REGISTERED CHARITY NUMBER: 222905.5 REPORT OF THE TR STEE5 AND UNAUDITED FINANCIALSTATEME FO THE PERIOD I N VEMBER 2 22T 31 00BER 2023 FOR EWORSHIPFULCOMPANYOFF ROBERTWARNER FUND UNDERS
THE WORSHIPFUL COMPANY OF F ROBERT WARNER FUND UNDERS ONTENTS OF FOR THE PERI HE FINANCIA STATEMENTS I NOVEMBER 2022 TO 31 ocfoBER 2023 Page Report of the Trustees Independent Examlner's Report Statement of Flnancial Aclivltles B31an¢e Sheet Notes to the Financial Ststèments 7 to 11 Detalled Statement of Finan¢lal Actlvities 12
THE WORSHIPFUL OMPANY OF FOUNDERS ROBERTWARNER FUND REPORT OF THE TR ES FOR THE PERIOD I NOVEMBER2022T0310CT BER 2023 The trustees present their report with the financSal statements of the charity for the period l November 2022 to 31 October 2023. .The trustees have adopted the provlsion5 of Accounting and Reporting by Charities.. Statement of Reeommended Practice 3pplicableto charities preparingtheir accounts in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. oBJEIVEs AND AcnviTIES Obje¢tive5 and aims The original purpose was for the founding of a fellowship or fellowships in metsllurgical Te5earch as applied to foundry practice. In recent years and following the agreernent of the Charicy Commission in November 1985. the funds are applied for sUPPOrting education and research in the material sciences and related fields in engineerln8. The annual Robert Wamer Lecture is supptsrted by this charity- The trustee5 have paid due regard to guidance issued by the Charty Commission in decSding what artivitles the charity should undertake. Si8nifi¢ant activitles The charitytransferred its investments to a potsledfund-The Founders Combined Charitycapital Common Investment Fund Endowed fund on l April 1996. The charlty receives 8 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 l April 1996 and any subsequent capital contributions to that fund. The fund's Crnt share of the Income and net assets 15 55.913%12022 - 55.940%). In 2023124 the fund's share will be 55.884%. Grant applications aTe considered by the Charity Committee who then recornrnend appropriate grants to the Court for its approval. FINANaAL 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 charitws current activities whlle consideration is gwen to ways in whlch additional funds may be raised. At 31 October 2023 the charfty held no reserves. These leve15 are below the target range. The trustee intends to rnanage its expenditure to bring the reserves in line with the target ran8e over the coming 5 years. RuvRE. GOVERNANCE AND MANAGEMENT Governlng document The charity was established by a bequest of the late Robert Wamerto The Worshlpful Ctsrnpany of Founders. REFERENCE AND ADMIN15tRATIVE DrfAILS Registered Charlty number 222905-5 Page I
THE WORSHIPF L COMPANY OF F ROBERTWARNER FUND UNDERS REPOR FOR TH OF THE TR TEES PERIOD I NOVEMBER 2022 TO ocroBER 2 23 Prlntipal address Founders, Hall I Cloth Fair London ECIA 7JQ Trustees The trustee of th charity is The Worshipful Company of Founders of the C(ty of London. The Master. Wardens and Court ofAssistants ofThe Worshipful Company of Founders comprise the goveming body. The Coun, which consists of thegoverning body meets quarterly. The Chartty and Industry Committees a150 meetquarterly. These Committees report and make recommend6tions to the Courr for its final approval. Independent Examiner Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terce Eastbourne East Su55ex BN214NN STATEMENT OF TRUStEES' RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial ststernents in accordance wlth applible law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in England and Wales, the Charities Att 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of thetrust deed oquiresthe trustees to preparefinancial statements for each financial yearwhich give a true and fair view of the stste of affairs of the ch3rity and of the incoming resources and application of resources. ineludin8 the in¢ome and expenditure. of the charity for that period. In preparing those financial statements, the trustee5 are required to 5elett 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 80ing concern basis unless it is Inappropriate to presume that the charity will continue in business. Thetrustee5 are responslble for keeping proper accountln8 records which disc5ose 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) Re8ulation$ 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 CQMPANV OF FO ROBERTWARNER FUND NDERS EPORTOF THE TRU FOR THE PERIOD I NOVEMBER 2022T 31 OCT BER 2023 Approved by order of the board of trustees on ............ and signed on its behalf bv.. ll e ktr6JL(knty Master Clerk Page 3
INDEPENDENY EXAMINER'S REPORTTO THE TRUSTEES OF THE WORSHIPFULCOMPANYOF FOUNDERS ROBÈRTWARNÉR FUND Independent examlner's report to the trustees of Thè Worshlpful Company of Founders Robert Wamer 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 l November 2022 to 31 October 2023. Responslbllltles and basis of report As the charity trustees of the Trust you are responsible for the preparatitsn of the accounts in accordance with the requirements of the Charities Att 20111'the Act'l. I report in respettof my examination of the Trust's accounts carried out underseetion 145 of the Act and in carrying out my examination I have followed all applicable Direttions given by the Charity Commission undersettion 14515llbl of the Att. Independent examiner's ststement 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.. atcountin8 records were not kept In respect of the Trust as required by settion 130 of the Act.. or the accoynts do not accord with those records,. or the accounts do not cornply with the applicable requirements concerning the form and content of accounts set out in thè Charities (Accounts and Reponsl Regulations 2008 other than any requirement that the accounts give a true and fairview which ts 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 attentlon should be drawn in thi5 report in orderto enable a proper understanding of the accounts to be reached. A L Bree FCA Cornfield Accountants Limited Chartered Accountants S Cornfield Terrace E35tboume East Sussex BNZI 4NN Date.. Pa8e 4
THE WOR HIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND ATEMENT INANCIALA IVITIES FQR THE PERIOD I NOVEMBER 2022 TO 31 ocfoBER 2023 PERIOD 01111122 TO 31110123 Total funds PERIOD 26110121 TO 31110122 Total funds Unrestrfcted fund ETrdowment funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Fundraisin8 Investment incorne 8,227 8,481 31.803 8,227 8.481 31,803 5.050 5,050 22,091 Totsi 48.511 48,511 36,805 EXPENDITURE ON Charitablè actl¥ities Grants Talks and Lectures 16.560 16.560 39.(K>O 600 Other 3,501 3.501 6,607 Total 20,061 20.061 46.207 Net gainsl Ilosse51 on Investments 104,9841 104,9841 1203,8111 INCOMEIIEXPENDfFUREI 28,450 1104.9841 176,5341 1222.8771 RECONauATION OF FUNDS Total funds brought forward 169.7831 1,593.086 1,523.303 1,746.180 TOTAL FUNDS CARRIED FORWARD 141.3331 1,488.102 1,446.769 1.523,303 The notes ftsrm part of thesefinancial statements Page 5
THE WORSHIPFUL COMPANY ROBERTWARNER FUND F FOUNDERS NCE SHEET 31 OoBER2023 2023 Totsl funds 2022 Total funds Unrestricted fund Endowment funds Notes FIXED ASSETS Investments 1, 488.102 1,488.102 1.593,086 CURRENT ASSETS Debtors Cash at bank 4,726 5,780 4.726 5.780 22,091 322 10.506 10,506 22.413 CREDITORS Amounts fallin8 due within gne year 151.8391 151,8391 192.1961 NET CUARENfASSETSIILIABILmESI 41,3331 141,3331 169.7831 TOTALASSETS LES5 CURRENT LIABIUTIES 141,3331 1.488,102 1,446.769 1.523,303 141.3331 1.488,102 1.446,769 1,523.303 FUNDS UnrestriLted funds Endowment funds 141,3331 1.488,102 150,7171 1,796.897 TOTAL FUNDS 1,446.769 1.746,180 The financial statsments wereapproved bythe Board ofTrustee5 and authorised forissue on...-............... e signed on half b The Worshipful Cornpa Founders ' Upper Warden The Worshipful Cornpany of Founders- Under Warden The notes forrn pan of these financial statements Page 6
THE WORSHIPFUL COMPANY ROBERTWARNER FUND F FOUNDERS NOT TOTHE FIN CIAL STATE FOR THE PERIOD I NOVEMBER 2 ENTS 22TO I OCTOBER 2 23 ACCOUNTING POLICIES Basis of preparlnKtheflnancial statements The financial statements of the charity, which Is a public benefft entity under FRS 102. have been prepared in accordance With the Charr(ies SORP IFRS 1021'Acctsuntin8 and Reporting by Charities.. Statement of Recommended Prattice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191., Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the èxception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is reeognised in the Statement of Financial Activitie5 once the charity has entitlement to the funds. it &s probable that the income will be ieceived and the amount can be measured rellablv. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation cbrnmitting the charity to that expenditure, it is probablethat a trdnsferof economic benefits will be required in settlementand theamount of the obligation can be measured liably. Expenditure isaccounted foron an accruals basi5 and has been classified under headings that aggregate all cost related to the cate80ry. Where costs cannot be direttly attributed to particular headin85 they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to condition5 which have not been met at the year end date are noted as a commitment but not accrued a5 expenditure. Taxation The charity is exempt from tax on its charitsble activities. Fund accoutrrting The endowment fund represents those assets whlch must be held permanently by the charty, principally investments. Income arising on the endowment fund can be used In accordance with the object5 of the charity and is included as unre5tritted income. Any capital 8ains or losses arising on the investments form pan of the fund. Unre5tricred funds comprise those funds which the trustee is free to use in accordanee with the charitable obletts. Investrnents Fixed asset investments are stated at marketvalue. Marketvalue is calculated asthe charity'$5hare of the net assets of The Founders Combined Charity Capital Common Investment Fund. The charty's share is calculated in proportion to the market value of the investrnents tr8n5ferred at l April 1996 and any subsequent capital contribution5. Pa8e 7 continued...
THE WORSHIPFUL COMPANY OF F RQ8ERTWARNER FUND UNDER5 THE R THÈ PERI INAN IAL ST TEM NTS- contin ed D I NOVEM8ER 2022 TO 31 ocfoBER 2023 INVESTMENT INCOME PERIOD 01111122 TO 31110123 PERIOD 26110121 TO 31110122 Foundets Combined Charlty CIF 31.803 22,091 The financial staternents include net Incorne from investments managed by Charles Stanley, which is distrlbuted to the Charity. TRiJSfEES' REMUNEFLATION ANO BENEFITS Duringthe period the charity paid £2,79112022-£5,7021 to itstrusteeforprovidingadministrative and management support. At the period end this amount was in creditors. No persons connetted to the trustee reIVed any remuneration durlng the year. Trustees, expenses There were no other trustee expenses paid for the pedod ended 31 Ottober 2023 nor for the perlod ended 25 October 2022. FIXED ASSET INVEsfMENTS Listed Investments MARKET V,ALUE At l November 2022 Revaluations 1.593,086 1104.9841 At 31 October 2023 1,488.102 NETBOOKVALUE At 31 Ottober 2023 1,488.102 At 26 Ottober 2022 1,593.086 All investments are carried at their fair value. Investments are all tiaded in quoted public markets. primarily the London Stock Exchange. PaEe 8 continued...
THE WORSHIPFUL COMPANY ROBERT WARNER FUND F FOUNDERS NO TO THE FIN NCIAL STATE ENTS- contln td FOR THE PERIOD I NOVEMBER 2022 TO i ocroBER 2023 FIXED Ass INVESTMENTS- continued Cost or valuation at 31 October 2023 is represented by.. Listed investments Valuation in 2023 1.488,102 Liste¢ investrnents represents the Robert Wèrner Fund share of the funds held In The Worshipful Company of Founders Combined Charity Capital Cornrnon Investment Fund. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 HMRCGift Ald Thames Row FUndls1n8 donation Founders Combined Chartty Capital CIF 3,411 50 1.265 4,726 22.091 22,091 CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2023 2022 The Worshipful company of Founders Founders Propertie5 Limited Accruals Anniversaries Fund Sexcentenary Appeal Fund 2.661 5,702 11,172 972 39.950 34.400 92.196 778 14.000 34,400 51,839 MOVEMÈNTIN FUNDS Net movernent in funds At 26110122 At 31110122 Unrestrirted funds General fund 169.7831 28.450 141,3331 Endowmènt fvnds Founders Combined Charity Capital CIF 1.593,086 1104,9841 1,488,102 TOTAL FUNDS 1.523.303 176.5341 1,446,769 Page 9 ntinued...
THE WORSHIPFUL COMPANY OF FOUND ROBERTWARNER FUND OTE O THE FINAN FOR THE PERIOD I N STATEMENTS- VEMBER 2022 T 31 OCTOBER 2023 ontinu MOVEMENT IN FUNDS- coi)tinued Net movement in funds, included in the above are as follows- Incoming resource5 Resource5 expended Gatns and losses Movement in fund Unrestritted funds General fund 48,511 120.0611 28,450 Endownlènt funds Founders Combined Charlty Capital Common Investment Fund 1104.9841 1104.9841 TOTAL FUNDS 48.511 120.0611 1104,9841 176,5341 Comparatives for movemènt in fvnds Net movement in funds At 26110121 At 31110122 Unre5tri<ttd fitnds General fund 150.7171 119.0661 169,7831 Endowment fund5 Founders Combined Charfty Capitsl Common Investment Fund 1.796,897 1203.8111 1.593,086 TOTAL FUNDS 1,746.180 1222,8771 1,523.303 Page 10
ThÉ ORSHIPF LCOMPANYOFF ROBERT WARNER FUND U14DERS NOTES T THE FIN NCIAL STATEMEN . contln ed FOR THE PERIOD I NOVEMBER 2022 TO 31 ocfoBER 202 MOVEMENT IN FUNDS. contlnued Comparative net movement in funds. included in the above are as follow5.. Incomin8 resources Resources expended Gains and losses Movement In fund Unre5trlcted funds General fund 27,141 146.2071 119.0661 Endowment fvnds Founders Combined Charity Capitsl Common Investment Fund 1203.8111 1203,8111 TOTAL FVNDS 27.141 146,2071 1203.8111 1222,8771 RELATED PARTY DISCLOSURES During the period, the charfty had investment income receivable of £31,80312022 £22.0911 frorn The Founders Combined Charity Capital Common Investmerrt Fund. At the period end £1,26512022 - £22.0911 was included in debtots. At the year end £14.00012022- £39,950) was included in credltors as dueto the Anniversaries Fund. At the year end £34,40012022- £34.4001 was included in creditors as due to the 5excentenary Appeal Fund. The chartties have the same trustee and goveming body. During the period the charity agreed to pay £2,79112022 £5.7021 to its trustee for providing administrative and management support. At the year end £2.66112022 £5.7021 was included in creditor5 as due to the Worshipful Company of Founders, the trustee of the charity. Page 11
THEW R5HIPFUL COMPANY ROBERTWARNER FUND FOUNDERS AILED TEMENT OF FINAN FOR THE PERIOD I NOVEMBER 2 L ACTivm 22 TO 31 ocfoBER 202 PERIOD 01110122 TO 31110123 PERIOD 26110121 TO 31110122 INCOME AND E1400WMENTS Donatlons and le8a¢ies Donations, including Grft Aid Fundraisin8. includin8 Gift Aid 8.227 8.481 5.050 Investment income Founders Combined Charity CIF 31,803 22.091 Total Incoming resources 48,511 27,141 EXPENDtTURE Char5table actlvitlp$ Talks and lectures Grants to institutions Grants to individuals 6,500 32,500 16.560 16.560 39.600 Support costs Finance and Governance costs Bank charges Management fees ICO Registrdtion Accountancy and legal fee5 61 2,791 35 614 62 S,702 35 3,501 6.607 Total resources expended 20.061 46.207 Net surplus 28,450 119,0661 This page does not forrn part of the statutory financial Statements Pa8e 12