Charity number4 246255 Tallow Chandlers Benevolent Fund No 2. Audltad Trustee's Report and Flnancial Statements For the Year Ended 5 Aprll 2024
Tallow Chandlers Benevolent Fund No 2. Contents Page Reference and Administratlve Detall8 of the Charity, Its Trustee and Adviser8 Trustee's Rèport Independent Auditors. Report on the Flnanclal Statements Statement of Flnanclal Actlvltles 7-10 11 Balanco Sheet 12 Statement of Cash Flows 13 Notes to thé Flnanclal Statements 14-33
Tallow Chandlers Benevolent Fund No 2. Reference and Admlnlstratlve Details of the Charlty, its Trustee and Advlsers For the Year Ended S April 2024 Trustee The Worshipful Company of Tallow Chandlers Charity registered number 246255 Prlnclpal offlco Tallow Chandlers, Hall 4 Dowgate Hill London EC4R 2SH Independent audltors Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham West Sussex RH12 2RG Bankers Coutts & Co 440 Strand London WC2R OQS Investment managern Qullter Chevlot Limited Senator House 85 Queen Victoria Street London EC4V 4AB Page 1
Tallow Chandlers Benevolent Fund No 2. Trustee's Report For tha Year Ended 5 Aprll 2024 Introduction The Trustee presents the Report and the audited Financial Statements for the year ended 5 April 2024. These have been prepared in accordance with the Trust Deed and the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities. (FRS 102>. Structure, governance, and management The Trust was established in 1979 and is governed by a Trust Deed dated 25 September 1979. The Master and Wardens of The Worshipful Company of Tallow Chandlers (llhe Company") as advised by th8 Court of Assisiants have the power to appoint Trustees. In 2017 the Company was appointed as the sole Trustee. The management of the Trust is vested in the Company and its appointed Educatlon & Cherity Committee. Management and adminlstrative resources are provlded by The Worshipful Company of Tallow Chandlers. The notional value of these support services Is £205.801 (2023 - £164,921) as per Note 4 of the financlal statements. Investmgnt Pollcy The main objectives for the charity's investment portfolio are to: (1) preserve the charity's reserves in real terms after allowing for inflation., (2) deliver a reasonable overall total return across the investment cycle- (3) ensure sufficient liquidity to fund the committed donations The Trustee has a detailed Statement of Investment Policy which is regularly reviewed and communicated to the Charity's inv8Stment advisors. Th8 Charity wishes to be a responsible investor. Environmental. social and governance IESG) criteria are a set of standards for an 8ntity'S operations that socially conscious investors, such as the charity, consider when reviewing their investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal controls, and shareholder rights. The Charity's investment managers are instructèd lo take account of ESG issues In their investment analysis and d8cision-making processes and engage with the Charity managemenl when appropriate. The manager has categorised the Charity's responsible investment preference as 'Aware' which means that the aim is to optimise the Charity's stipulated returns for the given level of risk, believing that to achieve this. being aware of environmental, social and govemance factors are important inputs. Each year they have lo provide a detsiled Responsible Investment report lo the Charity, covering activity and engagement SP8cific to the Charity's Investments. Fund Raising Pollcy The Charity derives its income from investments. and donations from the members of the Tallow Chandlers, Company. Consequently. there is a minimal level of fundraising from third parties and therefore the charity has not signed up to a code of conduct. Objectives and activities for the publlc beneflt The Trust is 8Stablished for charitable purposes. It supports charities and charitable organisations that provide public b8n8fit by providing donations. bursaries, and scholarships. The Trust's principal aim is to provide relevant, focused support and giving for th8 benefit of disadvantag8d young people in the Greater London area, to encourage them to succeed in life. This support is primarily provided through education. In achieving this aim, the Trust is providing public benefit and meeting its requirements of being established for charitable purposes. The Trustee seeks to achieve an impact through a structured programme of giving and by drawing on the support of the Tallow Chandlers, Company, its mèmbers, trade links, City connections, and wider affiliations. Page 2
Tallow Chandlers Benevolent Fund No 2. Trustee's Report {contlnued) For the Year Endèd 5 April 2024 Objectives and actlvlties for the public beneflt (continued) The Trustee regularly vIewS the impact of the support given by ongoing engagement with the relevant charities and charitab18 organisations. Through the support of the members of the Tallow Chandlers. Company. a network of links with the individual bodies has been established and each new application for support is carefully reviewed and discussed to assess the impact the requested support would have. Grants and awards disbursed during the year, befor8 any movements in grant commitments in the year, totall8d to £452,567. Pleasè raf8r to Note 7 of the financial statements. The Trustee has referred to Charity Commission guidance on public benefit when reviewing aims and objectives. planning for the future, and setting grant making policy. Achievements and performance Our flagship beneficiaries, which receive some of our largest annual donations and programmes of non-financial support, are Glg City Academy in Harlngey, Th8 Halley Academy in Gr88nwich, and Cubitt Town Primary School In Tower Hamlets. All three schools have a high proportion of students reIVing fr88 school meals and high proportion of students from Black and Minority Ethnic communities. The proportion of students that have English as an additional language (EALI is also very high. The donations are intended to enhance and add value and do not contribute to core costs or delivery of the stendard curricula. In September 2022, the Company embarked on a new strand of Its strategy- regionallsatlon. Three volunteer regional coordinators, one for each of the Company's flagship schools, started the process of identifying individual charities, educational establishments and youth organisations in the schools, regional areas which would add value to the school 'outside the school gales. and enhanc8 the Company's support to that school. Our relationship with Grei Cit Academ (GCA) began in 2013. Our aim is to promote STEM and help sludents with their transition to university, further education, or employment. Over the last ten years, our annual core donation has increased from £15,000 to £60,000, reflecting the SUC$$ of the association. Annual prizes are presented to students who have excelled in STEM subjects and bursaries awarded to students who go on to university. During that time, we have facilitated university visits, hald mentoring events, advised on CV writing and interview techniques, helped GCA connect with other schools and contributed to the costs of participation In inlernational science competitions. The STEM Centre, in which the Trustee has previously invested, has contlnued to be used to facilitate the Academy's programme of extra-curricular STEM activilies, such as the robotics league which support5 junior schools in the local area and beyond, including Cubitt Town Primary School. This year, the Trustee agreed to an extra donation of £10,000, to mark the 10-year anniversary of its support to GCA. Some of this extra donation was used to pay travel costs for student5 attending the VEX Robotics World Championships 2024 in Dallas, USA. The Trust88 also agreed to fund £2,530 to support a 0-year Arkwright Engineering Scholarship through The Smallpeice Trust. The scholar is a student of Greig City Academy. The annual donation of £2,000 over three years, agreed in 2021. conlinues to Future Frontiers, a charity supporting young people aged 16 - 18 from disadvantaged backgrounds to fulfil their potential at school and when moving to education, employment or training. Connections were made beeen the charity and GCA staff responsible for careers and work experience at tha Academy. A one-off donation of £6,000 was approved in November 2023 to Voyage, a social justice charity tackling racial imbalance in London with a focus on young black people. The charity is working with 20 Year 9 and 10 pupils at Greig City Academy- those at risk of exclusion. those displaying antisocial and challenging behaviour, those at risk of underperforming at GCSE and those at risk of participating in gang-related activity. Two Tallow Chandler members sit on the Board a5 Govemors. Page 3
Tallow Chandlers Benevolent Fund No 2. Trustee's Report (continued) For the Year Ended 5 Aprll 2024 Achlevements and performance (continued) Support to The Halle Academ (then Corelli College) began in 2016. with the award of their first donation of £20,000. Over the last eight years. our annual donation has increased to £60,000. A programme of non-financial giving has been developed with the Academy and the Leigh Academies Trust (LAT). the parent body of the Academy. and continues to grow. A Company member continues in the role of Director at the Leigh Academies Trust, and Company members sit on the Board as Governors. Members of the Company partlcipata in range of mentoring and careers events. As part of the regionalisation strategy, in 2022, the Trustee agreed a one-off donation of £20,000 to Roots4Life, a charity addressing Ihe physical and mentsl health challenges that come with malnutrition, obesity and social isolation. The charity has a close relationship with The Halley Academy. and has outreach to families, schools and community groups in its area, and therefore falls within the regionalisation strategy. In 2023, a further three years of funding to Roots4Life was agreed at £20,000 per annum. Platform Cricket, whlch focuses on children in inner London by d81ivering coaching programmes and community cricket clubs in areas where there is high child poverty and little or no cricket provision, continues to be supported with a three-year funding cycle of £2,000 per annum. Thls year, The Halley Academy students reeched the finals of the CERES Reimagine Sclence Animation Competllion, which recelves a three-year donation of £5,000, agreed in March 2023. As r8POrt8d previously, the Trust88 funded an appeal to donate £750,000 for the creation of an 8ngineering and design centre. This was fund8d by an appeal with a target of £375,000 aimed at the members of the Tallow Chandlers, Company with the Trustee agreein9 to match the sum raised. The C8nlr8 was officially opened on 6 July 2022 and continues to attract students wishing to study STEM subjects at GCSE and A level. ubitt Town Prima School was awarded a Ihree-year grant by the Company in 2016. Over the last eight years. our annual donation has increased from £15,000 to £60,000. Links with Greig City Academy continue, with the Academy's robotics department sharing advice and experts'se with the school, and pupils participating in the Academy's robotics league. Pupils also participate in the Launch Car Challenge, an annual STEM programme hosted by R88d's School, which the Trustee supports with a £2,000 per annum donation ov8r three years. CubStt Town Primary pupils also vlsit th8 Hall to take part in an annual Dragons. Den Science Competition. The Royal Academy of Culinary Arts, food and nutrition programme, Adopt a School, at Cubitt Town Primary School has been supported this year with a donation of £825, and the donation of £4,000 per annum to the London Symphony Orchestra's Music in the Classroom programme continues, with non-music specialist teachers from the school attanding the programme to learn how to teach music in school. Open City wa5 given a on&off donation of £3,000 to run its Architecture in Schools STEM and Design programme at Cubitt Town Primary School and one other primary school in Tower Hamlets. The AHOY Centre. offering pupils from inner London opportunities to engage in on the water activities and courses, is receiving a three year donation of £5,000, agreed in September 2023. with links to Cubitt Town Primary School and a 'taster day, for pupils being explored. In March 2023, the Trustee agreed to support the Tower Hamlets Opportunity Group which is located in the footprint area of Cubitt Town Primary and is the only playgroup in the borough that supports under 5s with a disability or additional need, for three years with a donation of £5,000 per annum and links were being explored beeen the charity and Cubitt Town Primary School. However, the charity is closing from July 2024 and so no further donations will be given. In June 2023, the Trustee approved a donation of £15,000 for The Children's Literacy Charity to run its Literacy Lab programme in academic year 2023-24. The programme aims lo close the literaGy gap for pupils in Key stage One, most of whom have special &ducational needs. receive free school lunches, have complex home situations which prevent them from flourishing and are from non-English speaking backgrounds. Page 4
Tallow Chandlers Benevolent Fund No 2. Trustee's Report (continued) For the Year Ended 5 Aprfl 2024 Achlevements and performance (continued) City of London institutions, our associated trades and affiliated military organisations are important parts of the Company's culture. Support within the City of London during the year included donations to the Lord Mayor's Appe81, the Sheriffs. and Recorder's Fund, City of London School for Girls, City & Guilds and City of London Volunteer Police Cadets. We funded bursaries at Barts and the London School of Medicine and Dentlstry, Guildhall School of Music and Drama. and Sl Paul's Chorister Trust. The Trustee approved 61 grants to a total of 60 organisations. In all cas8s, the Trusté8 has received appropriate acknowledgement of their award and a summary of the benefits and impact this has enabled for th8 public benefit. During the year £196,837 of grant commitments (excluding the Halley Appeal} provided for last year were paid, together with £255,730 of grant commitmenls entered into this year. A further £569,900 of grant commitments were provided for this year. The overall result is an inGrease in the provision of £373,063 before the Halley Appeal. Although not supported by separately Identified endowments, several small and ancient charities were paid £1,450 in total by standing order out of General Funds, whilst they are available. Grant making pollcy Our members make generous contrlbutions to the Tallow Chandlers Benevolent Fund each year which, combined with the Gift Aid recoverable and an annual gift from the Company itself, go towards increasing the capital of the fund. Each year the charity budgets to disburse an amount equal to 3.5 % of the average of the last 20 quarterly valuations of the total capital of the fund. Combined with lime given by our members this enables us to make significant donations that can have real impact. This practice allows continuity of support lo our carefully selected causes over a number of years. even in the event of periodic downturns in investmanl performance. The charity is further protected against diminution in its capital by its practice of making commitments for a maximum of three years and revi8wing each charity every three years. This would enable. in any ona year, a r8duction- if deemed necessary- of up to one third of our giving. Financlal review In the year to 5 April 2024, there was net expenditure before recognised gains and losses of £340.410 {2023- net income before recognised gains and losses of £294,663) and a net increase in total funds of £618.730 (2023 net decrease in total funds of £1,016,976). The value of the fixad asset Investments held by the Trusl decreased from £11,322,966 al 5 Aprll 2023 to £10,902,839 at the year end. This de¢r8ase in value compris8d acquisitions during the year of £4,411,895 less disposals of £5,408,831. The balance of £576,809 results from an increase in market value of inveslm8nls of £959,140. together with a decrease in cash balances of £382,331 from £581.329 at the start of Ihe year to £198.998 at the end. In November 2023 the Charity purchased an investment property for £1,403,569. This will provide a regular rental income and diversify the investment portfolio to mitigate risk. Total incoming resources were £756,848 (2023 - £913,320). The principal funding sources arise from donation income from the members of The Worshipful Company of Tallow Chandlers and from income generated by the fixed asset investments. Reserves policy The Trust has an accounting policy to treat as Designated fvnds the charitable receipts, tsx recoveries, and other support from the Company and from its Members, which are Irealed as capital lo be invested, thus continuing the charitable activities of the Trust for the long temi. Any capital or income not required for the immediate haritable purpose of the Trust is reinvested. The Trust uses the invested funds to generate a return to provide for the long-term activities as described in the Grant making policy. The level of designated funds held al the year end was £12,031,439 {2023- £11,422,084). Page 5
Tallow Chandlers Benevolent Fund No 2. Trustee's Report (contlnued) For the Year Endad S April 2024 Reserves policy (Gontinued) The Trust has an accounting policy to treat as Restricted funds any charitable receipts. which on the instrudion of the donor, are to be used for specific purposes. At the year end the restricted funds held were a deficit of £8,547 (2023 - £17,922). The deficit on the restricted funds arose due to amounts paid over to the Halley Academy Appeal, exceeding the donation income rac8ived from the member5 of Th8 Worshipful Company of Tallow Chandlers. Donation incom8 had been pledged by members of the Company, however it had not been paid over as at 5 April 2024. In the prior year, the Trust made the additional payments to the Halley Academy Appeal on the basis that the remaining donations pledged would be reiVed from the members. along with the matched funding from the Company. There were no grants paid to the Halley Academy Appeal in the year ended 5 April 2024, and the deficit on the Halley Academy restrlcted fund has reduced from £20,762 at 5 April 2023 to £11,387 at the year end. Plans for Future Periods The Trust88 will continue lo approve and distribute Grants in accordance with the Grant Making Policy. The Trustee was pleased that the Halley Appeal Target was successfully achieved and will seek to build on its achievem8nt. Trustee's Responsibilitles Statements The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements In accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting PrecCe). The law applicable to charities in England & Wales requires tha Trustee 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 of the charity for that period. In preparing these financial stalement5, the Trustee is required to- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2015 (FRS 1021; make judgements and estimates that are reasonable and prudent- stal8 whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalem8nls on the going concem basis unless It is inappropriate to presume that the charity will continue in operation. Approve er e members of the board of Trustee and signed on their behalf by: ter h& Worshipful Company of Tallow Chandlers stee Date.. Page 6
Tallow Chandlers Benevolent Fund No 2. Independent Auditors, Report to the Members of Tallow Chandlers Benevolent Fund No 2. Opinion We have audited the financial statement5 of Tallow Chandlers Benevolent Fund No 2. (the 'charity') for the year ended 5 April 2024 which comprise the Statement of financial activities. the balanGe sheet, th8 Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 'Th8 Financial Reporting Standard applicable in th8 UK and Republic of Ireland. (Unit8d Kingdom Generally Accepted Accounting Practice). The financial stalements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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 Ihe extant regulations bul has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with th8 Generally Accepted Accounting Practice effective for raportlng periods beginning on or after 1 January 2019. In our opinion th8 financial stalements.. give a true and fair view of the state of Ihe charity's affairs as at 5 April 2024 and of Its Incoming resources and applicats'on of resources for the year then ended; have been properfy prepared in accordance with United Klngdom G8n8rally Accepted Accounting PraGtice- and have been prepared in aGcordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. W8 are independent of the charity in accordanc8 With the ethical requirements that are relevant to our audit of th8 financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnlon. Con¢luslons relatlng to going concern In auditing the financial statements. we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a perii)d of at least e1ve months from when the financial statem8nts are authoris8d for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concem are described in the relevant sections of this report. Page 7
Tallow Chandlers Benevolent Fund No 2. Independent Auditors. Report to the Members of Tallow Chandlers Benevolent Fund No 2. (Continued) other Information The other information comprises the information included in the Annual Report other than the financial statements and our Audilors, Report thereon. The Twstee are responsible for Ihe olher information contained wilhin the Annual Report. Our opinion on the financial statements does not covar the other information and, except to the extent otherwise explicltly ststed in our report. we do not express any fomi of assurance conclusion thereon. Our r8sponsibility is to ad tha other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in th8 course of the audit, or otherwise appears to b8 materially misstated. If w8 id8ntlfy such materlal inconsist8ncies or apparent material misstatem8nts, we are required to determine wh8ther this gives rise to a mal8rial misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are r8quired to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to r8POrt by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given In the Trustee's Report is inconsistent in any material respect with the flnancial statements,. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns. or we hav8 not received all the information and explanations we require for our audit. Responsibilltles of trustees As explained more fully in the Trustee's responsibilities statement. the Truste& is r8sponsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Truslee determine is nac8ssary to enable the preparation of financial stat8ments that ar8 fre8 from material missiatement, whether due to fraud or error. In preparing the financial statem8nts, the Trustee are responsible for assesslng the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and using Ihe going concern basi5 of accounting unless the Trustee either intend to Ilquidate the charity or to cease operations, or have no realislic alternative bul to do so. Page 8
Tallow Chandlers Benevolent Fund No 2. Independent Auditors. Report to the Members of Tallow Chandlers Benevolent Fund No 2. (continued) Auditors. responslbilities for the audit of the flnancial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of Ih8S8 financial statements. Irregularities, including fraud, are instances of non-compllance with laws and regulations. We d8sign procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Th8 extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below: Capability of the audit in detectlng irregularities, including fraud Based on our understanding of the charity and industry, and through discussion with the trust88s and other management (as requir8d by auditing standards), we identified that the principal risk5 of non-compliance wlth laws and regulations ralated to Charity Law. We considered the extent to whith non-compliance might have a material effect on the financial statements. We also considered those laws and rggulalions that have a direct impact on the preparation of the financial slalements such as the Slat8m8nt of Recommended Practice. We communicated identified laws and regulations throughout our team and remained alert lo any indications of non- compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls} and determined that the principal risks wer& ralated to posting inappropriate journal entries to Increase revanu& or reduce expenditure, managemanl bias in accounting estimates and judgemental areas of the financial statements and the recognition of granl commitments in the financial statèments. Audit procedures perfomied by the charity engag8m8nt team and included.. Discussions with management and assessment of known or susp8Cted instances of nonwcompliance with laws and regulations and fraud. and review of the reports made by management. and Assessment of identified fraud risk factors., and R8ading minutes of meetings of thos6 charged with governance.. and P8rforming analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risk5 of material misstatement due to fraud- and Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transaction5. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions r8flected in the financial statements, as we will be less likely to bacome aware of instances of non-compliance. Page 9
Tallow Chandlers 88nevolent Fund No 2. Independent Auditors, Report to thè Members of Tallow Chandlers Benevolent Fund No 2. (contlnued As part of an audil in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughoul the audil. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement r8sulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inlentional omissions, misrepresentations, or the override of intemal control. Obtsin an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumsiances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control. Evaluate th8 appropriateness of accounting policies used and the reasonableness of accounting estimalas and related disclosures made by the Trustea. Conclude on the appropriateness of the Trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on lh8 charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Audltors, Report to the related dlsclosures in the financial statements or, if such disGlosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors, Report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statemenls. including the disclosures. and whether the financial statements repr8S8nt the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governanca regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to th8 charlty's Trustee. as a body, In accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state to the charity's Tru51ee those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustee, as a body. for our audit work, for this repori. or for the opinions we have formed. /JA &¢29 Krgston Reeves LLP Chartered Accountants Slatutory Auditor Horsham Date.. t 24L* Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of Ihe Companies Act 2006. Page 10
Tallow Chandlers Benevolent Fund No 2. sLeMent of financial activitle8 For the Year Ended 5 Aprll 2024 Restricted funds 2024 Deslgnated funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments 9,375 389,750 357,723 399,125 357,723 555,849 357,471 Total Income 9,375 747,473 756,848 913,320 Expenditure on: Ra15ing funds Charltable activities 89,520 1,007,738 89.520 1,007,738 70,135 548,522 Total expendituro 1,097,258 1,097,258 618,857 Net {oxpenditure}I Income before not gainsl(10sses) on investments Net gainsl{losses) on investments 9,375 1349,785> 959,140 (340,410) 959,140 294,663 (1,311,639) Net movoment In funds 9,375 609,355 618,730 (1,016,976) Reconclllatlon of fund8: Total funds brought foNard Net movement in funds (17,922) 9,375 11,422.084 609.355 11,404,162 618,730 12,421,138 {1,016,9761 Totsl funds carrled forward (8,547) 12.031,439 12,022,892 11,404,182 Th8 Stat8ment of Financial Activitias Includes all gains and losses recognised in the year. The notes on pages 14 to 33 fom part of these financial statements. Page11
Tallow Chandlers Benevolent Fund No 2. Balance Sheet As at S April 2024 2024 2023 Note Flxed assets Investments Investment property 13 12 10,902,839 1,403,569 11,322.966 12,306,408 11.322.966 Current assets Debtors Cash at bank and in hand 14 47.584 388.490 179,735 248,824 436,074 428,559 Creditors: amounts falling due within one year 15 (442,140) {232,026> Net current Ilabllltles l assets (6,066) 196,533 Total assets le¥s current Ilabllftles 12,300,342 11,519.499 Creditors.. amounts falling due after more than one year 16 {277,450) (115,337) Net assets 12,022,892 11,404,162 Total nat assets 12,022,892 11,404,162 Charlty funds RestrScted funds Unrestrlcted funds 18 18 (8,547) 12,031,439 (17,922) 11,422,084 Total funds 12,022,892 11,404,162 The fina atements were approv8d and authorised for issue by the Trustee and signed on their behalf by- r J Hlll, ter n b8half of The Worshipful Company of Tallow Chandlers Date: J [45 The notes on pages 14 to 33 form part of these financial statements. Page 12
Tallow Chandlers Benevolent Fund No 2. Statement of Cash Flows For the Year Ended 5 Aprll 2024 2024 2023 Cash flows from operating activltles Net cash used in operating activiti8S (190,211} 28.667 Cash flovpd from Investlng actlvltles Dividends, Interests and rents from investments Proceeds from sale of investm8nts Purchase of investrnents Purchase of investment propety 354.179 357,471 5,408,831 1,304,168 (4,411,895) (978,232) 11,403.569) Net cash lusod In)Iprovided by Investlng activlt108 {52.454) 683.407 Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year (242,665) 830,153 712,074 118,079 Cash and cash equlvalonts at th• end of th8 year 587,488 830,153 The notes on pages 14 to 33 form part of these financial statements Page 13
Tallow Chandlers Benevolent Fund No 2. Notes to the Financlal Statemonts For the Year Ended S April 2024 General informatlon Tallow Chandl8rs Benevolent Fund No 2. constitutes a public bènefit èntity as defined by FRS 102. It's r8gist8red charity number Is 246255. The financial statements have been preparad in sterling, which is the functional currency of the charity. and rounded to the nearest £1. Accounting pollcle8 2.1 Basls of preparatlon of financlal stat•ments The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statem8nt of Recommended Practice applicable to charitles preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charitles (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved followlng the Charities SORP {FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recomm8nded Practice effeGtiV8 from 1 April 2005 which ha5 since been wlthdrawn. Assets and liabilities are initially racognised at historical cost or transaction value unless otherwisa stated in the relevant accounting policy. 2.2 Golng concern The financial statements have been preparad on a going concem basis as the Trustee believes that no material uncertainties exist. The Trustee has considered the level of funds held and the expected 18V81 of income and expenditure for 12 months from authorising thes8 financial statements. The budgeted income and expenditur8 is sufficiently within the lev81 of reserves for the charity to b& able lo continu8 as a going concem. Page 14
Tallow Chandlers Benevolent Fund No 2. Notes to the Financlal Statements For the Year Ended S April 2024 Aecountlng policies (continued) 2.3 Income All 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. The recognition of incom8 from legacies is dependent on establishing entitlement, the probability of receipt and the ability to eslimate with SLrffici8nt accuracy the amount r8c8lvable. Evidence of entitlement lo a 18gacy exists when the Charity has sufficient evid8nc8 that a gift has been left to Ihem (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the 8State. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivabla, which will generally be the expected cash amount to be distributed to the Charity. can be reliably measured. Donated services or facillties are recognised when the charity has control over the item, any conditions associated with the donated item have been mèt, the receipt of receipt of economic benefit from the use of the charity of the item is probable and thal economic benefit can be measured reliably. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount It would have been willlng to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is than recognisad in expenditure in the p8riod of recelpt. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Investment Income includes rent recelvable which is recognlsed based on the rental perlod that the rent accrues over. interest from listed Investments which is recognlsed based on the period the Int8r8St accrues over, and dividend income which is recognised based on the date the dividend is declared. Income from rent receivable is regnised net of VAT. Page 15
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 April 2024 Accounting pollcies (continued) 2.4 Expendlturo All expenditure is accounted for on an accruals basis and has been classified under headings Ihat aggregate all costs related to the category. Expenditure is recognised when there is a legal or constructlV8 obligation committing the charity to that expenditure, it is probable that settlemant will be required, and that the amount of the obligation can be liablY measured. Support costs are thos8 Costs incurred directly in support of expenditure on th8 objects of the charity and include project management Caled out at Headquarters. Govemance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Expendlture on raising funds includes all expenditure incurred by the Charlty to rais8 funds for its charitable purposes and consists of investment management costs and an appoltlonm8nt of support costs. Charitable activities and Govemance costs consist of grants and donations made and an appolionment of support costs. Grants and donatlons payable lo third parties are within the charitable objactives. Where uncondltional grants are offered, this is accrued as soon as the reGlpient has been notified of the grant, as this gives risa to a reasonable expectation that the recipient will receive the grant. Where grant5 are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of th8 Trust. Where an unconditional multi-year grant is awarded the full amount of the granl is recognised in the year of the award. The proportion of any multi-year grant unpaid at the year end is recognised as a liability on the balance sheel at its present value. Expenditure relating directly to investment propety costs are recognised net of VAT. 2.5 Interest recelvablo Interesl on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity- this is normally upon nolification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Forelgn currencles Monetary ass8ts and liabilities denominatad in foreign currencies ar8 translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate ruling on th8 date of the Iransaction. Exchange gains and losses are recognised in the Statement of Financial Activitl8S. Page 16
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 April 2024 Accounting pollcles (continued) 2.7 Investments Flxed asset investments are a fomi of financial instrumenl and are initially recognised at Iheir transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether reallsed or unr8alised, are combined and presented as 'Gainsl(Loss8s) on investments, in the Statement of Financial Activitie5. Investment properties are measured at fair value at each reporting date. At each reporting date the propety is valued externally. Revaluation losses caused only by the change in market value shall be recognised in the Statement of Financial Activities until the carrying amount of the asset reaches its historlcal cost. If the value of the property falls below historical cost an impairment loss is r8cognised immediately in the Statement of Financial Activites. Revaluation gains shall be recognised in the Statement of Financial Activities. 2.8 Debtors Trade and other debtors are recognised at the settlement amount. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the data of acquisition or opening of the daposit or similar account. 2.10 Liabilities and provisions Liabilities are recognlsed when there is an obllgatlon at the Balance Sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be 8Stimated reliably. Llabllltles are recognised at the amount that th8 Charity antlclpales St will pay io settle the debt. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the dlscount is recognised in the Statement of Financial Activities as a finance cost. 2.11 Flnancial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.12 Fund accountlng Designat8d funds comprise unrestricted funds that hav8 been s8t aside by the Trustee for particular purposes. The aim and use of each designated fund is s8t out in tha notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such fund5 are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and1055es are allocated to the appropriate fund. Page 17
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 Aprll 2024 Crlllcal accountlng estimates and areas of judgement Estimates and judgements are continually evaluated and ara based on historical expellance and other factors, inGluding expectations of future events that are believed to be reasonabla under the circumstances. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definitlon, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabiliti8s within the next financial year ar8 discussed above in Not8 2 "Accounting policies" Grant commitm8nts are recognised at the point the d8clslon has been sufficiently communicated to the recipient, cr8atlng a valid expectstlon on the recipient's part that the grant wlll be received. The decision is communicated to the recipient upon approval of the Education and Charty Committee meeting minutes by the court. Critical areas of judgement: The most significant Judgement Is th8 valuation of the Investment properties which are sensitlve to fluctuations in the property market, as s8t out in note 12 of the financial statements. Page 18
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Stalements For the Year Ended 5 April 2024 Incomè from donations and legacies Restrlcted Deslgnated funds funds 2024 2024 Total funds 2024 Donations from Liverymen and Freemen (including tax recoverles) Other donations Donatlon from The Worshipful Company of Tallow Chandlers Legacies 113,909 50,040 205,801 20.000 113.909 59,415 205,801 20,000 9,375 Total 2024 9,375 389,750 399,125 Restricted Designated funds funds 2023 2023 Total funds 2023 Donatlons Donations from Liverymen and Freemen (including tsx r8coveries) Other donations Donation from The Worshipful Company of Tallow Chandlers 111,723 293.403 114,921 111,723 329,205 114,921 35.802 Total donations 35,802 520,047 555,849 Total 2023 35,802 520.047 555,849 Wilhin deslgnated income is a notional donation In kind of £205,801 (2023 - £164,921) which represents the value of the expenditure borne by The Worshipful Company of Tallow Chandlers in providing support services lo the Tallow Chandlers Benevolent Fund No 2. The prior year notional donation is offset by the cancellation of a £50,000 donation which was previously recognised as a debtor within the financial ststements. This resulted in an overall donation of £114,921 from The Worshipful Company of Tallow Chandlers in the prior year. Page 19
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 April 2024 Investment incomo Deslgnated funds 2024 Total funds 2024 Rental income Dividends Interest 38.457 270,919 48,347 38.457 270.919 48,347 Total 2024 357,723 357,723 Designated funds 2023 Total funds 2023 Dividends Interest 322,963 34,508 322,963 34,508 Totsl 2023 357,471 357,471 Page 20
Tallow Chandlers Benevolent Fund No 2. Notes to the Flnancial Statsments For the Year Ended 5 April 2024 Expenditure on ralsing funds Deslgnated funds 2024 Total funds 2024 Investment manag8m8nt costs Investment property insurance Support costs- raising funds Exchange losses on quoted investments 46,642 5,597 33,737 3,544 46,642 5,597 33.737 3.544 Total 2024 89,520 89,520 Designated funds 2023 Total funds 2023 Investment manegement costs Support Costs - raising funds 48,170 21,965 48,170 21,965 Total 2023 70,135 70.135 Anatysls of support costs De81gnatod funds 2024 Total funds 2024 Staff costs Office cosi8 Premises costs Professional costs 27,321 3,959 2,315 142 27,321 3.959 2,315 142 Total 2024 33,737 33,737 Designated funds 2023 Total funds 2023 Staff costs Office costs Pr8mise5 Gosts Professional costs 15,531 3,217 3,057 160 15.531 3,217 3,057 160 Total 2023 21.965 21,965 Page 21
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Stalements For the Year Ended 5 April 2024 Analysls of grants Grants to Institutions 2024 Total funds 2024 Grant funding 825.630 825,630 Grants to Institutions 2023 Total funds 2023 Grant funding 393,967 393,967 Analysls of grants Deslgnated funds 2024 Totsl funds 2024 Grants paid to institutlons in the current year Awards Payments to Institutlons supporting the poor and pensioners connected with the Tallow Trade Movement in grant creditor 439,887 11,230 439,887 11,230 1,450 373,063 1,450 373,063 Total 2024 825,630 825,630 Restricted Designated funds funds 2023 2023 Total funds 2023 Grants paid to institutions in the current year Awards Payments to institutions supporting the poor and pensioners connected wth the Tallow Trade Movement in grant creditor 62,974 350,428 5,893 413,400 5,893 700 36.948 700 (26.026) (62,974) Total 2023 393,967 393,967 All grants are to institutions and are for the same charitabla purpose as defined by th8 objeclives and activities in the Trustee's Report. Page 22
Tallow Chandlers Benevolent Fund No 2. Notes to the Flnancial Statements For the Yéar Ended 5 Aprll 2024 Analysis of grants (contlnued) The following institution5 received grants of £1,000 or more: Grants to Inslltutlon8 2024 Total funds 2024 Greig City Academy The Halley Academy Cubitt Town Junior School Roots4Lrfe Bart's & Royal London School of Medicine School of Oriental and African Studies (SOAS) Childrens Literacy St Paul's Cathedral Chorister Trust and Frlends of St Paul's It's Your Llfe Into University Guildhall School Trust City & Guilds Reeds School City of London Volunteer Police Cadets The Poppy Factory Manchester University First Aid Nursing Yeomanry {FANY) King Edward's School Voyage Lord Mayor's Appeal Reimagine London Youth Cholr TalentEd Batemans Trust FOSFA Ahoy Cent Tower Hamlets Oppurtunity Group Horatio's Garden Clean Break Thèatre Company London Symphony Orchestra Switch Open City Architect The Creative Dimension Trust Believ8 UK Lambourne End Music Illuminated Future Frontiers Sheriffs and Rerder'S Fund 70,000 60,000 60,000 20,000 17,500 15,000 15,000 11,837 10,800 10,000 10,000 10,000 8,000 7,500 7,000 6.600 6.000 6,000 6,000 5,000 5,000 5,000 5,000 5.000 5,000 5,000 5,000 4,475 4,000 4.000 4.000 3.000 3.000 3,000 2,500 2,000 2,000 2,000 70,000 60.000 60.000 20,000 17,500 15,000 15,000 11,837 10,800 10,000 10,000 10,000 8,000 7,500 7,000 6,600 6,000 6,000 6,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,000 4,475 4,000 4,000 4,000 3,000 3.000 3,000 2.500 2.000 2,000 2,000 Page 23
Tallow Chandlers Benevolent Fund No 2. Notes to the Flnancial Statements For the Year Ended 5 April 2024 Analysis of grants (continued) Platform Cricket TH Youth Support London Air Ambulance Homers Company Science Open Doors Manchester Cadets Jubilant Trust Grants of less than £1,000 were made totalllng 2,000 1,700 1,400 1.000 1.000 1.575 2,000 1,700 1,400 1.000 1,000 1.575 Total 2024 439,887 439,887 Anatysls of expondlture on charitable actlvlti•s Summary by fund type D•signatod funds 2024 Total 2024 Grant funding Support costs 998,738 9,000 998,738 9,000 1,007,738 1,007,738 Designated funds 2023 Total 2023 Grant funding Support costs 537,582 10,940 537,582 10,940 548,522 548,522 Grant funding of £1.007,738 (2023 - £548,522) Indudes grants pald as per note 7 of £825,630 (2023- £393,967) and support costs allocated as per note 9 of £173,108 (2023 - £143,615). Page 24
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended S April 2024 Anatysls of expendlture by activitios Grant funding 2024 Support costs 2024 Total funds 2024 Grant funding Governance costs 825,630 173,108 9,000 998,738 9.000 Total 2024 825.630 182,108 1,007,738 Grant funding of activities 2023 Support costs 2023 Totsl funds 2023 Grant funding Governance cost5 393,967 143,615 10,940 537,582 10,940 Total 2023 393,967 154,555 548,522 Analys18 of support costs Total funds 2024 Total funds 2023 Staff costs Office costs Premises costs Other costs Prof8ssional costs Governance costs 149,734 3.959 6,945 12,044 426 9,000 115,430 3,217 9,171 15,316 481 10,940 Total 2024 182,108 154,555 Allocation of support costs: staff costs staff costs incurred by The Worshipful Company of Tallow Chandlers have been allocated based on the time spent on each activity. The cost of the charity secretary employed by the Company has been fully alloGated to grant funding activities. The remaining costs have been allocated with 750/0 rglating to grant funding activities and 25 % relating to time spent raising fund5. Page 25
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Stataments For the Year Ended S April 2024 Anatysis of expendlture by activities (contlnued) Office costs The office is owned by the Company and used by staff employ8d in the Company. Th8 office costs incurred are for the purpose of both grant funding activities and raising funds. Costs have therefore been allocated equally to Ih888 activities. Premises costs Premises costs relate to the maintenance of the Hall and office which are owned by the Company. The Trust only use the Hall for award functions and other charitable occasions whilst the office is used by the Company staff for both the purpose of grant funding activities and raislng funds. Premises costs have been allocated with 75 % relating to grant funding activits-es and 25 % relating to raising funds. Other costs Other costs relate tt) the award functlons that are held in the Hall which is owned by the Company. The award functions relate wholly to grant funding activities and have thefOre been attributed in this way. Professional costs Professional costs relate to the pension management and payToII costs Incurred by the Company for their staff. These have b8en allocated with 75Q/o relatlng to grant funding activitles and 25Vo relating to raising funds. This treatment is consistent with the treatment of staff costs. 10. Auditors, remuneration 2024 2023 Fees payable to the Charity's audltor for the audit of the Charitys annual accounts 7,800 10,280 Fees payabl8 to the Charivs auditor in rèspect of: All non-audit services not induded above 1,200 660 11. Trusloo's remuneratlon and expenses Durlng the year, no Trustees recelved any remuneration or other benefits (2023 - £NIL). During the year ended 5 Aprll 2024, no Trustee expenses have been incurred (2023 - £NIL), Page 26
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 April 2024 12. Investment property Long term leasehold Investment property Valuatlon Additions 1,403,569 At 5 April 2024 1.403,569 The property Unit 1, Zone A, Chelmsford Road Industrlal Estate, Dunmow was purchased on 2 November 2023 for £1.403,569, with the purchase price consldered to be the market value of the property at the year end. 13. Fixed a58et inve$tm8nts Llsled Cagh for re- Investments Investment Total Cost or valuatlon At 6 April 2023 Additions Disposals Revaluations 10,741,637 4,411,895 (5.408,831) 959,140 581,329 11.322,966 4,411,895 (382,331) (5.791,162> 959,140 At 5 April 2024 10,703,841 198,998 10,902,839 Included wlthin the revaluation gains on Ilsted inveslmenls are reallsed gains of £187,971 (2023 - realised losses of £315.305). 14. Debtors 2024 2023 Due wlthln one year other debtors Income tax recoverable (gift aid) 40,818 6,766 170,734 9,001 47.584 179,735 Included within other debtors is £11,387 (2023 - £20,762) due from the designated fund to the restricted fund in relation to amounts owed for the Halley Academy appeal. Page 27
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 Aprll 2024 15. Credltors: Amounts falllng due withln one year 2024 2023 Trade creditors Oth8r taxation and social security Other creditors Accruals and deferred income Grant commltments 81 2,138 11,387 17,320 411,214 20,762 11,000 200,264 442,140 232,026 Included within other creditors is £11,387 (2023 - £20,762> due to the restricted fund from th8 designated fund in relation to amounts owed for the Halley Academy appeal. 16. Credltorn: Amounts falllng due after more than one yaar 2024 2023 Grant cornmitments 277,450 115,337 Page 28
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended S April 2024 17. Accrued funding commltments Under one year 2024 Over one year 2024 Total funds 2024 Grant commitrn8nts brought fOard New commitments entered into in year Grants paid during year Commitments now due within one year 200,264 586,680 (452,567) 76,837 115,337 238,950 315,601 825,630 {452,567) (76,837) Total 2024 411.214 277,450 688,664 Under one year 2023 Over one year 2023 Toial funds 2023 Grant commitments brought forward New commitments 8ntered inlo in year Grants paid during year Commitrnents now due within one year 242,626 278,631 (419,993) 99,000 99,000 115,337 341,626 393,968 (419,993> (99,000) Total 2023 200,264 115,337 315,601 Page 29
Tallow Chandlers Benevolent Fund No 2. Notes to the Flnancial Statements For the Year Ended 5 April 2024 18. Statement of funds Statement of funds - current year Balance at 6 April 2023 Galnsl Balance at 5 (Losses) Aprll 2024 Income Exponditure Unrestrlcted fund8 Designated funds 11,422,084 747,473 (1,097,258) 959,140 12,031.439 R88trlctsd funds R8Stricted fund - FOSFA 2,840 2.840 R8Stricted fund - The Halley Academy {20,762) 9.375 (11.387) 117,922) 9,375 (8,547) Total of funds 11,404,162 756,848 {1,097,258) 959,140 12,022,892 Statement of funds - prlor yoar Balance at 6 Aprll 2022 Gainsl Balance at (Losses) 5 April 2023 Income Expenditure Unrestrlctad funds Designated funds 12.474.862 877,518 (618,657) (1,311,639) 11,422,084 Balance at 6 April 2022 Gainsl Balance at (Losses) 5 April 2023 Income Expenditure Restrlcted funds Restricted fund - FOSFA Restricted fund - The Halley Academy 2,840 2,840 (56,564) 35,802 (20,762) (53,724) 35,802 (17.922) Total of funds 12.421,138 913,320 (618.657) (1,311,639) 11,404,162 Page 30
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 April 2024 19. Summary of funds Summary of funds - current year Balanca at 6 April 2023 Gainsl Balance at 5 (Losses) Aprll 2024 Income Expenditure Designated funds Restricted funds 11,422,084 117,922) 747.473 (1,097,258) 9.375 959.140 12,031,439 (8.547) 11,404,162 756,848 {1,097,258) 959.140 12,022,892 Summary of funds - prlor year Balance at 6 Aprtl 2022 Gainsl Balance at (Losses) 5 April 2023 Income Expenditure Designated funds Restricted funds 12,474.862 153,724) 877,518 35,802 (618,657) (1,311,639) 11,422,084 (17,922) 12,421,138 913,320 (618,657) (1,311,639) 11,404,162 Fund descriptions a) Designated funds The designated fund derives from the charitabl8 receipts, tax recoveries and other support from the Company and from its Members, which are treated as capital to be invested. Any capital or incom8 not required for the immediate charitable purposes of the Trust is reinvested by the Trustee. b) Reslricled funds FOSFA- the restricted fund derives from charitable receipts from FOSFA which are to be granted as and when an appropriate candidate for the FOSFA award is nominated. The Halley Academy - the restricted fund derives from charitable recelpts from donors, including matched funding from The Worshipful Company of Tallow Chandlers, which have been specifically donated in response to the The Halley Academy appeal. The intention of th8 monies raised from the appeal is to fund the construction and establishment of an engineering and design cenlre. Income of £7,500 (2023 - £29,924) was received from members of the Company during Ihe year. Gift aid of £1.875 (2023 - £5,878) is recoverable on this income. £1,185 (2023- £690) of this is induded in tax recoveries within deblors at the year end. During the year £122,404 {2023- £15,000) was received from Ihe Company in relation to the matched funding debt, with matched funding amounts now fully received and a blance of Nil (2023 - £122,404) included within debtors. During the year £Nil12023- £62,974) was paid to The Halley Academy, and the remaining £3,427 (2023- £3,427) is included within the grant commitment creditor. The deficit on the Halley Academy restricted fund has arisen due to amounts paid over to the Halley Academy Appeal exceeding the donation income received from the members of The Worshipful Company of Tallow Chandlers. Donation income had been pledged by members of the Company, however had not been paid over as at 5 April 2024. The Trust has made the additional payments to the Halley Academy App8al on the basis that the ramaining donations pledged will be received from the members, along with the matched funding from the Company. The deficit on th8 Halley Academy restricted fund is £11,367 (2023 - £20.762). The deficit 15 expectad to reverse in the 2025 financial year end. Page 31
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 Aprll 2024 20. Analysls of net assets between funds Analysis of net assets between funds - current perlod Restricted Deslgnated funds funds 2024 2024 Total funds 2024 Fixed asset investments Investment propety Current assets Creditors due within one year Creditors due in mor8 than one year 10,902,839 10,902,839 1,403,569 1,403,569 432,049 436,074 (429,568> {442,140) (277,450> (277,450) 4,025 (12,572) Total 18,5471 12,031,439 12.022,892 Analys13 of net assets between funds - prior perlod Restricted Designat8d funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within ona year Creditors due in more than one year 11,322,966 11,322,966 302,625 428,559 188,170) (232,026) (115,3371 (115,337) 125,934 (143,856) Total 117,922) 11,422,084 11,404,182 21. Reconciliation of net movement In funds to net cash flow from operating activltles 2024 2023 Net incomelexpendilur8 for the period (as per Statement of Financial Activities) 618,730 (1,016,976) Adjustments for: (Gain5ylosses on inveslments Dividends and int8rest from investments Decrease in debtors Increasel(decrease) in creditors (959,140) 1,311,639 (354,179) (357,471) 132,151 150,931 372,227 (59,456) Net cash provided byl(used in) operatlng activities {190,211) 28.667 Page 32
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For the Year Ended 5 April 2024 22. Anatysls of cash and cash equlvalents 2024 2023 Cash in hand Investment cash 388,490 198,998 248,824 581,329 Total cash and cash equlvalents 587,488 830,153 23. Analysis of changes In net debt At 6 Aprll 2023 Cash flows At 5 Aprll 2024 Cash in hand 248,824 139,666 388,490 248.824 139,666 388,490 24. Related party transactlons The Worshipful Company of Tallow Chandlers Trustee Durlng the year the charity received a nollonal donation in kind of£205,801 (2023- £164,921 } which represents the value of the expenditure borne by The Worshipful Company of Tallow Chandlers in provldlng support s8Nic88 to the Tallow Chandlers Benevolènt Fund No 2. During the prior year a donation of £50,000, which had been recognised as a debtor in the 2022 financial 8tatem8nts, was cancelled by the The Worshipful Company of Tallow Chandlers. Total donation income reiVed by the charity in the year, including the above notional donation. amounted to £205,80112023- £114,921). At the balance sheet date the amount due to the chariy from The Worshipful Company of Tallow Chandlers was £Nil12023 - £122,404). Page 33