THE WORSHIPFUL COMPANY OF CiA)CKMAKERS TRE CiA)CKMAI<ERS' CHARITY FINANCIAL STATEMENTS YEAR ENDED3A OCTOBER 20LI Ch*rity Number2753811
THE WORSHIPFUL COMPANYOF CiL)CKMAKERS TRUSTEE DURll¥G THE YEAR TO 31 OCTOBER 2023 IIIUSTEE W(¥sbipfjJl Comp8lly of aocknth exer¢i*d thrcdghth¢ Court of CLERK DURING THE YK4R CaTDill8 SZYM0wSk& PRINCIPALADDRESS l ThropAthton Ayertue London Ef2N 2BY
THE WORSHIPFUL COMPAfiY OF CLOCKMAKKRS THE CLOCKMAKERS. CHARITY ADVISORS INDEPENDENT EXAMINER DavÈd Andrcws Bsc MBA FCA Northacrc D¢eTleap Road Westc4)tt Surrey RJ14 3LD Caf Bank Limited Kings Hill Wtst Mallillg Kent, ME19 4TA INVESTMENT ADVISORS Irwcstee Wealth & Inve5trKth 30 Grtsham Strret Lortdo EC2V 7QN
THE WORSHIPFULCOMPANY OF CLOCI(MAK THE CiLICKMAKERS' cHARy TRUSTEEV ANNUAL REPORT AND FINANCIAL ATMEI5 FOR THE YEAR ENDED 31 ocfoBER 2023 J. Strudur4 GoverDAw¢e and Ma#•8ement Th¢ Clwity is gov¢rn&l by two Trust D¢¢4ts dat¢d 4 AFrfil 1977 and 6 Stptemlw 1977. Th¢Ee deeds 8¢t out the ptr5 of th¢ThLSt and its objective& Th¢Te are no reslrictions irnp)s>J on the Chvitysaetivitiesby the Thist Deeds. The objectives of lh¢ Chwity are below. Th¢ resPOD8ibibii¢s of th¢ TnJ¢e are exercised by th¢ of Assi4anls in othr toa¢hiev¢ the speafied obje¢iiv¢s. Th¢ C[1 Iw md four times in the10d. The Cowrt Iw cimtinu&l the prom4 of Teviewing of t Charity its ¢h¢paiod, Ther¢view proces5 1$ ongoing. Ther¢ habe¢ll1 no thgAifi¢attt dwhses i# th¢ objethiv4 tx8•nis2tion oroth¢rpoliric5 duyin8 the last yew. L Tr4th o¢¢he Cb•rJty Th¢ fond iAclud¢s iwo Tfi$ entitled the'aockmthrs CTharity' thc'ClothD¥k¢r5 C&Trllection Fund.. The Thi&ee of thc5cis theworshipfvl CornpoThy of (Jockmak¢T4 whoser¢5tM)DSibiliti¢s pr¢ by its of AssiJnt& Charity h•8 the objective of making ¢hwibled0DtlOTrS in pDl#r. bul not uclusivdy, to: a) Work conuected with thc hi#ory of. Tese4rch inlo and fvture ofthe Me&9Jr oftim b) The purchasin8 of hoTtsIo8ical itern$ for the Clocknirr, Collection Ind thelr Maint1Ce {Coll¢dioD Fund c) Priw for th¢ promotion of du¢a¢ioD and training and in Parti1)r th¢ 6ci¢nce 4Dd art of howlogy. d) Trainin8 of ¢1k ond wat¢hmakers ¢ollege or as pIrti¢¢$) (Hainthd¢nifwenden Fundl 8) Rese4t¢h wjd deVelopnllt into the fotur¢ me4sjtyth of tim¢ m¢¢hanical and noh.mthical (HalPe Fund). S¢l¢c¢e41 ¢hWill working within the City Qf LoDdoyJ g) The maOry House Appeal mad¢ by the MayoT of L4ndoD (-Lord Mayor's Appell"). h) Ulilisirtg the irt¢4)me from tht tkrrk PrAtt Piiz¢ Fund to avnrd £20,1100 from time to lime •cwrd¢e with thE agreernent C5tabli8hing the Trknnd.. narncly achievement in WOTk relating to the ¢raft and science of time and timek£epTrn8 The income (from gifts. sub114 lega¢ic4 br4uest9, inveslm¢nt5 donolions) and vital of both ihe UDrestractcJ] re#ri¢trAI fvnds is available in the fllrflw8c of the above obieaivlx Th¢Qarfty ownstht Clo¢km&keTS' Colleetion. eomwl$I0e1]tcIL0th of ¢lo¢ks, WAt¢h¢8,th018 artefa¢ts, records papers. kn¢ks magd2ine4 epherntr4 POthi4 cn8ravin8sand othtt horolo8ica] itcms andTelatcd ilalls. th¢ majoriiy vf which ar¢ on display in the Clo¢knkeTs, Museum at the Science Museum or stOTed at the Science Mu$¢yn), the Guildhtill Libr¥y dIrnd0 Mctropolitan Archivtt8. The Chuity als0 owms acoJl¢ttioJJ of silver. oth¢rpJat4 rryalia and bJges. No items . the Clockmaker5' C4)Il¢ction ar¢ within thex a0DI 4. Sl•tem¢•t on P4bll¢ B¢Nfft ThcTruste¢ W coJJfinD5 that they Imve cornplied withthe thty in section 4 of theCIwbii¢sAcl 2011 w bavtth r¢88rd trj publitbenefft 8uidamct publishpj lryth¢Charfftty Conunission in tIMIlDingthe activitiLundeztsk¢n by th¢CJwritthl¢ In th¢p&st kn¢ial yew. the CIDckm#kEfS' Chwity hos •worded 8Mts to a wide v1etyofwoi¢¢ b¢nefilting itioividul Uden 8nd traitting in&ilution& A5 wdl publi¢ ¢lorks throughoui the City ofLo)th and UK in oddition to small 8f8llts to a v8riety of Charities within the City of LknndoD. The Court of As8isthnts ar¢ s&tisfied that ttll Brants gi wtte iti lin¢ with tl* ¢h¥Jilabiepwp¢$ of th¢ Ch9Jiry, and that the grants given werc fotrth¢public ben¢fit.
THE WORSUIPFiJL COMPANY OF CIA)CKMAKERS
THE CLOCKMAKERS. CHA
TKUSTEE5' Af¥NUAL RKPORT AND FINANCIAL STATKMEI¥T8
FOR THE ITAR ENDED 31 ooBER 2023 (ContINed}
The Collection Fund ¥upports thc Museum. Library and ATchiv¢. Thes¢ are available to tbe public at no ¢harg< eiihero
open ae$S or byprior appOintllnI foTs¢holarlypuryoses. Thecourt of A$5istsnts aresitisfied that the Museum. Ltbrary
and Ar¢hive are admTn2s1ercd in line with the ch¥itable of the aurily. that ihey contribute lo Ihe public
bcnefit. bthng opentoth¢public fre¢]y or byarrangem1, foriheuse Of$tt¢rs of horology,hislOria and oilLcrinler&4tcd
m¢mbers of ihe publi
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THE WORSHIPFIJL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS, CHARITY TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 OCTOBER 2•23 (C•ntlnued) Athlevemwrti Rd Perfornance •¢tsvitkn4 {witl¥wl) donations totsTlittg ,43{2022.. £4,095) were mad¢ from thtUJwthi¢ted Futsj iti suplkn of: 415 415 210 210 2C 2( 210 500 525 315 185 730 315 of ld0 H¢lp Musicians UK Friends of Highg8tc Cemdery Unitcd Guilds UGS GaTda) of R¢m¢mbranc¢ Royal Briiish Loion tJty of irA10Th Poppy Ap1 City Hw4¢5t L St Pw15 Cath&lrai FwThdaiio Shcriffs & Recorders Fund Livery Sthools LiD Gre¢ttwich DOord And Rotrrhitht Sta Cad$ GuildHall SchoolsTnL .430 Th¢ 4bov¢ in ¢h¢ tabJ¢ below. dents 4t West DAI rainin8 expeiises "nAble4 ¢0 #¢ nher sbjdy WOTkin8towards 'ri¢ation. Excdlenl 9,633 bled JppMtitt5 1088iD f&ssional qualifi¢atitsn$ .8] for theITlo-fts s, and th¢ fviur¢ of the der awards for atttiinment in logy aDd rdoted fields ft¢a)iivising *udents attd iding r¢sourcrs for iheth to inuetheir sradiffj i[KhLrt b]i¢ Cjrth ration of hwit# 88s¢¢s ¢s¢n•tton for fllbjre ¢rations. BEn¢fit to the I1 muni i¢f of porty erable aTidy of Cily ChaTiiies 4,430
THE WORSHIPFUL COMPANY OF CLOCI<mAIRs THE CLOCKMAKERS, CHARITY TRUSTEES, ANNUAL REPORT AND FIIYAIYCIAL STATEMENf6 FOR THE YEAR ENDED 31 OCTOBER 2023 (Cfjnt1nU) 5. A¢hi¢v¢mtots And Performance alld Futur¢ ¥liviti# (tinued) No &w2rd ofthe aorkrnakcrl Derek Prth Prize wa5 made 2022-23. The Derek Pratt Prize is an award of £20,000 to honour those indivithials oroffganisations of any nation vhose wwk beDrs sam¢ swdards of inno•tiO wuity, elcganc¢ prrtision, WOrkmshiP and p¢¥sevcrance as the work of the l*¢ Dttek Pratt. Nominaiions for thc award considered by Awards Pancl and are 8ubj.ect to approval. The award of th¢ Ptizc wa% in June 2014 to Martin Burg8 for lifaime achievements in horology. The second award made in 2018 10 Charles Frotsham & Co Ltd for the d¢velopm¢ni and laUh of their new wriSt-W(h tn¢(wMing 8 doLhbl¢ imp¥ls¢ The operation of the Clockmak¢J¥' Museum is the respottsibtlity of Chariiy,. This iogetknu wilh maintaining and ¢nh8n¢itJ¥ thvb(wlo8ical wll¢<tion will remain the tnain focus ofthe Charity's activity in the futUTe. The B¢dy h&8 resolved to retain reswves such that as far &8 )SsIble future intome will sufffjcicnt. and roiRLr& to thanges in the ecoDomic ¢lim41¢, lo ¢nable ¢ontiNing Suppoft of th¢ Charity's obj¢ciiYes athd A¢tivili¢8. At the year thr a011 kld in tf5Ctvr5 W85 £1922.240 (2022- £2.851.474). The Hain SaDd¢rs Tappenden Fun4 that funds Res¢ar¢b and Personal Dcvdopmem aw8rds for qualified clockmakers se¢king to salt) new skills is a r¢stricicd fund Ihat forms part of thc rescrvc5. The Hain Sand¢r5 Furtd now in¢ludes the TAppendets Fund that o r¢thta¢d Fund withJ"n the Mus¢um & Ed¥caiiona] TNst {M&E Twst), transfeTrd to the Clockniakers, Charity ¥ part of th¢ M&E Thist An May 2017. Noti¢¢ is given on the Clo¢km4ktts' CpartY websile, www.¢lO¢kmaktts.o about the Fun4 and the procedurc for applyin8 for awards. RSik Mam8g¢m¢r4 Risks to which thc Charity may b¢ wscgptibl¢ hev¢ bea) id¢ntifi¢d and a Risk Regi$l¢r been devdopr4J as A managernenl 100] to rnanag¢mitjioTh WI and where appTopTiate.
ThE WORSHIPFUL COMPANY OF CIA)CI<MAKERS TrusrEES' ANNUAL REPORT AND FINANaALSTATEMENIS FOR THE YEAR ENDED 31 OCTOBER 2123 {Condpy¢d) 7. Stottm¢Dt of tkn rewMlblllll# of the Tru#e¢ f•tr the th1¢1 thtemefjts ITheTn is rcquiral to Fwart accowTJts forca¢h firwKia] tviod whi¢h Bive a tm¢ and fair view of theswe of affairs of the Charity which Compl 4 ststemetht of the ineome And expenditTe of the Charity and a swem¢nt of il5 ass¢ts aud In pr¢pArinB thc Th&e¢ isrytl kn., {a) mainlain suithbl¢ rfLorfs of ilstr¥nsllctionsTthieh dilo.with rtuonable •¢¢urncy. the fin181 position ofthe Charity at any timc, 5¢J¢¢¢ guitsbk a¢¢ouDtiDg policies and appty Ih¢m consistethiy. st* wh¢ther the a¢¢ounting policit5 in rt¢OTdanee with th¢ Charity Commission's 'AntIng and Rewting by Chtirities.. Staternent of R¢conJmendBd Pr¥rtiv" publish¢d in 20151"SORP 201VI sybjert to dcputures disdosed and explaina in lh¢ account pry¢ th¢ &-$oin8 ¢oA¢em b%qis" Nntess li is Inpropriate presUmeth81tht Chwity will cojthiie its y¢tivitie make judgements knd >i]n1tr5 thkt are r¢llllonable prudon4 sJf¢Kuard the rn of lh¢ Charity. take rewnaN¢ gt¢p$ io prevent and drA¢¢t and other iff¢gularities. Ib) (¢) (d) (¢) (D 8, lllvutmwt pow¢ 1kcThisc L5 QWered by theTrust to inve# funds at its tholute discr¢tion. On behalf of the1trust K¢Jth A. Scobitryoungs FBHI ACR
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 TO THE TRusfEE OF THE WORSHIPFUL COMPANY OF CLOCKMAKERS THE CLOCKMAKERS. CHARITY I report to th¢ Trusl¢e5 on my examination of th¢ p¢ow)¢s orth¢ Charity for rhe year ended 31 Octol)er 2023 whith 4r¢ sei out on pages 9 to 16. pe¢tlve Tewnslblllde5 of trniteÈ& and The truste¢s ar¢ r¢spoAsible for the prq)ardtion of the aceollnts in o¢tordan¢e with the requirements of rhe Chorities Act 2011 ('Mh¢ 2011 Ad'l The tru5t¢es are sati8fJ¢d ihat an audit is not required for this year under ¢tion 144(2) of th¢ Chawitics Act 2011 {Ih¢ 2011 Art) and have choseo Ansiead 10 have an indep¢ndthi examination. I r¢port in rcspect of my examingtion ofihe Trust's accouDts as ¢aTried out under S¢10 145 of th¢ 2011 Act. In CallyiDg out my ex8minatJon I have followed the T¢quir¢meJll$ of the applicable Dwrction¥ given by the ChaEity Commi55ion wnd¢f section 145(5)(b) of the 2011 Act. lthdéptndeot examiner's rtatement I have completed my examio2¢io l ¢onfiThn tILat rthj matters have com¢ to my attention givin8 me to believe that in
Dy materi81 resTrtcl:
accountitag OrdS w¢r¢ I1 kcpt in re5pe£t of th¢ chtirity &% requir&1 by Se10n 130 of tbe 2011 Att" or the accounts do n(pt acmrd with thL>S¢ rccord4' or Ihe accounts do not comptywith Ib¢ oppli¢able requirettk¢nt5 concerntng the fornl and content of arcwnts set oiit in theCnti8{AC¢oun¢s ond Report$}Rtgulations I8 other than any requiretnent tkal the accounts give 8tTue and fair view which 15 not a matttr considetrA Ls part of independent eXa]natiO I havc no con¢¢ms and have ¢om¢ aer05s no oth¢r malt¢rs in ¢(lI0n with ihe examination to which ¢Mu¢D should be drawn in this report in orderto enable a propcr undcrst8nding of the (QU5 to bc rcachrd. D•Yld A•JreivJ BS¢ MBA FCA Nonha¢r¢ Deetleap Road W¢stcott Suu¢y RH4 3LD
THE WORSBIPFULCOMPANY OF CU)CKMAKZRS THE CIA)CKMAKERS' CHARITY BALANCE SHEET 31 ocfoBER 21ll3 Notes 2023 2022 FIXED ASSETS QuotNI investments Royal Albert H411 Box Display c4s¢s 2.197.979 65ffjOC 35,299 2,124J04 650.1 883,278 2,774J04 Stk 1,361 36,593 5,851 1.859 30,790 61.678 Cth at bank 43.805 94.327 CRED11X)RS: lalll•K due Qthef ¢reditoTs (4.843) {17,357) r4YT CUIUIENT ASSETS 3&962 76.970 A&SETS £2.921240 £2,851,474 uNRTRICTED FUND Gcncr21 (page 10) 627.620 558345 RFSTRICITD FUNDS (pase 10) I1110n Fld Ilain Sanders Toppend¢n Fbnd DBrdt Pratl Trize Fund 1.780.891 296.840 216.889 1.770.1 307,480 215J89 2294.620 2.293,129 4922340 £25}.4?4 The fiTMncial *atemcnts wffe approved authori%41 for i&we by th¢Thi&tees on 26M¢b 2024 aJd w¢r¢ si ithw wh itsbcha]f by.. Keith A. Scc4)ie.YourwFBHI ACR
THE WOIi8HIPFUL Co(PANy OF CLOCKMAKERS THE CLOCKK4KKRS' CHARITY STATEMENT OF FINANCIAL AlYrri (INCORPORATING AN INCOME AND EXPBNDITURE ACCOUNT) FOR THE YEAR ENDED 31 00BR 2023 R•Jtri¢ted Fulldl D Frgtt Prlze Umrestrided Fwnd• Hal Sandtn T8ppetLden Total Fund$ Totgl FuDds Coll¢¢tlo 2023 2023 20 2022 INCOME FROM: Bresuet fund rair Inv¢s¢D)¢nt income Royal Alt¢rt Hall Box incom CoD¢¢ll ofpoorBoA Royaltics intomt Donation8 rcceivtd Charity fuTM]ed mffllorin8 scIKmc PrnfTrt {los$) on sale of merchandise PrDfLV(tw} on Clockmakers of 85.130 12,764 85,130 73,963 35,521 350 261 70.765 14.054 1.575 471 18,855 66,662 20,135 1.450 493 62.024 4.199 234 1,191 7.292 7.501 35.521 350 261 31131 38,634 14,054 268 29 J.307 442 151,229 7,292 7501 116.C68 282.090 175,243 EXPENDITURE ON: Dirttt Charitablc Exmilt1¥t Manag¢Tn¢rt and admirti5tr*ion of the charity 70.055 14,633 76.828 161.516 123.823 8,355 1.247 1.216 15.355 26.173 24,146 78.410 15.880 1.216 92.183 187.689 J47.969 NET INCOME BEFORE GAINS I(LOSSES) ON INVLSTMKNTS 72,819 {8.588) 6.285 23,885 94.401 27,274 OTHER RECOGNISED CAINS Af4D (LOSSES) Unrcalixd nct 8ainl{lo&s) on iftvesiments Realis¢d nd 8ainl{loss) on SAie of inVthn¢nis (8,405) (4.866) 15.864) 130,964) {50,099) (395,913) 4,861 2,814 879 17,910 (3,958) (3,544) (2.052) {4,9851 (13.054) (23,635) (399,871) NET INCOMEMEXPENDITURE) 69.275 (10,640) 1.300 10.83L 70.766 {372,597) FuThd balance brought forwllrd 558,345 307,480 215,589 .770,060 2,851.474 3,224,071 FUND BALANCE CARRIED FORWARD AT 31 OCTOBER 2Tr23 £627.620 £296.840 £216,889 £1.780,891 £2,922,240 £2,851,474 The stateNJenl of financial activitics includes all ¥uins &)d Losytt reco¥nisaf in thc year. All illcome and ¢xp¢ndilwr¢deriv¢ from ¢oniinuing aclivill Tb¢ notes OJ pages I I to 16 forni part of these finan¢iai 4atements. comparati flgures are sh¢)wn in not¢ I l. 10
THK WORSHIPFiJLCOMPANY 011 CLLICKMAKERS THE CLOCKMAKERS. CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED3J ooBER 2023 AccoiNriNG POLICIES The financial ststcllnis have been pr¢par&l on the biBwri¢ c05t conycntion with the ex¢rytion that investments e Vlled atmarkd valu& The a¢¢ount$ ar¢ in accordwKe with ftFyli¢ablea¢couJMins Accooniing and R¢poTtin8 by Charities: Ststem¢nt of R¢¢omm¢nded Pra¢tic¢ Vplichblc to Clwities pr¢parin8 th¢ir 3ccouni$ in accordanc¢ with FRS 102 Sedion IA and tomply w&th the Ctrtarities {Aonts and R98) RwlAtions 2(K18 and thc Charities Act 2011. Thc Cbvity th¢ aockm•k¢rs' Collextiw dethils of which listed Èection 3 of the TDLSt¢e$' R¢port. No 181]0 of this Co1]eCti is inclttded in these finawial #¥t¢ments. Inlm we included at ¢losin8 mid-markct value the 8fte£ Sh¢¢t th, Any gAin or loss on revthatiDn OTdiwal 1$ to the Statem1 of FinaD¢ia] Adivi¢i¢s. The Funds 08 daailed in note 2 8Te inVeell in a TaT]ge of ¢oTAnI and industrlal equitic4 fixtd Antettat inve5trne aDd unil Intsts. Stk 18 valuol at th¢ lower QT net re4111¢ val. Ikwttialion of display cases is written ottoyer 3 year& Invest awj rtherin¢om¢ reeeivel ar¢ a¢¢rAmtsJ f¢r on the ae¢nAls b88iJ. Qlrants pay8bl4 d(tionS but1¢5 and all othe¥ pdire ar¢ uCcnted for when the t&li8ation is probk. FIXED ASSETS. InY¢8nnents Pooltd FuTrdi D•rek Pr•tt Mèrk¢t valu¢ l NOv¢mir 2022 AddiitOnS Pmceed8 of disp058ls R¢a]jxd {Ios5) IgaiTh6 Net (1) 1Éoin on r¢valu•tion 1,904396 496205 {401.490) 25.585 (44235) 213,034 12.910 {9.074) 879 (5,864) 1117.4JO 509,115 (410J64) 26.464 {50.099) Market Valu¢ >1 2023 1.980.461 211 J85 2.192.346 Casb •wling reinv¢ment 630 5.(Kb3 5.633 1.981,091 216.888 1197.979 £1.774.605 188.227 £1.962I32 FIXED ASSETS- Dhply C• Addltltsll• 51948 Cost 1131 Odober 2tr23 2.948 l•r yer 17h49 Depr•eldon at 31 Ort•bw 2023 £17.fA9 Net book #t 31 (ktsb¢r21)23 £35299
THE WORSRIIPFUL COMPAf4Y OF cLOcKRs THE CU)CKMAKERS' CHARITY NOTFS TO THE FINANCIAL STATEMENTS (eontknued FOR THE YEAR ENDED 31 OCTOBER 2023 FIXED ASSETS- Royal Albcrt Hall Box The Royal AlbErt Hall Box was bequeathed ihe Worshipfvl Company of Clo¢kmakers' Chgrity by the late Reginald Beloe. The ChaTity rcccive5 incom¢ frorn the Prerniurn Ticket Relurn Schemc QPCTHted by Ihe Hall. The Box valued by the Trnstees in 2017 at a Mark¢i Valllt of £650,0(Kl, and this was review&1 by the F&KPC in 2023 and lefi unchangcd. DIRECT CHARITABLE EXPEIYDITURE 2023 2022 Unreitrirted Fuwj Donations Prizfs cal081Th8 Projtct Diplomas Restsration of SilverColl&tiOD Consetvation of Frctsham Memorial Subscriptions Tru¢es Insurnnce Trainin Mentoring c05t8 Livery Schw15 Showt%e 13.030 2.140 6.320 1.300 30,740 5C4) 408 ,398 225 506 125 447 55 5.199 14.054 494 Bwuet ExblbltloD Display materials Diw¢g1 ¢4alosu¢ Travel Advertisirt8 and photo8Tapty R#¢plion Sundry expmse5 Depreeiation of dI18Y ¢&%ts 13.583 i.joo 42 U64 2J69 17.619 C•MectloD Assiswii Ke¢p¢r's f¢¢s Curntor's salry and p¢n5ion costs Curatoriol Adviser 4,413 43.3SO 4,160 40.792 4,754 Purch of RippDn Portrait Display and lora8¢ ¢OSLS Restoration ¢ost8 Travel and mMOdatIOn Oiher sundry dxpcn5CS Tnining Collcction photography and digltisation T[Sport 3,960 4.795 I,7) 175 3(M) 62 (si) 876 2,730 826 Haln S•oderJ Tappenden AwKd HST Awatdg 14,633 11,907 £161,516 £123,823 12
THE WOKSHIPFUL COMPANY OF CLOCI(MAKF NOTES TO THE FINANCIAL STATEMENTS (tomlIntd) FOR nix YEAR ENDED 3] ocfoBER 2021 MANAGEMENT AND ADMINISTRATION OF THE CHARITY 2023 2022 AccouThtan¢y CDJ]tribution to Worshiphl CpaDY of Clwkmak¢rs staff ¢oaF Portfolio #dvisory ¢hT Sutblry expetbses 2.150 9.0 12,398 2.625 2.0 iuii 935 £26,173 £24.146 COVENATh AND DONATIONS RF£EIVED 2•2J 2D22 Donion frDrn the George DanielsEducational Thisr (Xh¢r donations T¢1¥¢0 (Ilding Bregu¢l fundraisu) 30.XI 105.267 20,628 30.f 45.401 5,478 £155.895 £8Q.879 TRUSTEE REMUNERATIO The rvxived no rM)uncTr¢ion or Teimt•jUThtrn of during th¢ year 8ttV¢ 8$ th¢ Related Party Trwdions Noie (nott 71 REIATED PARTY TRANSACTIONS Mr F Brodi¢ was pid £4.413 for his ¢kng¢s as Assisiant KeeFtr. Mr Brodi¢ is a L4veryttwi of the Ww&hipful Cornpany of athakcr& An oTrI of £1.1) in respect of CMTaknial Advis¢r's fee was paid toMT J Bttts who is a rD¢mb¢r of ¢h¢Covrt of A$5iStants of the WoTsbipful Company of Clockniak• £10.133 waspaid10 th¢BHI.Pkn MerDavid PooleisVice-Pr¢sident ofth¢BHI. Ju$1in KoullapTr$ isa Direetor of thc BHI. Dr Jws Ny< Keith Scobiyo1S. JthIn M8Tk EIIiDti Philip Whyl¢, Roy Ilattxs, knhall Hill4 Anthony Gray. ROlrt Wren. Ralph B8iw, Howard Ncwnan arc m¢mbess of the BH[. £300 w&8 awarded ts a pyiz¢ to A ydulltin8 9IUdbt of Bimiin8hwn City Uthiv¢tsity. Th¢ d¢p8TtsnexJt 15 nm by WCC Liv¢rym8n J¢y¢my Hobbtns. A tal of %5,fy)O was bLw$2ries fortwo stydents W¢st Den Colkg& Junior Wath Robcrt Wrcn is a visittng le0rer at the ColkB& £sc Ewarded to a 5tytht of University Colkge LA)ThJoh c. As5i51ant Dff PrlTr 1$ i co1J]lan1 to the Obserntthy. Tht Charity paid £5,(4)Oiow•rd5 ¢hufth ¢lo¢k r¢stornlion project4 execthed by TheCuMs CJo¢k C4mpAny, of which K¢ith S¢ob1¢•YouniS a diff¢toi and hay 8 finAncial int¢8¢ in that ¢ompany. Th¢ ClockmakerJ' Charity had no Tole in awarding thtcontr2cts. K¢ith S¢obitrYoyn8É did not pwticipzte in discussion5 about Granis for m¢Moring w¢r¢ rvive41 from the Litiea 2 Charitabk F¥nd. Jonathaj Bett& Dr JaTns5 Ny< Keith Scobie-youngs and Richard Staming are advisers to the fund £2.345 w&% ld to Pasl Mas1er Roy Harrii for m¢ntOTih& U.538 ws paid to w m&%1 David Poolc for mcsjtori The av•a8¢ )wnihty nurnberof anployees duriJ8 theYr was thbe (2022.. on¢1 13
THE WORSHIPFUL COMPANY OF c1clAKERs THE CLOCKMAKERS. CHAIUTY iYOTL8 TO THE FINANCIAL STATEMENTS (¢ontIned) FOR THE YEAR ENDED 31 OCTOBER 2011 ANALYSIS OF FUND A&SETS AND LIABILrriES CURRENT YEAR Unrntrlcttd Total Funth FIX A InVat$ Cutrent Ass&s cUent Liabiliues 1883.278 43.805 (4.843) 600,286 30.484 (3.150) 2282.992 13,321 (1,693) £2,922.240 £627,620 294.620 PRJOR YEAR COMPARATtVES Rutri¢ted F4d$ Totsl Fixed Inv¢Am¢Dts Cuveni Assas Cuwrcnt Liabilities 2,774ll04 94,327 (17.357) 478.142 86,518 (6J15) 2,296.362 7,809 (11.042) £2,851,474 £558,345 £2,293.129 APPORTIONMEI¥T BETWEEN FUNtK8 Inwming resour, ittvesttttent m#n¥em¢nt fw together with r¢alistyJ aThJ uwealis&l gail1rJsfj¢4 are appon10n between the restricted and ynr¢stri¢rat funds pro Ma the balance on each fund at lh¢ b¢ginnin8 or the financial yeAr or from whcn ncw futth wcrc e1ved duri8 th¢ finan¢ial year. This is with tbe exception of the Duek Pfatt Priz¢ Fund where duc to the separate Investm15 h¢ld it$ investhiellt maDaBernent cosls are allocated directly. Accountancy and aJeapportioned in&CoanCe with tkebudgct5prepared ittadvanc¢ of thcyear. Sundry expcnscs 8tc allocated lo the &Fecific fiJDd thcy relate to. 14
THK WORSHIPFUL COMPANY OF CLOCKMAK THE CLOCKMAKERS, CHARITY NOTL%TO THE FINANCJAL STATEMENTS (cotlnMt41) FOR THE YEAR ZI4DED 31 ocfoBER 2023 li. COMPARATIVE FIGUR Re¥trk1 D PTott TotAI Prize Colle¢¢loll FMnd• Unreknlcted Dd• HalD Sgnders TappeKdeD 21122 2022 2022 2022 Noles INCOMKFROM: Br¢gua fjjnd rriser Investrnt income Roya] Albert Hall Box int47rnC Cont¢nts of P(r Boi Royalii¢s Iorne 18,855 11,395 18.855 06.662 20.135 1.450 493 62.024 6J73 863 41131 2Q,135 1,450 493 31,031 3Q993 Lyles ¢1yed Charity fvAde41 Mell¢18 the PJofii Oo&sJ on 8e of merdwidi&t PJofiUIl$$) on aockmakers of 4.199 234 4,199 234 .191 67,126 573 6.863 94,681 17534Y EXPEPIDrruRE OF4: Dirwt Ch•ritabl¢ Expthditure man¥8¢ and adminithtion of the ¢hority 44.$94 11.907 67,322 123.823 5,559 1.430 1207 15950 24.146 50.153 13.337 1207 83272 147.969 NET INCOME BEFORE GAINS IIIDSSES) ON Ir4vKsfMENTS 1fi973 (6.764) 5,656 11.409 27,274 OTHER RECOGNISED GAINS Af4D ILOSSES) Unreaiistd 8atiV{105$) on invcrntsits Rea]11 net gainlllos81 on sfftie of iDv¢s¢m¢nts (68.614) (39,724) (34.785) (252.790) 1395,913) (596) (345) (823) (2,194) {3.958) (69,210) (40.C69) (35.608) (254,984) 1399.871) {46.833) (29952} (243.575) (371597) NET INCOMFJ(EXPEIWDinJRE) (52.237) Fund balance broughi forw•Td 61Q582 354,313 245J41 1013.635 3J24.071 FUND BALANCE CARRIED FORWARD T 31 OCTOBER 2022 £558.345 £307,480 £215.589 £1,770.060 4851.474 Is
THE WORSHIPFUL COMPANY OF cLoCK(ERs THE CLOCKMAKERS. CHA IYOIES TO THE FINATr4CIAL STATEMENTS (eoDtinkned} FOR THE YEAR EM)ED 31 ocfoBER 2023 12. CONTINGENT LIABILITIES FTVM the Collection Fund: coll110n Pholography. The Court ha5 approved £2AO(Q in expenditure pl09raphY of ik¢ ¢olledion, of wh*h £&500 15 OUt4aTding. FTOM Unrestricted Fw)ds: Thecourt has approved pledEes of £10.051 to 4 thurrhe5 and one village hall fOrreoratIO1¥ works to tkn twtet clo¢k& The Cowt has approv¢d an bwsary of £S.(KXJ to West Dean College. FTOM Hain Sanders TAHJendett Fund: The Court Iw apprnv¢d $wJtwi 4mountin8to £6.(K)O to PP)rt th¢ udi&S of company appmitice& 16