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2021-03-31-accounts

Draft Financial Statements at 15 June 2021 at 10:02:24

Charity Registration No. 228361

WILLIAM KENDALL'S CHARITY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present the annual report and financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 - SORP FRS 102 (effective 1 January 2019).

Objectives and activities

William Kendall’s Charity is administered today under a Scheme approved by the Charity Commission dated 13 August 1992.

The objective of the charity is to make grants in accordance with the Scheme and the Trustee pays due regard to the Charity Commission’s guidance on public benefit. The net income of the charity is divided into three parts, each subject to its own restrictions:

i) One half of the net income of the charity is available for the relief in need of inhabitants of Greater London who are in conditions of need, hardship or distress with a preference for inhabitants of the City of London. This is known as the Greater London Fund.

ii) One quarter of the net income of the charity is available for charitable purposes for the general benefit of the inhabitants of the London Borough of Bexley. This is known as the Bexley Fund.

iii) One quarter of the net income of the charity is available for the relief in need of persons who are in conditions of need, hardship or distress, with a preference for Wax Chandlers’ Company members, their dependents, and former employees of the Company. This is known as the Persons in Need Fund.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

During the year the Trustee awarded grants of £60,730 (2020 - £91,080) as set out in note 3.

Financial review

The charity derives its income from a portfolio of investments. There are no restrictions in the Trust Scheme so the Trustee is bound by the provisions of the Trustee Act 2000 in respect of investments.

The Trustee’s aim is to balance the needs of present and future beneficiaries and as such aim to achieve the best possible total return and follow a medium risk strategy. The Trustee aims to maintain the capital of the investment funds at least in line with inflation.

Investment funds are managed on behalf of the Trustee by Cazenove Capital within the charity’s investment policy. Investment returns, both capital and income, are reviewed regularly and monitored against the general investment market.

The market value of investments at 31 March 2021 was £4,878,741 (2020 - £4,227,474). There was a net gain on the investments of £678,204 (2020: net loss of £125,395).

During the year the charity received investment income of £149,581 (2020 – £191,364) a decrease over 2020 of £41,783 (2020: an increase of £62,645).

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

The governing document of the charity is the Trust Scheme of 13 August 1992. The corporate Trustee is The Worshipful Company of Wax Chandlers (a City Livery Company), and its Court of Assistants (equivalent of a Board of Directors) are the charity Trustees within the meaning of the Charities Act 2011.

New charity Trustees are elected by the Court. The Court is advised by the Charity Committee on all aspects of policy and administration.

The day to day administration of the charity is undertaken by the Clerk. The Trustee is notified of any updates to any Charity Commission legislation relevant to the charity and the way it operates.

Reference and administration details of the charity, its Trustee and advisers

William Kendall’s Charity is a registered charity no. 228361.

The principal address of the charity is Wax Chandlers’ Hall, 6 Gresham Street, London EC2V 7AD.

The Trustee is The Worshipful Company of Wax Chandlers, operating under a charter granted by King Charles II on 23 November 1663. The members of the Court of the Company serve as the charity Trustees within the meaning of the Charities Act 2011. The membership of the Court during the year and up to the date of the approval of the Trustee’s Report is shown below:

Master

Mrs Sue Green

Deputy Master

Mrs Joan Beavington

Upper Warden

Mr Anthony Bickmore

Renter Warden

Mr Timothy Maile

Court Assistants

Dr Jonathan Munday Mr John Sleeman Lieutenant-Colonel John Chambers Mrs Heather Hawker MBE DL Mr Peter Tompkins Mr Arthur Davey Dame Fiona Woolf

Mrs Lynda Marston-Weston Mr Ian Appleton Mr Robert Holland Ms Margaret Ginman Mr Johnathan Simpson Mr Andrew Cooper

Clerk

Mr Richard B Moule

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The principal advisers to the charity are:

Bankers

Investment Managers

CafCash Limited Cazenove Capital Kings Hill 1 London Wall Place West Malling London Kent ME19 4TA EC2Y 5AU

Solicitors

Independent Examiner

ReedSmith Richards Butler LLP Paul Windmill FCA Beaufort House Myers Clark 15 St Botolph Street Egale 1, 80 St Albans Road London EC3A 7EE Watford Herts WD17 1DL

Statement of trustees' responsibilities

Charity law 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 net incoming/ (outgoing) resources for the year. In preparing the financial statements the trustees are required to:

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 it to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities.

This report and the financial statements have been prepared in accordance with:

Approved by the Trustees on 16 June 2021 and signed on their behalf by:

Mrs Sue Green Master

Mr Anthony Bickmore Upper Warden

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAM KENDALL'S CHARITY

I report to the trustees on my examination of the financial statements of William Kendall's Charity ( charity no: 228361) for the year ended 31 March 2021 which are set on pages 5 to 11 .

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

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

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 201 9 .

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

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 financial statements to be reached.

Paul Windmill FCA

Dated: .........................

Myers Clark Statutory Auditor and Chartered Accountants Egale 1, 80 St Albans Road Watford Hetfordshire WD17 1DL

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Permanent
Endowment
Notes
£
Income from:
Investment income
2
-
Total income
-
Expenditure on:
Grants
3
-
Grant
administration
-
Investment
manager's fees
(28,026)
Recharged
expenses
4
-
Miscellaneous
expenses
-
Independent
examiner’s fee
-
Total expenditure
(28,026)
Net gains/(losses)
on investments
678,204
Net incoming/
(outgoing) resources
650,178
Other recognised gains and losses
Other gains or
losses
1,176
Net income/
(expenditure)
651,354
Fund balances at
beginning of the
year
4,138,234
Total funds
carried forward
4,789,588		 Restricted
Income
£
149,581
149,581
(60,730)
(1,000)
-
(15,609)
(138)
(3,240)
(80,717)
-
68,864
-
68,864
242,058
310,922		 Total
Permanent
2021
Endowment
£
£
149,581
-
149,581
-
(60,730)
-
(1,000)
-
(28,026)
(31,430)
(15,609)
-
(138)
-
(3,240)
-
(108,743)
(31,430)
678,204
(125,395)
719,042
(156,825)
1,176
-
720,218
(156,825)
4,380,292
4,295,059
5,100,510
4,138,234		 Restricted
Income
£
191,364
191,364
(91,080)
(1,000)
-
(10,000)
(62)
(2,760)
(104,902)
-
86,462
-
86,462
155,596
242,058		 Total
2020
£
191,364
191,364
(91,080)
(1,000)
(31,430)
(10,000)
(62)
(2,760)
(136,332)
(125,395)
(70,363)
-
(70,363)
4,450,655
4,380,292

The notes on pages 7 to 11 form part of these financial statements

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

BALANCE SHEET

AS AT 31 MARCH 2021

2021 2020
Notes £ £ £ £
Fixed assets
Investments 5 4,878,741 4,227,474
Current assets
Debtors 6 36,503 13
Cash at bank 189,742 187,381
226,245 187,394
Creditors: amounts falling due within
one year 7 (4,476) (34,576)
Net current assets 221,769 152,818
Total assets less current liabilities 5,100,510 4,380,292
Funds of the Charity
Permanent Endowment Funds 8 4,789,588 4,138,234
Restricted Income Funds 310,922 242,058
5,100,510 4,380,292

The financial statements were approved by the Trustees on 16 June 2021 and signed on their behalf by:

Mrs Sue Green Mr Anthony Bickmore Master Upper Warden

The notes on pages 7 to 11 form part of these financial statements.

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

1.1 Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - SORP FRS 102 (effective 1 January 2019).

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying SORP FRS 102 (effective 1 January 2019) rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.

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

The Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2 Income

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

Investment income is recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by investment managers of the receipt of the dividend.

Incoming resources are allocated to funds is the proportions laid down in the Trust Scheme.

1.3 Expenditure

Expenditure is recognised when a liability is incurred.

Grant payments are recognised when the recipient has been advised of the grant and there is an obligation to pay.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.4 Investments

Listed investments are a form of basic financial interest and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the mid-market value.

1.5 Funds structure

Permanent endowment funds are those funds which are retained for the future benefit of the charity’s beneficiaries. Income deriving from these funds is applied as required by the Trust Scheme.

Restricted income funds are those funds that have to be applied in accordance with the wishes of a donor or the proportions laid out in the Trust Scheme.

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Investments

2021 2020
£ £
Listed investments 149,561 191,297
Interest 20 67
149,581 191,364
Grants awarded
Bexley Greater
Persons in		 Total
Fund London
Need Fund
Fund
£ £
£		 £
City of London School for Girls - -
15,500		 15,500
Guildhall School of Music & Drama - -
5,250		 5,250
Livery Kitchen Initiative - 2,000
-		 2,000
JustB - 15,000
-		 15,000
Headway SELNWK 2,000 -
-		 2,000
Age UK Bexley 1,971 -
-		 1,971
Veterans Club Bexley 2,000 -
-		 2,000
Belvedere Community Centre 3,009 -
-		 3,009
Greenwich & Bexley Community Hospice 2,000 -
-		 2,000
BVSC Various 20/21 12,000 -
-		 12,000
22,980 17,000
20,750		 60,730
Recharged expenses
2021 2020
£ £
Staff costs 15,000 9,646
Office costs 609 354
15,609 10,000

3 Grants awarded

4 Recharged expenses

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

5 Investments

2021 2020
£ £
Listed investments
Fair value at the beginning of the period 4,227,474 4,319,985
Fees charged (28,026) (31,430)
Income re-invested 1,089 64,314
Movement in unrealised gains/(losses) 678,204 (125,395)
Fair value at the end of the period 4,878,741 4,227,474
2021 2020
£ £
The asset allocation within the investments was as follows:
UK holdings 1,782,011 2,033,854
Overseas holdings 3,084,759 2,168,764
Cash awaiting re-investment 11,971 24,856
4,878,741 4,227,474
The following holdings comprise more than 5% of the investment portfolio:
2021 2020
£ £
Charities Property Fund (Holding < 5% in 2021) - 242,808

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Debtors
2021 2020
£ £
Investment income 36,503 13
7 Creditors: amounts falling due within one year
2021 2020
£ £
Grants payable - 30,460
Other creditors 475 475
Accruals 4,001 3,641
4,476 34,576

8 Movement in funds

Current Year

Movement in funds Movement in funds Movement in funds
Balance at 1 Incoming Resources
Gains/(losses)		 Balance at 31
April 2020 resources expended on March 2021
investments
£ £ £ £ £
Permanent endowment fund 4,138,234 - (26,850) 678,204 4,789,588
Bexley Fund 32,127 37,395 (28,727) - 40,795
Greater London Fund 138,549 74,791 (26,493) - 186,847
Persons in Need Fund 71,382 37,395 (25,497) - 83,280
Total restricted 242,058 149,581 (80,717) - 310,922
Total funds 4,380,292 149,581 (107,567) 678,204 5,100,510
Prior Year
Movement in funds
Balance at 1 Incoming Resources
Gains/(losses)		 Balance at 31
April 2019 resources expended on March 2020
investments
£ £ £ £ £
Permanent endowment fund 4,295,059 - (31,430) (125,395)
4,138,234
Restricted Income Funds
Bexley Fund 16,060 47,841 (31,774) - 32,127
Greater London Fund 100,288 95,682 (57,421) - 138,549
Persons in Need Fund 39,248 47,841 (15,707) - 71,382
Total restricted 155,596 191,364 (104,902) - 242,058
Total funds 4,450,655 191,364 (136,332) (125,395)
4,380,292

Draft Financial Statements at 15 June 2021 at 10:02:24 WILLIAM KENDALL'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Analysis of net assets between funds Analysis of net assets between funds
Permanent Bexley Fund
Greater		 Persons in Total
Endowment London Fund Need Fund
Fund
£ £
£		 £ £
Current Year
Investments 4,789,588 22,288
44,577		 22,288 4,878,741
Net current assets - 18,507
142,270		 60,992 221,769
4,789,588 40,795
186,847		 83,280 5,100,510
Prior Year
Investments 4,138,234 22,309
44,621		 22,310 4,227,474
Net current assets - 8,478
91,251		 47,735 152,818
4,138,234 30,787
135,872		 70,045 4,380,292

10 Trustees' remuneration and benefits

None of the Trustees who served during the year received any remuneration or reimbursement of expenses (2020: none).

11 Grant commitments

The Charity Committee made a long term grant commitment from the Persons in Need Fund to Christ's Hospital School for a student bursary of £35,000 per year over a 7 year period. As a result of COVID-19, this will now not apply until the 2021/22 school year.

12 Related party transactions

The Worshipful Company of Wax Chandlers is the sole Trustee of the Charity and appoints the persons who act as the Trustees of the Charity. The Charity shares accommodation and certain costs with The Worshipful Company of Wax Chandlers. During the year £15,609 (2020: £10,000) was recharged to the Charity by The Worshipful Company of Wax Chandlers in this respect. At 31 March 2021 the Charity owed the Company £nil (2020: £10,000).

13 Connected parties

The Charity has a common Trustee and shares accommodation with the Wax Chandlers’ Charitable Trust. At 31 March 2021 the Charity owed the Wax Chandlers’ Charitable Trust £475 (2020: £475). This is included in creditors.