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← Stationers' Hall Charity

2023-12-31-accounts

STATIONERS’ HALL CHARITY

REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

Charity Number: 1169753

STATIONERS’ HALL CHARITY

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS Page
Reports
Reference and administrative information 1
Trustees’ report 2
Independent examiner’s report 7
Financial Statements
Statement of financial activities 8
Balance sheet 9
Cash flow statement 10
Principal accounting policies 11
Notes to the financial statements 14

STATIONERS’ HALL CHARITY

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and financial statements for the year ended 31 December 2023

Governing Instrument Constitution of the Charitable Incorporated Organisation dated 18 October
2016 and amended on 20 September 2018
Trustees M W L Randall – Chairman
M Ashley LVO
S R R Bourne
L F H Denton
S Mahurter
The Ven L J Miller
G M B Pick OBE
Principal Office Stationers’ Hall
Ave Maria Lane
London
EC4M 7DD
Charity registration number 1169753
Independent Examiner Andrew Broome ACA
Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Bankers Royal Bank of Scotland plc
London Drummonds Branch
49 Charing Cross
London
SW1A 2DX
Investment Managers Brewin Dolphin
12 Smithfield Street
London
EC1A 9BD
Solicitors Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH

1

STATIONERS’ HALL CHARITY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their statutory report together with the financial statements of Stationers’ Hall Charity for the yearended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out on pages 11 to 13 of the attached financial statements and comply with the charity’s governing instrument, applicable laws and the requirements of the Statement of Recommended Practice on “Accounting and Reporting by Charities” (SORP FRS102 second edition issued in 2021).

Structure, governance and management

Stationers’ Hall Charity is a Charitable Incorporated Organisation (CIO). It formally came into existence on 18 October 2016 with the charity number 1169753. It was approved for Gift Aid on 15 March 2017. The Constitution was amended on 20 September 2018 to add an extra power to provide and administer a library. The Trustees meet at least quarterly to review their strategy and actions in support of their objectives, to consider investment and grant making proposals, and to ensure their policies on reserves and risk management are kept up to date.

Members of the Stationers’ Company work closely with the Trustees of Stationers’ Hall Charity to provide the Trustees with specialist assistance, whilst always ensuring that the ultimate responsibility for managing the Charity’s affairs remains with the Trustees. The areas in which this support is offered are as follows:

The induction process for a newly appointed Trustee comprises a meeting with the Chairman at which the aims and objectives of Stationers’ Hall Charity are discussed. A pack comprising a copy of the current version of the Constitution of Stationers’ Hall Charity, a copy of the latest Trustees’ Annual Report and Statement of Accounts and copies of the last year’s minutes together with Charity Commission guidance material are provided to all new Trustees.

2

STATIONERS’ HALL CHARITY

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

The Constitution provides that there should be seven Trustees, four who must be appointed by the Court of Assistants of The Worshipful Company of Stationers and Newspaper Makers and three independent Trustees, one each nominated by the Bishop of London, Historic England and The National Archives. As set out in the Constitution, Trustees appointed by the Worshipful Company of Stationers and Newspaper Makers are appointed for a term of two years and independent Trustees are appointed for a term of three years. Any person retiring as a charity trustee is eligible for reappointment. A charity trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term but may be reappointed after an interval of at least one year.

The Trustees during the year under review and to the date of approval of the accounts were:

Trustee Appointed/resigned
Court Assistant Martin Randall Appointed 20 July 2021, re-appointed 20 July 2023
Liveryman Sarah Mahurter Appointed 3 April 2018, re-appointed 3 April 2021,
re-appointed 3 April 2022
Liveryman Lucy Denton Appointed 3 December 2019, re-appointed 3 December
2021, re-appointed 3 December 2023
Liveryman Stephen Bourne Appointed 26 January 2021, re-appointed 26 Jan 2023
Martin Ashley (nominated by Historic England) Appointed 18 October 2016, re-appointed 17 October
2021, 18 October 2023
The Ven Luke Miller, Archdeacon of London (nominated
by the Bishop of London)		 Appointed 18 October 2016, re-appointed 18 October
2019, re-appointed 18 October 2022
Geoff Pick (nominated by The National Archives) Appointed 10 August 2017, re-appointed 10 August 2020,
re-appointed 10 August 2023

Key management personnel

The Trustees work closely with the charities accountant, who is the only employee and works part-time. Details of employee remuneration are shown in note 5. The Trustees also work closely with the Clerk of the Stationers’ Company.

Objectives and activities

Stationers’ Hall Charity is governed by its constitution as a CIO by the Charity Commission. The objects of the CIO are for the public benefit as follows:

On 11 October 2018, the Trustees agreed a licence with the Stationers’ Company, which grants access to the Hall buildings and Archive for public tours. The Company organises these tours through the Public Access Committee. Members of the Company act as tour guides on a voluntary basis.

3

STATIONERS’ HALL CHARITY

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

Regular tours of the Hall, the Archive and the adjacent church of St Martin-within-Ludgate began at the start of 2018 and continued until March 2020, when they were suspended due to the COVID-19 restrictions and then the Hall closed in January 2021 for redevelopment works. As planned, the Hall re-opened in July 2022 and tours recommenced.

Fundraising for Stationers’ Hall Charity is being managed by the Stationers’ Company through its Hall Fund Raising Committee. The Trustees expect to disburse funds on specific Hall development projects, following applications submitted to them by the HPEC. Once these bids are approved by the Trustees, funds are made available to the Stationers’ Company to spend on the relevant projects.

Public benefit

The Trustees have considered the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in determining its grant-making policy. The Trustees consider that all of the aims and objectives detailed in this report are there in order to benefit the public and that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Achievements and performance

2023 has seen a full year of the Hall buildings and Archive being open with regular public access events and tours being held throughout. Stationers’ Hall Charity acknowledges the generosity of the donations made this year both in money and in volunteer time. There were 50 paid physical tours in 2023 (2022 – 16), which generated donations of £6,013 (2022: £1,957). Information about booking tours can be found on the Stationers’ Company website - (https://stationers.org/public access.html). 37 in person events were held from in 2023 (2022:22) with a total of 5,329 attendees (2022: 3,285), of which 3,838 (2022: 2,370) were members of the public. There were 39 visits by researchers to the Tokefield Centre (2022: 11), which contains the archive storage and reading rooms. There were 68 remote research queries (2022 – 91), all of which were answered by the Company Archivist. Information about accessing the Stationers’ Archive can be found on the Stationers’ Company website (https://www.stationers.org/company/access-tothe-stationers-archive).

The Trustees have disbursed funds following applications submitted to them by the Stationers’ Company. In 2023 one bid was approved by the Trustees totalling £2,000 for the provision of musicians at the Saint Cecilia-tide musical event.

Future plans

The Trustees will continue to disburse funds on specific Hall development projects. Stationers’ Hall, as a Grade 1 listed building, requires constant upkeep to maintain both its historic importance and its current day usability, accordingly there is a long-term fund-raising ambition to assist in ensuring that the Hall continues to be fit for purpose.

4

STATIONERS’ HALL CHARITY

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The net surplus for the year before investment gains was £108,204 (2022: £142,059 loss). Unrealised/realised gains on investments for the period were £3,399 (2022: £2,922 loss). After taking into account these gains, the net surplus was £111,603 (2022: £144,981 loss). The net assets were £303,463 (2022: £191,860).

Investment policy and performance

The management of the charity’s investment funds is delegated to a committee comprising the Chairman, S R R Bourne and the Ven L J Miller. In turn, the committee has delegated, on a discretionary basis, the management of its investment funds to Brewin Dolphin.

The Trustees’ investment policy was to generate a return of RPI plus 4% per annum over the long term, after expenses. The charity adopts a total return approach to investment, generating the investment return from income and capital gains or losses. However, in 2021, in view of the likely call for approved projects, a more cautious short-term policy was pursued.

Reserves policy

As at 31 December 2023, the charity’s funds were held in 3 types of funds, in the amounts set on page 9:

Permanent Endowment – Funds that have been donated with the intention that they are held in perpetuity for the charity to generate income. The source of these funds is the Friends of the Archive Appeal, which was established to provide for the long-term security for the Stationers’ Company’s archival heritage. This fund was transferred from the Stationers’ Foundation to Stationers’ Hall Charity in 2018.

Restricted – Funds that have been raised for and whose issue is restricted to a specific purpose or contributions restricted to a specific purpose.

Unrestricted – Funds which can be spent at the Trustees’ discretion within the powers granted under the CIO dated 18 October 2016 (amended on 20 September 2018).

The Trustees intend to retain sufficient Unrestricted Funds for one year’s administrative costs.

Risk management

The Trustees have examined the major strategic, business and operational risks which Stationers’ Hall Charity faces. The most significant risk is associated with the charity’s investment portfolio. The charity has taken a conservative approach on its investments to mitigate risk as far as possible, although, with the investments related to the Hall Enhancement Fund being paid out as a grant in the first quarter of 2022, this risk presently only relates to the small Library Fund. However, an element of risk still remains due to the ongoing global uncertainties arising from Russia’s invasion of Ukraine, and the conflict in Gaza.

The Trustees are content that other systems are in place to mitigate general business and operational risk. The Trustees do not believe that there are any other areas of significant risk.

5

STATIONERS’ HALL CHARITY

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and 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 year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Financial statements and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. 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.

Approved by the Trustees on 9 May 2024 and signed on their behalf by:

==> picture [148 x 107] intentionally omitted <==

Martin W L Randall

Chairman

6

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF STATIONERS’ HALL CHARITY

I report on the financial statements of Stationers’ Hall Charity for the year ended 31 December 2023, which are set out on pages 8 to 20.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statements

In connection with my examination, no matter has come to my attention:

have not been met; or

==> picture [165 x 47] intentionally omitted <==

Andrew Broome ACA On behalf of Haysmacintyre LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG

10 Queen Street Place London EC4R 1AG

29 May 2024

7

STATIONERS’ HALL CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Restricted Endowment Year Year
Fund Funds Fund 2023 2022
INCOME FROM: Notes £ £ £ £ £
Donations 1 69,882 43,418 - 113,300 169,499
Investments 2 2,848 758 - 3,606 1,321
Charitable activity – Hall Tours 6,013 - - 6,013 1,957
------------------- --------------------- --------------------- ----------------- -----------------
Total Income 78,743 44,176 - 122,919 172,777
------------------- --------------------- --------------------- ----------------- -----------------
EXPENDITURE ON:
Raising funds
Investment management costs 3 45 57 18 120 203
Charitable activities
Education and learning - Hall 3 12,564 2,031 - 14,595 314
Tours
Preservation of Stationers’ Hall 3 - - - - 314,319
---------------- -------------------- -------------------- ----------------- -----------------
Total expenditure 12,609 2,088 18 14,715 314,836
---------------- --------------------- --------------------- ----------------- -----------------
Net income/(expenditure)
before investment gains/losses 66,134 42,088 (18) 108,204 (142,059)
Gains/(losses) on investments 6 - - 3,399 3,399 (2,922)
---------------- --------------------- --------------------- ---------------------- ----------------------
Net income/(deficit) for the 66,134 42,088 3,381 111,603 (144,981)
period and net movement in
funds
Fund balances brought
forward 60,680 96,100 35,080 191,860 336,841
Fund balances carried --------------------- --------------------- --------------------- ---------------------- ----------------------
forward at 31 December 126,814 138,188 38,461 303,463 191,860
========== ========== ========== =========== ===========

The statement of financial activities includes all gains and losses in the period.

The notes set out on pages 14 to 20 form an integral part of these financial statements.

8

STATIONERS’ HALL CHARITY

BALANCE SHEET

AS AT 31 DECEMBER 2023

Charity Number: 1169753

Notes
FIXED ASSETS
Investments
6
CURRENT ASSETS
Debtors
7
Cash at bank
CURRENT LIABILITIES
CREDITORS - amounts falling due
within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
TOTAL NET ASSETS
FUND BALANCES
Endowment fund
9
Restricted funds
10
Unrestricted fund		 2023
£
£
44,617
41,991
230,600
~~--------------~~
272,591
(13,745)
258,846
~~--------------------~~
303,463
~~--------------------~~
303,463
~~==========~~
38,461
138,188
126,814
~~--------------------~~
303,463
~~==========~~		 2022
£
£
41,338
41,663
116,437
~~--------------~~
158,100
(7,578)
150,522
~~--------------------~~
191,860
~~--------------------~~
191,860
~~==========~~
35,080
96,100
60,680
~~--------------------~~
191,860
~~==========~~

The notes set out on pages 14 to 20 form an integral part of these financial statements.

The financial statements were approved and authorised for issue by the Trustees on 9 May 2024 and signed on their behalf by:

==> picture [120 x 87] intentionally omitted <==

Martin W L Randall Chairman

9

STATIONERS’ HALL CHARITY

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Total funds Total funds
£ £
Cash flows from operating activities (see note below)
Net cash used in operating activities 110,437 (1,169,193)
Cash flows from investing activities
Investment income received 3,606 836
Purchase of investments 0 (37,756)
Proceeds from sale of investments 0 869,922
Decrease/(Increase) in investment cash 120 (1,608)
--------------------- ---------------------
Total cash flow from investing activities 3,726 831,394
Change in cash and cash equivalents in period 114,163 (337,799)
Cash and cash equivalents at the beginning of the period 116,437 454,236
--------------------- ---------------------
Cash and cash equivalents at the end of the period 230,600 116,437
========== ==========
Note: reconciliation of net income to cash flows from operating
activities
2023 2022
Total funds Total funds
£ £
Net income per the Statement of Financial Activities 111,603 (144,981)
Deduct: donated investments - -
Less: investment gain; add: investment loss (3,399) 2,922
Less: investment income (3,606) (836)
Less: increase in debtors, add: decrease in debtors (328) (27,764)
Add: increase in debtors, less: decrease in creditors 6,167 (998,534)
------------------- -------------------
Cash flows from operating activities 110,437 (1,169,193)
========= =========

No reconciliation of net debt has been provided as the charity has no borrowings.

The notes set out on pages 14 to 20 form an integral part of these financial statements.

10

STATIONERS’ HALL CHARITY

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy or notes to the financial statements. Investments are restated at market value at the balance sheet date and the differences arising dealt with through the Statement of Financial Activities.

The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2015, second edition, effective 1 January 2021) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements may require the Trustees to make significant judgements and estimates. However, there were no material matters relating to the current or prior years where such judgements or estimates were required.

Going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect of a period of one year from the date of approval of these financial statements.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

11

STATIONERS’ HALL CHARITY

PRINCIPAL ACCOUNTING POLICIES (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received.

Donations are recognised when the charity has confirmation of both the amount and settlement date. Donated investments are initially recognised at their fair value at the date of the donation.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank or other institutions.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments.

Support costs and governance costs are allocated to expenditure headings based on an estimate of time spent. These allocations have been reviewed and agreed by the Trustees.

12

STATIONERS’ HALL CHARITY

PRINCIPAL ACCOUNTING POLICIES (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such financial statements and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The permanent endowment fund comprises monies which must be held indefinitely as capital.

The expendable endowment fund comprises monies which may be held indefinitely as capital but which may be expended at the Trustees’ discretion.

Restricted funds represent monies raised for or their use restricted to, a specific purpose, or contributions subject to donor- imposed conditions. Restricted income generated from the expendable endowment may be expended in line with the terms of the endowment or transferred to the endowment capital if unspent.

Unrestricted funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s objects.

13

STATIONERS’ HALL CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. DONATIONS AND LEGACIES
2023
Unrestricted Restricted Endowed
Funds Funds Funds 2023
£ £ £ £
Donations
The Stationers’ Company - - -
Other donations 68,632 43,418 - 112,050
Legacies 1,250 - - -
------------------- --------------------- ------------------ ------------------
Totals 69,882 43,418 - 113,300
========= ========== ========= =========
2022
Unrestricted Restricted Endowed
Funds Funds Funds 2022
£ £ £ £
Donations
The Stationers’ Company - - - -
Other 105,775 63,724 - 169,499
------------------- --------------------- ------------------ ------------------
Totals 105,775 63,724 - 169,499
========= ========== ========= =========
2. INVESTMENT INCOME
2023
Unrestricted Restricted Endowed
Funds Funds Funds 2023
£ £ £ £
Income from listed investments 462 758 - 1,220
Interest receivable 2,386 - - 2,386
-------------------- --------------------- ------------------ ------------------
Totals 2,848 758 - 3,606
========== ========== ======== ========

2022

2022
Unrestricted Restricted Endowed
Funds Funds Funds 2022
£ £ £ £
Income from listed investments 296 540 - 836
Interest receivable 485 - - 485
-------------------- --------------------- ------------------ ------------------
Totals 781 540 - 1,321
========== ========== ======== ========

14

STATIONERS’ HALL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF EXPENDITURE
2023
Direct Grants Support Total
costs costs (note 4) 2023
£ £ £ £
Raising funds
Investment management cost 120 - - 120
Charitable expenditure
Education and learning 1,774 2,000 10,821 14,595
Preservation of Stationers’ Hall - - - -
-------------------- --------------------- --------------------- --------------------
Totals 1,894 2,000 10,821 14,715
========== ========== ========== =========
All grants were made to the Stationers’ Company.
2022
Direct Grants Support Total
costs costs (note 4) 2022
£ £ £ £
Raising funds
Investment management cost 203 - - 203
Charitable expenditure
Education and learning 314 - 314
Preservation of Stationers’ Hall 193,754 111,256 9,309 314,319
-------------------- --------------------- --------------------- --------------------
Totals 194,271 111,256 9,309 314,836
========== ========== ========== =========

All grants were made to the Stationers’ Company.

15

STATIONERS’ HALL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

4. SUPPORT COSTS

2023 2022
£ £
Other Support costs
Other 1,941 500
Governance cost
Staff (note 5) 5,030 5,309
Independent examiner’s fee 3,850 3,500
--------------- ---------------
10,821 9,309
======== ========
EMPLOYEE, TRUSTEES’ AND KEY MANAGEMENT REMUNERATION
2023 2022
£ £
Wages and salaries 4,414 4,288
Social security costs 411 592
Pension costs 205 429
--------------------- ---------------------
5,030 5,309
========== =========

5. EMPLOYEE, TRUSTEES’ AND KEY MANAGEMENT REMUNERATION

The charity has no direct employees and the costs above represent amounts recharged by the Stationers’ Foundation related to one employee, the administrator. The total remuneration paid to key management personnel in the year was £5,029 (2022 - £5,309).

No Trustee received remuneration or expenses from the charity. The total donations received by the charity from the Trustees were £2,820 (2022 - £2,618)

6. INVESTMENTS

2023 2022
£ £
Market value at 31 December 2023 34,952 870,040
Additions - 37,756
Disposals - (869,922)
Realised gain/ (loss) - (124)
Unrealised gain/(loss) 3,399 (2,798)
--------------------- ---------------------
Market value at 31 December 2023 38,351 34,952
Cash held within investment portfolio 6,266 6,386
--------------------- ---------------------
Total investments at 31 December 2023 44,617 41,338
========== ==========
Historical cost at 31 December 2023 44,142 44,142
========== ==========

Of the total investments of £44,142 (2022: £41,338), £Nil was held as current assets at the balance sheet date (2022: £Nil) and £44,142 (2022: £41,338) held as fixed assets.

16

STATIONERS’ HALL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

7. DEBTORS

8.

2023 2022
£ £
Other debtors 11,341 18,745
Worshipful Company of Stationers and Newspaper Makers 30,650 22,918
The Stationers’ Foundation - -
---------------- ----------------
41,991 41,663
======== ========
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Worshipful Company of Stationers and Newspaper Makers 181 3,994
The Stationers’ Foundation 4,990 -
Other creditors 4,694 -
Accruals 3,880 3,584
---------------- ----------------
13,745 7,578
======== ========

9. ENDOWMENT FUNDS

2023

2023
1 31
January December
2023 Income Expenditure Transfers 2023
£ £ £ £ £
Permanent endowment fund 35,080 3,399 (18) - 38,461
Friends of the Archive Appeal
Fund
Expendable endowment - Hall - - -
Enhancement Fund (previously
Hall Preservation Fund)
------------------- --------------------- ------------------- ----------------- -------------------
35,080 3,399 (18) - 38,461
========= ========== ========= ======== =========

The permanent endowment fund arose from a donation made in 2018 from The Stationers’ Foundation of the Friends of the Archive Appeal Fund. This Fund was established to provide for the long-term security for the Stationers’ and Newspaper Makers’ Company’s archival heritage. On 20 December 2018, the Charity Commission filed the general vesting declaration, dated 12 November 2018, to transfer this fund to Stationers’ Hall Charity.

17

STATIONERS’ HALL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

9. ENDOWMENT FUNDS (continued)

The investments of the Hall Enhancement Fund were transferred to the charity in 2017 from the Worshipful Company of Stationers and Newspaper Makers. The use of the fund is restricted for the direct and incidental costs of the preservation of Stationers’ Hall, Ave Maria Lane, London. The Trustees may expend both the income and the capital of the fund and may accumulate unspent income into the capital. For clarity, in 2021, the Trustees renamed this fund as Hall Enhancement Endowment Fund.

2022 1 31
January December
2022 Income Expenditure Transfers 2022
£ £ £ £ £
Permanent endowment fund – 38,118 (2,922) (116) - 35,080
Friends of the Archive Appeal
Fund
Expendable endowment - Hall - - - -
Enhancement Fund (previously
Hall Preservation Fund)
-------------------- --------------------- ------------------- ----------------- -------------------
38,118 (2,922) (116) - 35,080
========= ========== ========= ======== =========

The Hall Enhancement Fund is described above.

10. RESTRICTED FUNDS

2023

2023
1 31
January December
2023 Income Expenditure Transfers 2023
£ £ £ £ £
Hall Enhancement Fund - 31,681 (2,057) - 29,624
(previously Hall
Preservation
Fund)
Library Fund 96,100 12,495 (31) - 108,564
-------------------- --------------------- ------------------- ----------------- -------------------
96,100 44,176 (2,088) - 138,188
========= ========== ========= ======== =========
2022
1 31
January December
2022 Income Expenditure Transfers 2022
£ £ £ £ £
Hall Enhancement Fund - 56,334 (56,334) - -
(previously Hall Preservation
Fund)
Library Fund 143,179 7,930 (55,009) - 96,100
-------------------- --------------------- ------------------- ----------------- -------------------
143,179 64,264 (111,343) - 96,100
========= ========== ========= ======== =========

18

STATIONERS’ HALL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

10. RESTRICTED FUNDS (continued)

The Hall Enhancement Fund is an income fund restricted for the preservation of Stationers’ Hall.

11. ANALYSIS OF NET ASSETS BY FUND

2023

The net assets of the charity at 31 December 2023 are analysed as follows:

Endowment Restricted Unrestricted Total
Funds Funds Funds 2023
£ £ £ £
Investments 38,491 6,126 - 44,617
Current assets 136,079 136,512 272,591
Current liabilities (30) (4,017) (9,698) (13,745)
------------------- ------------------ ----------------- ---------------------
38,461 138,188 126,814 303,463
========== ========= ======== ==========
2022
Endowment Restricted Unrestricted Total
Funds Funds Funds 2022
£ £ £ £
Investments 35,110 6,228 - 41,338
Current assets (30) 89,872 68,228 158,100
Current liabilities - (7,548) (7,578)
------------------- ------------------ ----------------- ---------------------
35,080 96,100 60,680 191,860
========== ========= ======== ==========

12. RELATED PARTIES AND CONNECTED CHARITIES

The Worshipful Company of Stationers and Newspaper Makers is entitled to nominate four out the charity’s seven Trustees and accordingly is regarded as a related party. The balances between the charity and the Worshipful Company are shown in notes 7 and 8. The Worshipful Company is the owner of Stationers’ Hall.

The Stationers’ Foundation is a charity closely related to The Worshipful Company of Stationers and Newspaper Makers and also regarded as a related party. During the year the Foundation charged £5,029 (2022 - £5,309) to the charity in respect of the services of the administrator. The balances between Stationers’ Hall Charity and the Foundation are shown in notes 7 and 8.

Other than the transactions set out above and the transactions with Trustees set out in note 5 there were no further related party transactions requiring disclosure.

19

STATIONERS’ HALL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

13. 2022 STATEMENT OF FINANCIAL ACTIVITIES SPLIT BETWEEN FUNDS

Unrestricted Restricted Endowment Year
Fund Funds Fund 2022
INCOME FROM: Notes £ £ £ £
Donations 1 105,775 63,724 - 169,499
Investments 2 781 540 - 1,321
Charitable activity – Hall Tours 1,957 - 1,957
------------------- --------------------- --------------------- -----------------
Total Income 108,513 64,264 - 172,777
------------------- --------------------- --------------------- -----------------
EXPENDITURE ON:
Raising funds
Investment management costs 3 - 87 116 203
Charitable activities
Education and learning – Hall tours 3 314 - - 314
Preservation of Stationers’ Hall 3 203,063 111,256 - 314,319
---------------- -------------------- -------------------- -----------------
Total expenditure 203,377 111,343 116 314,836
---------------- --------------------- --------------------- -----------------
Net (expenditure)/income
before investment losses (94,864) (47,079) (116) (142,059)
Unrealised loss on investments 6 - - (2,922) (2,922)
---------------- --------------------- --------------------- ----------------------
Net income/(deficit) for the period (94,864) (47,079) (3,038) (144,981)
and net movement in funds
Fund balances brought
forward 155,544 143,179 38,118 336,841
Fund balances carried --------------------- --------------------- --------------------- ----------------------
forward at 31 December 60,680 96,100 35,080 191,860
========== ========== ========== ===========

20