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 V*t)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 self*steem. 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 •dmini*trntlv8 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 Ex*mlnoe4 Rgport
to the TruJt•e8 of the Fletchern Trust
on Accounts for th• year •nd•d 28th F•bru•ry 2021. ••t on p*g•• 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$tè9s, you are reswnsibll for the prwrauon ofth• 4co)unts In accordanc* wlth thg rwuiTgm¢nts
of the Chariti¢¥ Atst 20111.the knri.
I rèport In r88p8cI of my 8x8minatlon of th8 Tnjsvs carr*1 oul undgr 145 of th• A¢t and In cafrylng Out
my 8xamlnallon, I have lollowed all tho apik8bie DlrKllon8 gfven ty the Charity Ccffiml8sk)n undèr 8eCtlon 14615)Ib}
ot the Act
I havè eompletgd my ￿8￿￿nAtIOn. l ¢onfim that no mat•ro1 m•tter8 havè Con￿ to ry attèntion In ￿nn￿¢￿On with th•
eX8mlnallon whlch gives mé c8U88 to belleve th81. in arry rrthriol re8pecl'.
Th8 Aecounttng rocord8 wère not kept In ￿0￿janC￿ Ittt￿n 130 ottho or.
Thg ￿UnIS did not 4co)rd wlth tha actounting T•o)rd•', or,
The 8ccounts did not eompiy wftb th• applicabl• r8qulr•m8nts coneornlng tho form and wnt•nt of acc*>unts 881
out in the Charities (Accounts and Reports) regula￿¢￿$ 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.

2. Donations and Legacies.
2021
2020
Donations
Gift Aid
23,527
38,650
3. Investment income
2021
2020
Dividend$
Interest
3,132
18
3.397
4. 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
6. 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.

6. 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.
7. Current assets
2021
2020
Gift Aid
recoverable
All Current assets related to Unrestrthd Funds for b)th
years.
8. Curront IlabllltlB8
2021
2020
Grants and Prizes
750
All Current liabilths related to Unrestrthd Funds for both years.
10

9. 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