Charity reglstration number: 275080 The Broderer's Charity Trust Anrbu•l Report and FSnan¢lal St*gmonts For the Year End S Aprfl 2023
The Brodererfs Charity Tnmt Contents Refeft¢e and Administrativè C)etai1s Trustees. Report 2103 Statement of Trustees, Responsibilities Independent Examin8rf$ Report Staiement of Financ klivities Balance Sheet tès to the Financial Ststeffffjnts 81014
The 8rodoreV$ Charlty Trust Reference and Admlnlstratlve Details Chairnan P E Lum {Past Master) Tru$t¢os S A C Bonnington (Master 202>24) Mrs E M Elvin (Court Member) Mrs L A Palmer (Court Membefl J M Nwll (Court MembeTI M Palmer-Edg8cumbe ILNeryman) J H Williamson {Liverym8n) Secretary BrigwJi9r W AklrKlge CBE Prlnclpal Offlce Orchard Hou88 Vicarag& Lane Steeple Ashton TKNA)ridge lis BA14 OHH CharSty Roglstratlon Numb•r 275080 Ind8p•ndent Examlnor HJWH8mwn West Wing, Beedings Castle Nulboume La Pult)rough Vkst Sussex RH20 2HS Bankorn Lbyds Bank Pk 1S4 Wation Rowj East Molesey Surrey I8 OKP Invostmont Manag•rn Invest Weatth & Irwestmenl 2 Gresham Street London EC2V 7QP pe1
The Brodernrfs Charity Tn1 Trustees. Report The Trustees present their annual report twher wtth the financial $L9tentS of the Chanty for tho year ended 5 April 2023. ObJoctJvg$ and actlvltl68 Objects and alms The Charity is constFtuted by a Twsl Deed dated 29th Deeember 1977. and ils objects are to pay or apply the income of The Trust Fund, and lo pay or apply capital, for sueh charrtable purposes. subiecl to the terns of the Trust Deed, or as the Court of the Ctynpany may from time to time di11. The mairb chalilab obltIveS e'. al The advancement of education of persons desiring to be apprentK&J in the art of embroKIgry through a recognised educatKJnal Chanty. bl To award prizes in connection with examinath)n8 or work of apprentice5 or persons undergoing training for any recognised art or profession cl To make donatn$ 10 8ny registered Charty having a dirgct connection to the art of ambroidery or those with the need for as$i8lance with embroidery related wuiremants. dl To make donations to any registered Charity and in partular lo Gharilies rKrfninated by the Lord Mayor of the Cty of London for the time b¢ing logdher wrih Charit having a direct ¢onn#tion wlth the Cty of London. Publlc benefft The Trustee$ Confirm that they hava eompli•J with the requirements of 8ection 4 of the Charities Act 2011 to have due regard to the public benefrt guK4anc6 published by the Charity Commission for England and Wales. Grant maklng pollcl•s tt is the policy of the Tru$t¢•$ to make grants in accordance wilh its objoctivos. The Tfusl¢e5 confim that they have referr to the gupJanc8 contained in The Charity commi38n.5 general guidance on public benefit when revi19 the Tw$Vs awns objectives and in planning future activities and setting the grant making p¢Jicy for the year. Structur•. gov•rnancg and management R•cruitment and •ppolntmwtt of Trn$t$ The Trustees are all members of the Lwery of The Worshipfvl Company of Broderets and m881 threa limes a year. P E Lumw i8 a Past Master ol the Ccmpany,. S A C Bonnington, E M Efvin, L A Palmer and J M Neill are Court Assistants and J H Wlliam50n and M Palmer-Edgecumbe are Livèrymen. Day to day admini51ratK)n is the nSIbl4ty of the Secfglary. Appointment of Trustegs 15 govemed by the Trust C)eed of the Charty. The Company is authorised to appoint new Tnjstees to fill va¢ancie5 arising through the resyn8tv)n or death of an existing Tfustee. Inductlon and training of Trnstees New Trustees will have been liverymen of The Wor5hipfiJl Company of Broderers for a number of years prior to being invited to become a Tnjstee and are ware of the purposo of Ihe charity. Not wrthstanding this the Chairman and Secretary will Proje them wiéh historical inforrnalK)n and spend lime as part of thoir inducti(Jn process including inviting them lo attend Trustees meetings before formally accepting the posf(Kin. Pagg 2
The Broderefs Charfty Tn1 Trust•es' Report 0ryan1satlonalstrucre Th8 Trust88s aminisler the Charity in acccKdance wtth the Trust Deed. Relatlonshlps wlth rglatsd partles Rfjl•tèd Partles The Charity was set up by the Worshipful Company of BrcKl8rers arKI the present Trustees. comprising Past Master P E Lumley. Court Assistants S A C Bonnington. Mrs L A Palmer, J M Neill an(1 Mrs E M Elvin,. J H Williamson and M palffr-EdgeCUMbe members of that Company. MaiorRl$ks WKI Managwnent ol th0 Rlsks Rlsk Management The Trustees have assessed the major rk8ks lo wtth the Charity is exposed. in partUlr those lated lo the Operatn5 and finance of the Charity and are satssf that ajequate systems and procedure8 are in pl&e to mrtigate eXpure to those rks. The naturn of the rtsks and tho a$$o¢ialed 8yStem8 and pro¢edufes are regukrty reviewed. AS part of thg process Trustees ha implèmenled the following.. - The Tru8teeJ meet at le881 Ihrge times a year to revkn the ffinancial position of thè Trust and oth matlers and lo consider applkations for grants The Trusteos have reviewed the Trust's Imn intemal financkql controls and are 88tisfied that th88e are appropriate in minimising any risk to the Trust fttnd8. - The Trustees have prep8red 8 risk register wilh likelihoc*J and irpts or each risk iJenlifi¢d. The Rl$k Register Is revi8wed at ba$1 annually. Resgrvgs Pollcy The Twslees ¢on8id6r the unrestricted General Fund. whth affKJunted to £811.441 at 5 April 2023. to be primarily an investment fund hekl lo generale income and provKlg a maasure of stability to thé Chanty'8 grant making Progr. annual report W8$ appro¥&J by the Tru5t6o8 ofthe Charity on 2f ex4•rand signed on Its behalf by.. fikll P Lumle Chairman Page 3
The Brodeyerfs Charlty Trust Statement of Tn. Responslbllltles Law applicabb lo charitie5 in England and Wales fequires the Trustees to prepara %count$ for thè financial year which gNe a true and fair viwl of the Charitable Trust's financial acINitS during the year and of ils financtal pOsitn at the end of the year. In preparing the accounts that give a true and fair view, the Trustees should follcr•V best practice and.. select suitable 8ccounling pOlS and 4¥Jty them consi5tentfy; observe the methods pftnciples in the Chaiities SORP., makg judgements and estimates that are reason8ble and prydenl", slate whether applicable UK Accounting Standards and Statèmtsnts of Recommend8d Practice have been followed. $ubpct to any materral departures disck)sed and explained in the financial slalernenls., and prepar8 thg financk41 statemen18 on the going cortcem bas unl888 it 1$ inappropriate lo prasume that the ¢harrtable comp8ny will continue in business. In order that the financial statements gwe a true and fair view, Ihey have departed from tho Charf(ie$ (Accounts and Reports) Regul'ons 2CW)8 to the exlent required to provide a twe and fair view. This departure ha3 involved foll¢)wing Accounting and Repoth'ng by Charities". Ststement of Recommended Practice appIable lo charities preparing their accounts in ordance wrth the Financial Report Standard applicable in the UK {FRS 1021 published in 2014 rather than the AOUntIng and Reporting by Charilie8.' Statement ol Re¢cthmendad PractKe 8ffectNe from 1 Apnl 2(5 which has since b¢en thdrawn. The Trustees are responsib for maintaining proper accounting recor(Is that disclose with reasonable aUr9¢Y at any lime the financial position of the TTu$ts. They are also responsible for safeguarding the assets of the Trusts and hence for taking reasonable steps for the prevention and detection of fraud and othei irregularities. Approved by tha Trustees d the Charity on If •¢+*•f and signod on rts behalf by.. P Lumley Chaiman
Independent Examinerf$ Roport On The Accounts (Ae¢nMls Accounts) Report lo the trustees of The BrodereI5 Charity Tnjst Chanty Numr.. 275080 On accounts for the year ended 5 April 2023 Set out on pages 6t014 Rèsptrctive responsibilities The ChaTrty'$ Tnjstees arè resportsible for the prepaTion of the accounts. The Charty's of trustees an(t exarniner Trustees consider that an aLJit is nol required for this yèar (under section 144121 of the Charittes Act 2011 (the 2011 Act) and that an irujependent examination is needed. It is my reSPSItrlfy to examine the accounts under section 145 of the 2011 A(, to follow the pro(du$ laky down in the general Dire(%ions given by thè Charity Commtssion under section 145(5llbl of the 201 l Act. and to state whether parts'cular matt3 have o)me to my attentit)n. Basls of independent gxaminge$ stat•m•nt My examination was carried oul in accordance wrth general Directions given by the Charty Commission. An examination indudes a ièvièw of the accounting records kept by the charity and a oJmpari50n of the acwints wesented with those recoTd5.11 also includes )nsideration of any unusual rtems or disclosures in the accounts ar seeking explanations Irom the trustees concerning any such matter5. The procedurès undertaken do not provide all the ewden¢x ltsl would required in an audii. arKI consequenuy rK> opinion is given as to whethei thè a¢counts present a 'tnte and fair wew. and the rèport is limited to those matters set out in the statement telow. Independent examinerf3 In conEbon wilh my examinatKJn. no matter Iws o)me to my attention". statsm•nt which gNes me reasonablo cause to bele that, in any material requirements.. to keep accounting reLX)rds in acc4)rdan¢e with section 130 of the 2011 Act,. and to prepare a(zounls which accord with the acwunlj.ng rerdS and Comply wth the appli12ble requirements conceming the fom and ¢ontenl of accounts set out in the Char5ties IAwxJnts and Rèports} Regulations of 2008 other than any ruirement that the accounts give a and faic Mew whith is not a matter Lxnsideied a5 part of an indepw)dent examination, have not met." or respect, thè {2) to which. in my opinion, attents.on should be drawn tn order lo enablè a propw urKlerslanding of the acu)unls to Ik reached. ShJned Date." Name James Harman Relevant proftsyional qualification or body Institute of Chartere(l Accountants in England & Wales Address Wesl Wng. Beedings Caslle Nutboume Lane Pultr)rough West Sussex RH20 2HS Page S
The Brodererfs Charity Tryst Statement of Financial Actlvities For the Year Endgd S Aprll 2023 Unrestricted Restrlcted Total nds funds 2023 Total 2022 Income and Endowments Irom: Donations and legacies Investment InMe 36.021 6.000 42.021 23 909 38,997 23 092 Total income 59.930 6,000 65.930 62.089 Expenditure on: Charitable aclivities 25,000 83.226 Total expenditure 58,226 83,226 67,006 Nel income 1,704 19,000 17,2 ILosses} gains on investmer 4.244 74,244 19,698 Nel movement in fvnds (12.5401 {19,000} 191,540) 14,781 Transfer of funds 14.000} 4,000 Roconelliation of funds Total funds brought fon¥aTd 15.000 888.2¢XJ Total funds caTTied forward 11 811,441 811,441 902,981 l of the Chaiity's aL#rvities derive from continuing Operat during th8 above tsvo peri¢Jls. Page 6
The Brodeferfs Charfty Trust Balance Sheet As * S April 2023 2023 2022 Note Flxed assets Investments 798 121 Current assets Debtors Cash at bank 21.359 16,095 104.856 112,152 Creditors: Amounts falling due withln one ygar 10 292 7,292 Net current assets 97,564 104 860 Net assets 811,441 902,981 Funds of the Charity: Restricted funds 15,000 Unrestricted income funds Unrestricted funds 811.441 887.981 Totsl fvnds 11 902 981 The financial statements on page$ 6 to 14 were approved by the Truslees, and authorised for issue on l•lS and sgned on their behalf by.. IJTL P E Lumley Trustee {ChaimnI S A C Bonnington Trustee Page 7
The Brodererfs Charlty Tfust Notes to the Financial Statements For the Year Ended 5 April 2023 1 Accounting policies Summary of significant accountAng pollcles and key a¢untIng estimate$ The financial statements have been prepared on a going concem basis. The Trustees assess whether the use of going concern is appropriate and have Klentrfd no material uncert8inlies re181ed lo events or condÈtions that may cast signfficant doubl on the abilrty of the chaTty to continue as a going concern. The Trustees make this assessmert in respert of a period of 12 month5 from the date of approval of the Financial Statements. statement of compllance The account5 have been prepared un¢Jer the hi8lorKal cost convention and in accoyclance with the Finan¢kal R¢porting SlandaTd applicable in the UK and RepLiblic of Ireland IFRS 1021 and Accounting and Reporting by CharitEs Standard of recommended Practice appli¢able to Gharilies preparing their accounts in accordance wth FRS 102 (Charrties SORP IFRS 1021) issued by the Charity Commission and applKable wf(h effect from 1 January 2015. Basis of preparation The Broderer's Charity Trust meets the definition of a public benefft entty under FRS 102. Assels and liabilfties are initially recognised at historical cc6t or transactKJn value unless otherwise staled in the relevant accounting policy notes. Golng concern The Trustees consKler that there are no material nrtaintI$ about th8 Charty's abilty to continue as a going ¢on¢em nor any svJnrfKant areas of nrtaInty that affect the carying value of assèts held by the Charty Income and endowments Al income is recognSed On the Charity has ent1vefft to the incy)me. it is probable that the inmme will be received and the amount of the income reCeNab can te measur8d reliabty. t)onation$ and legacies Donations are TeccyJnised when the Charity has been notffied in writing of both the amount and settlement dale. In the event that a donalKJn is subject to condf(ions that require a level of performance by the Charity before the Chanty is entitled to the ftJnd5. the income is deferred and not recognised until ether those condrf(M)ns are fulty mel, or the fulfilment of thc6e condf(ions is wholly thin the control of the Charty and it is probable that these condskn.ons be fUld in the reporting period. Investment incorne Dividends are recognised once the dividend has been tsred and ficatIOn has been r8CeNed of the dividend due. Expendlture All expendrture is recognised On there is a al or constnjctive obligation to that expenditure. il is probable settlement is required and the amount can be Measur reliably. AJI costs are allocated to the applicable expenditure heading that aggwate similar Gosts to that category. Where costs cannot be directly attnbuted lo particular headings they have been allocated on 8 basis consistent wrth the use of resour. Page 8
The Brodgroes Charity Tntst Notes to the Financial Statements For the Year Ended 5 Aprfl 2023 Governanca costs These in¢ludo the costs attnbutabte to the Charrtvs compIÈan with constitut81 and statutory requirements. Value Added Tax Value Added Tax is not recoverable by the Charty and as such is Cluded in the renI costs in the Statement of Financia5 Activities. FIX asset investments Fixed asset investments. other than programme related investments. are included at market value al the balance sheet date. Reali5ed gains and losses on investnnt$ are Caulat as the differen beeen sales pre$ and their market value al the start of the yeai, or their subsequent cost, and a charged or cfedfied to the Ststement of Fin8n¢ial Athvities in the period of disry)sal. Unrealised gains and losses represent the movement in market values during the year and are redrted or charged lo the Staterrenl of Financial Activits based on the rnarkel value at the year end. Fund structure Unrestrictad income funds are general furK15 thal are availab for use * the Trust. discretK)n in fvrtherance of the objeGtives of the Charity. Designated funds are unfeStred funds set ashde for specfft purposes at the discretK)n of the Trustees. Restricted incune funds are those donated for use in a parttular area or for Specif purposes, the use of which restrted to that area or purpose. 2 Incomè from donations and legacies UnYe5tricted funds Restricted Total funds 2023 Total 2022 Deslgnated Genernl Donations from indNiduals 6.000 42,021 42,021 38.997 38,997 Pa9
Th8 Brodererfs Charity Trust Notes to the Flnanclal Ststements Forth& Y8ar Endgd 5 ApTII 2023 3 Investment income Unrestricted funds Total 2023 Total 2022 General Interest receivable on bank deposrts Dividends from fixed asset investrnents 23.092 4 Expendlture on charitable activities Unrestricted funds Rostrfcted fund$ Total 2023 Totsl 2022 General Grant funding of actNtiies Governance Costs 14 46.510 11.716 58,226 25.000 71.510 55,254 11.716 11,752 25.000 83,226 67,008 Grant Funding Governance Total Activity costs 2023 Totsl 2022 Admiftislration Costs Accountancy fees Independent Examinerfs fee Investment Advisers, fees Grants 3.870 3,870 3.600 2.160 2,160 2,160 750 750 750 4,936 4,936 5,242 71,630 55,254 11,716 83,226 67.006 71.510 Page 10
The Brodererfs Charlty Tnst Notss to the Flnancial Statements For the Year Ended 5 April 2023 6 Trustees remuneratlon and expenses The Trustees represent the Key Management of Charity. The Trustees give their time generousty and without remuneration or ben8fiL 7 Taxatlon The Charity is a registered Charity and is therefore exempt from taxalion. 8 Flxed asset Inv88tmants 2023 2022 Investmen18, 81 Mad(el Valuè 713,877 798,121 Totsl Ll8ted Investments Cost or Valuatlon At 8 April 2022 Révaluation Additions Dlsposal$ At 5 April 2023 798,121 {74,2441 117,687 127687 Net book value At 5 April 2023 713 877 At S April 2022 798 121 P4811
Tho Broderefs Charlty Tnt Notes to the Financlal Statsm•nts For the Year Ended 5 April 2023 9 Dobtorn 2023 2022 Dividends due Gift Aid rec£Jverab 5,442 5.025 10 Credltorn: amounts falllng du• wlthln one y•ar 2023 2022 Accruals Sundry creditor 2,910 2.910 7292 11 Funds 8alan¢• at 6 Incoming Ro8ourco8 Balance at S Aprll 2022 r•sourc•• axyndod April 2023 Unrestrf¢t•d funds Gonernl 659.934 59.930 162,226) 657.638 DesvJnated Movement in Inveslmgnls S,365 5,365 74.244 148.438 Total unrestrlct•d lunds 887,981 59.930 {136.4701 811,441 Re8trlGted funds 15000 100 Total fund$ 9)2 981 69 930 161470 12 Analy¥l8 of net assets Totsl funds Fixed asset investments Current assets Curronl liabilit 713.877 104.856 Total net assets 12
Thg Broderefs Charity Tn&%t Notes to th• Hnanclal Statements For the Year Ended 5 April 2023 13 Analysis of n¢t funds At6 April 2022 At 5 Aprll 2023 Cash flthv Cash at bank 96,057 {12.5601 83,497 14 Analysls of grants Grnnts to Instltutlons 2023 2022 The Grange Centre Fine Cell Work Lord Mayorfs Appeal The City & Guilds London In8titute United Guild6' Service Assoclaled Compani88 Joint Venture Contribubon National Mar(time Museum Royal School of Needlework Cockpit Arts Injured Jtxkeys Fund Sherfft, & R•¢orderfs fund Corpor81ion of Liverpool Cathra1 Arniy Benevolent fund The Wc()Imèn's Ccrfnpar Hond & Lock cyst Fibrosis Trust Cty Special Event (Garden of RemombrarKe) Livery- No Going Back Shakespeare's Globe Royal Bri(ish Legion The Brili8h Library Bexley & Lewisham Sea Cadet Corps Que8n Elizabeth Scholarship Trust Soldiers,. Sailor5', Airmens. Families A5sc¢ithn ISSAFAI Weavers Company {CorOnan Anointing CanLw) 2,7 5,377 3,642 3,000 3,000 1,000 2 2.000 1.O¢JO 10,000 4,650 500 500 1,800 500 470 1,000 500 175 2,000 10.850 500 1,¢)00 470 1,000 500 1,000 250 3,000 250 3,000 500 5.000 500 4.000 Page 13
The 8rodererfs Charlty Trusl Notes to the Financlal Statements Forthe Year Ended 5 Awil 2023 Buxton Art5 Festival The 8rtish Monarchy Skinners Malnsbury Drapets, Company {LNery Kitchen Intb'atrye) City of London Afghan School unrforrn appeal UK Fashion & Texiile AssLxk8tion Winchester Cathedral Garden ol Remambrancg Total grants pakl from unre8trl¢tod fund• 1,000 1,000 550 500 500 3.000 6.000 190 Royal Collegg of Art Guildhall School of Music Total grants pald from r6strlct•d fvnds 25,0 10,000 10.000 Total grants pald from rmtrlctod and unrostrlctod fund• 55.254 Page 14