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2022-03-31-accounts

Sir William Coxen Trust Fund

Annual Report and Financial Statements for the year ended 31 March 2022

Charity registration number 206936

CONTENTS

ORIGINS OF THE CHARITY ............................................................................................... 1 STRUCTURE AND GOVERNANCE .................................................................................... 2 ACHIEVEMENTS AND PERFORMANCE ........................................................................... 4 FINANCIAL REVIEW ........................................................................................................... 5 TRUSTEES’ RESPONSIBILITIES ....................................................................................... 7 INDEPENDENT EXAMINER’S REPORT TO THE .............................................................. 9 TRUSTEES OF THE SIR WILLIAM COXEN ....................................................................... 9 STATEMENT OF FINANCIAL ACTIVITIES ....................................................................... 10 BALANCE SHEET ............................................................................................................. 11 NOTES TO THE FINANCIAL STATEMENTS .................................................................... 12 REFERENCE AND ADMINISTRATION DETAILS ............................................................. 20

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

ORIGINS OF THE CHARITY

The Sir William Coxen Trust fund was established by the Will of Sir William Coxen, a past Lord Mayor of the City of London (1939-40) upon his death on the 7[th] April 1946. Sir William was also the Treasurer of the Royal National Orthopaedic Hospital, and the children’s and young people’s ward at the Stanmore site continues to be named in his honour.

The income of the charity continues to be applied for the benefit of all or any of the Orthopaedic Hospitals of England or other hospitals or charitable institutions carrying out similar work (with preference being given to the Royal National Orthopaedic Hospital Charity of Great Portland Street, London).

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

TRUSTEES’ ANNUAL REPORT

STRUCTURE AND GOVERNANCE

GOVERNING DOCUMENTS

The charity is governed by clause 17 of Sir William’s Will, as amended by resolutions of the Trustees passed on 1 February 2017 under sections 280 and 282 of the Charities Act 2011, the section 282 resolution taking effect with the concurrence of the Charity Commission on 15 June 2017.

GOVERNANCE ARRANGEMENTS

The Will of Sir William Coxen provided for the Court of Aldermen to take possession of the trust funds and income thereof and to appoint a management committee of six Aldermen to administer the charity, four of whom had served as a Lord Mayor.

On 1 February 2017 the Trustees resolved, pursuant to section 280 of the Charities Act 2011, to amend and supplement the administrative provisions governing the charity.

On the 1 February 2017 the Court of Aldermen further resolved under the amended governing provisions to exercise their powers to collectively retire as trustees with the retirement to take effect on 1 April 2017 and to exercise their power to appoint five Aldermen as individual trustees (with their consent) whose appointments were to take effect simultaneously upon the collective retirement of the Court on 1 April 2017. These five individual Trustees were appointed for a term of three years under the amended governing provisions. Four have since retired with new Trustees having then been appointed from timeto-time by the Court of Aldermen acting by its General Purposes Committee under the provisions of the amended governing document The fifth Trustee was reappointed by the General Purposes Committee of the Court of Aldermen of the City of London Corporation on the 4 February 2020, effective from the 1 April 2020. The Trustees may also appoint up to two further Trustees who need not be Aldermen of the City of London. After their first term, Trustees may be reappointed for a further consecutive term of three years.

The charity is administered under Clause 17 of the Will of Sir William Coxen as amended by resolutions of the Trustees passed on 1 February 2017 with the concurrence of the Charity Commission on 15 June 2017, as relevant. The Aldermen, being elected Members of the City of London Corporation, are required to act in accordance with the conflicts of interest and other governance rules applying to the City of London Corporation’s elected Members. The Trustees, at their meeting on the 27 April 2017, resolved and confirmed the arrangements for the City of London Corporation’s, and its officers’, on-going support for the charity under delegated authority, noting that those arrangements would be kept under review. It is on that basis that administrative, financial, accountancy, audit and legal support continues to be provided by the City Corporation to the charity. The Trustees also resolved, at their meeting on 27 April 2017, that oversight of the charity’s investments and performance should be delegated to the City Corporation with their consent. The City Corporation’s Investment Committee on 17 May 2017, and its responsible sub-committee the Financial Investment Board on 18 May 2017, agreed to monitor and review the charity’s

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

investment performance and the fund manager’s services, and to provide relevant reports and advice to the charity’s Trustees every year.

The Trustees believe that good governance is fundamental to the success of the charity. A comprehensive review of governance commenced during 2019/20 and is ongoing to ensure that the charity is effective in fulfilling its objectives. Reference is being made to the good practices recommended within the Charity Governance Code throughout this review. Focus is being placed on ensuring regulatory compliance and the ongoing maintenance of an efficient and effective portfolio of charities that maximise impact for beneficiaries.

OBJECTIVES AND ACTIVITIES

The object of the charity is to apply income for the benefit of all or any of the Orthopedic Hospitals of England or other hospitals or charitable institutions carrying out similar work (preference should be to the Royal National Orthopedic Hospital Charity of Great Portland Street, London). Assistance is granted to eligible organisations (usually registered charities) in the form of donations and grants.

In making his bequest, Sir William had in mind that young children up to the age of 14 should be periodically examined to see that they are growing into healthy men and women and that correction in any faults (orthopaedic) that may arise in them should be made. As such, preference continues to be given to applications which are:

Investment Policy

The investment policy is to seek to achieve a balance between the need to provide primarily for future increases in expenditure and so far as is practical the need to protect the capital base with a medium to long-term horizon.

Public benefit statement

The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Sir William Coxen Trust Fund’s aims and objectives and in planning future activities. The purpose of the charity is as stated above.

Consequently, the Trustee considers that the Sir William Coxen Trust Fund operates to benefit the general public and satisfies the public benefit test.

Policy on grant making

The charity has established its grant making policy to achieve its objects, as laid out above, for the public benefit. Applications are assessed via a robust process, taking appropriate advice, to ensure that proposed activities for funding will be supported by adequate and appropriate resources and will be used only for activities that match the charity’s criteria. These guidelines are available from the Town Clerk at the City of London Corporation.

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

ACHIEVEMENTS AND PERFORMANCE

The key target for 2021/22 was to apply the income of the charity to benefit all or any of the Orthopaedic hospitals of England, other hospitals or charitable institutions carrying out similar work in the form of one-off donations. This was achieved as 4 charities benefitted from donations totalling £155,287 (2020/21: 3 charities and net grant expenditure of £60,000).

PLANS FOR FUTURE PERIODS

The review of the charity’s governance, part of a wider review of the charities of which the City Corporation is trustee or over which it has powers of appointment, is ongoing. The trustees approved recommendations arising from this review at their meeting in January 2022 and changes are now being implementedto improve policy and administration arrangements in the best interests of the charity.

The trustees do not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 12.

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

FINANCIAL REVIEW

Overview of Financial Performance

Income

The funds of the charity are managed by Artemis Investment Management LLP as part of two of their unit trusts. In 2021/22 the charity’s total income for the year was £98,750, an overall increase of £9,178 against the previous year (2020/21: £89,572).

Income from investments comprised £97,409 (2020/21: £87,029), with a further £1,341 received from bank interest (2020/21: £2,543).

Expenditure

Total expenditure for the year was £175,541 (2020/21: £72,144). The increase in spending is largely due to an increase in grant-making, with charitable activities expenditure in the year totalling £155,287 (2020/21: £60,000). Expenditure on raising funds for the year was £20,254 (2020/21: £12,144).

Investment performance

The funds of the charity are managed by Artemis Investment Management LLP within two of their unit trusts. Market values and performance against benchmarks for the year was as follows:

Artemis Income
Fund
Artemis High In-
come Fund		 Market Value
Returns
Benchmark
2021/22
2020/21
2021/22
2020/21
2021/22
2020/21
£
£
%
%
%
%
2,294,199
2,160,143
10.5
30.9
13.0
26.7
293,348
309,151
-0.5
22.9
-2.3
12.6
2,587,547
2,469,294

Benchmarks utilised are:

The significant recovery in value following the downturn in financial markets due to the pandemic of the prior year continued in 2021/22. The Income Fund produced a positive absolute return of +10.51% whilst the High Income delivered an absolute return of -0.45%. Both investments outperformed their respective benchmarks.

Funds held

The charity’s total funds held increased by £58,579 or 2% to £2,789,832 as at 31 March 2022 (2020/21: £2,731,253). The endowment funds held, £2,544,109 (2020/21: £2,427,757)

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

represent permanent endowment funds which are held in perpetuity as a capital fund to generate income for the primary objectives of the charity. Any income arising from this capital is accounted for within unrestricted funds.

Unrestricted income funds amounted to £226,705 (2020/21: £303,496). These funds represent those that are available for distribution in accordance with the purpose of the Sir William Coxen Trust Fund.

Details of all funds held, including their purposes, is set out within Note 11 to the financial statements.

Reserves

The Reserves Policy is to maintain the endowment funds of the charity and use the investment income in accordance with the objectives of the charity. Following a section 282 Trustees’ resolution in 2017 and with the concurrence of the Charity Commission, £150,000 of the original endowment was released to be held in the unrestricted income fund, having regard to substantive funding commitments made in previous years so to ensure that the charity had sufficient income reserves available should need for those funds arise. The charity continues to hold these funds within its free reserves.

The free reserves of the charity are held to cover working capital needs. The trustees have revised their policy in 2020/21 to meet future working capital needs. The Trustee believes that a minimum amount of £4,500 should be held at present, which will be subject to annual review. As at 31 March 2021 the charity held £362,075 as free reserves, amounts which are available to support charitable activities in future years.

Principal Risks and Uncertainties

The charity is committed to a programme of risk management as an element of its strategy to preserve the charity’s assets. In order to embed sound practice the senior leadership team ensures that risk management policies are applied, that there is an on-going review of activity and that appropriate advice and support is provided. A key risk register has been prepared for the charity, which has been reviewed by the Trustees. This identifies the potential impact of key risks and the measures which are in place to mitigate such risks.

Risk Actions to manage risks
Decline in income •Implementing strict controls.
•The charity’s funds are invested by a professional
fund manager.
•The Financial Investment Board regularly monitors
the performance of this fund manager.
Where the Trustees
has a conflict of
interest		 •Those concerned having a specific understanding
of trust law.
•Adopting the protocol for disclosing any potential
conflict.
Losing directly
employed staff and/or
the support staff		 •Documenting systems, plans and projects
•Having any necessary training programmes

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless the Trustees are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate 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 the Trustees to ensure that the financial statements comply with the Charities Act 2011. The Trustees 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.

In so far as the Trustees are aware:

Financial statements are published on the Trustees’ website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Trustees’ website is the responsibility of the Trustees. The Trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

Adopted and signed for on behalf of the Trustees.

Alderman Bronek Masojada, Chairman of Trustees

31 January 2023

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

INDEPENDENT EXAMINER’S REPORT TO THE

TRUSTEES OF THE SIR WILLIAM COXEN

I report to the trustees on my examination of the accounts of Sir William Coxen Trust Fund for the year ended 31 March 2022 which are set out on pages 10 to 21.

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Tina Allison, FCCA

Crowe U.K LLP, 55 Ludgate Hill, London, EC4M 7JW

31 January 2023

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

----- Start of picture text -----
Unrestricted
Funds Endowment funds Total funds Total
Notes 2021/22 2021/22 2021/22 2020/21
£ £ £ £
Income from:
Investments 3 98,750 - 98,750 89,572
Total income 98,750 - 98,750 89,572
Expenditure on:
Raising funds 4 - 12,913 12,913 12,144
Charitable activities 5 162,627 - 162,627 60,000
Total expenditure 162,627 12,913 175,540 72,144
Net gains on investments 7 - 137,272 137,272 529,837
Net (losses)/gains on short term deposit (1,902) - (1,902)
Net income and net movement in funds (65,779) 124,359 58,580 547,265
Reconciliation of funds:
Total funds brought forward 10 303,496 2,427,757 2,731,253 2,183,988
Total funds carried forward 237,717 2,552,116 2,789,833 2,731,253
----- End of picture text -----

All of the above results are derived from continuing activities.

There were no other recognised gains and losses other than those shown above. The notes on pages 12 to 19 form part of these financial statements.

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

BALANCE SHEET

AS AT 31 MARCH 2022

The notes on page 12 to 19 form part of these financial statements

Approved and signed on behalf of the Trustees.

----- Start of picture text -----
Notes 2022 2021
Total Total
£ £
Fixed assets
Investments 7 2,587,548 2,469,294
Total fixed assets 2,587,548 2,469,294
Current assets
Debtors 8 4,792 9,024
Cash at bank and in hand 240,257 252,935
Total current assets 245,049 261,959
Current Liabilities
Grants payable within one year 9 (21,090) -
Net Current Assets 223,959 261,959
Total Assets less current liabilities 2,811,507 2,731,253
Grants falling due after more than one year 9 (21,674) -
Total net assets 2,789,833 2,731,253
The funds of the charity:
Endowment funds 10 2,550,214 2,427,757
Unrestricted funds 10 239,619 303,497
Total funds 2,789,833 2,731,254
----- End of picture text -----

Caroline Al-Beyerty

Chamberlain of London and Chief Financial Officer

31 January 2023

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charity.

(a) Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011.

(b) Going concern

The financial statements have been prepared on a going concern basis as the Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity has discretion over the level of grants awarded and therefore spending is based on what is generated from its investments, so maintaining the capital base. The latest forecast anticipates that adequate funds will be available in the 12 months from the date of these accounts to enable the charity to continue to fulfil its obligations.

(c) Key management judgements and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure.

(d) Statement of Cash Flows

As per section 14.1 of the Charities SORP the Charity is not required to produce a statement of cash flows on the grounds that it is a small entity.

(e) Income

All income is included in the Statements of Financial Activities (SOFA) when the charity is legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of investment income and interest.

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

(f) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under the principal category of ‘expenditure on charitable activities’. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure (when notification is made in writing to the grantee), it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure includes grants payable and investment management fees.

The charity does not employ any staff. Officers of the City Corporation provide financial and governance administrative assistance to the charity when required. From 2021/22, the Trustees have taken the decision for the City Corporation to be reimbursed for the charity’s administration fees incurred.

(g) Taxation

The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

(h) Investments

Investments are made in two unit trusts managed by Artemis Investment Management LLP.

Investments are valued at bid-price. Gains and losses for the year on investments held as fixed assets are included in the Statement of Financial Activities.

(i) Funds structure

Income, expenditure and gains/losses are allocated to a particular fund according to their purpose:

Permanent endowment fund – this fund consists of funds which are held in perpetuity for the benefit of the charity as a result of conditions imposed by the original bequest. Income generated from the investments which represent this fund can be spent on the charitable purpose of the charity, hence is allocated to the unrestricted income fund. Gains/losses on the underlying assets remain as part of the endowment.

Unrestricted income funds – these funds can be used in accordance with the charitable objects at the discretion of the Trustees and include both income generated by assets held within the permanent endowment fund and from those representing unrestricted funds. Specifically, this represents the surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves.

(j) Insurance

The charity, elected Members appointed as trustees and staff supporting the charity’s administration are covered by the City Corporations insurance liability policies, and

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

otherwise under the indemnity the City Corporation provides to Members and staff, funded from City’s Cash.

3. INCOME FROM INVESTMENTS

Investment income
Interest
Total		 Unrestricted funds
2021/22
2020/21
£
£
97,409
87,029
1,341
2,543
98,750
89,572		 Unrestricted funds
2021/22
2020/21
£
£
97,409
87,029
1,341
2,543
98,750
89,572
89,572

4. EXPENDITURE ON RAISING FUNDS

Endowment
Funds Total funds
2021/22
£		 2020/21
£
Coxen Fund Managers fees 12,913 12,144

5. EXPENDITURE ON CHARITABLE ACTIVITIES

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

----- Start of picture text -----
Direct Support Total Total
costs costs 2021/22 2020/21
£ £ £ £
University of East Anglia 70,000 3,309 73,309 50,000
Kidscan 2,000 95 2,095 -
Bone Canver Trust 20,000 945 20,945 -
UAE 63,287 2,991 66,278 -
Action Medical Research for Children - - - 5,000
- - -
Spinal Injuries Association 5,000
Grants to organisations 155,287 7,340 162,627 60,000
Reconciliation of grants payable: 2021/22 2020/21
£ £
Commitments at 1 April - -
Commitments made in the year 155,287 60,000
Grants paid in the year (112,523) (60,000)
Commitments at 31 March 42,764 -
----- End of picture text -----

6. Analysis of Support Costs

----- Start of picture text -----
Charitable Governance Total Total
activities costs 2021/22 2020/21
£ £ £ £
Legal Fees 473 - 473 -
Independent Examiner Fees - 1,750 1,750 -
Management Fees 5,117 - 5,117 -
Sub-total 5,590 1,750 7,340 -
Reallocation of governance costs 1,750 (1,750) - -
Total support costs 7,340 - 7,340 -
----- End of picture text -----

7. Investments

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

The investments are held in the City of London Corporation Charities Pool, a charity registered in the UK with the Charities Commission (charity number 1021138). The Charities Pool is a UK registered unit trust.

The value of investments held by the charity are as follows:

2021/22 2020/21
£ £
Market value 1 April 2,469,294 1,972,943
Disposals (19,018) (33,486)
Gain for the year 137,272 529,837
Market value 31 March 2,587,548 2,469,294
Cost 31 March 1,539,878 1,539,878

8. Debtors

2021/22 2020/21
£ £
Other Debtors 4,792 9,024
Totals 4,792 9,024

9. Creditors

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

Creditors - Amounts falling due within one year

----- Start of picture text -----
||| |---|---| |2021/22|2020/21| |£|£| |-| |Grant liabilities|21,090| |-| |Totals|21,090| |Creditors - Amounts falling due after one year| |2021/22|2020/21| |£|£| |-| |Grant liabilities|21,674| |-| |Totals|21,674|

----- End of picture text -----

10. Movement in Funds

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Total as at 1|Gains &|Total as at| |At 31 March 2022|Income|Expenditure| |April 2021|losses|31 March 2022| |£|£|£|£|£| |Permanent endowment funds|2,427,757|-|(12,913)|135,370|2,550,214| |Unrestricted income funds|303,496|98,750|(162,627)|-|239,619| |Total funds|2,731,253|98,750|(175,540)|135,370|2,789,833| |Total 1 April|Gains &|Total 31 March| |At 31 March 2021|2020|Income|Expenditure|losses|2021| |£|£|£|£|£| |Permanent endowment funds|1,897,920|-|-|529,837|2,427,757| |Unrestricted income funds|286,068|89,572|(72,144)|-|303,496| |Total funds|2,183,988|89,572|(72,144)|529,837|2,731,253|

----- End of picture text -----

Purpose of the permanent endowment funds

The permanent endowment fund is held in perpetuity as a capital fund to generate income for the activities of the charity and represents the original endowment, including historic transfers, from the Sir William Coxen Will Trust.

Unrestricted income funds

This fund comprises the accumulation of revenue surpluses to be utilised in subsequent years. In accordance with the Trustee’s resolution on the 19 July 2018, £150,000 previously

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

held as expendable endowment was transferred during 2018/19 to unrestricted income funds to ensure that the charity has sufficient funds available to further the charity’s purposes. This resolution was made under section 282 of the Charities Act 2011(with the concurrence of the Charity Commission).

11. Analysis of Net Assets by funds

----- Start of picture text -----
Unrestricted Endowment Total at 31 Total at 31
At 31 March 2022
Funds Funds March 2022 March 2021
£ £ £ £
Fixed assets - investments 35,432 2,552,116 2,587,548 2,469,294
Net current assets 245,049 - 245,049 261,959
Total 280,481 2,552,116 2,832,597 2,731,253
At 31 March 2021
Unrestricted Endowment Total at 31 Total at 31
funds Funds March 2021 March 2020
£ £ £
Fixed assets - investments 41,537 2,427,757 2,469,294 1,972,943
Net Current Assets 261,959 261,959 211,045
Total 303,496 2,427,757 2,731,253 2,183,988
----- End of picture text -----

12. INDEPENDENT EXAMINER’S REMUNERATION

Crowe LLP are the auditors of the City of London’s City’s Cash Fund and provide assurance services for all of the different charities of which it is Trustee. The City of London Corporation charges the fee to its City’s Cash Fund. From 2021/22, the Trustees have taken the decision for the City Corporation to be reimbursed for the fee incurred from each of the charities. In 2021/22 the Independent Examiner’s fee recharged was £1,750 (2020/21: nil). No other services were provided to the charity by its auditors during the year (2020/21: nil).

13. TRUSTEE EXPENSES

The Aldermen serving as Trustees did not receive any remuneration or reimbursement of expenses during 2021/22 (2020/21: nil).

Purpose of the permanent endowment funds

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

The permanent endowment fund is held in perpetuity as a capital fund to generate income for the activities of the charity and represents the original endowment, including historic transfers, from the Sir William Coxen Will Trust.

Unrestricted income funds

This fund comprises the accumulation of revenue surpluses to be utilised in subsequent years. In accordance with the Trustee’s resolution on the 19 July 2018, £150,000 previously held as expendable endowment was transferred during 2018/19 to unrestricted income funds to ensure that the charity has sufficient funds available to further the charity’s purposes. This resolution was made under section 282 of the Charities Act 2011(with the concurrence of the Charity Commission).

14. RELATED PARTY TRANSACTIONS

A number of Aldermen of the City Corporation are appointed as individual trustees of the charity, as described on page 20.

The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members of the City Corporation are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk.

Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions.

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Sir William Coxen Trust Fund | Annual Report and Financial Statements 2021/22

REFERENCE AND ADMINISTRATION DETAILS

CHARITY NAME: Sir William Coxen Trust Fund

Registered charity number: 206936

PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:

Guildhall, London, EC2P 2EJ

TRUSTEES:

Alderman Bronek Masojada

Alderman Prem Goyal OBE JP (from 15 May 2018 to 10 May 2021)

Alderman Timothy Hailes (from 25 April 2019 to 10 May 2021)

Alderman Sir Andrew Charles Parmley (from 21 May 2020)

Alderman Sir Peter Estlin (from 10 May 2021) Alderman John Garbutt (from 10 May 2021) Alderman Nicholas Lyons (from 10 May 2021) Alderman Christopher Makin (from September 2022)

SENIOR MANAGEMENT:

Chief Executive

John Barradell OBE - The Town Clerk and Chief Executive of the City of London Corporation

Treasurer

Caroline Al-Beyerty - The Chamberlain of the City of London Corporation (Appointed 1/5/2021)

Dr Peter Kane - Chamberlain of the City of London Corporation (Retired 30/4/2021)

Solicitor

Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation

INDEPENDENT EXAMINER:

Crowe U.K LLP, 55 Ludgate Hill, London, EC4M 7JW

BANKERS:

Lloyds Bank Plc., P.O. Box 72, Bailey Drive, Gillingham Business Park, Kent ME8 0LS

INVESTMENT FUND MANAGERS:

Artemis Investment Management LLP, Cassini House, 57 St. James's Street, London, SW1A 1LD

Contact for The Chamberlain, to request copies of governance documents: PA-DeputyChamberlain@cityoflondon.gov.uk

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