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2021-03-31-accounts

Draft Financial Statements at 26 May 2021 at 16:14:33

Charity Registration No. 278164

WAX CHANDLERS CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present the annual report and financial statements of the Charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - SORP FRS 102 (effective 1 January 2019).

Objectives and activities

The objective of the charity is to make grants for general charitable purposes. The Trustee has agreed to continue to honour earlier commitments made in perpetuity regarding the supply of candles at St Paul’s Cathedral (former Aldridge Bequest) and Ightham Church (former Todd Bequest).

Priority is given to the making of grants for the encouragement of bee keeping, for innovation and advances in the modern wax industry, and the dissemination of knowledge regarding bee keeping and the modern uses of wax. The Trustee pays due regard to the Charity Commission’s guidance on public benefit.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance

During the year the Trustee awarded grants of £19,582 (2020 - £19,089) as set out in note 3.

Financial review

The charity derives its income from a portfolio of investments and personal donations from members of the Wax Chandlers’ Company. There are no restrictions in the Trust Scheme so the Trustee is bound by the provisions of the Trustee Act 2000 in respect of investments.

The Trustee’s aim is to balance the needs of present and future beneficiaries and as such aim to achieve the best possible total return and follow a medium risk strategy. The Trustee aims to maintain the capital of the investment funds at least in line with inflation.

Investment funds are managed on behalf of the Trustee by Cazenove Capital within the charity’s investment policy. Investment returns, both capital and income, are reviewed regularly and monitored against the general investment market.

The market value of all listed investments including cash, at year ended 31 March 2021 was £876,826 (2020: £761,435). The net gain on investments for the year was £120,122 (2020: loss of £14,832).

During the year the charity received investment income of £25,961 (2020: £33,571) a decrease from 2020 of £7,610 (2020: increase of £10,602) and committed £19,582 to grants (2020: £19,089).

At 31 March 2021 each fund had adequate resources to fulfil the charity’s planned grant programme (see note 8).

Structure, governance and management

The governing document of the charity is the Trust Deed of 29 March 1979 amended by resolution dated 22 June 1998 and 28 March 2008. The corporate Trustee is The Worshipful Company of Wax Chandlers (a City Livery Company), and its Court of Assistants (equivalent of a Board of Directors) are the charity Trustees within the meaning of the Charities Act 2011.

New charity Trustees are elected by the Court. The Court is advised by the Charity Committee on all aspects of policy and administration.

The day to day administration of the charity is undertaken by the Clerk. The Trustee is notified of any updates to any Charity Commission legislation relevant to the charity and the way it operates.

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Reference and administration details of the charity, its trustees and advisers

Wax Chandlers Charitable Trust is a registered charity no. 278164.

The principal address of the charity is Wax Chandlers’ Hall, 6 Gresham Street, London EC2V 7AD.

The Trustee is The Worshipful Company of Wax Chandlers, operating under a charter granted by King Charles II on 23 November 1663. The members of the Court of the Company serve as the charity’s Trustees within the meaning of the Charities Act 1993. The membership of the Court during the year and up to the date of the approval of the Trustee’s Report is shown below.

Master

Mrs Sue Green

Deputy Master

Mrs Joan Beavington

Upper Warden

Mr Anthony Bickmore

Renter Warden

Mr Timothy Maile

Court Assistants

Dr Jonathan Munday Mr John Sleeman Lieutenant-Colonel John Chambers Mrs Heather Hawker MBE DL Mr Peter Tompkins Mr Arthur Davey Dame Fiona Woolf Mrs Lynda Marston-Weston Mr Ian Appleton Mr Robert Holland Ms Margaret Ginman Mr Johnathan Simpson Mr Andrew Cooper

Clerk

Mr Richard B Moule

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The principal advisers to the charity are:

Bankers CafCash Limited Kings Hill Mest Malling Kent ME19 4TA

Investment Managers

Cazenove Capital 1 London Wall Place London EC2Y 5AU

Solicitors Independent Examiner Reed Smith Richard Butler LLP Paul Windmill FCA Beaufort House Myers Clark 15 St Botolph Street Egale 1, 80 St Albans Road London Watford EC3A 7EE Hertfordshire WD17 1DL

Statement of trustees' responsibilities

Charity law requires the Trustee to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the net income/(expenditure ) for the year. In preparing the financial statements the Trustee is required to:

The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Charities Act 2011. The Trustee is also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on 16 June 2021 and signed on their behalf by:

Mrs Sue Green Master

Mr Anthony Bickmore Upper Warden

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WAX CHANDLERS CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of Wax Chandlers Charitable Trust ( Charity no: 278164 ) for the year ended 31 March 2021 which are set out on pages 5 to 10 .

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 201 9 .

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Paul Windmill FCA

Myers Clark

Egale 1 80 St Albans Road Watford Hertfordshire WD17 1DL

Dated: .........................

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Expendable
Endowment
Unrestricted
Funds
Restricted
Funds
2021
2021
2021
Notes
£
£
£
Income from:
Donations
-
11,046
36,963
Legacies
-
1,000
-
Investments
2
-
25,961
-
Total income
-
38,007
36,963
Expenditure on:
Grants
3
-
(19,582)
-
Investment manager's fees
(3,447)
(1,575)
-
Recharged expenses
4
-
(15,609)
-
Independent examiner's fee
-
(2,040)
-
Sundry
-
(1,603)
-
Pollinating London Together
-
-
(5,627)
Total expenditure
(3,447)
(40,409)
(5,627)
Net gains/(losses) on investments
82,444
37,678
-
Net incoming/(outgoing) resources
78,997
35,276
31,336
Other recognised gains and losses
193
88
-
Net income/(expenditure)
79,190
35,364
31,336
Reconciliation of funds
Fund balances at beginning of year
562,019
256,846
-
Total funds carried forward
641,209
292,210
31,336		 Total
Expendable
Endowment
Unrestricted
Funds
2021
2020
2020
£
£
£
48,009
-
16,493
1,000
-
-
25,961
-
33,571
74,970
-
50,064
(19,582)
-
(19,089)
(5,022)
(4,076)
(1,532)
(15,609)
-
(10,000)
(2,040)
-
(2,130)
(1,603)
-
(766)
(5,627)
-
-
(49,483)
(4,076)
(33,517)
120,122
(10,780)
(4,052)
145,609
(14,856)
12,495
281
-
-
145,890
(14,856)
12,495
818,865
576,875
244,351
964,755
562,019
256,846		 Total
2020
£
16,493
-
33,571
50,064
(19,089)
(5,608)
(10,000)
(2,130)
(766)
-
(37,593)
(14,832)
(2,361)
-
(2,361)
821,226
818,865

The notes on pages 7 to 10 form part of these financial statements

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

BALANCE SHEET

AS AT 31 MARCH 2021

2021 2020
Notes £ £ £ £
Fixed assets
Investments 5 876,826 761,435
Current assets
Other debtors and prepayments 6 14,977 3,224
Cash at bank 77,992 72,811
92,969 76,035
Creditors: amounts falling due within
one year 7 (5,040) (18,605)
Net current assets 87,929 57,430
Total assets less current liabilities 964,755 818,865
Funds of the charity
Expendable Endowment Funds 8 641,209 562,019
Restricted funds 31,336 -
Unrestricted Income Funds 292,210 256,846
964,755 818,865

The financial statements were approved by the Trustees on 16 June 2021 and signed on their behalf by:

Mrs Sue Green Mr Anthony Bickmore Master Upper Warden

The notes on pages 7 to 10 form part of these financial statements

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

1.1 Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - SORP FRS 102 (effective 1 January 2019).

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying SORP FRS 102 (effective 1 January 2019) rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

The Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2 Income

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Investment income is recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by investment managers of the receipt of the dividend.

Legacies are accounted for when the charity has been informed of the amount of legacy by the executors and there are no challenges to the will.

1.3 Expenditure

Expenditure is recognised when a liability is incurred.

Grant payments are recognised when the recipient has been advised of the grant and there is an obligation to pay.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.4 Investments

Listed investments are a form of basic financial interest and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the mid-market value.

1.5 Fund structure

Expendable Endowment Funds are those funds which are retained for the future benefit of the charity’s beneficiaries but may be converted into income at the trustees’ discretion. Income deriving from these funds is unrestricted.

Unrestricted Income Funds are those funds that are available to the trustees to apply to the general charitable purposes as laid out in the Trust Deed.

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Investments
2021 2020
£ £
Income from listed investments 25,959 33,563
Interest receivable 2 8
25,961 33,571
3 Grants 2021 2020
£ £
Awarded in the year
Bee Farmers Association 7,000 -
National Honey Show 6,500 6,216
Buzz in the City 3,000 -
Guys & St Thomas' Charity 2,000 -
St Vedast 832 799
Fellowship of Clerks 150 -
LCSC Annual Subs 100 100
Beehives for RAF Conningsby - 2,504
Bees Abroad - 2,083
Seal Church of England School - 1,300
BBKA lecture program - 1,210
Newbattle grant - 1,099
Lord Mayor's Appeal - 1,000
John Geden Sinah Common Honey - 750
St Paul's candles - 650
Guildhall Libary - 375
St Vedast rates - 363
Buzzworks - 300
BBKA Prize - 200
Todd Bequest - 88
Pollinating London Mailbox & Website - 52
19,582 19,089
4 Recharged expenses 2021 2020
£ £
Staff costs 15,000 9,646
Office costs 609 354
15,609 10,000

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

5 Investments

2021 2020
£ £
Listed investments
At 1 April 2020 761,435 770,974
Fees charged (5,022) (5,608)
Income re-invested 291 10,901
Movement on unrealised gains/(losses) 120,122 (14,832)
At 31 March 2021 876,826 761,435
The asset allocation within investments was as follows:
2021 2020
£ £
UK Holdings 322,507 361,923
Overseas holdings 548,357 378,252
Cash held for reinvestment 5,962 21,260
876,826 761,435

No holdings comprise more than 5% of the investment portfolio in 2021. One holding comprised more than 5% of the investment portfolio in 2020.

2021 2020
£ £
Charities Property Fund (Holding < 5% in 2021) - 42,711
6 Debtors
2021 2020
£ £
Gift aid 8,085 2,746
Investment income 6,417 3
Other debtors and prepayments 475 475
14,977 3,224
7 Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors - 13,242
Grants payable 3,000 3,383
Accruals 2,040 1,980
5,040 18,605

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

8 Movement in funds

Current year

Balance at 1 Incoming Resources Gains/(losses) Balance at 31
April 2020 resources expended on investments March 2021
Expendable
Endowment Fund 562,019 - (3,254)
82,444		 641,209
Restricted Funds:
Hall Fabric Fund - 8,025 - - 8,025
Pollinating London
Together - 28,938 (5,627)
-		 23,311
Unrestricted Income
Fund 256,846 38,007 (40,321)
37,678		 292,210
818,865 74,970 (49,202)
120,122		 964,755
Prior year
Balance at 1 Incoming Resources Gains/(losses) Balance at 31
April 2019 resources expended on investments March 2020
£ £ £ £ £
Expendable
Endowment Fund 576,875 - (4,076)
(10,780)		 562,019
Unrestricted Income
Fund 244,351 50,064 (33,517)
(4,052)		 256,846
821,226 50,064 (37,593)
(14,832)		 818,865

9 Trustees' remuneration and benefits

None of the Trustees who served during the year received any remuneration or reimbursement of expenses (2020: none).

10 Related party transactions

The Worshipful Company of Wax Chandlers is the sole Trustee of the Charity and appoints the persons who act as the Trustees of the Charity. The Charity shares accommodation and certain costs with The Worshipful Company of Wax Chandlers.

During the year £15,609 (2020: £10,000) was recharged to the Charity by The Worshipful Company of Wax Chandlers in this respect. At 31 March 2021 the Charity owed the Company £nil (2020: £13,242).

11 Connected parties

The Charity has a common Trustee and shares accommodation with William Kendall’s Charity. At 31 March 2021 the Charity was owed £475 (2020: £475) by William Kendall’s Charity.

Draft Financial Statements at 26 May 2021 at 16:14:33 WAX CHANDLERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12 Grant Commitments

The charity has committed to paying the following grants in future years: - £10,000 per year for the next 2 years to the Pollinating London Together initiative.