THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS. CHARITY FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2021 Cb4rity Number 2753811
THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARrrY TRUSTEE DURING THE YEAR TO 31 ocfoBER 2021 TRUSTEE The Worshipful Company of ClOckn exercised through the Court of Assistants CLERK DUIUNG THE YEAR Camilla Srnan0w3ka PRINCIPAL ADDRESS l Throgmorton Avenue London EC2N 2BY
THE WORSHIPFUL COMPANY OF CU)CKMAKERS THE CLOCKMAKERS. CHAIUTY ADVISORS INDEPENDENT EXAMINER David Andrew5 Bsc MBA FCA Northacre De¢rleap Road Weslcott Surrey RH4 3LD BANKERS Caf Bank Limited Kings Hill W¢st mlIng KenL ME19 4TA INVESTMENT ADVISORS Inv¢s¢¢c Wealth & Invegtmeni Ltsl 30 G5brn Stree( London EC2V 7QN
THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARITY TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2021 l. Structure, Governan¢e and Management The Charity is gov¢rned by two Tnjst Dee&8 d¢d 4 April 1977 and 6 S¢pi¢mber 1977. These d¢ed5 set out the powers of th¢ TE7 and its objectives. There are no restri¢tions imposed on the Charity's ¥livilie5 by the Trust D¢¢d8. The obj¢¢tives of the Charity are specified b¢low. The responsibiliti¢S of the Tnjstee are exercis by the Court of As$istaniS in order to achieve the sp¢¢ified objectives. The Court has met four times in the period. There has been no significant change in the objectivw organisation or policies during the last year. 2, TruJ¢s of the Charity The fimd includes two Tnts ¢niitled the'cloekmakers Charity. and the 'Clockrn¥k¢rs Collection Fund,. The Trustee of these is the Worshipful Company of Clockn)akers. whose Te5ponsibilities are ¢xercis¢d by its Court of Assistants. 3. ObJe¢tlves and Actlvitles The Charity ho5 th¢ objective of making charitable donations in particular, but not exCI1ve1y. ¢0: a) Work connected with (he hi$tory of, research into and future of the rneasurement of time. b) Th¢ pur¢ha5ing of horological Ltems for th¢ c1kn7akCrs, Collection and their mainlenance (Collection Fund). c) Priz¢s for the promotion of edUtIon and training and in particular the sci¢n¢¢ and art of horology. d) Trainin8 of clock and wal¢hmak¢ts (at college or as apprenti¢¢s) (HalSandeappende Fund). e) Research and developm¢nt into the fijture measurement of time both mechanical and non-mechanieal (HainlSandersrrAppend¢n Fund). Selected charitie5 working within the Ciry of [ndon. The MAnsion House Appeal made by the Lord Mayor of tndOn ("Lord Mayor's Appeal"). h) Uiilisin8 the income from the Derek Pratt Prize Fund to award £20,000 from ¢ime to time in accordance with the agreement establishing the Fund.. namely achievement in work relating to th¢ ¢Taft and science of time and timekeepin8. The ineome (from gifts, subscriptions, legacies, bequests, investments and donations) and capital of both the unrestri¢ted and restrieted fim&s is avAil&bl¢ in the fiwth¢ranR of the above objectives. The Charity OMTLS the Clockmakers, Collection, comprising a¢ollection of clocks, watches. tools, artefacls, re¢ord51 papers, books, magazines, ephemera, POTiTait4 engravings and other horolo8ieal items Ind T¢lated items, the majority of which are on display in the Clockniakers. Museum at the S¢ien¢¢ MuseuTn or stored at the Science Museum, the GuildhHII Library and London Metropolitan Archives. The Charity also owns a collection of silver, other plate, regalia and badges. No items in the Clockmaker5' Collection are valued within these accounts. 4. Statement on Publlc Benefit The Trustee Body confms thai they have complied with th¢ duty in section 4 of the Charities Act 2011 to have due Tegard to public benefit guidance published by the cIlty Cotnmission in determin8 the activities undertaken by the Charitsbl¢ Fund. 5. Achlevement8 and Performnte Futur¢ 4¢tivities Income Investment incom¢ h&8 in¢reas¢d to £67.742 this year compared with £65,472 in 2020 when there was a reduction ID dividends because of the Covi&19 pandemic. Donwioos received and income t&K recoverdble amounted to £47.106 (2020- £48,307). both years including a donation of £30.1)IJO from th¢ G¢org¢ Daniels Educational Trust.
THE WORSHIPFUL COMPANY OF CLOCKMAKEKS THE CLOCKMAKERS, CHARITY TRUSTEES? ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 {CoDtlnued) 5. Aehievements and Perforniance and Future activities (continued) Charitabl¢ Ex nditure The Trn$tee Body colderS that the rnain emphasis should be towards the following Objects of th¢ Clwity'.- Support io and prizes for the promotion of education and rearCh for those involved with practical horology and th¢ his¢ory of timekttping. 2. Other deserving USe5 as be recornm¢nded by the ColltiOn Committee or Chariry Comrnittee including support of the iATrrd Mayor's Appeal. During th¢ y¢ar, the Collection Fund awuired a Heck ¢ngravin& William Clement turret clock. donation of Roland Jarvis descriptions, drawings and photographs by his daughter Sophie m&50 and a selethion of carTiage clock patterns and castings by J C Tribe. boih donations from privale individuals. The Coll¢¢tion received no loans-in to the Covid-19 pandemic. In r¢spe¢t of training and education. the Hain Sandets Tapnden Fund rnade two bursary award$ tolallin8 £5.000 ¢0 two sbjdents ai West Dean College, and £701 to one ¢4ndidate completing British Horologieal Institute distanee le4rnin8 cours¢$. A further £2.512 wa$ paid from the Unr¢stri¢¢ed Fund to support fuTther BHI candidates. Dwing the year. from the Unrestrict Fund. the Chority made donarions for workshop faciltties and equipment of £15,000 to Birnitngham City University. £8,850 10 Dean College and £3,000 was donaied to the Hand Engravers Assl8110n in support of on oppr¢ntice enwver. The Charity donated £1,500 in re$pe¢t of prize5 to sTr¢nts West De4n. Birniingham City University Ind to Univ¢rsity College London Observatory. Additionally hoiological projeei nts were made as follows.. £4.000 to SI James Garliekhythe for restoration of their trjet clock,. £500 to Si Mi¢hael'$ Bishops Cleeve for r¢storntion of th¢ir turret clock. £1,000 to Staunton County Park., £6,418 10 Bevi5 Marks Synagogue: £500 for rellorntion of the clo¢k at Gorleston Carnegie. Other donaiions toialling £4.190 (21)20.. £2.425) were mad¢ from the Unrestrictrd Fund in support of.. Lord Mayors Appeal Mus¢um of London Help Musicians UK Friends of Hi8hgate Cemetery City of London Gtside Lecturers City of London Police Widows & OEphaDs Garden of Remembrance Royal British Legion City of London Poppy Ap1 GSMD S¢holar5hip Fund St Pauls Cathedra] Foundation Livery Schools Link Livery Company Skills Council Sheriff5 & Recorders Fund HMS Archer Greenwi¢h Deptford and Roth¢thithe Sea Cad¢ts 400 400 200 200 200 300 190 200 500 500 100 100 300 100 500 £4,190
THE WORSHIPFUL COMPANY OF ClnCKMAKERS THE c[cKMAKERS, CHARITY TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 (Conilnued) 5. Achievements and Perforniance and Future a¢tivities (continued) Derek Pratt Prize Fund No award of th¢ Clo¢kmakers' Derek Pratt Priz¢ wa5 made in 202(k21. The Derek Prarr Prize is an award of £20,000 to honour those individua]5 or organisations of any nation whose work bears the same siandard5 of innovation. ingenuity. elegance. precisio workmanship and p¢rsev¢rance as tbe work of the late Derek Pratt. Nominations for th¢ oward are considered by th¢ Awards Panel and ar¢ subje¢t to Court approval. The fiTSt aword of the Prize was in June 2014 to Martin Burgess for lifetime achievements in horology. The sxond award w&s made in 2018 to Charles Frodsham & Co Ud for the development and 1oun¢h of their new wrisi-wah incOry)orin8 a double impu19e chronometer escap¢m¢nt. The operation of th¢ c]kMakers, Museum is the responsibility of the Charity. this together with maintaining and enlwicin8 th¢ horological collection will r¢main the main fo¢8 of th¢ Charity's activiry in the future. The Tnlee Body has resolved to retain Teserryes such that as for as possible ffiJttLre income will be sufficient, and robust io ¢hanges in the economi¢ ¢limate, to enable continuing support ol the Clwiry'$ obJe¢¢ive5 and activities. At the year end the amount held in reserves was 324,071 (2020- £2,802,105). The Hain Sand¢rs Toppenden Fund, that Research and Personal Development awards for qualified clockmakers s¢¢king to gain new Skills, is a restricted fimd that fonns part of the r¢$¢rv¢$. The objects of the Fund were reviewed and updated to complement th¢ objects of the GDET which now covers the majority of training related funding requests from UK students and appr¢n¢ices, The Hain Sanders Fund also includes the Tappenden Fund that was a resthcted Fund within Ihe Museum & Educational Trust IM&E Trust) that was transf¢ed to the Clockmakers, Charity part of the M&E Trust in May 2017. Notice 15 given on the clocknkers, Company websile, www. proeedure for opplyin8 for awards. Three award% wer¢ made during 2020-21. 6. Rlik M4ng¢rnent Risks to which the Charity may be susceptible haye b¢¢Th Identifi and a Risk Re8is¢¢r has been developed as a management ti)ol to manage miti8ation when and where appropriate.
THE WORSHIPFUL COMPANY OF CL(ICKMAKEILS THE CLOCKMAKERS, CHARITY TRUSTEESY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 3] OCTOBER 2021 (Conlinued) 7. Statement of the responslbllliles of the Trnstee for th¢ finaneial statements The is required to prepar¢ accounts for fjnancial period which give a true and fair vi¢w of the state of affairs of the Chariry whi¢h Gomprises a sthtem¢nt of the income and expenditure of the Charity and a statemeni of its assets and tn preparing these aceounts the TnJ5tee is required to.. (a) maintait] suithble records of its tTan5actions which dix105e. with reasonabl¢ accuracy, the financial position of th¢ Charity at any time, sel¢¢t suitable accountin8 pili¢ies and apply them ¢onsi5tendy. staw whether the accounting policies are in accordance with the Charity Commission's "Accounting and Reporting by Charities.. Stht¢ment of Recomm¢nd¢d Practice" published in 2015 {"SORP 2015"), subject to any depgrtures disclosed and ¢xplained in the accounts, prepare ihe accounts on a'going ConCn basi$" unl¢s5 it is inappropriate to presume that the Charity will continue its a¢iivities, make judgements and estimates that are reasonable and prudeni safeguard the asseis of the Chariry, take reasonable $t¢ps to prevent and det¢¢t frnud and other iry¢8ulaTitI. (b) {c} (d) (e) (D (g) 8. Investrnent powerj The T$t¢¢ is empow¢r¢d by the Tn D¢¢d to invest funds at 118 absolute dIr¢tiOn. On behalf of ihe Tntte Dr James Ny FSA
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 ocfoBER 2021 TO THE TRUSTEE OF THE WORSHIPFUL COMPANY OF CIA)CKMAKERS THE CLOCKJVIAKERS, CHARITY I report to the TteeS on my examiJJa¢ioD of the accounts of the Charity forthe year ended 31 October2021 which are set out on pages 8 to 14. Respeetiv¢ r¢spon5ibilities of trusteu *nd exarniner The tntte5 are r¢5ponsible for the preporation of the accounts in Cordance with the requirements of the Charities Act 2011 ("th¢ 2011 ACY,). The tnL%tees are satisfied thai an audit is noi required for thi$ year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosett instead to have an independent examination. I report in Tespe¢t of my examination of th¢ T.5 accounts &$ carried out under section 145 of Ihe 2011 Act. In Carrying out my examination I have followed the requirements of the applicable Direaions given by the Charity Commission under section 14515)(b) of th¢ 2011 ACL Independent examlner'$ Itatemenl I have completed my examination. I Conf that no mallers have come to my attention giving me cause to believe that in any material respect.. accountin8 records w¢rt not kept in respeci of th¢ ¢hhrity 85 required by secrion 130 of the 2011 Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do nol comply with the applicable requirements concerning the fom) and content of accounts set out in the Charities {Accounts and Reports) R¢gulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an indeF¢ndeni exatninatio I have no concerns aDd have come across no other matters in COre¢ll0n with the examIn10n to wbich attention should be drawn in this report in order to enable a proper underswiding of the ac¢ounts to be reached. IQ J•a Davld Andr¢wi BSC MBA FCA Northacre Deerleap Road We5t¢ott Surrey RH4 3LD
THE WORSHIPFIJL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARITY BALANCE SHEET 31 OCTOBER 2021 ]Yotes 2021 2020 FIXED ASSETS Quotcd invesmients Royal Alb¢rt Hall Box 2,529.724 650.(]0 2.089.978 650,000 3.179.724 2,739.978 CURRENT ASSETS Stock DebtOTS Cash at bank 3,626 20,193 39,576 4,055 17.218 75,436 63,395 96.709 CREDITORS: fallln¥ due within one year Other creditors (19,048) (34.582) NET CURRENT ASSETS 44.347 62,127 NET AETs £3,224,071 £2,802,105 UNRESTRICTED FUND GenerE41 Fund (page 9) 610,582 540,370 RESTRICTED FUNDS (pag¢ 9) Collection Fund Hain Sanders Tappenden Fund Derek Pratt Prize Fw 2,013,635 354,313 245.541 ,751,499 309.893 200.343 2.613.489 2.261,735 TOTAL CHARITY FUNDS £3.224,071 £2,802,105 The financial sia¢¢Tn¢nts were approved and authorised for issue by the Tnjstees on and wer¢ $i¢d below on its b¢hallby- 2022 JaTll¢S Ny FSA
THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARITY STATEMENE OF FINANCIAL ACTIVITIES (INCORPORATING Af4 INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2021 Restritted Futhds D Pratt Prize Unrestricted Futtdj H31n Sanders Tappenden 2021 Total Funds Total Funds Collectlo 2021 21121 2021 2021 2020 Notes INCOME FROM: Investment income Royal Alb¢rt Hall Box income Conl¢nls of Poor Box Royalties income Donations received Legacies received Profil on sale of merchandise ProfiV(Loss) on Clo¢kmokers of London 12,843 6.727 6,586 41.586 {4.415) 67,742 (4,415) 21 158 47,106 2,000 454 655 65,472 7,144 40 308 50,140 10.000 244 2,806 21 158 30.000 17.106 454 655 33.079 6,727 6.586 67,329 113.721 136.154 EXPENDITURE ON.. Dire¢t Charitable Expenditure Managemeni and athninistraiioD of the charity 44.540 5.701 62,878 71,719 3,525 1.233 1,197 18,192 24,147 24,888 48,065 6,934 1.197 81.070 137,266 96,607 NET INCOME BEFORE GAINS I(LOSSES) ON INVESTMEP4TS (14,986) (207) 5.389 (13.741) (23.545) 39,547 OTHER RECOC.NISED GAINS AND (LOSSES> Unrealised net gairnl(1055) on inve.%tment5 Realised net gaiThl{loss) on sale of investments 80.831 42.340 34,175 261.738 419,084 (3.819) 4.367 2287 5.634 14.139 26.427 (85,300) 85.198 44.627 39,809 275,877 445,511 (89,119) NET INCOMEI{EXPENDITURE) 70.212 44,420 45.198 262.136 421,966 (49,572) Fund balance brought forward Transfer between funds 540.370 309.893 21x1,343 1.751.499 2,802,105 2,851,677 FUND BALANCE CARRIED FORWARD AT31 OCTOBER 2021 £610.582 £354.313 £245.541 £2.013,635 £322A,071 £2,802,105 The statement of financial activities includes all g#ins and losses recognised in the year. All income and expenditure derive from eontinuing activities The notes on pag&s 10 to 14 forni part r)f these finan¢iai 5Wements. Comparative figwes are shown in note I l.
THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARTrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ooBER 2021 AccouTrrriNG POLICIES The fujancial statements have been pr¢p8red on the historic cost convention with the ex¢eption that investments are valued at rnarket valu¢. Th¢ accounts aTe in accordance with appli¢abl¢ a¢counting 5randards, AOunting and Reporting by Charities.. Staterneni of Recommended Practirx applicable to Charities preparing their accounts in accordan¢¢ with FRS 102 Section IA and comply with the Charities (Accounts and R¢ports) Regulations 2008 and the Charitie5 Act 2011. The Charity owns th¢ Clockn]akers' collectio detaib of which are listed io s¢¢tion 3 of the TDJstees' R¢port. No valuation of this Collection is included in th¢x financial staiements. Investments are included at closing mid-mark¢¢ value at the Bal8nc£ Sheet d*e. Any gain or lo on r¢v8luation or disposal 15 tsken to the Statement of FiDan¢iai Activities. Th¢ Fund5 as detailed in note 2 are Inv1 in a range of commereial and industrial equities. fixed interest and Inv¢stmtnt and unit tnts. Sto¢k 1$ valued at the lower of cost or nel realisable value. Investment ond other income received are Tontl for on the ac¢nwls basis. Grants payable, donations, bursaries and 811 other expenditure are accounted for when ihe obligation is prob&ble. FIXED ASSETS- Investm¢n¢S Pooled Funds Derek Pra¢¢ Fund Totsl Market value l November 2020 Additions Proceeds of disposals Realised Iloss) Igains Net (lossl 188in on revaluation 1.868.909 167.416 (170,641) 20,792 384,909 198.207 10,328 (25,489) 5,634 34.175 2.067,116 177,744 (196,130) 26.426 419.084 Market Value 31 October 2021 2.271.385 222.855 2.494,240 Cash awaiting reinv¢sllneM 12.798 22.686 35,484 2.284,183 245.541 2,529,724 Historic cost 1.613,170 154,782 1,767,952 FIXED A&SETS- Royal Albert H411 Box The Roy41 Albert Hall Box is part of the bequest of the I¢ Reginald Beloe to the M&E and was transferred to the Charity on its winding up. The Charity rCIv¢S income from the PremiuTh Ticket Return S¢herne ¢)perated by the Hall. The Box was valued by the TnLSte¢s tn 2017 at 4 Markei Value of £650.000. io
THE WORSHIPFUL COMPANY OF CIA)CKMAKERS THE CLOCKMAKERS, CHAIUTY NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 OCTOBER 2021 DIRECT CHARIT ABLE EXPENDITURE 2021 2020 Unrestricted Fund Donations Prizes Subscriptions Trn$t¢ InsuraD¢e 42,858 1,000 125 557 3.425 1,000 Collection Fund Assistant Keeper's fees Curntors salary and pension costs Curatorial Adviser Insuranc¢ Vulliamy grave Display and storage costs Restoration Costs Tin Box movement Other sundry expenses Pilot digitisation project Clement clock Wat¢h Conservation of Croll Testimonial Awards Hfiln SADders T#pp¢nden Award Prize awarded Horological TrainiJJ8 Course 3,351 39,790 1,000 6,022 3,056 34,963 1,000 8,887 1,485 3.476 479 300 1,643 792 1,861 3,000 4,550 3,315 5.453 2,512 1,895 ,342 701 £113.119 £71,719 MANAGEMENT AND ADMINISTRATION OF THE CHARrrY 2021 2020 Accouniancy Contribuiion to Worshipful Company of ClocknerS staff ¢osts Portfolio advisory charges Sundry expenses 2.(X)O 9,600 12,409 138 4,000 9,592 11,236 60 £24,147 £24,888 COVENANTS AND DONATIONS RECEIVED 2021 2020 Donation from the George Daniel$ Educational Trust Other donations received Income tax recoverdble 30,(M)O 14,814 2292 30,000 17.722 2.418 £47,106 £50,140 TRUSTEE REMUNERATION The Trustee received no remuneration or reitllbursement of expens¢s during the year save &s disclosed in the Related Party Trdnsactiot)s Note (note 7).
THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2021 RELATED PARTY TRANsAloNs Mr F Brodie paid £3.351 for his chaTg&s as A55islant Keeper. Mr Brodie is a Liveryman of th¢ Worshipful Company of Clo¢km4kers. An amouTbt of £l,(KK) in res[ of CurntOTial Adviser's f¢¢ wa5 paid to Mr J B¢tts who 1$ a member of the Court of Assistants of the Worshipful Company of Clocknwk¢r5. £3,213 wos paid to BHI. Past M&ster David Poole is Vice-Presidertt of the BHJ. Justin Koullapis is & Director of the BHI. Dr James Nye, Keith Scobi¢-Youn8s. Jonathan Bett5, MaTk Elliot4 Philip Whyte, Roy Harris, Jonathan Hi115, Anthony Grny. Robert Wren are all memb¢TS of the BHI. £15.000 was paid to Birniingham City Universiry. The departmenl is run by WCC Liveryman Jeremy Hobbins. £13.850 wps paid to West Dean Colleg¢. Roben Wren is a visilin8 lecturer at th¢ College. £3,000 was paid to the Hand En8rnvtrs Association. Past M&%ier Sir George White and Deputy Master Lady Joayw White are Patrons of the Hand Engravers Associaiion. £1,500 was paid to University Coll¢8e London Obs¢rvaiory. A55iStaDt Dr Pew Thom&% is & Consultant co the Observatory. £I.000 wa5 paid for work at Stonton Country Park and £6,418 for work 41 Bevis Marks Synagogue. The work$ were executed by the Cumbria Clock Company, of which K¢ith Swbie-youngs is a dirlor EMPLOYEES The average monthly number of ¢mployee$ during th¢ year was one (2020.. on¢). ANALYSIS OF FUND A&SETS AND LIABILITIES CURRENT YEAR Unrestrlcted Fund Reslrlcted Funds Totsl Fixed Asset Investsn¢nts Current Assets Current Liabilitie$ 3.179,724 63,395 {19.048) 465,521 63,395 (11.105) 2,714.203 (7.943) £3224,071 £517.81] £2.706.260 PRIOR YEAR COMPARATIVES Unrestricted Fund Restricted Funds Total Fixed Asset Investments Curr¢nt Assets Cu)Tent Liabilitie5 2.739,978 96,709 (34.582) 465.521 91.925 (17,076) 2.274,457 4,784 {17,506) £2,802.105 £540,370 £2,261,735 12
THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARITY NOTES TO THE FINANCIAL STATEMEP¥IS (tontlDued) FOR THE YEAR Ef4DED 31 OCTOBER 2021 io. APPORTIONMEfU BETWEEN FUNDS Incoming and expended resources gether with realised and unreali5ed gains/loss¢5 are usually apportioned between the restricted and unrestrlcd fijnds pro rata to the balance on each fund at the be8innLng of the financial year or from when new fun(ts were received during the financial year. This is with the exception of th¢ Derek Pratt Prize Fund where due the separat¢ investments held its investment management costs are allocated dir¢ctly. ii. COMPARATIVE FIGURES Re4trieted Funds D Pratt Prize Unrestrici Fynds Hai Sanden T8ppendeD 2020 Total Fund$ Colltttlon 21no 2020 2020 2020 Notes INCOME FROM: Investment Income Royal Albert Ilall Box in¢ome Contents of Poor Box Royalties income Donations Rec¢ived Legacies received Profit on sale of merchaodise 11,890 7,134 6.022 40.426 7.144 65.472 7,144 40 308 50,140 10,000 244 40 308 31.710 18,430 10,0 244 Profit on Clockmakers of London 2.806 2,806 EXPENDITURE ON: 33.410 17.134 6,022 79.588 136,134 Direct Charitable Expenditure Management and administration of the eharity 4,425 3.237 64.057 71,719 3.401 1221 1.058 19,208 24,888 7.826 4.458 1.058 83,265 96,607 NET INCOME BEFORE GAINS I(LOSSES) or4 INVESTMENTS 25584 12.676 4,964 (3.677) 39.547 OTHER RECOGNISED GAINS AND (LOSSES) Unrealised net gainl(loss) on investments Realised net gdinl{loss) on sale of investments (773) {464) 45 (2,627) {3,819} (15.978} (9.587) (5,409) (54,326) (85,300) (16,751) (10.051) (5,364) (56,953) (89,119) NET INCOMEI(EXPENDITURE) 8,833 2.625 (400) {60,630) (49,572) Fund balance brought fmwd Transfer between fid9 531,537 307.649 (381) 199,042 1,701 1,813.449 2,851.677 {1.320} FUND BALANCE CARRIED FORWARD AT 31 OCTOBER 2020 £540.370 09,893 £200,343 £1,751,499 £2,802,105 13
THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARITY NOTES TO THE FINANCIAL STATEME]wrs (eontiDu¢d) FOR THE YEAR ENDED JI OCTOBER 21)21 12. CONTINGENT LIABILITIES From the Collection Fund: Publication of early Court minutes. The Court hLs approved a budg¢l of £IOk for the digitizing and publishing of early Court minutes. Of this, £2,820 will cover photography of the 18th eenwry Court mirtut¢s in late 2021. tA)ndon MetropolitaD Archiv¢8. Conserygtion work on archivej and ¢*taloguiDg. The Court has approved a budget of £43K (or the recThitmeThi of stoff at LMA for thc catsloguing ond Conservation of archival material. Colleetion PhotogrAphy. Th¢ Cowt h&% opproved £15,000 in expenditur¢ on photO8raphy of the collection. of which £12.500 is outstanding. Unrestricted Fwid The Court ha5 approved a pledge of £ 1,000 io Codford Si Peter for restorntion work to their turret clock. Th¢ Court approved a pledge of £500 to St Martin's Desford for restoration work to their turret ¢lo¢k. 14