, ¢¢kIng and garden, especially at their headquarters and first farm, is therefore a crucial role in the hospitality and welcome that helps them transform the lives of up to 450 disadvantaged and vulnerable young people each year. In their report to the Foundation, Jamie's Farm Commented that: "Without your support W8 genuinely wouldn't exist. Thanks to your generosity and kindness. we have been able to deliver our transformative programm8 to over 15, 000 ohildren, facing a multitude of bam'et3 across England and Wales, since our fruition. Unplugged from the virtual world and away from everyday pressures, you have given children the opportunity to connect with nature, showcase their talents, and discover theirpotential. In doing so, you have created lasting changes to their mental wellbeing, ability to fonn relationships, engagement with school, and other soft skills such as independence,: This year the Foundation supported a charity called Spark Inside with a grant of £9,547. Spark Inside uses coaching in prisons to unlock the potential of individuals and drive culture change in the criminal justice system so that rehabilitation is possible. Their vision is that the futures of people in contact with the criminal justice system are determined by their potential, not their past. They are one of the first organisations to take lrfe coaching to 15-to-25- year-old men in prison, and to use systems coaching to bring together prisoners and staff in prison. They also work to shift criminal justice policy and public perceptions of people in prison (including by platfomiing their voices) in order to make prisons, and society, safer for everyone. The grant from the ICF was used to fund one day per week of Spark Inside's young person's Participation and Engagement Manager in HMPYOI Isis for one year. This role supports their direct engagement with young people in the prison, enabling them to run Hero's Journey programmes, engaging young men (aged 15 to 25), who are representative of the population in HMPYOI Isis (they engage a high
The Innhold8rs' Charitsble Foundatlon number of Blacklminoritised young people who are over-represented in the prison system). The Hero's Journey is focused on empowering some of the most vulnerable and marginalised young people in our society to unlock their potential so that they can move away from crime and build brighter futures. The Participation and Engagement Manager is key in Maintaining contact with young people after they complete the Hero's Journey., and supporting interested young people to continue engaging wlth Spark Inside on release- elther with continued Coaching or joining the Spark Inside Champions group with ongoing access to training and support. Swanlea School, a coeducational comprehensive secondary school in Whitechapel with approximately 1200 students beeen the ages of 11 and 18, was awarded a grant of £2000. Th8 school had previously been supported by the Foundation to enter a debating team in the Sheriffs Challenge. Some feedback received suggested that a course that raised the students, social confidence through oracy and presentation skills might be very useful. The grant was awarded to enable the school to engage with Talk the Talk organisation for them to deliver three workshops to develop SOGial confidence, communication skills, oracy skills, and clarity of presentation. The aim was to prepare the students for top end university interviews. apprenticeships and for the Sheriffs Challenge. It was envisaged that 30 year 12 students would be targeted for this programme. The Elderly and thair Welfare In continuation of its 8UPPOrt to the elderly and the wider hospitality community, the Foundation rnade awards of £12,500 each to Hospitality Action, the Licensed Trade Charity and The Drinks Trust for relief-in-need grants to former employees of the hospitality industry and drinks trade. The Foundation continues to fund projects in support of the elderly. A grant was made to Hospitslity Action {HA} in the year of £42,000 to provide supplementary winter fuel grants to the elderly. A further £26,000 went to HA'S 'Golden Friends. scheme to alleviate social isolation among elder5y former members of the hospitality industry though funding for a newsletter, a telephone helpline and various sundry items including birthday cards and flowers for members. The Licensed Trade Charity was awarded a further £2,880 to help continue its work supporting workers in the hospitality trade with mental health and resilience training and counseling. Age UK was awarded the second tranche of their thr&-year grant of £10,000 for their vital Advice Line. Reporting on the previous years grant they stated that.. °On behalf of everyone here at Age UK, I would like to pass on our thanks to the fnistees of rhe Worshipful Company of Innholders for their continued support to our work, and in p8Cular towards our natlonal Advice Line. The Advice Line is the heart of the charity and is more in demand than ever before. As the w0d is becoming increasingly complex and dlta1, and harder to navigate, older people are telling us it is difficult to understand the healt17 and care systems and access the right support. Thankfully and thanks to your support, our Advisors are here to help, making sure that vulnerable older people are heard, understood and helped in their time of need." iii) Hospitality Industry The Innholder Scholarship Programme is the biggest of all the projects withln the Foundation's support to the hospitslity industry. FolkMir@ the intervEws hekj in (t2023.11 candidates were selected, and the scholars attended their courses during 2024. 7 students attended the Talent Development programme at Cranfield, and 4 students attended the General Managers Programme at Comell University. After contributions from the Savoy Educational Trust (£40,278), the Master Innholders Charitable Trust {£42,000) and the Lord Forte Foundation {£10,000), the total support given by the Innholders Foundation for the year to this programme was approximately £40,278. One scholar Included these comments in their course report: "What can I say about a career impacting experience. l. like the rest of my co118agues, began ouriourney applying for a scholarship to join the Talent Development Programme. This was my second application for an Innholder Scholarship and successfully making it through the first stage and attending Innholders Hall for an interri8w was an achievement in itself. After my interviews I was feeling anxious as l awaited the outcome. When I reGeived the email advising me that I had been successful it was one of the biggest achievements that I have had in my 16 years in hotels. The TDP at Cranfield University has pmvided me with 8 life changing joumey that will continue to influence my carger and personal gmwth foryears to come, I would like to personally say thank you to the Worshipful Company of Innholders, the Savoy Educational Trust, Master Innholders Charitable Trust and the Lord Forte Foundation for the opportunity given to me through an Innholder Scholarship". The Foundation continued its relationship with the Springboard CharFty by awarding £5,518 towards a Scotland Hospitality Takeover Day. Each Takeover Day has a target of reaching 200 students, from beeen 6 to 9 schools in the region. This activity is open to the majority of year groups as it is focused on introducing and demonstrating
The Innholders. Charitable Foundation the hospitality industy and it's varied roles. Whilst the Takeover Day is one day of activity it is in fact far more than that as it also results in increased scope within Itxal communities and provides students an introduction to Springboard with many then going on to take part in another of their activities. For example, access to Career Scope, pupil and teacher resources, online careers IAG, ability to sign up to careers hublsummer schoolFUtUre Chef. The Foundation were pleased to note that the Takeover day is provided free of charge to all schools and students taking part. In recognition of the Innholders, origins in the licensed trade, a further grant of £10,000 was paid to the Plunkett Foundation, in support of its 'lnn It Togetherf campaign supporting rural pub ownership by communities. To build on the momentum and the success of the 2023 grant awarded, the Plunkett Foundation stated they were seeking a continuation of funding for their "Inn This Togetherf project. As reported in their end of funding report, there is significant continued demand for their support from rural communities who are looking to bring their local pub into community ownership. With a 99010 overall survival rate, the communty pub model is a successful way of saving these much-needed and much-valued community assets, which are otherwise likety to face permanent closure. Thanks to Plunkett's ongoing business support, community pubs are resilient, and are a proven means for safeguarding essential services, protecting. and creating local jobs and stimulating community cohesion. The primary purpose of the community pubs that Plunkett support is to provide vital services on which rural communities depend, such as access to social meeting spaces, food provisions, cash and health-related SeiceS - and in doing so in such a cOperative way, they also address a wide range of issues affecting today's society, including isolation and loneliness, mental health and wellbeing. empk)yment and training, health care and education, and climate Change. iv) General Funding of £30,000. the third year of a three year grant, was awarded to the Clink Charity towards the salary of a dedicated support worker at HMP Brixton whose role is to work with the men training in the Clink restaurant and Clink bakery from three months before release through to their post release rehabilitative journey. The Clink reported that in 2023. We trained 91 people in Bnxton and supported 24. This enabled us to place 52°A of our supported graduates directly into employment with an a short period post release where we continue to support them and their employers as required. A further 230A of our graduates are receiving support and seeking employment. Many of our students and graduates have Gomplex needs such as dnig alcohol and mental health challenges, and more than a quarter have nowhere to live on release. Our support worker in Brixton has built links with employers. local authorities, other charities and the probation semce to ensure that clinic graduates hav8 th8 best possible chance of a life free of offending.. A grant of £10,000 was awarded to Samaritans and they reported that: "In June 2023, The Innholders, Chan'table Foundation made the very kind and generous award of £10,000 peryear for three years to Sama17tans. As we come to fhe end of the firstyear of this grant, Samantans are very pleased to report some of our aGtivitl8s and achievements to date. None of this could be possible without our funders, dedicated support, we r8ally cannot thank you enough for continuing to help us be there, night and day, so no one has to face their dart(est moments alone. Samaritans offers support over four Helpline Services.. Telephone, Email, Online Chat and letter. In 2023.Samaritan listening volunteers responded to over 3.3 million calls for help,. rn0 than 3 million by telephone, more than 150,000 by email, over 46,000 by online Ghat and more than 600 by letter. When people Gontact Samaritans for emotional support, they often mention several concems. Mental health or illness were mentioned in almost half of calls for help in 2023. Family was mentioned in l in 3 calls and isolation, or loneliness were mentioned as a Gonc8m in just und8r 300/0 calls. Callers expressed suicidal feelings during almost l in 4 calls ft)r emotional support and seff-h8rm was discussed in around l in 15 calls. Samaritans, helplines were often referred to during the pandemic and are frequently signposted to people struggling in the Cuffenf cost-of-living crisis. Data shows cost of living Goncerns are driving more and more peopl8 to call for help,. Sin the orisis began w8 have recorded more calls from people worried about their finanGes than ever before. Saman'tans are currently answering more than 400 calls 8 day from people who are worried about their finances or unemployment. With support fmm donors like you. we are finding new ways to r88ch people at rlsk of suicide and self hann wh8rever they are and support them before they reach cnsls point. We want everyone to beIve in tomorrow. Thank you for supporting our vision." The Livery Food Initiative (a follow on from the Livery Kitchen Initiative (LKI) launched during Covid) set out to reduce food povety and seek funding to increase the volume of surplus food able to be redistributed in London by the food redistribution charity City HaNest. Following on from the grant the Trustee made of £10,000 towards the purchase of the first Livery Food Initiative van for City Harvest in March 2023, this year the request was for a further £10,000 towards a truck. City HaNest reported that it was facing a rapid decline in the food that had been
The Innholders. Charltable Foundatlon available and is constantly needing to adapt. Regulations mean food suppliers are having to become more efficient and reduce food surplusgs. City Harvest now needs to go further back in the supply chain to source food. To do this, they are using larger 7.5 tonne trucks which go further afield to gather the food that can then be redistributed, by smaller Sprinter vans. This is why the request was for funding for a truck. The Foundation was very impressed to learn that The Livery Food Initiative In its first years has raised nearly £400,000. This has enabled City Harvest to deliver food for 1.6 million nourlshing meals, with millions more to be delivered by both the Van and Truck in the coming months. The Van and Truck are on the front line of City Harvesfs work, driving across London and further afield seven days a week. Emblazoned with the Livery Food Initiatlve logo, the vehicles are a source of hope to the individuals. supported by their partner charities, many of whom are at risk of hunger, malnutrition or social isolation. The free food collected and delivered by the Van and Truck are at the heart of the services provided by City Harvest. Cty Harvest delivers to 375+ community organisations that collectively feed over 120,000 people a week. This saves each organisation around £65,000 per year, equatlng on average to approximately £21 million of funds a year being re-directed to other vital services such as counselling, support groups, and employment training. In addition to the awards made by the Patronage Committee detailed above, sm8ller grants of between £1,000 and £5,000 were made by the Charity Committee to small charities mainly based in London amountr'ng to £50,000. The Master donated his £1,000 'Master's Lisf allocation to the Thames Hospice.
The Innholders, Charltable Foundation Trustee's Report (continued) For the Year Ended 30 September 2024 B. Structure, govemance and managamont The Foundation is a Charitable Incorporated Organisation (CIO), which is registered with the Charity Commission as Charity Number 1158457. The CIO was estsblished by amalgamating seven existing Innholders, charities which were: The Rydon Trust, The Violet Halliwell Charitable Trust, the Worshipful Company of Innholders General Charity Fund, The Wates Charitable Fund, The William Austin and Florence Balls Scholarship, SH Bishop Will Trust and the Innholders, Company Welfare (Pension) Fund. Management As laid down in the original Charter of Inspeximus of 1664 (as subsequently amended) the Court meets formally eight times per year to transact the Company's business, with additional meetings convened from time to time in the inteNening months. During each meeting, as part of its formal agenda, the Court acts on behalfofthe Trustee to transact business on Foundation-related matters. Details of decisions made by the Court acting on behalf of the Trustee are recorded separately within the minutes of the Court meetings. Administratlon Day-to-day administration of the Foundation is exercised by Dr Rebecca Tomlin, the Clerk to the Company. The registered office, and detsils of advisors, investment managers, solicitors and bankers of the Foundats'on are gtven on page 1 of this report. The investments of the Foundation are managed on a discretionary basis by Cazenove Capital Management and are subjectto scrutiny by a committee made up of members ofthe Company, who have specialised expertise within the financial sector. Grant Allocatlon The consideration of potential grant recipients is delegated to dedicated Committees of the Company, Patronage and Charty, which make formal recommendations of grant awards to the Trustee for approval. The Patronage Committee identifies major long-term projects, normally over £2,000 and generally for periods of up to 3 years, for recommendation to the Trustee. Most grants recommended by the Patronage Committee are made on a discrete basis, although longer-term grants may be agreed from time to time for a maximum period of seven years, particularly in respectof bursary funding. Recipients of these grants are required to report annualty to the Committee for review. This Committee meets fomially three times per year to consider reports and applications, and more frequently by circulation of emails and by virtual meetings, when necessary. The Trustee also allocates an annual sum of £50,000 for general charitable donations, particularly to smaller charities. for which the Charity Committee is responsible. This Committee identifies small requests for funding, usually between £1,000 and £5,000 each, for recommendation to the Trustee. These grants are typically made to charities that are local to the City of London and the surrounding boroughs. charities in which individual members of the Company are active participants,. or to areas and organisations with which the Company has historical links. The Charity Committee meet formally three times per year to make their recommendations to the Trustee. Each year a sum of up to £1,000 is made available to the Master of the Company to support individual charities of hislher choice. Whilst the chosen charities are selected by the Master, the Patronage Committee ensures that they conform to the overall charitable objectives of the Foundation. lthenever possible. members of the Company visit the projectslcharities that have received financial support from the Foundation and report back to the Patronage and Charity Committees on whether the funding provided is meeting its objective. Publlc Benefit The Trustee considers that, as a grant-making foundation, providing public benefit is at the core of the Found8tion's activities, as demonstrated in this report. The Trustee considers that it has due regard for the guidance of the Charity Commission on public benefitwhen reviewing the Foundation's aims and objectives and in planning future
The Innholders, Charltable Foundatlon Trustee's Report (continued) For the Year Ended 30 Septsmber 2024 activities and setting grant making wlicy. In assesslng public benefit, the Trust88 has had due regard to the Charity Commission's Guidance for Chanty Tnistees and Is satisfied that all grants have been made to beneficiaries who fall within the objectives of the Foundation. No geographical restrictions are made on potential beneficiaries except in the case of grants made by the Charity Committee, which may make grants where there Is a specific restriction such as "from within the London Borough of... within the aims and objectives of a recipient organisation. The Trustee is satisfied that this is not an unreasonable restriction since in such cases, all applicants from within that borough who met the criteria could benefft. The Trustee is satisfied that grants for relief-in-need by their very nature meet the requirement to have a purpose which is beneficial to the communty. }ere awards are made for educational purposes, the school or college nominates candidates for bursaries and the Trustee requires that means testing is Caled out before the award is made. Such bursaries are paid directly to the schoollcollege bursary trust and not to the individual. Innholder Scholarships are advertised widely and are made to members of the hospitalty industry which is a slgnificant employer in the UK., they are therefore avallable to a wide sector of the population. C. Flnancial Roview and Investment Pollcy The total income of the Foundation was £484,268 (2023:£461,389). This included a donation made by the Company of £11,280 (2023.. £24,148). The income from the Foundation's investments amounted to £322,954 {2023.' £311.288) which included rent of £12,000 (2023: £12,000). Donations of £104,278 {2023:£99,000) were also received forthe Innholder Scholarship Programme. The balance of £45,756 (2023: £26,953) was made up of donatlons from members of the Company {including Gift Aid). Totsl expenditure for the year was £632,587 (2023.. £667,827) resulting in net expenditure before investmentgains and losses of £148,319 (2023: £206,438). Reserves Policy All of the Foundation's funds at 30 September 2024 are unrestricted. lthile the Trustee is legally able to distribute any of the Foundation's funds, it has designated funds ('the designated fund,) that it regards as being capital in nature, being the capital amounts transferred to the Foundation by its amalgamated prede$SOr charities, plus a gift from the Worshipful Company of Innholders of £1m, all indexed by CPI from the date they were received into the Foundation. In the year to 30 September 2023, because of unusually high levels of inflation and stock market performance. the actual value of the Foundation's funds fell below the balance calculated as allocable to the deslgnated fund. All funds were therefore allocated to the designated fund. The trustee has reviewed the situation regularly and is pleased that the designated fund is now restored. A small surplus has consequently been allocated to general funds. The investment propety at Halliwell is also consldered to be capital in nature and so its value of £500,000 is included in the desKJnated fund. The Trustee has reviewed its reserves subsequent to the year end and considers that they will be more than sufficient to meet all future commitments. Investment Policy and Objectlves The Trustee has directed that the investment portfolio should be managed on a discretionary basis by Cazenove Capital Management. The Trustee has opted for a medium risk approach to the charitable investments and the assets are managed with the objective of maintaining real capital values while generating a sustsinable level of investment income to support current charitable grant making. The investment portfolio is managed on a total retum basis and the overall investment objective set for the year was a total retum of CPI plus 3.5 % per annum net of expenses. The portfolio has a spread of investments in all the major asset classes.
The Innholders. Charltable Foundation Trustee's Report (continued) For the Year Ended 30 Septsmber 2024 The Trustee's policy is that in the long-term, the Foundation should maintaln the real value of its designated funds (see above} to fund charitable grants from tha total return achieved. In line with this policy, the Trustee operates a total retum distribution policy such that grants awarded do not exceed an agreed percentage of a three-year moving average of the Foundation's net invested assets (regardless of income flows). This was approved by the Trustee and the policy has been adopted from 1 October 2020 for the foreseeable future. The effect of this policy is that grants awarded are likely to exceed investment income received, with the deficit being made up out of distributable reserves. The amount to be transferred each quarter is determined on an annual basis by the Trustee with advice from the Investment Committee in conjunction with Cazenove Capital Management and is subject to regular review. As Cazenove Capital Management has been the Foundation's investment manager since 2016, a review of their performance was being undertaken at the year end with the assistance of independent advisors. It was decided that Cazenove Capital Management should be retained as the Foundation's investment manager. Golng concern The Court of Assistants, acting as the Trustee of the Foundation, has considered whether it is appropriate to prepare the Foundation's financial statements on a going concern basis. In doing so it has considered.. the substantial assets of the Foundation- the substantial assets of the WCI, the Court of which acts on behalf of the Trustee of the Foundation; and the discretionary nature of the grants awarded, and the prudent nature of th8 commitments given by the Foundation to the charities it supports. The Court of Assistants, acting as the Trustee of the Foundation, has a reasonable expectation that the Foundation will be able to continue in operation and meet lts1Sabilities as they fall due over the period of their assessment. In the opinion of the Trustee. it is appropriate to prepare the Foundation's accounts for the year ended 30 September 2024 on a going concern basis. It has identified no material uncertainties to the Foundation's ability to continue to do so over a period of at least Ie1ve months from the date of approval of the financial statements. Risks towhich the Charity is exposed The Trustee has analysed potential risks undér three main headings: financlal, operational and reputational. It is satisfied that sufficient safeguards are in place to guard against foreseeable risks or to mitigate the effects of such risks. The Foundation relies on its investment income and capital growth to fund rts grant making. Most grants are for projects which have time horizons of two to three years. Grants for school scholarships are, by their nature, six- year commitments. The Trustee maintains a three-year rolling investment plan to ensure that its grant making is fully sustainable. The key risks to the long-term sustainability of the Foundation's ability to maintain its grant making expenditure are inflation and the long-tem lower returns from investments experienced over recent years. The Trustee has addressed this by moving to a total-retum based distribution as described above. The Foundation's assets are invested widely according to the general power of investment and are diversified by asset class and security. As part of an overall review of Risk Management within the Worshipful Company, the Finance and General Purposes Committee oversees an on-going full Risk Management assessment for both the Worshipful Company and for the Foundation. The Risk Management assessment for the Foundation was endorsed by the Patronage Committee, agreed by the Finance and General Purposes Committee and adopted by the Trustee, and is subject to regular review. The Foundation's risk management policy has ensured that it has sufficient reserves to sustain a conservative total returns distribution policy and it can manage its grant commitments to ensure that it does not incur a long- temi deficit of expenditure over distributable total retums either by deferring awards for projects that have been postponed or by not renewing previous grants beyond the original commitment. Plans for the future The Foundation plans to continue to meet its charitable objectives of supporting the elderly, the young and the hospitality industry. and at the time of reportlng no major changes are anticipated. 10
Tha Innholders. Charftable Foundatlon Trustee's Report {continued) For the Year Ended 30 September 2024 staternent of Trustee's responsibilities The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the Trustee to prepare financial statements for each financial year. Under charity law, the Trustee must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the Foundation and of the income and expenditure, of the Foundation for that period. In preparing these financial statements, the Trustee is required to: select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102); make judgements and accounting estimates that a reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial ststements. prepare the financlal ststements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation. The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable Charity Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor The auditor, Buzzacott LLP, will be proposed for reappointment in accordance with the Charities Act 2011. Approved by the Trustee on 1 April 2025 and signed on its behalf by: Mr John Beck FCCA Treasurer Dr Rebecca Tomlln FCA Clerk to the Trustee Page11
The Innholdars, Charltable Foundation INDEPENDENT AUDITOR'S REPORTTOTHETRUSTEEOFTHE INNHOLDERS, CHARITABLE FOUNDATION Oplnlon We have audited the financial statements of The Innholders, Charitable Foundation (the 'Charity') ft)r the year ended 30 September 2024 which comprise the ststement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinton, the financial statements.. give a true and fairview of the state of the Charity's affairs as at 30 September 2024 and of its income and expenditure for the year thèn 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 Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs 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 SponSibl11t1eS 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. Concluslons relating to going concern In auditing the financial statements. we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financlal 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 collectlvely, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorized for issue. Our responsibilities and the responsibllits'es of the Trustee with respect to going concern are described in the relevant sections of this reporL Other information The other information comprises the information included in the Trustee's Report and Financial Statements other than the financial ststements and our audttor's report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our SpOnsibl11ty is to read the other information and. in doing so, consider whether the other information is materially inconsistenf th the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether it gives rise to a material 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 information, we ar6 required to report that fact. We have nothing to report in this regard. Page 12
The Innholders, Charitable Foundatlon INDEPENDENT AUDITOR'S REPORTTO THETRUSTEE OFTHE INNHOLDERS. CHARITABLE FOUNDATION (continued) Matters on which we are required to report by oxception In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misststements in the Trustee's report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Trustee's report is inconsistent in any material respect with the financial statements,. or suffKient accounting records have not been kept. or the financial ststements are not In agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of the Trustee As explained rnore fully in the ststement ofTrustee's responsibilities, the Trustee is responsible forthe prep'aration of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial ststements, the Trustee is 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 concem basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so. Page 13
The Innholders, Charitable Foundation INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE INNHOLDERS, CHARITABLE FOUNDATION (continued) Auditorfs 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 the Act and relevant regulations made or harfing effect thereunder. 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 auditorfs 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 abové. 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. Our approach to idents'fying and assessing the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows: we identified the laws and regulations applicable to the Charity through discussions with those charged with governance and other management, and from our knowledge and experience of the sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 102). and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. We corroborated our enquiries through our review of minutes of meetings of those charged with governance. We assessed the susceptibility of the Charty's financial statements to material misstatement. including obtaining an understanding of how fraud might occur, by: making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical prLrEdures to identify any unusual or unexpected financial relationships; performed substantive testing of expenditure including testing the authorisation thereof., and tested ioumal entries to identify unusual transactions. Page 14
The Innholders. Charitable Foundatlon INDEPENDENT AUDITOR'S REPORTTOTHETRUSTEE OF THE INNHOLDERS. CHARITABLE FOUNDATION (continued) Auditoffs responsibilitles for tha audlt of the financial statsments (contlnued) In response to the rlsk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying 8UPPOrting documentation., reading the minutes of meetings of those charged with govemance; reviewlng legal expenses incurred in the year, and enquiring of management as to actual and potential litigatlon and claims. There are inherent limitations In our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing stsndards also limit the audit procedures required to Identify non-compliance with laws and regulations to enquiry of the Truste8 and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to traud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further descriptlon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use ofour report This report is made solely to the Charity's Trustee, 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 Trustee those matters we are required to state to it in an auditorfs 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 Trustee as a body, for our auditwork, for this report. or for the opinions we have formed. Buzzacott Audit LLP Statutory Auditor 130 Wood Street, London EC2V 6DL Date: BuzzacottALKJitLLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Page 15
The Innholders. Charitable Foundation STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 30 Septsmber 2024 2024 Total funds 2023 Restricted Unrestricted funds funds Note5 Income from: Donations and lega¢ies Investments Total income 104,278 57,036 322,954 379,990 161.314 322,954 484,268 150,101 311,288 461,389 104,278 ExndItUre on: Raising funds Charitsble activities Total expenditure 67,338 460,971 528,309 67,338 365,249 632,587 67.174 600,653 667,827 104,278 104,278 Net expendlture before investment gains and10$8es Inveslm8nt gains Net incomel(expenditure} and net movement In funds (148,319) 1,255,104 1.108,785 {148,319) 1,255,104 1,106,785 (206,438) 188,356 (18,082) Reconclllallon of funds Balances brought foNard at 1 October 2023 Balances carried forward at 30 September 2024 12,644,288 13,751,073 12,644,288 13,761,073 12,662,370 12,644,288 The Ststement of Financial Activrties includes all gains and losses recognised in the year. The notes on pages 20 to 28 form part of these financial statements. Page 16
The Innholders. Charitable Foundation COMPARATIVE STATEMENT OF FINANCIALACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) forthe Year Ended 30 September 2023 2023 Total funds Re8tncted Unrestnct8d funds funds In¢ome fmm." Donations and legau'es Inveslments Total Income 99. 000 51,101 311,288 362,389 150,101 311,288 461,389 99,000 Expendlture on.. Rwsing fvnds Charttsble 8clivrfies Total expendllure 67,174 501,653 568,827 67,174 600,653 667,827 99,000 99,000 Net expenditure before investsnent gains and losses (206,438) (206,438) Investment gains 188,356 (18,082) 188.356 (18,082) Net (expendlture and nat movement In funds Totalfiinds brought fOard at 1 October 2022 Total funds carried fonyardat 30 September 2023 12,662,370 12,644,288 12,662,370 12,644,288 Page 17
The Innholders, Charitable Foundation BALANCE SHEET for the Year Ended 30 September 2024 2024 2024 2023 2023 Notes Fixed assets Listed investments Inveslm8nt prop8ty 13.153,876 500,000 13,653,876 12,005.290 500,000 t2,505,290 Current assets Debtors Cash at bank and in hand 10 29,519 122,745 132.264 {55,067) 21,785 159,218 181,003 (42,005) Creditors: amounts falling due within one year 11 Net current assets Total net assets 97,197 13,751,073 138,998 12, 644,288 Charlty funds Designated funds General funds 13 13 13.270,337 480,736 12, 644,288 Total funds (all unrestrlcted) 13,751,073 12,644.288 The financial statements were approved and authorised for Issue by the Trustee on 1 April 2025 and signed on their behalf by: JLk£ Mr John Beck FCCA Treasurer Dr Rebecca Tomlin FCA Clerk to the Trustee Page 18
The Innholders. Charitable Foundation STATEMENT OF CASH FLOWS for the Year Ended 30 September 2024 Notos 2024 2023 Cash flows from operating actlvlties: Net cash used in operating activities A (466,945) (538,880) Cash Ilows from investlng a¢tivllles: Dlvldends, inter8sts and rents from investments Movement in cash held as part of investment portfollo Proceeds from sale of investments Purchase of investments Net cash provided by investing activities 322,954 311,288 48,099 540,352 2.864,607 2,472,301 (2,806,188) (2,872.275) 429,472 451.666 Change In cash and cash equivalents In the year: Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (36,473) (87.214) 159,218 246,432 122,745 159,218 A. Reconciliatlon of net movement in funds to net cash flow from operatlng a¢tlvitie8 2024 2023 Net expenditure for the period (as par the Statement of financial activities) 1,106,785 (78,082) Adjustments for: Losses (gains) on investments Income from investments (Increaselldecrease in d8blors {Decrease)Ilncrease in creditors (1,255,104) (188,356) (322,954) (311,288) (7,734) (9, 101) 13,062 (72,053) Net cash used In operating activlties {465,945I (538,880) B. Analysis of cash and cash equivalents 2024 2023 Cash at bank and in hand 122.745 159,218 No separate statement of changes In net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt). Page 19
Tha Innhold8rs' Charitable Foundation Notes to the Financlal Statements forthe Year Ended 30 September 2024 Accounting policies 1.1 Basis of preparation of financlal statements The financial statements have been prepared in accordancewith the Charities SORP 2nd Edition (FRS 102> - Accounting and Reporting by Charities: Statement of Recommended Pr8CtIC8 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Innholders, Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The functional currency ofthe Foundation is pounds sterling because that is the currency of the primary economic environment in which the Foundation operates. All figures are rounded to the nearest £1. 1.2 Going concern The Trustee has carried out a review of its assumption that the Foundation will carry on as a going concem. The Foundation's income is mainly derived from its investment portfolio. The value ofthe investment portfolio at 30 Septernber 2024 was £13.15m (2023.. £12.OOm). While the Foundation usually distributes income and capital from its investments in line with its totsl returns policy, it may be noted that the Foundation's entire assets are available for distribution if necessary. The Foundation has no financial commitments other than making awards. The Truste8 consid8rs that there is no material uncertainty relating lo going concern and the Foundation will continu8 as 8 going concern, and that this is therefore th8 appropriate basis on which to prepare its financial stat8m8nts. 1.3 Income Voluntary income including donations, donated services, legacies and grants that provide core funding or are of a general nature is recognised where there is entitlernent, certainty of receipt and the amount Can be measured with sufficient reliability. Investment income and rental income are recognised on a receivable basis. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation- this is normally upon notffication of the interest paid or payable by the institution with whom the funds are deposited. Page 20
The Innholders, Charftsble Foundation Notes to the Flnancial Statements forthe Year Ended 30 September 2024 Accountlng pollcles (continued) 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 attributsble to a single activity are apportioned beeen those activities on a basis consistent with the use of reSoUrs. Expenditure on charitable activities Ss incurred on directly undertaking the activities which further the Foundation's objectives. as well as any associated support costs. Support costs of the Foundation represent audit and accountancy fees, administration and bank charges. 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*nd are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of Irrecoverable VAT. 1.5 Llsted Investments Listed investments are a form of financial instrument and are initialty recognised at their transaction cost and subsequently measured atfairvalue atthe Balance Sheet date. Investment gains and losses, whether realise(l or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the ststement of Financial Activities. 1.6 Investment property Investment property is Caled at fair value determined annually by management, taking into account any external valuations. and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any dffferences in the nature, location or condition of the specific asseL No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities. 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 accounL Page 21
The Innholders, Charltable Foundation Notes to the Financial Statements forthe Year Ended 30 September 2024 Accountlng pollcies {continued) 1.9 Liabilitias 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 Foundation 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. 1.10 Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Apart from listed investments held at fair value as noted above, basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.11 Fund accounting The general fund comprises unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The designated fund comprises unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of the designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and administerlng such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Foundation makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas ofjudgement. The most significant area of judgement and key assumptions that affect items in the financial statements is the investment propety valuation. The valuation is estimated by management, see note 9. Page 22
The Innholders. Charitable Foundatlon Notes to the Flnanclal Statements for theyear Ended 30 September 2024 Income from donations and legacies Restricted Unrestii¢ted Total funds funds funds 2024 Donallon from Worshipfvl Company of Innholders Genèral donations including Gift Innholders, Scholarship Contributions 11.280 46,756 11.280 45.756 1Q4,278 161.314 104,278 104,278 57,036 Restncted fvnds Unrgstiicted Totaltunds funds 2023 Donation from Wotshipful Company of Innholders General donations including Gilt Innholders, scholahip Gontributions 24,148 26,953 24,148 26,953 99.000 150,101 99,000 99,000 51,101 Donations reiVed for the Innholders, Scholarship Programme are made up as follows: 2024 2023 Mastsr Innholders Charitable Trust Savoy Educational Trust Lord Forte Foundation 54,OCH) 40,278 10,000 104,278 42,000 47.OOQ 10,000 99,000 Investment income 2024 2023 Interest and dividends from investments Bank Interest Rental inGome 310.304 650 12,000 322,954 298,553 735 72,000 311,288 Page 23
The Innholders. Charitable Foundation Notes to the Flnancial Statements forthe Year Ended 30 September 2024 Expenditure on raising funds: costs of raising investment income 2024 2023 Inveslment manager fees Investhient property costs 57,443 9,895 67,338 59,861 7,313 67,174 Analysis ot expenditure on charitable activities Grant funding of aotivitie5 Support Total 2024 Expenditure on charitable activities 552.694 12,555 565,249 Grant fvnding of activities Support Costs Totsl 2023 Expenditu on chan'table acbvlttes 586,719 13.934 600,653 Analysis of grants by charitable activity: 2024 2LY23 Young & Education Hospitality Industry Thé Eld8rty General Charity Committ8e List 146.398 159.466 120.380 76.450 154,185 182,154 145.380 65,350 39,650 586,719 552,694 Grants awarded totaled £552.694 (2023: £588,719) of which £104,278 (2023: £99,000) were from restricted funds and £448,416 (2023: £487,719) were from unrestricted funds. At 30 September 2024. the charity had grant commitments payable (not already provided for) from future income of £93,946 payable in the year ending 30 September 2025 and £38,236 in the year ending 30 September 2026 (2023: £151,000 payable in the year ended 30 September 2024 and £121,000 In the year ending 30 September 2025). Further information on grants is included in the Trustee's report. Page 24
The Innholders. Charltable Foundatlon Not98 to the Flnancial Statements forthe Year Ended 30 September 2024 Analysis of expenditure on charltable activities (continued) Analysis of support costs, which are all unrestricted: 2024 2023 Audit and accountancy seNi¢es Bank charges Other costs (travel) 11,640 915 12,840 996 98 12,555 13,934 Governance costs comprise the auditor's remuneration of £11,280 (2023.. 10,560) including VAT. Trustee's remuneration and expenses During the year, the Trustee did not receive any remuneration or other beneffts (2023: £nil). Transactions with the Trustee have been disclosed in note 14. Listed Investments 2024 2023 Ilarket value at 1 O¢tob6r 11,935,470 11,347,140 édditions at cost Disposals proceeds Realised gains (losses) Unrealised gains (losses) arket value at 30 September {&xcluding cash) 2.806,188 2,872,275 (2,864,607) (2,472,301) 135,389 130,699 1.119,715 57,657 13,132,155 11,935,470 ash held as part of the investment portfolio Illarf(et value at 30 Se trrnr 21,721 69,820 13,1 $3,876 12,005,290 The historical cost of investments was £11,433,068 (2023: £11,392,078). 2024 2023 Investment analysi$ UK 8quities Overseas equities Bonds Alternatives Cash 1,518,864 1,405,035 7,743,299 6,382,362 1,237,141 1,253, 118 2.632,851 2.894, 955 21,721 69, 820 13,153,876 12,005,290 Page 25
The Innholders, Charltable Foundatlon Notes to the Financial Statements Fortheyear Ended 30 September2024 Investment property 2024 Valuation At 1 October 2023 and 30 September 2024 500,01)O The whole of the freehold interest in the Halliwell Nursing Home was previously owned by the Wiolet Halliwell Charitable Trust before it was transferred to the Innholders, Charitable Foundation as part of tts incorporation. The Charty commissioned external valuer Mr B Nickelson at Eddisons Taylors Commercial Valuers to cary out a valuation of the Charity's freehold property InteSt in March 2019 that resulted in a valuation of £500,000 being COgniSed from incorporation in 2017. In the opinion of the Trustee £500,000 remains appropriate as the fair value as at 30 Septembar 2024. 10. Debtors 2024 2023 Du8 withln one year Prepayments and accrued incc*ne 29,519 21,785 11. Creditors: Amounts falling due within one year 2024 2023 Due within one year Amounts owed lo The Worshipful Company of Innholders Grant credilors Investment manager fees 4,200 38,400 12,467 55,067 42,000 42, 005 12. Flnanclal Instruments 2024 2023 Financial assets measured at fair valtje through surplus or deficit 13,153,876 12,005.290 Financial assets measured at fair value through surplus or deficit represent the listed investments held by the Foundation. Page 26
The Innholder8' Charltable Foundation Notes to the Financial Statements for tho Year Ended 30 September 2024 13. Ststsment of funds statement of funds- current year At1 October 2023 At30 Transfers Investment September inlout galns 2024 Income Expenditure Unrestrlcted funds: Designated funds Designat8d capital fund 12,644,288 628,049 13,270,337 General funds: General unrestrfcted fund Total unrestri¢ted funds 379,990 528,309) <626,049) 1,255,104 480,736 379,990 (528.309) 1,255,104 13,751,073 12,644,288 Restrlcted funds: Innholders, Scholarship Funding Totsl restrlcted funds 104,278 (104,278} 104,278 (104.278) Total of funds 12,644,288 484,268 (632,58n 1,255,104 13,751,073 Statement of fund$ - prlor year At1 October 2022 At30 Transfers Investment Septsmber inlout gains 2023 Income Expenditure Unrestricted funds: Designated funds Designated capital fund 12.353,678 290,609 12.644,288 General funds: General unreslricted fund Total unrestricted funds 308.692 12.662,370 362,389 (568,827) (290609> 362,389 (568,827) 188,356 188,356 12,644,288 Restricted funds: Innholders, Scholarship Funding Total restricted funds 99,0(MJ 99.000 (99,000) (99,000) Totsl of funds 12,662,370 461,389 {667.8271 188,356 12,644,288 Page 27
The Innholders, Charltable Foundation Notes to the Financial Statements Forthe Year Ended 30 September2024 13. Statement of funds (continued) Desi nated Ca ital Fund The Trustee has designated part of the Foundation's funds {'the designated fund,) to be capital in nature as described in its Reserves Policy in the Trustee's Report. Restricted ftjnd Innholders, Scholarship funding relates to monies received for the Innholders, Scholarship Programme. Unrestricted neral funds These are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Foundation and which have not been designated for other purposes. 14. Related party transactions During the year donations from the Worshipful Company of Innholders, the $018 Trustee of the Innholders, Charitable Foundation were £11,280 (2023". £24.148). Amounts due to the Worshipful Company of Innholders are shown in note 11. Past Master Mrs J L Sibley MBE was Chief Executive of the Savoy Educational Trust until January 2023. The Savoy Educational Trust made a donation of £40,278 (2023.'£47,000) to the Innholders, Scholarship Programme in the year (see note 3). Past Master Lord Thurso and Assistant Jason Essenhigh are trustees of the Master Innholders Charitable Foundation, which made a donatlon of £54,000 (2023: £42,000) to the Innholders. Scholarship Programme in the year (see note 3). Court Assistant Andrew McKenzie was a trustee of the Lord Forte Foundation which made a donation of £10,000 (2023.. £10,000) to the Innholders, Scholarship Programme in the year (see note 3). Page 28