Clwty no. 253973 THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024
THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND YEAR ENDED 31 JANUARY 2024 TRUSTEES AND OFFICERS TRUSTEE8: L B•Sklhwn J Aaron5 ftKhard Gundle M Hollo R Reid P W8nhwn J VthiteN&4n ICh•trfn>m 1 Oct 20201 {Appoint•d 12 June 2023) (Appointed 18 Septemb•F 20231 {Appoi*&Y 12 Jun@20231 HARiff REFERENCE NUPABER: PRINCIPAL ADDRESS: 238 NOL Road Whrtn Twlckanh Tvf2 78W INDEpeNOENT EXAMINEIL" Mayn3rd 14eadyLLP Ch4rtered Artants Matriy H<)use 12-16 Uonel Ro Canvey Island Essex S58 90E BANKERS: Caf Bank Limled W¢•t M• Kent ME19 H88C Pk EC2N 3AQ IIIVESTMENT ADVI8ER8.' London EC2N 3AS 8ECReTARY TO THE TRUBTEES: BuGknurst Hll IG9 5SG
THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND YEAR ENDEO 31 JANUARY 2024 TRU8TEE8' REPORT Tho t10•# pres•rt me raport aw th• tkn#nttai of Ihe GhBTlty for th& ymi •nd•d 34 Janu4ry 2024. Thg lln4ndal $ttsmgras have W9F4T•d In actn wilh Ihe XGountln9 politles Ml out On Page 7 •nd compty the thoritl$ tr1 d••J ¥nd ¥cgbkn IwaT. CONSTITUTION AND OBJECTNE8 Thg ch8rtty is reguTrBted in a(than Imth a IN1 de¢d datsd 20 S•ptembèr 1967 hrmaltsed lh• chadtable oCtlwUè8 of the Worshipful Company ol Glw Sellers ol London (incl) rated by Royal Charter In 1884) {Yhe Com whiekn at that tlm• of the Abbott Fund, set up in 1875 and a.cha und" 8•1 up on 18 Juty 1945. AIIIS AND ORGANISATION Worhlpftl Crnpary of Glus 8dler¥ Ch•th Fund ¥M• 4•t ge1•1 tharitablo PllfW•, whith It fthfi18 by maklng gNntB. donatn$. scldwsh5ps ¥Ki aw•rd6 to IndIduall and owlsatlono. Th& ma areas of JUFPOrt are.. the rydor glau In(k. tho Clty •nd its spBc4 app•ali. edutatlon and tha ksB privll89ed in and arwnd City of London. I mwnbw8 ol thv Ilvery •re •xpothd ts to th¢ Fwd throughoul thglr memb•r8hlp cv)rtlng to thdr me•ro, Tho Abbott Schoiarshlp Fund pays a bursory to a deseThing •tud•nt from IM City ol Sohooi or Cty of Lcndorb School tr Gltls gni•rfng • Russel (>oup UniNWSity. Tho m•nagwn•nt •nd a(trnlnl•tr•ti¢>n oflh• dwlty kn co oul th• tnwteu p•rt.Ilm• lupport. RFrfIEW OF THE YEAR. INCLUDIMG FINANCIAL REVIEW In purnulng h obj¥ctiv8s over th8 >Y¥ to 31 Januwy 2024 thg Chadty Fund spgnt £52.286 (£65,426 202212023}, of whith £3.0601£3.078 2022120231 was frryn a re8tiid•d the Abbott Sthol8rnhlp Fund. The unmtrfGted donationj werp behveen £4888 (Induding the GIB85 In Sod8ty woje¢t •nd slutht bursari•s), Clty charmets, Indudlng the L¢rfd 11yOA app1 and •du¢ation {mauly bumrlg• & ¢th05arniiLo8 to stydents at City JrhodJ) and ther¥. bwuri•s 11 btr rfrvia¥&J on an trU81 bs818. The ¢hartty finances several aw&rd¥ indudiw The Gla8$ S•Hern' Art and Craft Award. Th• Gl•8• Sellor•' •nd Craft Stud•nt Ard. The G1888 Sell8TS' Be&Van Piano14Re, Th# Glass Seifefs. Trophy, The Gla88 8eller8' Saencè and T¢chnokigy Award and Tho Glass 8elkn Tankar A¢bvity l•veLg during the year •nded 31 January 2024 ha¥e I•d 8S Bcfwls #nd othèr org8nL4atKMs r opened following the lilbng ol COV50 re8trietlon8. Grants a8 pgrl of Glass Soclety sthoots proj )ntlnwl a tolal of £19.&38 awarded during year (21r22r23 £21,943) in •iipport of STEM Isuenee. Technol(¥y, Englnv•rlTh3 8fKI Malhemth) I¢ted wc4edB.
THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND YEAR ENDED 31 JANUARY 2024 TRUSTEES. REPORT PU8UC BENEFIT I the grants made by the charfty fall its objects by swting e¢AKatlon at all love15 - from primary thrtsugh to twtiary educatlon. In addition, we seek lo Support d0nent ol artists through 8 numtrér of awardB. Tr truetees bdieve that its grants, jn¢Win9 t1 fw Tr)n-edu¢ab"onal purposes, meet the Charity Commi?¥on's tesl of publk ben1. INVESTMENT POUCY The twlees have efjnsidered the most appropria knvesting fund• and have condude(l that inv¢8ting in a broad ba$8d portfolh) meets il¥ f•quirements for and grrhyth t a wde Sprèad of rlsk. 11 1$ the tru¥tee8 poficy to alm to incre8se its investsnents each yoar by not lo•$ than 10% of its incom• from donati5, but this is dependent upon current market flLthatbns. Charlty 18w requlres the tru8tees to prepa fina181 ¥tatem8rkn fLY fin4n¢y Y whlch glve 8 tru• and f8ir viaw of the chartys finantyal a¢tivrt8 durlng the year and of ts finan•1 powlion at the end of the year. In •Partn9 those finwKi81 gtatom¢nt•, trteel requtred lo.. 8elect suitable •cGwnting Cles and th ap tsm ¢1¥1$t•nty, make judgements e8Mal that •re re••oroble •nd prudent; Slate whether applicable aG¢ounting 8l•ndards staten of re¢ommended practi¢e av• boen lolbwed Slkniect to 8ny departures disdo8èd and exF4alned in the financial stalement$- #nd Pfepare the finan¢ial 8talem•n18 on ts going concwn b85is urdess it is fftapwoprf to presume that thè charity will conunue in bu8in8. The trustees afo rtsponslble for keeFing proFer ¥cs)unting Tecard5 whith dIsc4o wfth reasonable ccuracy at any tim• the fiMn¢ial posibon of the (arity and to them to ensurè that tho flnanclal 8latement¥ comply wlth the requir•ment$ of the Charfl¥ Act 2011. They 00 a0 Te8pon$tile for safeguarding thè asso18 of the tharity and h•nce ilking reasonable sty for tho prevention and d8te¢lion of fraud and othor IrregLdaritie8. Trust•e 9 September 2024
THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND YEAR ENDEO 31 JANUARY 2024 INDÉPENDENT EXAMINEA'S REPOtT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF GLASS SELLW OF LONDOM CfrIARiff FUND I report to the charity tru5tces on my •xJminadon ol the accounts of the ¢harity for thè year ended 31 January 2024 whlth are Set out on the smement of Fhartclal AcDvltl05: Balance Sheet,. notes to the flnanclal sktements. RESPON31BILITIES AND BASIS OF REPORT As the ¢horWs tru8tee8 you are rw)on•thAe for th¢ yyratbon crf ts aCC(xMrts In •L%ckn with th• f8qutrements of the Charttle¥ Act 2011 fthe AGf). Th ¢hanV• tou•l•w errtdèr that 8n audit Thot r8qulred for th18 y••r und•r sxoon 144(2) ol the Act 2011 Ctho Acri and tht an Independent •xamknation b needed. I r•port In r•yci of my •x•mindon of tho tharwg accwrt• canled out undw 8ectlon 145 ofthe AGt and In carylng out my exwnlnatlon I hwe follothd •ll •PpKC•• Dk•ell¢yi• elwi by Chaffty comm18 under A70n 145 (51{b) ofth• 114DEPENDENT EXAIIINER'8 8TATUIENT I hryve Gomplot•d my ex2mln8t•)n. i eonfffib thai no nAtwlal m•tt¢rn Iw• com• to my att•nkn In conn•ctlon wlth lh¢ ex•MInab gmng m eauu to b•leb Ihat In any mal•rtaS rn•p• (1) a¢coLwWng T•¢ord• w4rn not kep In respert ol Ihe ctharlty u req(dr•d by 130 ofih• Act: {2) I have no corKemJ and hovo ¢ome rOS no mattorn In cOnrlI0n wllh ihe exominauon to wfrlth AttanOn should be drawn kn Ihts report In order to rAE•bl• • woper understhndkng ofthe &¢cgunts to b• r68ch•d. Maynard Hea y LLP Chartèred Accountants Matrlx Hou5• 12-16 Lionel Road C•nvoy Island Essex SS8 9DE
THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND YEAR ENDED 31 JANUARY 2024 STATEMENTS OF FINANCIAL ACTIVITIES 2023 Fund Fffid The Abbott scharshIP Funrj UnTeg1j S¢noJarsnlP Funds Fund Unrngtrkted Funds INcofiiiNG RESOURCE8 Dongllon$ and Income tox repayments relatlng theieLD Investment incom• Fundral8lng incomé Support from Unre5trl£ttd Fund5 Legadea 8ank Int•mt 30,981.78 22.435.26 7.720A2 38,979.59 21.429.73 7.446.10 3,(VXI.IY) 25IXN).(X] 1.244.19 uo 266.35 0.64 Total 5nGomlng RMourG•• 87,381A5 3,lJ)L30 68,lli. S,0,64 RESOURCES EXPENDEO Dlr?¢t chtable ExpwidlluY•: Scholarshlps Grants and flonaliong: 3.0(K*.00 3,LKKI. 2L968.21 4,284.00 2,5LXI.00 8,980.CMJ 4W. 186.20 3,078.33 345.(X) 3.IXKI.00 22.142.96 19.128.20 2,040.00 5.995.IX> 5.024.09 217.20 1517.99 282.15 NDn Edu¢8Uon•l Edueationol Non Edueallon•l Ctty Fundr81glng co Admlnlstration expen1 (bank Ghwgei} Governance sts PR And m8rkftting costs Payments on behalf of Abbott Scholarshlp Fund 60ffjO 7LOO 49205.74 3.060.t 62.347.59 3.078.00 NET INCOMING RESOURCES FOR THE YEAR OTHER RECOGN13ED GAIN8 AND LOSSES (Losses) on Investments 38.176.11 {5O.YO) S.Y7&18 1,•22. 11.657.91 4,059.81 3S,929.08 377.92 NET hlOVEMEKT IN FUNDS &61&20 (411&31} (30.16Q90 (45&2BI Fund> brought for4Yard Funds carried forw8rd 663.577.81 47,747.50 690,096.01 43,639.19 693,732.71 48,202.78 S63.81 47,747.50
THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND YEAR ENDED 31 JANUARY 2024 BALANGE SHEET 2024 2023 Re¥trlcted Fund FurKI The Abbott Unrestitted Sthlarship Fu)d¥ Fwd Unrestrlcaed Funds Ssholarshlp Fund FIXED ASSETS Invesknients at m•rket value 548.765.70 43,(J)8.42 560.423.61 47,068.03 GURRENT ASSET8 Cash at bank Debtors Inler-fundl transfer 141,264.86 3,265.45 620.77 102.978.50 3.325.70 679.47 693.296.01 43.629.19 666,727.81 47,747,50 CREDITORS & DEFERRED INCOME (Due I¢hIn one yearl 3,200.00 3,150.00 NET A8SET8 LESS CURRENT LIABILITIES 6,096.01 43,6.1• 683,677.81 47.747.50 FLIND8 On CgpRal knouni On Accumulated Inrthne Account 32,437.00 31437.00 657.659.01 43,629.19 631,140.81 47,747.50 690.096.01 43.829.11 663,677.81 47,747.60 Approved by the Board of Trustees on 9 September Z024 and slgned s>rt Rs behatf by.
THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND YEAR ENDED 31 JANUARY 2024 NOTES TO THE FIP4ANCIAL sfATEMeins ACCOUNTING POLicies thnanc%al slatements have b¢erh proparod undèr IM co•t cLYNenUon In acwd•n wlth applkat4e aGctIl9 stsnd¥d•. as modifi•d fry th• ir+cJuslon of fixed ats8t Irwestrnents at markèt valuè. In prepa1 the fin•Mal alatemts tho &4nty followA best pradlce as latd down In thè Ststèm8nt of ReCmended PraG11 8nd Rewttyip by ClJ&rltto3 ISORP 15). In¢ome is recorded 4s recehaLrf¢ the •fflwrt l• knchyn. ¢)thephl¥e it is rocordgd on a caBh reeotved baw#. DONATION8 Dtsnatb •nd a$atd Ineomo t•x r•paymwrt8 w• (x•th•d to th• •t•tomw ofl1Tw0l •Lvlti•S In th• year lrt which they are recelv•d LY INVESThIENT INGOME Investment Income Is )oUnted for In th¢ p¢rtod In Tthkh It Is rcel¥ed. INVESTMENTS In ¥cc¢xdan¢• SORP 10 the chwhy tecLwth In¥tments held •t mothei vas, YRU8TEE3' REMUNERATION Th• chorlty ha8 rKI emkloyees and none of the ts7 recdved any remwwlon. Exp•fi•e• r8lmbuT8ed are th$d0sl In Note S. INV&8TIIENT8 2024 2023 Re5tr1cted Fund The Abbot ScholaT5hlp Fund Fund The Ablxjt Unrestrorted 5th01?r5hlp Fun Fund Unresfrlct4d Market value at l February 2023 560,423.61 47.068.03 596,352.69 49,445.95 Market11055} forthe year (11,B5T.91) (4.059.01) (35.929.08) P,377.92) Market Valw At 31 January 2C24 548,705.70 43.008A2 560.42161 47.068.03
THE WORSHIPFUL COMPANY OF GLASS SELLERS OF LONDON CHARITY FUND YEAR ENDED 31 JANUARY 2024 NOTES TO THE FINANCIAL STATEMENTS FUNDS R•strl¢tsd RestrlGted funds h¢ld •mounth r8cd¥ed tr sp8unc 8¢thW8s K1 expenthturn M thoie actMtl¢s IB get against thosa unts. Abw S¢hohvghlP The Abbott kholarship Fund pays a butsary to a de5ervln8 studet)t from the aty of London School or Clty of London Sehool ftsr Girls enterlnq a Russell Group University. The fvnd Is lon8er able to cover
full 5cholarshlP but pays a buT5Ory to help ihe 3tud¢nt ¢obtr Iwln6 expenw during thelr tlme at
unlver51ty. Tho lrtome from the 18 no lonpr Jufftdent to oupport ongoin9 bursary paerrtS. The truste08 have th8r8fore agreed that thg chantys ur5[cled furKls 11 be used to ¥ettlo the80 amounts. In the year ended 31 January 2024 the Support gfvan to the Id13r$hIP fund amounted to £3,000 1202f23: £5,000.) Unr•¥trlcted lund• Unrg8trrci•d funds eomprli• donations and Income recel¥¢d for geTaI of tha charty. TIIAN8ACTION8 WITh TftU8TEES Durin8 the year. InJ*ees werv relmbursed expenditu of Énll 12022123: £nlll whllst und•rtakln8 acthitbes the Gharliv.