REGISTERED CHARITY NUMBER: 222905-5 REPORT OF THE TRUSTEES AND NAUDITED FINANC AL STATEMENTS FOR THE PERIOD I NOVEMBER 2 0 31 ocfoBER 2024 THE WORSHIPFUL COMPANY OF FOUNDE ROBERTWARNER FUNO
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERTWARNER FUND CONTENfs OF THE FINANCIAL sfATEMEPITS FOR THE PERIOD I NOVEMBER 2023T031 OCTOBER 2024 Pa8e Report theTrugtees I to 3 Independent Examlner's R•port Statement of Flnantlal Art6v6tles 8alan¢e Sheet Notes to the FlnancSal Statements 7 to 11 Detalled Statement ol Flnanclal Attl¥ltles 12
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERTWARNER FUND REPORT OF THE TRusfEES FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 The trustees present their report with the financial statements of the tharity fgr the period l November 2023 to 31 October 2024. The trustees have adopted the provision5 of Accounting and Reporting by Charities.. Statement of Recommended Practice applicableto charities preparin8 their accounts in ac¢ordance with the Financial Reportlng Standard applicable in the UK and Republic of Irèland IFRS 1021 (effective l January 20191. REFERENCE AND ADMINISTRATIVE DEfAILS Rezistered Charmy number 222905-5 Prlnclpal addr•ss Founders, Hall I Cloth Falr London ECIA 71Q TfUStee5 The trustee of the charty Is The Worshipful Company of Founder5 of the Oty of London. The Master. Warden5 and Asslstants comprlse the Court of The Worshipful Company of Founders, Its 8overnln8 body. Both the 8overnin8 boo and the Indusiry Committee meet qu•rterty. Grant applications are considered by the Industry Commlttee whlch reports to and recommends approprlate grants to the governlng body for its approval. IndÈp•ndent Examlner Cornfield A¢countsnts Limlted Chartered Accountsnts 5 Cornfield Terrace Eastbourne East Sussex 8N214NN OBJEcfivES Af4D A1VITIEs Oblectlves and alms The original purpose was for the founding of a fellowship or fellowships in metallurgical research as app5ied to foundrv Practice. In recent years and follown8 the agreement of the Charity Commission in November 1985. the funds are applied for supportin8 education and research in the materlal sciences and related fields In en8ineerln8. The annual Robert Warner Lecture is supportèd by this charitv. The trustees confirm that they have refèrred to the guidance contained in the Charrty Commlssion's general guidante on public benefit when reviewlng the Trust's aims and objectives and in plannlng future activitles and settSn6 the grant maklng policy for the year. Significant activities The charltytransferred éts investmentsto a pooled fund-The FoLtndersCombined Charity Capital Common Investment Fund Endowed fund on l April 1996. The charity receives a share of the net income of the fund artsing in the period and own5 the net assets in proporrion to the marketvalue of the invesThents at l April 1996and any subsequent capital contribution5 to that fund. At the start of the yearthe fund's share of the income and net a55et5 is 55.884%12023- 55.913%). Page I
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERTWARNER FUND REPORT OF THE TRUSTEES FOR THE PERIOD I NOVEMBER 2023 TO 31 ocfoB R 2024 During the year all investments were consolidated at Charles Stanley, and the charity was allocated its separate endowed investment portfo5io, removing the need to split investments and income on a percentage basis. FINANCIAL REVIEW Reserves pollcv It 15 the policy of the charity that unrestricted funds which are readily available for spending and have not been de5i8nated for a specific use should be maintsined at a level between six and twelve months, expenditure. The trustee considers that resefves at this level will ensure that, in the event of a si8nificant drop in fvnding. It will be able to continue the charl5 cuirent actlvlties while consideratlon Is 8iven to ways in which additional funds may be raised. At 31 October 2024 the charity held £IK reserve5. These leve15 are below the target range. The trustee intends to mana8e Its expendlture to brin8 the ieserves in Ilne with the target ranee over the comin8 S years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng do¢ument The charlty was established by a bequest of the late Robert Warner to The Worshipful Company of Founder5. De¢lslort makln The trustee and the govemlng body meet quarterly. The Industry Committee of the Worshlpful Company of Founders also meets quarterly and a8rees the broad strategy and areas of a¢tivity for the Twst, In¢ludlng ¢onsideratlon of grant maklngi Investment, reserves and rlsk management, policies and performance. The day-tQ-day admlni5tration of grants and the proce55tng arnd handling of new grant applications prlor to consideration by the Industry Committee is delegated to the Clerk of the Company. The Industry Committee subsequently makes recommendations for appropriate grant funding to the Coun for its final approvol. The Industry Commlttee also considers the monltorlng infomiatlon concemlng the performance ofgrants to date, and make re¢ommendations to the Court concerning the extension, cessation or suspension of exlsting grant approval5. Trustees are rèquired to dlstlose all relevant Interests and re8t5terthem wlth the aerk and If apprgpriate to wlthdraw from declslons where a conflict of Interest arises. Rlsk management The tTUStees have considered the major rlsks io which the charity is exposed and ha¥e reviewed those rfsks and e5tabllshed Systems and procedures to manage those risks. The tru5tee5 consider variability of investment returns on the charitable assets to constitute the charity's major financial rlsk and recent extreme volatility in wodd Stock markets has demonstrated this risk. The trustees manage the assets on a medium risk basi5 of income generation and capital grovrth. thereby maintainin8 Stability for grant makrng, and hopefully thereby fatilitating longer term grants and a more stable number of awards, but the trustees also take account of the outlook for investment returns and kèep the level of awards under review. Page£
THE WORSHIPFULCOMPANYOF FOUNDERS ROBERTWARNER FUND REPORT OF THE TRusfEES FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 STATEMENT OF TRUSTEES, RESPOM5181LITIES The trustees are sponsible for preparin8 the Report of the Tru5tee5 and the financial statements in accordance with applicable law and United Kingdom Accourtting Standards (United Kingdom Generalty Accepted Accounting Practice). The law applicable to charities in England and Wale5, the Charitie5 Act 2011. Charity IAccounts and Reports) Re8ulatlons 2008 and the provisions of the trust deed requires the twstee5 to prepare financial statements for each financial year which 8ive a true and fair view of the state of affairs of the charity and of the incomin8 resource5 and application of resources, including the Income and expendlture. of the charity for that period. In preparing those financial 5taternent5, the tru5tee5 are required to sÈlect suitable accounting policies and then apply them consistentfy,. observe the methods and principle5 in the Charity SORP.. make judgements and estimates that are reasonable and prudent.. state whether applicable accountinz Standards have been followed. sublea to any materlal departures dlsclosed and explained in the financial statements- prepare the financial statements on the golng ¢on¢ern basls unless It Is Inappropriate to presume that the charlty wlll contlnue In buslness. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the flnancial position of the charity and to enable them to ensure that the financlal statements comply with the Charlties Act 2011, the Charity IAccounts and Reports) Re8ulatiort$ 2008 and the provisions of the irust deed. They are a150 responsible for saleguardlng the assets of the charlty and hence for takin8 reasonable step5 for the preventlon and detectlon of fraud and other irregularities. Approved by order of the board of trustees on 28 Aprll 2025 aftd s18ned on its behalf bv: A Hughes Master knyl SW- Revd NK Stephenson Clerk Page 3
INDEPENDENTEXAMINER'S REPORTTOTHETRUStEES OF THE WORSHIPFULCOMPANYOF FOUNDERS ROBERTWARNER FUND Independent ex8mlner's report to the trustees of The Worshlpfvl Company of Founders Robertwarner Fund I report to the charity trustees on my examination of the accounts of The Worshipful Company of Founders Robert Warner Fund Ithe Trust) for the period l Novernber 2023 to 31 Ortober 2024. Responslbllltles and basls of report As the charity trustees of the Trust you are responsible for the prepaTatlon of the accounts In accordance with the requirements of the Charities Att 20111'the A¢t'l. I report in Tespect of my examination of the Trust's accounts carried out under settion 145 of the Act and in carrying out mv examination I have followed all applicable Directions given by the Charity Commi55ion under section 1451Sllbl of the Act. Independent examlner's statement I have completed my examination. l Confirm that no materfal matters have corne to my attention In connection with the examination giving me cause to believe that in any material respect.. ccountin8 records were not kept In respect of theTrust as required by sectlon 130 of the Att,. or the accounts do not accord with those retords.. or the accounts do not comply with the applicable requirements concerning the form and conteni of accounts set out in the Charities IAccounts and Reportsl Re8ulations 21J)8 other than any requirement that the accounts give a true nd falr vlew whlch Is not a matter consldered as part of an Independent examlnatlon. I have no concern5 and have come across no other matters in connectjon wlth the examlnailon to whlch attentlon should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. A L Breeze FCA Cornfield Ac¢ountants Limited Chartered Accountants 5 Cornfleld Terrace Eastbourne East Sussex BN214NN Date-. Page 4
THEWORSHIPFULCOMPANYOF FOUNDERS ROBERTWARNER FUND STATEMENT OF FINANCIAL AcnviTIES FOR THE PERIOD I NOVEM8ER 2023TO 31 ocfo8ER Z024 2024 Total furhds 2023 Total fund5 UnStricted fund Endowment funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Fundralslng Investment Income 19,809 Ico 40,243 21.309 ICMJ 40.243 8,227 8,481 31.803 Total 60.152 1,5ryJ 61.652 48.511 EXPENDITURE ON Charltable artNities Grants Talks and Lectures 13.641 1,195 13,641 1,195 16,560 Other 2.747 2,747 3,501 Total 17,583 17,583 20,061 Net 8ains111055es1 on Investments 116,486 116.486 104,9841 NET INCOMEIIEXP£NDITUREI 42,569 117,986 160.555 176,5341 RECONCIUATION OF FUNDS Total funds brought fon¥ard 141,3331 1.488.102 1.446,769 1,523,303 TOTAL FUNDS CARRIED FORWARD 1,236 1,606.088 1.607.324 1,446,769 The notes form part of these financial 5tstements Page S
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND BALANCE SHEET 31 OCTOBER 2024 2024 Total fund5 2023 Total funds Unrestricted fund Endowment funds Notes FIXED ASSETS Investrnent5 1.604,588 1,604,588 1,488.102 CURRENT AssErs Debtors Cash at bank 18,245 2.113 18,545 3,313 4,726 5,780 1,2CQ 20.358 1,5 21,858 10.506 CREDITORS Amounts falling due wlthln one year 119,1221 119,1221 151.8391 NET CURRENT ASSETSIILIABIUTIESI 1.236 2,736 41,3331 TOTAL ASSETS LESS CURRENT UABIUTIES 1.236 1,606,088 1,607,324 1,446,769 NET ASSETS 1,236 1,606,088 1,607,324 1,446,769 FUNDS Unrèstricted lunds Endowment funds 1,236 1,606.088 141,3331 1,488,102 TOTAL FUNDS 1.607,324 1,446.769 The flnancial statements were approved bythe Board of Trustees and authorised for issue on 28&y*2025 and were signed on its behalf bv.. HHJ Oliver The Worshlpful Company of Fo ers-up Warden TP Westley The Worshipful Company of Founders- Under Warden The notes form part of these financial statements Page 6
THE WORSHIPFUL COMPANY OF Fouf4DERS 08ERTWARNER FUND NOTES TO THE FINANCIAL STATEMEp¥rs FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 ACCOUNTING POLICIES Basts of preparlnB the Ilnanclal statements The tinancial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charr(ies SORP IFRS 1021'Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to tharitles preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK arbd Republic of Ireland IFRS 1021 leffective l January 20191., Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charitie5 Act 2011. The frnancial statements have been prepared under the historical cost conventlon. with the exception of investments which are included at market value, as modthed by the revaluation of certaln a55ets. Income All income Is rttogni5ed in the Ststement of Flnanclal Artlvftles once the charTty has entltlement to the funds, It Is probable that the income will be received and the amount can be measured reliably. E¥pendlture Liabilities are recognlsed as expendlture as soon as the is a le8al or constructlve obllgatlon commltting the charlty to that expenditure. it is probablethat a transler of economic beneftts will be required in Settlement and the amount of the obligatlon can be measured reliably. Expenditure is accounted for on an accruals ba51s and has been classified under heading5 that aggre8ate all cost relaied to the category. Where cost5 cannot be directly attributed to particular headinBS they have been allocated to actlvitles on a basis con51Stent wlth the use of resour¢es. Grants offered subjert to condStlons whlch have not been met at the year end date are noted as a commltment but not accrued as expenditure. Taxatlon The charity15 exempt from tax on Its charftable actlvltles. Fund accountln8 The endowment fijnd represents those assets whlch must be held perfflanently by the Char¥, prlnclpally investments. Income ari5in8 on the endowment fund can be used in accordanee with the objèct5 of thè charity and 15 Included as unrestrlcted Income. Any capital galns or losses arising on thè investment5 form part of the fund. Unrestrlcted funds tomprise those funds which thè trustÈe is free to use In accordance wlth the charitable objects. Investments Fixed a55et investments are stated at market value. Market value is calculated as the charity's share of the net assets of The Founders Combined Chartty Capital Common Investmeni Fund. The charity's share Is calculated In proportlon to the market value of the investments transferred at l April 1996 and any subsequent capitsl contributions. Page 7 continued.
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERTWARNER FUND NOTES TO THE FINAhlCIAL STATEMENT5- etsttinued FOR THE PERIOD I NOVEMBER20Z3TO 31 OCTOBER2024 INVESTME1 INCOME PERIOO oi/IV23 TO 3VIO124 PERIOD 26110122 TO 31110123 Founders Combined Charity CIF 40.243 31.803 The flnan¢Sal statements include net income from inve5trnents mana8ed by Charles Stanley and Ruffer, which Is distributed to the Charity. TRUSTEES, REMUNERATION AND BENEFrrs Durlng the period the charity paid £1,79412023- £2.7911 to ltslntsteefor provldlng admlnlstratlve and mana8ement support. At the period end ihi% amoynt was In creditors. No persons connected to the trustee recelved any remuneration durlng the year. Trustees. expenses There were no other trustee expenses paid for the period ended 31 October 2024 nor for the perlod ended 31 October 2023. FIXED Ass INVESTMENTS Llsted Investment5 MARKET VALUE At l November 2023 Revaluations 1,488,102 116,486 At 31 October 2024 1,604,588 NETBOOKVALUE At 31 October 2024 1.604,588 At 31 October 2023 1,488,102 All investments are carried at their fair value. Investments are all traded in quoted publlc markets, prlmarily the London Stock Exchange. Pa8e 8 contlnued...
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERTWARNER FUND NOTES TO THE FINANCIAL STATEMENTS. tt*ntlnued FOR THE PERIOD I NOVEMBER 2023TO 31 OCTOBER 2024 FIXED Ass INVESTMENTS. contlnued Cost or valuation at 31 October 2024 is represented by: Listed investments Valuation In 2024 1,604,588 Listed investments represents the Robert Warner Fund share of the fvnds held In The Worshlpfvl Cornpany of Founders Combined Charity Capital Common Investment Fund. DEBTORS: AMOUNTS FALLING DUE WJTMIN ONE YEAR 2024 2023 HMRC Gfft Ald accrual Thames Rgw Fundraisin8 donatlon a¢¢rued Owed from Founders Combined Charity Capltal CIF 3,763 3,411 so 1.265 4.726 14,782 18,545 CREOITORS: AMOUNTS FALLING OUE WtrHIN ONE YEAR 2024 2023 Trade credltors Accruals Anniversaries Fund Sexcentènary Appeal Fund 1,794 828 14.OChJ 2.S(Kl 19,122 2,661 778 14,000 34,400 Sl,839 MOVEMENTIN FUNDS Net movement in funds At OUll123 At 31110124 Unrestrfrted funds General fund 141,3331 42.569 1,236 Endowment funds Founders Combined (harity Capital CIF 1,488,102 117,986 1,606.088 TOTAL FUNDS 1.446.769 160,555 1,607.324 Page 9 continued...
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND OTES TO THE FINANCIAL STATEMENTS- cortinuÈd FOR THE PERIOD I NOVEMBER 2023TO 31 OCTOBER 2024 MOVEMENTIN FUNDS-contlnued Net movement in funds, tncluded in the above are as follows: Incomin8 resources Resources expended Galns and losse5 Movement in fund Unrestrlrted funds General furld 60.152 117,5831 42,569 Endowment funds Founders Combined Charlty Capital Common Investment Fund 1.5LKI 116,486 117,986 TOTAL FUNDS 61.652 17,5831 116,486 160,555 Comparatlves for mo¥ement In fvnds Net movement fund5 At oilIV22 At 31110123 Unre5tr1rted funds General fund 169.7831 28,450 141,3331 Endowment funds Founders Combined Charity Capital Common Investment Fund 1.593.086 1104,9841 1,4B8,102 TOTAL FUNDS 1.523,303 176.5341 1,446,769 Page io
THE WORSHIPFULCOMPANYOF FOUNDERS ROBERTWARNER FUND NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE PERIOD I NOVEMBER2023TO 31 ocfoBER2024 MOVEMENT IN FUNDS. contlnued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resourtes expended Galns and losses Movement In fund Unrestrlrted funds General fund 48,511 120,0611 28,450 Endowmènt fund5 Ftsunders Combined Charlty Capltal Comrnon Investment Fund 1104,9841 1104,9841 TOTAL FUNDS 48,511 120,0611 104,9841 76,5341 RELATED PARTY DISCLOSURES Durtn8 the perlod, the charfty had investment income receivable of £40,24312023 - £31,803) from The Founder5 Comblned CharSty Capltal Common Investment Fund. At the perlod end £14,78212023 £1,265) was Included In debtors. At the year end £14,00012023- £14,CWI was included in creditor5 as due to the Annfver5arfe5 Fund. At the year end £2.50J12023- £34.4CQI was in¢luded in ¢reditors #s due to the Sexcentenary Appeal Fund. The charities have the same trustee and 8overnin8 bodv. Durin8 thè perirjd the charity agreed to pay £1.79412023 - £2.7911 to its trustee for providing admlnistrative and managemeni support. At the year end £1,79412023 - £2,661) was included in creditors as due to the Worshipful Company of Founder$. the trustee of the charlty. Pa8e 11
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERTWARNER FUND DETAILED STATEMENT OF FINANCIAL AcTrvmES FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 2024 2023 INCOME AND ENDOWMENTS Donations and le8acles Donation5. including Gift Aid Fundraising 21,309 loo 8,227 8,481 Investment Income Founders Comblned Charlty CIF 40,243 31.803 Total Incomlng re59urces 61,652 48,511 EXPENDITURE Charltable a¢tlvlile5 Talks and lectures Grants to instltution5 Grants to Individua15 1.195 12.8591 16.500 16,560 14,836 16,560 Support C05t5 Flnance and Go¥ernancÈ costs Bank ¢harges Admlnistratlon fees ICO Re8lStration Accountan¢y and le8al tee5 60 1,794 35 858 61 2,791 35 614 2,747 3,501 Total resources expended 17,583 20,061 Net Income I lexpendlturel 44,069 28,450 This page does not form part of the Statutory financial statements Page 12