2021-02-28-accounts

Charity Registration No. 258035 THE FLEfcHERS TRUST TRUSTEES, REPORT and UNAUDITED ACCOUNTS YEAR to 281h FEBRUARY 2021

Tho Fletcher5 Trust Trustees. Report Year to 28lh February 2021 The Trustees preser¢t thèlr Report and A¢counts for the year ended 28th February 2021 StnKturei governance and management The Trust was established by a Trust Deed dated 15 Noverthr 1968. A Trustee must have been a Warden of the W)rshipful Company of Fletchers and may b8 appointed by resolution of a meeting of Trustees. The Trustees appraise the Court of the Wlorshipfvl Company of Fletchers 017 both resources and Charitable activiti88 undertaken on a regular basis land thereby the membership of the Company who are the principle donors}. Administrative work is undertaken through the Vt)rshipful Company of Fletchers. Obl•ctlvM and a¢tlvftl A major Obl￿tive of the Charilable Fund 15 the PTOTTh)tion of the sport of archery among the disabled and in any other way which can be properly regarded as charitable. A subsidiary objecl is the promots'on of sporting activity ft)r disabled persons or disadvantaged youngsters in and around London. These objectives fall within the orvJinal aims of the Trust, namely the relief of poverty amongst Liverymen and FreerrEn of the Company of Fletchers or those engaged in the trade or manufacture of arrows, or fof such chafrties or charitable purposes and in such proportions as the Trustees determine. This discretion allows the Tru$lee$ lo be associated wth any appeals put forward by the Lord Mayor of the Cty of London and to support appeals with a $pe¢ial City of London connecb'on. There is also an understanding that the Master of the Worshipful Company of Flet¢hers may nominate a particular charity for SUPFX)rt duriThJ his year of offico. The Tru$loe$ havo paid due regard lo guKlance issued by the Charity Commr6sion in deciding what activities the Trust should undertake and guidance on public tenefil. The focu5 Of the Fl8tchers Trust is to provide support and access for disabled people of all ages and all backgrounds to a ¥port which not only helps them physicalty bul also helps to build up their selfsteem. The Trust funds are used not only to help individuals but also lo help widen access to the sport by learning up with organisalions, such as AGB, the British Wheel¢hair Ar¢hfrry Asso¢iatlon and British Blind Sports, in order lo help them identify and reach out to those who have ts￿nt and potenb'al. Income raisin9 is primarily via the merntership of the Worshipfijl Company of Fletchers.. the Trustees encourage and recèive applications for support in the relevant areas and attempt to mantain a relabonship with bodies which arrange the support and Iraining on a group and indiv￿ual basis. Aehlevements and porfomian¢• The Trust made donations tolaling £22,245 to individuals and support bod￿, mostly in supporting archery for the disabled. Grants were also rNqde to SUPFQrt ed￿ath"on and milrtary affiliations. In a year when there was little in the way of archery held events, the Trust has b￿￿ able to help Deer Park Archers in extending their premises. Non arehery bodies, such as Mudchute. wh￿h provides a safe haven for children on the Isle of Dogs in the time of disappearing supp)rL were again supported as well as the Lord Mayof s Appeal. The Trust is the onty Charity within Great Britain which supports disab￿ archery and the evidencè of appreciatson throughout, continues to be heart-warming. Many of those archers who have been helped have gone on lo wtn medals at national ¢ompettbons, international and Paralympic events, providing a powerfijl motwational force for those tying to overcome or ¢ope with disabilities which prevent them from enjoying mre mainstream sports. Aetsss to funding in this field is limited and the Trust is filling a gap which might not otherwise be the case.

Th• Fletchors Trust Tru$ts8s' Report Icontlnuedl Flnanclal revlew The Charity's funding comes from donations by the m8mbers thernse￿es, from ￿SK)nal fiJnd4aising events and from the retum on investments. Th& inveslments are accounted for on a Total Retum basis. Income arising on investments during the yèar has t￿n apportioned b8tsveen th& Unrestricted Fund and the Total Unapplied Return Ilncomel POTbon of the Endowment Fund on a pro rata basis. At the reporting date. the permanent Endowment Fund stcK)d at £142,255 of which a maxirNm of £13,355 could released for charitable oxpanditure.. tho Unrestricted Fund was £97,136. The Trustees. policy on reserves is to maintain the Unrn8trthd reserrfes at befv¥e8n 1 to 2 years￿￿rth of charitable expenditure lo allow for rolling commitments in reccwjnilion thal recipients may be retying upon continuity of support to fvlfill a particular objective. Investment perf0m￿nCe is monitor8d by the Tfustèès who r8cérrfe régular reports from the Investment managers, together with the overall investm8nl strategy. The Twstees have assessed the rnajor risks to which the Trust is exposed and are sali8fied thos& systems are In place lo mitigate exposure lo the major risks. In particular. the Trustees have considered the impacl of COV￿-19 on the ability lo continue to support a number of charilabk acbvities. Arthough a reduction in income from investments is anticipated, the bulk of annual Income is received from members of the Worshipful Company of Fletchers and the￿ are no indicatlons that any material reduction in such income is likely to arise. The capital value of the investrment portfollo continues lo recover since the fall in Global Stock markets earfier this year. Reffrrnn¢• •nd •dminitrntlv8 d?tall Tru•t and Tru8t•e8 The Trust Is formally entitled as The Fletchers Trust and is regislered with the Charity Commission under ref.. 258035. The Trustees, who $erved from 111 March 2019 to the date of this ReF#yL are.. Mr. C J Brown lapwinted June 2001)- Mr. A C Mcmillan lappoinled March 2016). Mr. l K R MacLellan {8ppointed December 2016). The prlncipal address ￿ correspondence is.. 37 Wallingft)rd Avenue, London W10 6PZ Profg88lonal advl¥grn Banks HSBC PIC 1 Aldermans Hill Palmers Green London N13 4YE CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ Investment adviser Rathbone Investrnent Management Ltd 8 Finsbury Circus London EC2M 7AZ Independent Examiner Mr. K Hubbard-Brown 24 Beckett Avenue Kenley Surrey CR8 5LT

Approvod by th6 Tnt8tees on 2021 and signed on their behall ty. Mr. C J 8rwb (Tnth)

Independent Exmlnoe4 Rgport to the TruJt•e8 of the Fletchern Trust on Accounts for th• year •nd•d 28th F•bru•ry 2021. ••t on pg•• 3 to 11. I report to the Trust￿ on my 8xamlnadon ol ihe acxxiunts ofthe aty)V8 chertty llho Trusfi lor the ytsr ènded 2811 Febru8ry 2021. A$ the charity's Tru$tè9s, you are reswnsibll for the prwrauon ofth• 4co)unts In accordanc wlth thg rwuiTgm¢nts of the Chariti¢¥ Atst 20111.the knri. I rèport In r88p8cI of my 8x8minatlon of th8 Tnjsvs carr1 oul undgr 145 of th• A¢t and In cafrylng Out my 8xamlnallon, I have lollowed all tho apik8bie DlrKllon8 gfven ty the Charity Ccffiml8sk)n undèr 8eCtlon 14615)Ib} ot the Act I havè eompletgd my ￿8￿￿nAtIOn. l ¢onfim that no mat•ro1 m•tter8 havè Con￿ to ry attèntion In ￿nn￿¢￿On with th• eX8mlnallon whlch gives mé c8U88 to belleve th81. in arry rrthriol re8pecl'. Th8 Aecounttng rocord8 wère not kept In ￿0￿janC￿ Ittt￿n 130 ottho or. Thg ￿UnIS did not 4co)rd wlth tha actounting T•o)rd•', or, The 8ccounts did not eompiy wftb th• applicabl• r8qulr•m8nts coneornlng tho form and wnt•nt of acc>unts 881 out in the Charities (Accounts and Reports) regula￿¢￿$ 2008 0th8r than any roqulr8monl that the accounts glve a'tru8 8nd falff which h not • matt•rMn8idknY •8 Part of an Ind•pw￿enl wminatlon. I have no conc*m8 and have ￿m• 8cro#$ no oth•r matter8 In connectlon wtth the examlnguon to whkh 0ttonYon Ihould be drown In thls rgpprt to enobla 8 prgp8r under•t8ndlng ol the 8¢oJunt8 to bfr rèached. K Hubbard-Brown. FCA 2021

The Fletchers Trust Year to 28th February 2021 Statement of Flnancial Activities Totsl Tolal Ulrnslrlct Endow. Fund Fund Funds 2021 Funds 2020 Income and Endoynnents from: Donations and leg%ies Investments Total 27,414 1,312 28,726 38,650 28.690 3.186 31.876 44,211 Exp8ndlture on: Charitable activities Governance Costs Totsl 22.245 22.245 42,085 26.249 26,249 45,852 Not èalnslllo••q•) on InvMtm•nl• 6,353 9,329 15,682 417 N•t Incom•ll•xpondltur•} Roconclllatlon of Fund•: Total Funds brought forward 88.342 129.740 218,082 220,340 Total Funds cary ft)rward 97 136 142 255 239 391 218 082

Tho Flotchers Tn*t Balance Sh¥•t at 28th February 2021 2020 Flxed A8•0ts Investment• 181.363 1TT,574 Curront A••ots Debtors Bank balan 5,199 5,822 58,028 41,258 Curr•nt Ll•blllll Credltc -750 N•t Cuff•nt A••• Total A•••t• 239 391 218 082 Fund• of th• Charlty Endtyym￿l Fund 142,255 129,740 Unre8tr1cted FurKI 97,138 88,342 239 391 218 082 Approved by the Trustees Jigwd on their ￿hat1 by: 2&>z I Mr CJ Brv (rrustee)

Notes to the Accounts - Year to 28th February 2021 1. A¢¢ountlng pollcles a) Basls of preparation ond assessment of golng concern The attounls have prepared under the htstorical cost convention with items reco9nised at cost or transacbon value unless otherwise stated, and in accor(Jan with Financial Reporting Stsndard 102. The Trustees consider that there are no material uncertaintses about the Trust$ ablllty to continue as a going concern. In respect of the next reporting Feriod, the r￿st Significant areas of uncertainty that affect the carrying value of Trust assets are the level of investnEnl ￿turft and the perfonnance of investment markets. bl Incomo rncognttlon All income is recognised once the TnJ5t has become entsded to IL Donations are recognised when the Trust has been not[r￿d of both amount and setuemenl d*e', rf the donat￿n is subject lo ¢onditions any inco￿￿ is deferred and eipt of the c8ptsI is not induded in the acojunts until the Trustees that the conditions can be fulfilled. Legacy gifts are recognlsed on a case ty ¢a$e basi$ followng the Grant of Probate when the ExecutorlAdrninistrator ho confirmed both the amount and $ettleThnt date. Interest is included when receNable. DIVId￿d8 are recognised when the dNidend is declared and normalty when notffied by the Investment adviser. c} Expondlture fecognltlon Liabilities are recognised as expendilure as soon as there is a legal or conslruclive obligation committing the Trust to that expenditure. and on an ￿cTual& basis. Grants payable in furtherance of the charitable objects of the Trust and which are . uncondilv)nal are recognised when paKi. Those wh￿h are subl￿t to conditions are aCcrl￿d onty when unfijlfilted conditions attxhing to the Grant are outside the Trusvs control. d) Irrncoverable VAT lrrecovera￿e VAT is char9ed against the experKITture trWh￿h it was incurred. el Fixod assot Invgstrngnts Investments are a fomi of basic financial instrument and are initially recognised at transaction value. and subsequentty m8asured at their fair value at Balan Sheet date using the ¢losing quoted market price.

The state￿ent of Financial Activibes includes the net gains and thses arising on revalu*ions and disF#xals during the reporkn.ng period. The Trust does not acquire Put Options, Derivalives or 0th8r complex financial instruments. Th8 main form of financial risk fac8d by the Trust is that of volatility in Equlty markèts due to wider econom￿ ¢orKliti'ons. and within particular sectors. f) Reallsed and Unrea118ed galn8 and losses All gains and losses are taken to th8 Stateffwl of Financial Activiti'es as they arise. Realised gains and losses are calCu￿ed on the drfference beTrAeen sale procaeds and their opening carrying value { or cost if purchased withln the reporting period). Unrealis¢d gains and losses are calculaled on the drfferènce betwe8n the fair value at the end of the reporting penod and their caTriiThJ value. Realised and Unrealised investffent gains and losses are cornbined in the Statement of Financ￿1 A¢tivitie$. g) Fund• Unrestrictsd.. lil Unrestricted income fvnds comprise those which the Trustees are free to use for any purpose in furtherarKe of the charitable objects. Designated are those vthere the Trustees, at thelr dlscrelon. 1111 have created a fund for a sp8cific purpose. R8stricted'. compri$es funds to be used in accordance with specthc instructions imposed by the Donor or by De￿. Endowm8nt" Permanent.. a capital fund with no tM)wer to convert the capital li) into incoff￿. The Fund must be hekl indefinrtely but the assets can be exchanged and may deprectate iy lose value {as in the case of quoted investments}. There is one Pennanent Fund representing arxumulalions of donations rn￿e by Merntr￿s of the Livery with the intention of being of a apital, and thereby. a pemwnent nature. Exwdable.. at the dkscrets'on of the Trustees these may be (ill applied as Icome.

1. Donations and Legacies. 2021 2020 Donations Gift Aid 23,527 38,650
2. Investment income 2021 2020 Dividend$ Interest 3,132 18 3.397
3. Charll•blg aGtlvltlo8 2021 2020 Grants to 7 Individual aT¢hers12020'. 191 Grants to Institulions for the disabled Sundry Grants Total Grants 6.960 3.645 13,248 17,953 10 884 Th8 Report of th8 Trustees indicales the purpose and applicatson of Grants made durlng the year. dotailed aff￿unts are availab￿ from thè clo￿ ijn request

4. Governance ¢08ts 2021 2020 Investment Manager Administration 1,503 2501 1,767 Administralion in¢lu¢Jes £2.OCrf) Payab￿ to the Worshipfvl Company of Fletchers for adminislralion and support servtis. None of the Trustees. or persons Connected to them, received any fomi of remuneration or were reimbursed any expenses during the Y￿r. There were no employees during the year.

5. Fixed Asset Investments Movements during the year 2021 2020 Opening market value Addrtions, al cost Disposals Net surplusl{loss) Closing market value 177,574 24,185 -36,078 15682 181 363 178.470 8.801 -9,080 -617 Historical cost at year end 133572 143 105 Inve8tment• Ot folr value ¢omprl$ed: 2021 2020 Equits'es Fixed interest Cash held wjthin the investment portfdio 154,766 2,412 141,410 18,942 181,363 177 574 All investments are carried at fair value.. al traded prices on quoted public markets (mainly the London Stock Ex¢hangel and lor Unit Trusts el¢. at the Bid Price. Sales and pur¢ha$e$ aTr at the Iransactson price. The slgniflcance of financial instruments to the ongoing financial sustainability of the Trust is considered in the Trustee's Annual ￿pOrt. The min risk to the Trust ￿ the combination of uncertain investment markets and volatility in yiekl. LiquKlity risk is anticipated to be low as all assets are trajed and market regulators have indK*8d an intent lo provide for orderty trading. The Trust manages investment risks by retaining expert advisers lo ftjffil the Truste8 instructions to provide a high degree of diversrfution across appropriate investment classes.

6. Current assets 2021 2020 Gift Aid recoverable All Current assets related to Unrestrthd Funds for b)th years.

7. Curront IlabllltlB8 2021 2020 Grants and Prizes 750 All Current liabilths related to Unrestrthd Funds for both years. 10

8. Analysis of Charitsble Funds Movements during the year FurKI Fund fwd. Incorre Expenses Gain5 Endowment Un￿Stricted 129.740 3,186 88.342 28 690 218 082 31876 9,329 142,255 97 136 239 391 26249 15682 Endowm•nt Fund The Trust has adopted a 'Total Retum Approach" under which the permanenty endowed funds are invested to produce an investment retum without regard to whether that return is in the fom of inccrfrÉ (such as divKlends or interest) or ￿PrtaI appreciation. The investment retum foms a Component of the Endrmed Fund known as the "Unapplied Totsl Retum" The Trustees then ￿riOdiCallY determine how much of the Unappli8d Total Retum is released to Income lof spending and hu4V much is retained for investment as component of the Endowment The EndoWn￿nt Fund accordingty has tsvo distinct comp)nents'. {1) the value of the original and any subsequent grfts made io the Capital of the endowment (whfjch cannot be spent).. lem)ed Yrusl for Inveslffenf,. {iil th& accumulated inv8slry*nt returns f￿rn the investn￿nt of the endowment, less any amounts whKh havo been allocated lo in¢ome'. termed "Unapplied Total Retum.. Unapplied Total Retum Trust for Investment Total Endowment Gift componenl Unapplied Total Return 127.$88 127.588 129 740 Movements Gifts of endowmenl funds Investment ￿turn 1,312 1.312 11.203 12.515 11.203 11.203 1,312 Ifwd. Gift component Unapplied Total Return 128,9 128,900 142 255 11