REGISTERED CHARITY NUMBER: 246639 REPORT OF THE TRUSTEE ND UDITED FINANCIAL STATEMENTS FOR THE PERIOO I EM8ER 2023 TO ai OCTOBER 2024 FOR THE WORSHIPFUL COMPANY F FOUNDERS SEXCENTENARY APPEAL FUND
THE WORSHIPFUL COMPANY OF F SEXCENTENARY APPEAL FUND UNDERS CONTENTS OF THE FINANCIAL ATEMEplrs FOR THE PERIOD I NOVEMBER 2023 TO 31 00BER 2024 Report of th• Trustees Ib)dependent Examlnerfs Report Stst•mtnt of FlnawKlal Artlvitle$ Statsment of Flnan¢lal Posltlon Notes to the Flnanclal Stat•ments 7 to 12 Detslled Statement ot Flnan¢lal Actlvltles 13 to 14
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND REPORTOF THE TRusfEES FOR THE PERIOD I NOVEMBER2023TO 31 OCTOBER2024 The trustees present their report wf(h thefinancial staten*nts of the tharityforthe perlod l November 2023 to 31 October 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitle5 preparin8 their accounts in accgrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectNe l January 20151. REFERENCE ANO ADMINISTRATIVE DETAILS Reg15tered Charlty number 246639 Prlnclpal address Founders. Hall I Cloth Falr London ECIA 7JQ Trustees The trustee of the charlty Is The Worshlptul Company of Fourtder5. The Master, Wardens and A5515tants comprlse the Court of The Worshlpful Company of Founders, its governlng bodv. The governing body arnd the Charity & £ducatK)n Cornmittee5 meet quarterly. Grant applications are consldered by the Charity & Education Committees whi¢h report to and recommend appropriate gTantS to thegoverning body for Sts approval. Independent Examlner Cornfield Accountant5 Llmf(ed Chartered Accountants S Coinlield Terra¢e Ea5tbourne East Sussex BN214NN OBIEcfivES AND ACMVITSES Oblertlve5 and alms The chariiv was established with monies subscribed by the members of The Worshipfvl Company of Founders to celebrate the 600th anniversary of the establishment of the Company. The objects were and remaln for the beneflt of any charitable or educational object Including the relief and care of the elderty. the edLbcation of the youn& and the advancement of technical and artistit education and research. Under a Heads of Agreement dated 19 March 2020 the35sets held bythe 8runel Centre of 8edford Llmited were transferred to the Company astrustee forthe Sexcentenary Fund. The object5 of the grant wereto advance the theoretical and practical education and training of persons en8a8ed or intendin8 to be en8a8ed in indusiry and commerce. and, Subject to that, to extend such provision or assistance to the training or education of member5 of the public generally. Awards made out of its funds are to be rèferred to as Founder5 Brunel Award5. The incorne from these transferred assets are accounted for as a designated fund. The tru5tee5 confirm that they have ferred to the 8u[dan contained in the Charty Commission's general guidance on public benefit when reviewing theTrust's aims and objectives and in planning future artivities and setting the grant making policy for the year. Page I
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND RepoRT OF THE TRusfEES FOR THE PERIOD I NOVEMBER 2023 TO OBER 2024 S5gnlflcant actlvities Investment Fund. Non Endowed fvnd on l April 1996. The charlty reIveS a share of the nei income of the ftjnd arising in the period and owns the net assets In proportion to the market value of the investments at l April 1996 and any subsequent capital contritxjtions to that fund. At the start of the year the fund's Share of the unre5trirted income and net assets was 76.302%12023 - 76.323%). Durln8 the year all investments were consolldated at Charles Stanley. and the charrty was allocated it5 separate endowed and non-endowed invesiment portfolios, removing the need to split investmenis and incorne on a percentage basis. During 2019120, the charity acquired the assets of Brtlnel Centre of Bedford Llmited, a charity wh95e charitable oblects include the vocational and edu£atlon81 trainin8 of youn8 peoplè in the wideren8ineefing industry. The assets acquired were omprised of cash funds totallin8 £1.795m and two freehold properties, belng the ft)rmer chariffs principal training centre and charity offices located in Bedford. The principal trainSng centre conttnues to be leased by Bedford College in accordance with the exi5tin8 lease and the offlces are now let to a commercial tenant. The Tent received will be applied in Ilne with the oble¢t5 of the grant stated above. Of the funds recelved from the Brunel Centre, £1.750.C(*J was transferred to The Founders Combined Charlty Income Common Investment Fund, of which 100% of income received in relation to the investing activities of these funds is directlv attrlbutable to the charlty. FINANCIAL REVIEW Reserve5 policy It 15 the policy of ihe charity that unreslricted funds whlch are adIlY available for spendlng and have not been desl6nated for a specific use should be maintained at a level between six and twefve months, expendlture. The trustee considers that reservès at this level will ensure that. in the event of a si8nificant drop in fundin& it w¢ll be able to contlnue the charity, current actlvlties while consideration Is given to ways in whith additional funds may be raised. At 31 October 2024 the charity held £128K12023, £240KI. These levels ore wSthin the target range. STRUCTURE. GOVERNANCE AND MANAGEMEpir Governln8 document The charitv is controlled by Its governing document, a deed of trust and constltLrtes an unin¢orporated charity. The trustees have paid due re8ard to guidance issued by the Charity Commission in deciding what actlvrtles the charlty should undertake. Declglon maklng The trustee and the governing body meet quarterty. The Charity and Education Commlttees of the Worshlpful Company of Founders a150 meet quarterly and agree the broad strategy and areas of artivity for the Trust, including consideratitrn of grant making, investment. reserves and risk ffl3nogernent, policies and performance. The day-to-day administration of grants and the processing and handling of new grant applications prior to consideration by the Charity and Education Committees is delegated to the Clerk of the Company. The Charity and Education Committees subsequently make recommendations for appropriate grant fvnding to the Court for its final approval. Pagel
THE WORSHIPFULCOMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND REPORT OF THE TRUSTEES FOR THE PERIOD I NOVEMBER 2023T031 OBER 2024 The Charity and Educatlon Committees also consider the morhitorinB informatlon Concerning the performance of grant5 to date, and make recommendation5 to the Court concerning the extension, cessation or suspension of exlstln8 8rant approval5. Trustees are re4uired to disclose all relevant interests and registerthem with the aerk and if appropriate to withdraw from decision5 where a conflict of interest ari5e5. Rlsk management The trustees have consldered the major risk5 to which the charity is exposed and have reviewed those risk5 and e5tabllshed systems ?nd procedures to manage those risks. The trustees cortsider Variability of Investment return5 on the charitsble assets to constitute the ¢haritV'5 major financial risk aThd recent extreme volatility in world stock markets has demonstrated thls dsk. The trustee5 manage the asset5 Qn a medlum / high risk basls of Sn¢ome generation and capital growth. thereby maintaining stabilrty for grant maklng, and hopefully thereby faclliiating longer term 8rants antl a more stable number of awards, but the trustees also take account of the outlook for investment returns and keep the level of awards under review. STATEMENT OF TRUSTEES, RESPON5181LITIES The trustees are responsible for Preparing the Report of the Trustee5 and the financlal siaternent5 In accordance wlth appllcable law and Unlted Kingdom Accounting Standards (United Kin8dom Generally Accepted Accountlng Practlcel. The law applicable to charlties in England and Wales, the Charities Att 2011, Charlty IA¢coynt5 and Reports) Regulations 2CKJ8 and the provtslons of the tfust deed require the trusiees to prepare financial statemen15 for each financial year whlch 85ve a true and falr vlew of the state of affairs of the charlty and of the in¢omin8 resources and appllcatlon of resources, Including the income and expenditLsre, of the tharity for that period. In preparing those financial statements, the trustees a required to 5elert suitable accountlng pollcles and then apply thern consistently. observe the methods and principles in the Charity SORP,. make judgements and estimates that are aSonable and prudent- State whether appllcable accounting standards have been followed, sublect to any material departures d15closed and explained in the financial statements.. prepare the financial statements on the going concèrn basis unless it is inapproprlate to presume that the ¢harity will contlnue In buslness. The trustees are responsible for keepinB proper accounting records which dlsclose with reasonable atturaty at anytime the financial position of the charity and to enable ihem to ensure that ihe financial statements comply with the CharltSes Act 2011. the Chariiy (Accounts and Reports1 Regulations 2Crf)8 and the provisions of the trust deed. They are also responslble for safeguarding the assets of the charity and hence for taking reasonable steps for the prèvention and detection of fraud and other irregularities. Approved by order of the board of trustee5 On........ and slgned on its bèhalf bv., Master Clerk Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUStEES OF THE WORSHIPFULCOMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND Independent examlnerfs report to the trustees ofThe W¥Yshlpfvl mpanY of Founders Sexcentenary Appeal Fund I report to the charlty trustees on my examination of the accounts of The Worshipful Company of Founders Sexcentenary Appeal Fund (the Trust) for the period l November 2023 to 31 October 2024. ResponsSbllltles and basis of report A5 the charity trustees of the Trust you are responsible for the preparation of the accounts in atcordan¢e with the requirements of the Charities Act 2011 Ilhe Act'l. I report in respect of my examination of the Trust's accounts carried out under settion 145 of the Act and in carrylng out my examination I have followed all applicable Dirertions 8iven by the Charity Commission under section 14SlSllbl of the Act. Independent examlnÈ¢$ 5tstement I have completed my examlnation. l ¢onfirrn that no rnaterial matters have come to my attentlon In connectlon wlth the examlnation givin8 me cause to believe that in any material respect.. accounting re¢ords were not kept in re5pert 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 comply with the appIlble requirements concernlng the form and content of accounts set out in the Charlties (Accounts and Reports) Regulaiions 2C#)8 other than any requirement ihat the a¢¢¢unts give a true and falr vlew which is not a matter considered as part of an Independent examinatlon. I have no concerns and have come acro55 no other matter5 in connertion with the examination to whlch attent4on should be drawn in thls report in orderto enable a proper understanding of the accounts to be reached. A L 8reezÈ FCA Cornfield Accountants Llmlted Chartered Accountants 5 Cornfleld Terrace Eastbourne East Sussex BN214NN Date.. Pa8e 4
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD I NOVEMBER 2023T031 OCTOBER 2024 2024 Unrestricted fund5 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Oonations Investments Interest 2,5 145,2 889 2,500 125,411 Total 148,679 125,911 EXPENDITURE ON Charltable actNltles Grant5 payable to indivlduals Grants payable to instltutlons john Warner School Talk5, Lecture5 and Exhibitions 8runel Propertles 2,IC¥J 131,546 11,718 28.871 2,357 11,592 10,969 Other 19,068 8,728 Total 166,663 60,286 Net gains I Ilossesl on Investments 161,600 129,5251 NET INCOME 143,616 161,9Ch)I RECONCILIATION OF FUNDS Total funds brought forward 4.978.054 5,039,954 TOTAL FUNDS CARRIED FORWARD 5,121,670 4,978,054 The notes form part of these finantial statements Page
THE WORSHIPFULCOMPANYOF FOUNDERS SEXCENTENARY APPEAL FUND STATEME OF FINANCIAL POSITI 31 OCTOBER 2024 2024 Unrestricted fund5 2023 Total funds Notes FIXED ASSETS Investments Investments Investmènt propertv 2,249,(1 2,720,C*JO 2.042.461 2.720,000 4,969,C61 4.762,461 CURRENT ASSETS Debtors Cash at bank 32.950 163.550 38,677 229,110 196,5thJ 267,787 CREDITORS Arnounts fallin8 due wlthln one year 143,8911 152,1941 NET CURRENT ASSErs 152.609 215,593 TOTAL ASSETS LESS CURRENT LIABIUTIES 5,121,670 4,978,054 NET ASSErs 5.121,670 4,978,054 FUNDS Unrestrlcted funds 5.121,670 4,978,054 TOTAL FUNDS 5,121,670 4,978.054 The financial statements were approved by the Board of Trustees and authorised for issue on and were 518ned ory its behalf by: .S/fj.¥/zs........... The Worship ompany of Founders- per Warden The Worshipful Company of Founders- Un rden The note5 form part ofthe5e financial statements Page
THE WOflSHIPFULCOMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NOTES TO THE FINANCIAL STATEMEN FOR THE PERIOD I NOVEMBER2023 TO 31 OCTOBER2024 ACCOUNTING POLICIES Basls of preparlng the financlal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared In accordance with the Charitie5 SORP IFRS 1021'Accounting and Reporting by Charitie5: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial ReportiThg Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,. Financial Repgrting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities A£t 2011. The fTrnancial 5tatement5 have been prepared under the htStorical c05t convention, with the exceptlon of Investments which are included at market value, as modified by the revaluation of certaln assets. Crltlcal accountlng Judgements and key sources of estlmatlon uncertalnty In the applicatlon of the Charity's accounting policies, management is required to make judgements. estlmates and assumpiions about the carrying value of assets and liabilities that are not readily apparent Irom other sources. The estimates are underlyin8 assumptions and are based on historical experience and other factor5 that are consldered relevant. Artual results may diffeT from these estlmates. The e5tlmate5 and underlyin8 assumptions are reviewed on an on80in8 basis. Revisions to ac¢ount%n8 estlmate5 are reeognised in the period in which the estimate is revised if the revision affects only that period, or in thè period of the revlslon and future periods If the revlsion affert5 both current and future periods. The key sources of estimation uncertainty that have a 518nificant effert on the amount5 reco8nised in the financial 5taternents as described below: Investment properties are valued under the fair value meth(xl. Professional valuatlon5 are sought to Iv5tlfy the falr value of the property within the financial statemeThts. Income All Income Is recognlsed In the Statement of Finan¢¥al Activities once the charlty has entltlement to the funds, It 15 probable that the Income will be recesved and the amount can be measured reliably. Expendlture 'abi1itie5 are reco8ni5ed as expenditure as soon as there is a legal or constructive obligation committing thè charitv to that expendlture, It is probable that a tran5ferof economic benefit5wiII be requlred In settlement and the amount of the obligation can be measured lIably. Expenditure is accounted for on an accTuals basis and has been classified under headin85 that aE8regate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to a(tlvities on a basis consistent with the use of resources. Grant5 offered subjett to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Allocatlon and apportionment of costs The Charity's operating costs include professional fees, administration costs and other related costs. Such costs are dlrertly allocated to the Support function of the Char. Grants made by the Charity to individuals and institutions a alFocated to Charitable activities. Page•7 continued.,.
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS. eontlnued FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 ACCOUNTING POLICIES- cont5nued Investment property INvestment property is shown at most Tent valuation. Any a88re8ate surplus or deficit arising from chan8es in fair value 15 recognised in the Statement of Financial Activities. Taxatlon The charity Is exempt from tsx on its charitable artlvlties. Fund a¢tounting Unrestricted funds can be used in accordance with the tharitable objectives at the discretion of the trustees. Investments Fixed asset investments are stated at market value. Market value Is calculated as the charlty's share of the net assets of The Founder5 Combined Charity Income Common InvÈstmeni Fund. The charity's share Is calculated In proportion to the market value of the investments transferred at l Aprfl 1996 and any subsequent capltal contrlbutlons. Cash and ¢ash equlvalents Cash and cash equivalents comprlse cash on hand and other short term highly liquid Investments that ore readllv ¢onvertlblè io a known amount of cash and are subject to an inslgniflcant rlsk to changes in value. DONATIONS £2,500 was rècelved from the Robert Clutterbuck Charitable Trust, contributlnB to the slxth form s¢holarshlps awarded to puplls studying STEM sub2ects at the John Warner School. INVESTMENT INCOME 2024 2023 Rents and related income recelved Founders Combined Charity In¢ome CSF 82,401 62,889 77,225 48,186 145,290 125 411 The financial 5tatemenlS include net Income from investments managed by Charles Stanley and Ruffer, which Is distributed to the Charity. Page la continued...
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NOTES TO THE FINANCIAL 5TATEMENTS- continved FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024 TRUSTEES. REMUNEIIATION AND BENEFITS During the perlod the charity paid £16.19412023- £7,232) to its trustee. thè Worshipfvl Company of Founders, for administrative and management support. No persons connected to the trustee received any remuneration durin8 the year12023'. nill. FIXED ASSET INVESTMENTS Listed Investments MARKET VALUE At 01 November 2023 Additions Revaluations 2,042,461 45,000 161,600 At 31 October 2024 2,249.061 NET BOOKVALUE At 31 October 2024 2.249.061 At 31 October 2023 2,042.461 All snvestrnents are carrled at iheir falr value. Investments are all traded In quoted publlc Markets, prlmarlly the London Stock Exchange. Cost or valuatlon at 31 October 2024 Is represented by: LSsted investmenls Valuation in 2024 2,249,061 Listed investments represents the Sexcentenary Appeal Fund's sharè of the fund5 held in The Worshlpful Company of Founders Combined Charity Income Common Investment Fund. Pa8e 4& 1 continued...
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD I NOVEMBER 2023T031 OCTOBER 2024 INVESTMENT PROPERTY FAIR VALUE At 31 October 2023 and 31 October 2024 2,720,000 NET BOOKVALUE At 31 ottober 2024 2,720,000 At 31 ottober 2023 2.720,000 The Investment propertie5 were valued at the acqulsition date by Kirkby Diamond Chartered Surveyors, on a falr value basis. At the reporting date no remeasurement was deemed necessary. DEBTORS.. AMOUNTS FALLING DUE WtrHIN ONE YEAR 2024 2023 Rc*bert Warner Fund Danes Educational Trust retums unspent grant Prepayments 2,500 1,500 3,950 34,400 4,277 7,950 38,677 CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Worshipful Company tst Founders ENTHUSE grant Saturday Club5 8Tant Accruals Deferred income Founders Combined Charity Income Common Investment Futwj Brunel property deposit 9,316 6,842 10,000 1.980 16,449 6,646 4,500 1.555 16,276 12,121 5,400 Total CredStors 43,891 52,194 MOVEMENTIN FUNDS Net movement in fvnds Transfers between funds At 01111123 At 31110124 General fund Brunèl Fund 362,372 4,615,682 37,166 106,450 399,538 4.722.132 Unrestrlcted funds 4.978.054 143.616 5,121,670 TOTAL FUNDS 4.978.054 143.616 5.121.670 Pa8e io contlnued...
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NOTES TO THE FINANCIAL STATEMEPm- contSnued FOR THE PERIOD I NOVEMBER 2023T031 OCTOBER 2024 MOVEMENT IN FUNDS. contlnued Net movement in funds. included In the above are a5 follow5: Incoming resourcès Resources expended Gains and losses Movement In funds Unrestrlcted funds General fund Brunel Fund 10,866 137.813 17,3051 159.3581 33.605 127,995 37,166 106,450 148.679 1166,6631 161,600 143.616 TOTAL FUNDS 148,679 1166,6631 161,600 143.616 Compara¢l¥es for movernent In fvnd5 Net movement in funds Transfers between funds At OVll122 At 3Vio123 Unrestrlrted funds General fund Brunel Fund 480,218 4,559,736 1117,8461 55.946 362,372 4,615,682 5,039.954 61.900 4,978,054 TOTAL FUNDS 5.039,954 61,) 4,978,054 Comparative net movement in funds, included in the above are as folltsws.. Incoming resources Resources expended Galns and 10$5es Movement in funds Unrestrl¢ted funds General fund Brunel Fund 11.069 116,842 12,4181 157.8481 1126,4971 3.0281 1117,8461 55,946 127,911 160,2861 129,5251 61,9001 TOTAL FUNDS 127.911 60,2861 129,5251 61,9001 Page 11 contlnued...
THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD I NOVEMBER 2023TO 31 ooBER 2024 io. RELATED PARTY DISCLOSURES Durin8 the period, the charity had investment inwrne receivable of £62.88912023 - £48,186) from The Founder5 Combined Charity Income Common Investment F*Jnd. At the period end £6,64612023 . E12,1201 was included in reditors. During the year £45.C(Q wa5 invested into The Founders Qsmbined Charity Income Common Investment Fund investment accounts. Durin8 the period the charlty paid £16,19412023- £7,232) to its trustee, the Worshipfvl Company of Founders. for administrative and managemènt support. At the period end £9.315 wa5 in creditors. At the perlod end £2,5(Q12023- £34,400) was intluded in debtors as due from the Robert WarneT Fund. The charltles have the same trustee and governlne body. Page 1£
THE WORSHIPFULCOMPANYOF FO SEXCENTENARY APPEAL FUND ND DETAILED STATEMENT OF FINANCIAL AcnvmES FOR THE PERIOD I NOVEMBER 2023 TO 31 ocfoBER 2024 2024 2023 INCOMEAND ENDOWMENTS Donatlons and lega¢les Donation5 from other charities 2,500 2.500 Invesiment Sn¢ome Rents received Property insurance recharged to tenants Ftsunder5 Combined Charity Income CIF Bank Snterest receivable 75,304 7.097 62,889 889 71,258 5.967 48,186 48,186 146,179 125.411 Total In¢omln8 re50urc•s 148,679 127.911 EXPENDITURE Charltable actlvitles Talks, Lectures and Exhibltlons Grants to Institutions Grants to Individua15 2,357 131,546 2,1 71,258 5.967 136,003 40,589 Support costs Management Insurance Li8ht and heat Prgperty management costs 7,097 5,%7 4,495 4,305 11,592 10,268 Flnanc• Legal and professlonal fees Bank charges 35 60 700 60 95 70 This page does not forrn part of the statutory financial statements Page ¥ 13
THE WORSHIPFULCOMPANYOF SEXCENTENARY APPEAL FUND OUNDERS DETAILED STATEMENT OF FINANCIAL AcrivmES FOR THE PERIOD I NOVEMBER2023 TO 31 OCTO8ER2024 PERIOD OVll123 TO 31110124 PERIOD 01111122 TO 31110123 Governance costs Administration fees Computer running eosts Accountancy fees 16.194 414 2,365 7,232 1,437 18,973 8,669 Total resources expended 166,663 60,286 Net Income 17,9841 67,625 Thls page does not form part ofthe statutory financial statements Page ity