**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.
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**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
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**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:
- Select suitable accounting policies and apply them consistently;
- Make judgements and estimates that are reasonable and prudent; and
- Prepare the financial statements on a going concern basis unless it is inappropriate to do so.
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:
- the provisions of the Charities Acts; and
- Statement of Recommended Practice: Accounting and Reporting by Charities issued on 1 January 2019.
Approved by the Trustees on 16 June 2021 and signed on their behalf by:
Mrs Sue Green Master
Mr Anthony Bickmore Upper Warden
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**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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 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
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**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
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**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.
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**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.
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**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**
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**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|
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**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**|
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**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.
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