REGISYERED CHARITY NUMBER: 246639 REPORT OFTHE TRUSTEES AND UNAUDITED FINANCIAL STATÉMENTS OR THE PERIOD I NOVEM ER 2022 0310 BER 20 THEWOR5HIPFULCOMPANYOF FO SEXCENTENARY APP FUND NDERS
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NTS oFTE FINANCIAL FOR THE PE IOD I NOVEMBER2 TEMENTS 22 TO 31 ocfoBER 2023 Page Report of the Trustees Independent Examlnerf5 Report Statement of Financlal A¢iivities Statement of Flnancial Posltlon Notè5to the Financial Statements 8 to 13 Oetalled Statement ot Financlal Artfvities 14 to 15
THE WORSHIPFUL COMPANY OF FOUNDERS EXCENTENARY APPEAL FUND REPORT FOR THE P FTHETR STEE RIOD I NOVEM ER 2022 TO 31 ocfoBER 2023 Thetrustees presenttheir report with the financial statements of the charity forthe period l November2022 to 31 Ottober 2023. The trustees have adopted the provisions of Accounting and Reporting by Chartties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20151. 08JEcllvESAND AcnvinES Oblectives and alms The charity was established wtih monies subscribed by the rneMbe of The Wotshipful Company of Founder5 to celebrate the 600th anniversary of the establishment of the Company. The objects were and remain for the benefit of any charitable or educational object including the relief and care of the elderly, the education of the youn& and the advancement of technical and artistic education and research. Under a Heads of Agreementdated 19 March 2020 the assets held by the 8runel Centreof Bedford Limited were transferred to the Company as trustee forthesexcentenary Fund. The objects of thegrantWet0 advance the thèoretical and practical education and training of persons engaged or intending to be engaged in industry and commerce. and. subjett to that. to extend such provision or assistance to the trnining or education of members of the public 8enerally. Awards made out of Its funds are to be referred to as Founders Brunel Awards. The income frorn these transferred assets are accounted for as a designated fvnd. The tmstees confirm that they have referred to the guidance contained in the Charity Commission'5 general guidance on public benefit when reviewin8 the Trust's aims and objettives and In planningfuture activities and settingthe 8rant makin8 policy forthe year. Slgnificant attivit5e$ Investment Fund- Non Endowed fund on l April 1996. The charity receives a share of the net income of the fund arisin8 in the period and ownsthe net assets in proportion to the market value of the investments at l April 1996 and any subsequent capltal contributions to that fund. The fund's share of the unrestricted income and net assets on this inf(ial contribution for the year was 76.343%12022 76.343%). During 2019120. the charity acquired the assets of Brunel Centre of Bedford knrnited. a charity whose chartsble objetts includethe vocational and educational training of young people in the wider engineerin8 industry. The assets acquired were comprised of cash funds totalling £1.795m and two freehold properties, being the former charities principal trnining centre and charity offices located in Bedford. The principal training centre will continue to be leased by Bedford College in accordance with the ex¢sting lease and the offices are now let to a commercial tenant. The rent received will be applied in Ilne with the objects of the grant stated above. Of the funds received from the Brunel Centre, £1,750,000 wa5 transferred to The Founders Cornbined Charlty Common Investment Fund. of which 100% of incorne received in relation to the investing actlvities of these funds, is directly attributsble to the charity. Page I
THEWORSHIPFULCOMPANYOFFO EXCENTENARY APPEAL FUND NDERS ORTOFTHETR EES FOR THE PERIOD I NOVEMBER 2021 TO 31 ooBER 2023 FINANCIAL REVIEW Reserves poll¢y It is the poliry ofithe charitythat unrestritted funds which are adIlY available forspending and have not been designated for a specific use should be rnaintained at a level between six and twelve months, expenditure. The trustee considers that reserves at this level will ensure that, in the event of a significant drop in funding, it will be able to continue the charitls current activities while consideration is given to ways in which additional funds may be raised. At 31 October 2023 the charity held £230K. These levels are above the target range. The trustee intends to manage its expenditure to brin8 the reserves in line wtth the target range over the comin8 5 years. 5fRucfuRE, GOVERNANCE AND MANAGEMENT Governlng document The charity Is controlled by S governlng document. a deed of trust and constitute5 an unincorporated charity. The trustees have paid due regard to guldance issued by the Charity Cornrnisslon in declding what activities the charity Should undertake. Decislon rnaklng The trustee and the 8overnin8 body meet quarterly. The Charity and Education Commtttees of the Worshipful Company of Founders also rneet quarterly and agree the broad strategy and areas of activity for the Trust, includin8 consideration of grant rnakin8, investment. reserves and risk managetnent, policies and performance. The day-to-day administration of 8rants and the processing and handling of new grant applications prior to consideration by the Charity and Education Cotnmittees is dele8ated to the Clerk of the Cornpany. The Charity and Education Comrnittees subsequently make recomrnendations for appropriate grant funding to the Court for its final approval. The Charity and, Educatlon Cornmittee5 also con5&derthe monitorSng information concerning the performance of grants to date, and make recommendations to the Court concerning the extension, cessation or suspension of existing grant approvals. Trustees are required to disclose all relevant interests and reglsterthem wr(h the Clerk and if appropriate to wtihdrawfrom decisions where a conflict of Inte5t arises. Risk management Thetrustees have consideTed the major risks to which the charity is exposed and have reviewed those risk5 and established systems and prOdureS to TTianage those risks. The trustees consider variabilty of investment retum5 on the charitable assets to constitute the charity's major financlal risk and recent extreme volatilty in world stock rnarkets has demonstrated this risk. The trustees manage the assets on a medium risk basis of income 8eneration and capital growth. thereby maintaining stabilrty for grant making, and hopefully thereby facilitating lon8er term 8rants and a rnore stable"nurnber of awards, but the trustee5 also take account of the outlook for investrnent returns and keep the level of awards under review. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity numl)er 246639 Page 2
THE WORSHIPFUL COMPANY OF F EXCENTENARY APPEAL FUND UNDERS PORT OF THETRU FOR THE PERIOD I NOVEMBER 2021 TO 31 OCTOBER 2023 Principal address Founders, Hall I Cloth Fair London ECIA 7JQ Trustees The trustee of the charity is The Worshipful Company of Founders. The Master. Wardens and Court of Assistants ofThe Worshipful Company of Fotjnders comprise the goveming body. Both the Court, which consists of the goveming body and the Charity Cornrnittee rneet quarterly. The Charity Committee reporrs and make5 recommendations to the Courtfor its final 3pprov81. Independent Examiner Comfield Accountants Limited Charrered Accountants S Cornfield Terrace Eastboume East Sussex BN214NN STATEMENT OF TRusfEES' RESPONSI8ILmES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance wlth applicable law and United Kingdorn Accounting Standards Iunited Kin8dom Generally Accepted Accounting pCtIce1. The law applicable to chaTlties in England and Wales. the Charities Att 2011. Charity IAccounts and Reports) RegulatSons 2008 and the provi5i0ns of the trust deed requires thetrustees to prepare financial statements for each financial year which give 8 true and.fair view of the State of affairs of the charity and of the incoming resources and application of resources. including the in¢ome and expenditure. of the charity for that period. In preparin8 those fsnancial statements. the trustees are required to i select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP., make judgernents and estimates that are reasonable and prudent,. prepare the finaneial statement5 on the going concern basis unless ft is inapproprlate to p5Me that the charfty will continue in buslness. The trustees are responsible for keepin6 properaccounting records which disclose with reasonable accuracy at any time the financial position of the charty and to enable them to ensure that the financial statements comply with the Charities Att 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
THE WORSHIPFUL MPANYOF F SEXCENTENARY APPEAL FUND NDER REPO TOFTH Tru FOR THE PERIOD I NOV MBER 2022 TO OCTOBER 2023 Approved by orderof the board of trustees on........... and signed on its behalf bv.. Master Clerk Page 4
INDEPENDENT EXAMINER'S REPORTTO TH THE WORSHIPF LCOMPANYOF FOUNDE SEXCENTENARY APPEAL FUND TRU5tEES OF ndependent examiner's report to the twstees ofThe Worshiptul Company of Foundttssexcentenary Appeal Fund I report to the charity trustees on my examination of the accounts of The Worshipftjl Company of Founder5 Sexcentenary Appeal Fund Ithe Trust) for the period l November 2022 to 31 October 2023. Responsibilitles and ba$15 of report As the charity trustees of the Trust you are responsible for the preparation of the accoLgnts In accordance with the reouirernents of the Charities Act 20111.the Act'l. I report in respect of my exarnination of the Trust's accounts carried out undersettion 145 of theAct and in carryin8OUt mv examination I have followed all applic8ble Directions given bythe Charity Cornmission under settion 14515llbl of the Aet. Independent examiner's statement I have completed my examlnation. I confirm that no material matters have come to my attention in connection with the examination giving rne cause to believe that in any material respect.. accountipg records were not kept in respect of the Trust as required by sectlon 130 of the Act,. or the accounts do not accord with those records,. or the accounts do not eomply with the applicable requirernents 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 i5 not a rnatter considered as part of an Independent examination. I have no concems and have come across no other matters in connettion whh the examsnation to which 8ttentlon should be drawn in this report in orderto enable a proper understanding of the accounts to be reached. A L Breeze FCA Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex 8N214NN Date.. Pa8e 5
ThEWORSHIPFULCOMPANYOF FO SEXCENTENARY APPEAL FUND NOERS STAT MENT F FINA FOR THE PERIOD I N aALA Ivm VEMBER 2022 TO 31 roBER 2023 PERIOD 01111122 TO 31110123 Unrestricted funds PERIOD 26110121 TO 31110122 Total funds Notes INCOME AND ENDOWMEMfs FROM Donations Investments 2,500 125,411 106,708 Totsi 127.911 106.708 EXPENDITURE ON Charltable artivitles Grants payable to individuals Grant5 payable to institutions John Warner School Talks. Lectures and Exhibitions 8runel Properties 6,300 21,700 11,718 28,871 1,309 10.969 Other 8.728 17,925 Total 60,286 47.234 Net galns / Ilosse51 on investments NÉT INCOME 161.9001 157.6881 RECONCILIATION OF FUNDS Total funds brought forward 5.039,954 5,097.642 TOTAL FUNDS CARRIED FORWARD 4.798,054 5,039.9S4 The notes form part of these financial 5tstements Page 6
THE WORSHIPF LCOMPANYOF FO SEXCENTENARY APPEAL FUND NDERS STAT MENT OFIFI 31 ocr BER 2023 NCI POSITION 2023 Unrestricted funds 2022 Total funds Notes FIXED ASSETS Investments Investments Investrnent property 2,042.461 2.720,000 2.171,986 2,720.000 4,762,461 4,891.986 CLIRRENT ASSETS Debtors Cash at bank 38.677 229.110 115,055 69,253 267.787 184,308 CREDrroRS Arnounts falling due within one year 152.1941 136.3401 NET CURRENT ASSETS 215.593 147.968 TOTALASSETS LESS CURRÉNT LIABIUTIES 4,978.OS4 5,039,954 NET ASSETS 4.978,054 5.039,954 FUNDS Unrestricted fund5 4,978.054 5,039.954 TOTAL FUNDS 4,978.054 5,039.954 The fin and ial statements were ap igned on its roved by the Board tsf Trustee5 and authortsed for Issue on ....... re The Worshipful Company of Founders 4Upper Warden The Worshipful Company of Founders- Underwarden The notes form part of these financlal Statements Page 7
THE WORSHIPFULCOMPANV OF FOUNDÉ EXCENTENARY APPEAL FUND HE FINANCIAL TATEMENTS FOR THE PERIOD I NOVEMBER 2022 TO 31 ocfoBER 2023 ACCOUNTING POLICIE5 Basis,of preparing the finan¢ial Statements The financial statements of the charfty. which is a public benefit entr(y under FRS 102, have been prepared in accordance wlth the Charities SORP IFRS 1021'Accounting and Reporting by Chartties-. Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statement5 have been prepared under the historical cost convention, with the exception of investments which are included at market value. as modified by the revaluation of certain assets. Critl¢al accountinglud8ements and key sour5 of e5tlmation vn¢èrta5nty In the application of the Charity's accountin8 policies. n7ana8ernent is requlred to make judgements. estlmates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates are underlying assurnptions and are based on historieal experience and other fattors that are considered relevant. Actual resuhs May differfrom these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. or Sn the period of the revision and future periods if the revislon affects both current and future periods. The key sources of estimation uneertainty that have a significant effect on the amounts recognised in the financi81 statements as described below.. Inv stmen ro valua Investment properties are valued under the fair value Method. Professional valuations are sought to justify the fair valueof the property within the financial statements. Income All income is reeognised in the Statement of Financial Artivities once the charity ha5 entitlement to the fuTrds, It probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised 8$ expenditure a5 soon as there is a legal or constructive obligation committlng the charity tothat expenditure. it is probablethat a transferof economic benefits will be required in settlementand theamount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent wlth the use of SOurCes. Grants offered subject to conditions which have not been met at the yearend date are noted35 a commitment but ot accrued as expenditure. Allocation ond apportionment of costs The Charity's operating costs include professional fees, adrninistration costs and other related costs. Such costs are directly allocated to the Support function of the Charity. Grants made by the Charity to individuals and institutions are allocated to Charitable attivities. Pa8e 8 continued...
ThE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NOTE OTHEF NANCIALSTAT MENTS- tontin FOR THE PERIOD I NOVEMBER 20 2 TO 31 OCTOBER 2023 ACCOUNTING POLICIES- contlnuèd Imiestment property Investment property is shown at most recent valuation. Anyaggregate surplus or defictt ari5in£ from changes in falr value is recognised in the Statement of Financial Attivities. T3xotltrn The charity is exempt from tax on its charStable actSvities. Fund accounting Unrestricted funds can be used in accordance wlth the charitable objertives at the discretion of the trustees. Snvestments Fixed asset investments are stated at market lUe. Market value is calculated a5 the charty's share of the net assets of The Founders Combined Ch3rity Income Common Investment Fund. The charity'5 share is calculated in proportion to the market value of the investments transferred at l April 1996 and any subsequent capital contributions. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and other shon term highly liquid inve5trnents that are readilv eonvertlble to a known amount of cash and are subject to an insignificant risk to changes in value. DONATIONS £2,500 was received from the Robert Clutterbuck Charitable Trust, Contributing to the sixth form scholarships awarded to pupils studying STEM subjects at the John Wamer School. INVESTMENT INCOME PERIOD 01111122 TO 31110123 PERIOD 26110121 TO 31110122 Rents and related income received Founders Cornbined Charity Income CIF 77.225 48.186 73,533 33,175 125.411 106,708 The financial ststernents include net income from investments managed by Charles Stsnley. which 15 distributed to the Charity. Pa8e 9 continued...
THE WORSHIPFUL COMPANY SEXCENTENARY APPEAL FUND F FOUNDERS TEST THE FINANCI STATEMEN . tontinued FOR THE PERIOD I NOVEMBER 2022 TO 31 OBER 2023 TRU5fEES' REMUNERATION AND BENEFITS During the period the charity paid £7.23212022- £4.2531 to its trustee, the Worshipfvl Company of Founders, for administrative and management support. No person5 connected to the trustee te1Ved any remuneration during the year12022- nill. FIXED ASSET INVESTMENTS Listed investrnents MARKET VALUE At 01 November 2022 Revaluations 2.171.986 1129.5251 At 31 October 2023 2.042.461 BOOK VALUE At 31 October 2023 2,042,461 At 31 Ottober 2022 2,171,986 All investrnents are carrfed at their fair value. Investments are all traded In quoted public markets. prfmarily the London Stock Exchange. Cost or valuation at 31 (ktober 2023 is represented by.. Listed inve5tmRnts Valuation in 2023 2,042,461 Listed Investments represents the Sexcentenary Appeal Fund'5 share of the funds held in The Worshipful Companv of Founders Combined Charity Income Comfflon Investment Fund. Page 10 continued...
ThE WORSHIPFUL COMPANY OF FOUNDERS SEXCÉNTENARV APPEAL FUND NOTES THE FINAN IAL Sf TEMENTS- ntinu FOR THE PERIOD I NOVEMBER 2022 TO 31 OOBER 2023 INVE5fMENT PROPERTY FAIR VALUE At 31, Ottober 2022 and 31 Ottober 2023 2.720,000 BOOK VALUE At 31 Ortober 2023 2,720.000 At 31 October 2022 2,720.000 The investment properties were lUed at the acquisition date by Kirkby Diamond Chartered Surveyots. on a fair value basi5. At the reporting date no remeasurement was deerned necessary. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Robert Warner Fund Anniversaries Fund Founders Comblned Charity Income Common Investment Fund Prepayments 34.400 34.400 23,650 53,175 3.830 4.277 38,677 115.OSS CREDITORS.. AMOUNTS FALUNG DUE wrrHIN ONE YEAR . 2023 2022 Worshipful Company of Founders Founders Combined Chartty Income Common Investment Fund Accruals Defer Brunel property income Brunel property deposit 6,842 12.121 11.555 16,276 5.400 4,253 11,358 15.329 5.400 Total Creditors 52.194 36.340 MOVEME IN FUNDS Net movement in funds Transfer5 between funds At 26110122 At 31110123 General fund Brunel Fund 480,218 4.559,736 1117,8461 55,946 362,372 4,615.682 Unr•strirted fund$ 5,039.954 161.9001 4.978,054 TOTAL FUND5 5.039.954 161,9001 4.978.054 Page 11 continued...
THEW R5HIPF L COMPANY EXCENTENARY APPEAL FUND F FOLINDERS NOTES T HEFI NCIAL STA EN contln FOR THE PERIOD I NOVEMBER 2022 TO 31 ocfoBER 2023 MOVEMENT IN FUNDS- continued Net movement in funds, included in the above ère as follows-. Incomin8 resources Resources expended Gains and losses Movement in funds Unrestrlrted fvnds General fund Brunel Fund 11,069 116.842 12,4181 157.8681 1126,4971 13,0281 1117,8461 55.946 127,911 160.2861 1129.5251 161.9001 TOTAL FUNDS 127.911 160,2861 1129,5251 161,9001 Comparatfve5 for movemènt in fvnds Net rnovement in funds Tnsfer$ betweèn funds At 26110122 At 311101232 Unre5trl¢ted funds General fund Brunel Fund 494.301 4,603.341 114,0831 143.6051 480.218 4.559,736 5,097.642 57.688 5,039.954 TOTAL FyfvDS 5,097.642 157,6881 5,039.954 Comparatlve net movement ia funds. included in the above are ès follows-. Inctsming resources Resources expended Galns and losses Movement in funds Unrestricted funds General fund 8runel Fund 5,653 101,055 18,3541 38.8801 111.3821 105.7801 114,0831 143,6051 106.563 147.2341 1117,1621 157,6881 .TOTAL FUNDS 106,563 147,2341 1117,1621 57.6881 Page 12 continued...
THE WORSHIPFUL COMPANY OF FOUND SEXCENTENARY APPEAL FUND NOT TOTH FINANaAL sr TEMENTS- c Tnued FOR THE PERIOD I NOVEM8ÉR 2022 TO 31 ocfoBER 2023 io. RELATED PARTY DISCLOSURES During the period. the charity had investment income receivable of £48.18612022 £33.1751 from The Founders Combined Charity Income Common Investrnent Fund. At the period end £12.120 12022 £53.175 debtor) was Included in creditors. During the period the charity paid £6.84212022- £4.2531 to its trustee, the Worshipful Company of Foundets. for administrative and mana8ement suppgrt. Atthe period end £6,842 was in cdItOrs. At the period end Énil12022- £23,6501 was Included in debtors a5 due from the Anniversaries Fund. Atthe perioLI end £34,40012022- £34,400) was included in debtots as due frorn the Robert Wamer Fund. The charities have the same trustee and governing body. Page 13
THE WORSHIPFUL COMPANY OF F EXCENTENARY APPÉAL FUND NDE ILED TATEMENTOF FOR THE PERIOD I NOVE INAN IALA BER 2022 TO VITrES I OCTOBER 2023 PERIOD 01111122 TO 3VIO123 PERIOD 26110121 TO 31110122 INCOME AND ENDOWMENTS Donatlons and legacies Donations from other charities 2,500 Investment Incoffle Rents received Property insurance Charged to tenants Founders Combined Charity Income CIF 71,258 5.967 48.186 68.268 5,265 33.175 125.411 106.708 Total incoming resources 127.911 106.708 EXPENDITURE Charitable acttvltles Talks, Lectures and Exhibrtions Grènts to institutions John Warner School Grants to individua15 1,309 21.7(K) 11.718 28.871 6.300 40,589 29,309 Support costs Management Rates and water Insurance Light and heat Property managpment costs S.967 141 4,305 5.265 4.126 10.268 5.753 Flnance Legal and professional fee5 Carried forward 700 700 35 35 This page does not fom) part of the statutory financial statements Page 14
THE WORSHIPFUL COMPANY SEXCENTENARY APPEAL FUND F FOUNDERS ILED STA R THE PERI MENTOF FINANCIAL D I NOVEMBER 2022 T IVMES 31 ocfoBER 2023 PERIOO OVll122 TO 31110123 PERIOD 26110121 TO 31110122 Flnan¢e Brought forward Bank charges 700 35 59 760 4.220 Governanee costs Administration fees Accountancy and legal fees 7,232 1,437 4.253 3,699 8,669 7,952 Total resources éxpended 60,286 47,234 Net income 67.625 59.474 Th¢5 page does not form part of the statutory financial statements Page IS