**REGISTERED CHARITY NUMBER: 222905-5** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS** ## **FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **FOR** ## **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ||**Page**| |---|---| |**Report of the Trustees**|1 to 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6| |**Notes to the Financial Statements**|7 to 11| |**Detailed Statement of Financial Activities**|12| **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** **REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** The trustees present their report with the financial statements of the charity for the period 27 October 2020 to 25 October 2021. The trustees have adopted the provisions of Accounting 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 (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The original purpose was for the founding of a fellowship or fellowships in metallurgical research as applied to foundry practice. In recent years and following the agreement of the Charity Commission in November 1985, the funds are applied for supporting education and research in the material sciences and related fields in engineering. The annual Robert Warner Lecture is supported by this charity. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Significant activities** The charity transferred its investments to a pooled fund - The Founders Combined Charity Capital Common Investment Fund - Endowed fund on 1 April 1996. The charity receives a share of the net income of the fund arising in the period and owns the net assets in proportion to the market value of the investments at 1 April 1996 and any subsequent capital contributions to that fund. The fund's current share of the income and net assets is 55.94% (2020 - 55.94%) Grant applications are considered by the Charity Committee who then recommend appropriate grants to the Court for its approval. ## **FINANCIAL REVIEW** ## **Reserves policy** It is the policy of the charity that unrestricted funds which are readily available for spending and have not been designated for a specific use should be maintained at a level between six and twelve months’ expenditure. The trustee considers that reserves at this level will ensure that, in the event of a significant drop in funding, it will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. At 25 October 2021 the charity held no reserves. These levels are below the target range. The trustee intends to manage its expenditure to bring the reserves in line with the target range over the coming 5 years. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity was established by a bequest of the late Robert Warner to The Worshipful Company of Founders. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 222905-5 Page 1 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **Principal address** Founders' Hall Number One Cloth Fair London EC1A 7JQ ## **Trustees** The trustee of the charity is The Worshipful Company of Founders of the City of London. The Master, Wardens and Court of Assistants of The Worshipful Company of Founders comprise the governing body. Both the Court, which consists of the governing body and the Charity Committee meet quarterly. The Charity Committee reports and makes recommendations to the Court for its final approval. ## **Independent Examiner** Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 2 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** Approved by order of the board of trustees on ............................................. and signed on its behalf by: .......................................................................... Master .......................................................................... Clerk Page 3 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **Independent examiner's report to the trustees of The Worshipful Company of Founders Robert Warner Fund** I report to the charity trustees on my examination of the accounts of The Worshipful Company of Founders Robert Warner Fund (the Trust) for the period 27 October 2020 to 25 October 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 Trust 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. A L Breeze FCA Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN Date: ............................................. Page 4 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
Grants
Talks and Lectures
Sculpture prize
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**|Unrestricted
Endowment
fund
funds
£
£
12,000
-
24,805
-
36,805
-
27,860
-
1,165
-
20,145
-
10,648
-
59,818
-
-
223,941
(23,013)
223,941|PERIOD
27/10/20
TO
25/10/21
Total
funds
£
12,000
24,805
36,805
27,860
1,165
20,145
10,648
59,818
223,941
200,928|PERIOD
29/10/19
TO
26/10/20
Total
funds
£
-
23,936
23,936
37,179
4,217
1,067
-
42,463
(6,438)
(24,965)| |---|---|---|---| ## **RECONCILIATION OF FUNDS** ## **Total funds brought forward** (27,704) 1,572,956 1,545,252 1,570,217 ## **TOTAL FUNDS CARRIED FORWARD** The notes form part of these financial statements Page 5 (50,717) 1,796,897 1,746,180 1,545,252 The notes form part of these financial statements Page 5 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **BALANCE SHEET 25 OCTOBER 2021** |Notes
**FIXED ASSETS**
Investments
4
**CURRENT ASSETS**
Debtors
5
Cash at bank|Unrestricted
Endowment
fund
funds
£
£
-
1,796,897
24,805
-
128
-
24,933
-|2021
2020
Total
Total
funds
funds
£
£
1,796,897
1,572,957
24,805
23,936
128
778
24,933
24,714| |---|---|---| ## **CREDITORS** Amounts falling due within one year 6 (75,650) - (75,650) (52,419) ## **NET CURRENT ASSETS/(LIABILITIES)** (50,717) - (50,717) (27,705) ## **TOTAL ASSETS LESS CURRENT LIABILITIES** (50,717) 1,796,897 The notes form part of these financial statements Page 6 1,746,180 1,545,252 ## **NET ASSETS** (50,717) 1,796,897 1,746,180 1,545,252 ## **FUNDS** 7 Unrestricted funds (50,717) (27,704) Endowment funds 1,796,897 1,572,956 ## **TOTAL FUNDS** 1,746,180 1,545,252 The notes form part of these financial statements Page 6 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. The Worshipful Company of Founders – Upper Warden ............................................. The Worshipful Company of Founders – Under Warden The notes form part of these financial statements Page 6 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** The endowment fund represents those assets which must be held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Unrestricted funds comprise those funds which the trustee is free to use in accordance with the charitable objects. ## **Investments** Fixed asset investments are stated at market value. Market value is calculated as the charity's share of the net assets of The Founders Combined Charity Capital Common Investment Fund. The charity's share is calculated in proportion to the market value of the investments transferred at 1 April 1996 and any subsequent capital contributions. continued... Page 7 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||PERIOD|PERIOD| ||27/10/20|29/10/19| ||TO|TO| ||25/10/21|26/10/20| ||£|£| |Founders Combined Charity CIF|24,805|23,936| The financial statements include investment income from both Charles Stanley and Ruffer, who manage a portfolio of investments on behalf of the Charity. The net investment income from Charles Stanley are distributable dividends amounting to £21,188 and the net investment income from Ruffer are dividends reinvested into the accumulated fund portfolio amounting to £3,617. Thus only £21,188 is available to spend. ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the period ended 25 October 2021 nor for the period ended 26 October 2020. Neither the trustee nor any persons connected to the trustee received any remuneration during the year, except for Founders Properties Limited who charged the charity a total of £9,406 (2020 - £nil) for providing administrative and management support. ## **Trustees' expenses** There were no trustees' expenses paid for the period ended 25 October 2021 nor for the period ended 26 October 2020. ## **4. FIXED ASSET INVESTMENTS** ||Listed| |---|---| ||investments| ||£| |**MARKET VALUE**|| |At 27 October 2020|1,572,957| |Revaluations|223,940| |At 25 October 2021|1,796,897| |**NET BOOK VALUE**|| |At 25 October 2021|1,796,897| |At 26 October 2020|1,572,957| All investments are carried at their fair value. Investments are all traded in quoted public markets, primarily the London Stock Exchange. continued... Page 8 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **4. FIXED ASSET INVESTMENTS - continued** Cost or valuation at 25 October 2021 is represented by: |||||Listed| |---|---|---|---|---| |||||investments| |||||£| ||Valuation in 2021|||1,796,897| ||Listed investments represents the Robert Warner|Fund share of the funds||held in The| ||Worshipful Company of Founders Combined Charity Capital Common Investment Fund.|||| |**5.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||||2021|2020| ||||£|£| ||Other debtors and accrued income||24,805|23,936| |**6.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||||2021|2020| ||||£|£| ||Other creditors||75,650|52,419| |**7.**|**MOVEMENT IN FUNDS**|||| ||||Net|| |||At|movement|At| |||27/10/20|in funds|25/10/21| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|(27,704)|(23,013)|(50,717)| ||**Endowment funds**|||| Founders Combined Charity Capital Common Investment Fund 1,572,956 223,941 1,796,897 continued... Page 9 **TOTAL FUNDS** 1,545,252 200,928 1,746,180 continued... Page 9 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **7. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|36,805|(59,818)|-|(23,013)| ## **Endowment funds** Founders Combined Charity Capital Common Investment Fund - - 223,941 223,941 ## **TOTAL FUNDS** 36,805 (59,818) 223,941 200,928 continued... Page 10 ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| ||At|movement|At| ||29/10/19|in funds|26/10/20| ||£|£|£| |**Unrestricted funds**|||| |General fund|(9,177)|(18,527)|(27,704)| |**Endowment funds**|||| Founders Combined Charity Capital Common Investment Fund 1,579,394 (6,438) 1,572,956 **TOTAL FUNDS** 1,570,217 (24,965) 1,545,252 continued... Page 10 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **7. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|23,936|(42,463)|-|(18,527)| ## **Endowment funds** Founders Combined Charity Capital Common Investment Fund - - (6,438) (6,438) ## **TOTAL FUNDS** 23,936 (42,463) (6,438) (24,965) **8. RELATED PARTY DISCLOSURES** Page 11 During the period, the charity had investment income receivable of £24,805 (2020 - £23,935) from The Founders Combined Charity Capital Common Investment Fund. At the period end £24,805 (2020 - £23,935) was included in debtors. At the year end £39,950 (2020 - £43,450) was included in creditors as due to the Anniversaries Fund. At the year end £20,400 (2020 - £1,000) was included in creditors as due from the Sexcentenary Appeal Fund. The charities have the same trustee and governing body. At the year end £4,518 (2020 - £3,568) was included in creditors as due to the Worshipful Company of Founders, the trustee of the charity. During the period the charity paid £9,406 (2020 - £nil) to Founders Properties Limited for providing administrative and management support. At the period end this amount was in creditors. The trustee of the charity is the same as those charged with Governance within the Company. Page 11 **THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** |||PERIOD||PERIOD| |---|---|---|---|---| ||27/10/20|29/10/19||| |||TO||TO| |||25/10/21|26/10/20|| |||£||£| |**INCOME AND ENDOWMENTS**||||| |**Donations and legacies**||||| |Donated services and facilities||12,000||-| |**Investment income**||||| |Founders Combined Charity CIF||24,805||23,936| |**Total incoming resources**||36,805||23,936| |**EXPENDITURE**||||| |**Charitable activities**||||| |Sculpture prize||20,145||1,067| |Talks and lectures||1,165||4,216| |Grants to individuals||27,860||37,150| |||49,170||42,433| |**Support costs**||||| |**Finance**||||| |Sundries||35||-| |Bank charges||47||30| |||82||30| |**Governance costs**||||| |Management fees||||| |9,406||||| - Accountancy and legal fees 1,160 - This page does not form part of the statutory financial statements Page 12 10,566 - Total resources expended 59,818 42,463 **Net expenditure** (23,013) (18,527) This page does not form part of the statutory financial statements Page 12