ThE HORNERS CHARITY FUND INDEX TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees ènd Professional Advwrs 2to7 Report of the Trustees Independent Examiner's Report ststement of Financial Attiwtie5 10 Balan Sheet 11 to18 Notes to the acc¢yJnt&
THE HORNERS CHARITY FUND ThusrEES AND PROFESSIONAL ADVISORS R ENDED 31" DECEMBER 2022 FOII THE Y Trustee$: D M Swffi)rth OBE Chainnan ReSned 2" February 2023 Dr D J Giachardl Appointed Chairman 2 February 2023 M l Birrel J E Maccabe M A Muirhead Dr B M Maunders AppolThted 2 February 2022 Appointed 2 February 2023 Resi8ned 2 Februory 2022 Resigned 2 Febwary 2022 R K Joyce G W Haines M Dr H G Davies C R Freedman DWKChrtty HDM055 ReSned 2 February 2023 Appointtd 2 February 2022 Appointed 2 February 2023 AMAPrlce K M Davis Secretary to Ihe Trust Treasurer Cchitty R K Joyce Charity Number. 292204 Independent Examiner. Adam Halsey FGI Haysmacintyre LLP 10 Queen Street Place Lolon EC4R IAG Charity Addres& Quarry Hill Brassey Road Oxted Surrey RH80 Invèstment Advisors: Rathbone Investment Monagement Ltd 8 FinSIry Cirojs London EC2M 7AZ Chades Stanlty & Co Ltd 55 Bishowagaie London EC2N 3AS Principal Banker. C Hoare & Co. 37 Fleet Street London EC4P 4DQ Pa8e I
THE HORNERS CHARITY FUND REPORT OF THE TRuEE5 YEAR ENDED 31 DECEM8ER 2022 FOR TH The Trustees present their report and the financial ststements forthe year ended 31 December 2022. The financial statements have been prepad in accordance with the accounting polKies set out in Note I to the Accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and the Charities Ststement of Aecommended Practice and Financial Reporting Standard IFRS1021. STRUCTURE. GOVERNANCE AND MAP4AGEMEKr Organi5ati•n The Horners Charity Fund vfts set up by a Oeed dated 5 March 1929. Various amendments and amalgamations have taken place since then and a Scheme of Administration and Uniting Direction under S96161 of the Charities Act 1993 dated 10 December 21x12 combined those arrangements and 8overn the Charity today. All the relevant Trust fund5 are accounted for In these financlal ststements. The Board of TnJstees is drawn from the Worshlpful Company of Homers and numbèrs ten indlvlduals. The Chalrman Is appointed by the Board. The Trustees have appointed a Secretary to mana8e the administration and there are no employees. The Board normally meets three tlmes a year, and the Trustees have wide powers to deal with Investments and to administer the Trust assets. The work of assessing the demands upon the Charfty, and meeting as many of those demands a5 possible, is delegated by the Trustees to two C¢mmFttees, one to deal with eduutional matters and the other to deal with other matters of a more 8enerdl 8rant-making nature. The Trustees are very grateful for the hard work and commitment of those Commlttees, without whose efforts the Chavity would not be as successful In meetln8 the nted5 of beneflciaries. As Trvstees of a public benefft entty, the Trustees confimi that they have referred to and complied wlth the Charity Commission's general 8uidance on public benefft when reviewing the Charivs activities and setting the grant making policy. They also recognlse the possible impact of the close relationship with the Llvery Company on thelr affalrs and have taken steps to mitigate any risk of undue infltsen in order to m8intain the integrity and independence of the Charity. Appolntment of Yruste•s The names of the Trustees of the Charity who served at any time during the financial year ended on 31 December 2022 and up to the date this report was approved can be found on page l. The Charity's constitution require5 the appointment of five ex-offklo Trustees who are officers of the Worshipful Company of Horners and up to five c(popted Trustees. At a Special Meetin8 held on 15 December 2021. the Trustees passed resolutions which increased the pool of candidates from Members of the Court of the Worshipful Company of Horners only to allow the recruitment of new co-opted Trustees to be drawn from the wider more diverse membership of the Company who Mht have greater ski115. knowltdge and experience that would be valuable to the Charity and enhance its governance. Therefore. the Trustees recruitment policy has been updated accordingly to seek out appropriate persons who bring an experfence in dealin8 in the areas of social concern and education relevant to the plastics industry, and of governance and investment matters. The Trustees elect one of their number to act a5 Chairmèn for a period of 3 years. Trustees are appointed under the 80verninB 5chÈme for a period of S years. Page 2
THE HORNERS CHARrri FUND REPORT OF THE TRUSTEES CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 Trdlnlng ofTrurtees When new Trustees are appointed. they receive an "indUrtn pack" and are familTrarised w5th the provisions of the Charity's constitution and its funds. the financial status of the Trust, the minutes of previous meetings, and are encouraged to attend appmpriate training courses. All Trustees receive a comprehensrve Trustee Guide comprising information al)out the Trust Including Its constitutional documer7ts. Trustee Policie5, Commrttee5 and key Charity Commlssion Guidance which is re8ularty Updated. Rlsk Manaiemenl The Trustees hève a programme of rlsk evaluation to ensure principally that the investments in their care are relevant for the purposes of the TnASt. A risk matrix has been developed and is reviewed fegularty to identify other potential risks. such as loss of reputation and safeguarding risks. The Trustees also conduct due dili8ence on applicants for grants and evaluate the recipients to ensure proper usa8e of the Chartty's funds. They generally assess that the risk environment for their Work is relatively low compared to many other tharities, birt remain vigilarf to nèw fisks and changes to ihe rlsk environment in whbch the Charity operate5. oBJEIVEs AND AcnvmES The objecrlves of the Chèrlty and its Funds Includin8 restrtctions on their use are as folk>ws: The Horners Charlty Fund- In accordance wlth the 1929 Tnjst Deed the unexpended donatlons recelved prfor to 1984 are held on permanent endowment. Donations and legacies reived since 1984 are held for general charitable purposes, with particular empha5 on Brdnts to small th8rities supportin8 education, chlldren, disadvantaged people and the homeless in and around the City of London, charities proposed by members of the Company, the Lord Mayorfs Charity and, in normal clrcumstsnces, 4 partKular chosen charty each year nominated by the Master of the Company I the Master's Charity'l. Edu¢ation Fund - The fvnd was formed from a bequest from Ralph Anderson. in which he expressed a wlsh for his legacy to be used for edtscational purposes. The Trustees have desi8nated these funds to be used to SUPPOrt science related educational projects. preferably with a plastics connertTron. includin8 science education in schools. Thomas Clarke Chaflty - The funds are to be applled In provldln8 scholar5hip5 and other charitable purposes, with special emphasis on the blind or partialty sighted. The Plastlcs Industry Educatlon Fd - The fund Is expendable on scholarships, prizes, text books and support for students in connertion with education In the plastics industry- to pr(Kure the publication of papers, film5 and other educational material in connection with the science or technoloBY used in the plastics industry: to SUPPOrt Universitles, Colleges, Schools and Instltutions for the promotion of education within the plastlcs industry and to asslst the advanment of educ•tion in plastics technolo and allied subjects. fjeorse 8eclEer s£holBrshlp- The funds are io be dpplled Iii V¢VYidins xholar>hips certain frty of London educ4tiAI institutions. In recent years a scholarship has been provided to a post-graduate student of opera at the Guildhall School of Music and Drama. The A E Lawrence Wlll Fund In 2012. the Charity reiVed a conslderable legacy from A E ITedl Lawrence. This bequest is held on Permanent Endowment. Under the ternis of the legary, the income provides for annual book prize5 for each of three City of London Schools and the Guildhall School of Music and Drama. The remaining annual income from the investment of the leiacv was to be used to provide part xholarshbps at the three City of London Schools. Page 3
THE HORNERS CHARrrY FUND REPORT OF THE TRUSTE CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 D F Oxley Fund-This legacy is held for the benefft of bursaries in schools. forthe a(fvanrnent of science education. The funds have been applied to The David Oxley Horners kience Bursary established to fund a sixth forni student studylng STEM Isctence. technology. en8ineering and math51 subjects at A Level at one of three City of London Schools. The Charity [5 tlosely assoclated with the Wofshipfvl Company of Homers and virtually all of its donation income is recelved dlrectly or indirectly from present and past members of the Company. its endowment having been funded by 8ifts and le8acies from Company members. The Compan¢s existence is predicated on givift8 something back to society, and the Charity serves as the vehicle through which much of the member¥ financial assistance, volunteer help and experience can be focussed and dirted in this respect. As explained above, the Trustees condurt their actltIeS by means of two separate Committeès of the Trustees, a General Charitable Committee which recommends the general charltable grants to be made and administers school scholarship5 and bursaries, and an Educational Ch•fity Committee which develops and funds science related educational projects. This includes encouraging children In primary and secondary 5choo15 to study STEM subjects, apprenticeship aword5 in the polymer Industry, and the development of excellence in desi8n and technology usin8 polymer5. Achlevements and Pertomian The Trustees are satisfied that during thè eourse of the year, from the fvnds belng generated. that they have been able to meet the alms of the settlor5 and donors as far as possible wlth the rertricted resources avalkible. The stated aim for the Trustees 15 to spend in the form of 8rants, awards. bursarie5 and scholarships as much of the fvnds available to them commensurate wtth maintainin8 a sustainable. long term Charity. The full analysis of 8rants is shown in note$ 2 and 4 of this report. During the year under review, the Trustees approved grants to two Pafi.Lery phllanthropic iDltiatlves - No Going Back and The Livery Food Initiative. The core objective of No Going Back to drT¥e the habilItatIon of offender5 through the Provision of trainin& support, employment and housing. The Livery Food Initiative operated by City HaNest aims to reduce food poverty in London through the redtstribution of surplus food. They also supported an initiative to train STEM Ambassadors to support STEM curriculum delivery in schools and colleges and provlde information on careers in the polymer industry. Educatbon Fund 8rants were give to the British Science A$50ciation lor a programme supporting science education in primary h0O1$ in digdvanta8ed areas and to the Royal society of Chemistry for educational resources for teachers on the wsitive use of plartiC5 in construction and speciflcally the role of plastics in ener8y-savin8 homes. Flnanclal Review Incomè for the Unrestriced General Fund for the year ended 31 December 2022 Wds £SS.46412021.. £112.4081, and charltable grants wefe £56,118 (2021.. £44.230J. Normally each year the current Master chooses a charity to support through ftJndraisin8 activities. The Master's Charity for 2022 was a remlniscence arts ond dementia charity called Age Exchange wlth £12,093 of the total amount donated in the year goi to this charity. The was no Master's Charity for 2021. Income for the Education Fund, ported as Designated Funds in the Statement of Financial Activities, was £46,62712021.- £45,244), against grants of £20,040 (2021.. £39,511). Expenditure on some education projects in schools has not fully recovered from the effects of the Covid-19 pandemK. Page 4
THE HORPIERS CHARtTY FUND REPORT OF THE TRU5fEES CONTINUEO R THE YEAR ENDED 31 DECEMBER ZOZ2 Income for the General Fund for 2021 wa5 increased by a substantial donation received towards the end of the year from Mrs Jane Williams, the widow of D3¥id William5 who was a Trustee and Chairmèn of the Education Charitable Commitnee at the time of his death. The Trustees are extremety grateful for her klnd and generous donation and are carefulty considerin8 how best to apply the fvnds in memory of her hi8hly esteemed husband. In ad(iition to the funds over which the Trustees exercise their discretion. the Charity holds certain funds where the purposes to which the money can be d1cted is subjett to a restriction bv the donor, who wlshed to specify how the funds We spent. These fvnds are Most for educational purposes and are described in detail in the section of this report headed "Objedives and AttNities' and Note 8 to the Accounts. This year the Restritted Funds Income was £31.54912021.' £31.638J, aDd charrt•ble 8rants were £73,46612021.' £48.249J reflectin8 the Trustees polity to ensure the Restrirted Funds are utillsed and a declslon to fully expend the remaining funds ITr the Thomas Clarke Charity. In overall terms. total income of £133,64012021.' £189.2901 less gronts of £149,62412021.' £131,990) and costs of £31,56212021. £32.8071 resulted in a deficit of £47,54612021.- £24,493 surplus I before 3 loss In the capital value of our investments of £369,979 12021.. E373.116 goin) resultib78 in an overall decrease in funds of £417,52512021.' £397.610 increose l. The A E Lawrence Wlll Fund bequest contained • restriction on the spending of capital, and so is held as a Permanent Endowment. This year the Trustees dlstributed £39,029 (2021.. £30.5511 from income in bursaries and book prlzes. Th15 expendlture Is Included withln the Restrirted Funds reported above. Losses were made on Investments in the year of £369.979 (2021.. £373,116 goinj. The Trustees do not judge this short term volatility in the Stock Market. to be a factor ImCting on their grnnt maklng )billty, since it is not the intentlon in the case of the majorty of funds to spend invested capital, and It is the Income which Is utilised to promote the aims of the different funds. The impact of the Cofonavirus ha5 continued to adver5elv affect investment Income althou8h year on year returns have imprcryed. Whlle the market value of investments had recovered from the effert of the pandemic, volatility in the market ha5 continued due to Russia's invasion of Ukraine and more recently concems regarding rising Infiation and interest rntes and the posslble prospect of Tetession. Economic uncertalntty h•$ Continued Into the new finanaal year exacerbated by sorne regional bank failure5 in the USA. Reserve5 Policy and fte¥lew The Trustees review thelr Resep4es Pollcy on an annual basis in accordatKe wbth Charity CommissK>n Guidance. The Pollcy applies to the Charivs Unrertritted Reserves whith can be 5pert at the discretion of the Trustees in furtherance of the Charity's objectives. This indudes funds which have bn earnrked for a specific purpose and held in a separate Deslgnated Fund bv the Trustees. The Trustees reco8nise that the donors to the Charity'5 funds believe In the kin8evity of Livery Companies generally and their commitment to and reputation for philanthropy. Without restricting in any way the discretion of the Tnjstees to draw down on reseTres, any capital 8rowth in funds which have been invested should normally be retained in reserves. allowing income to be used to meet the Charity's objectives. There is no need to conserve income for a fvtufe proje¢ nor do the Trustees wh to depte the assets, thu5 reducing the ability of futu generatlons to help those in need. In this way the Tru5tee5 believe they are maximisin8 d15trlbuialJle grants while en5urlng the loftg-term sustainèbllity of the Chaflty. Page S
THE HORNERS CHARITY FUND REPORT OF THE TRUSTEES copiriNUED I DECEMBER 2022 FOR THE YEAR ENDED Unrestrlrted General Reser¥es The policy is to expend all investment income and regular donor and fundraising income in the financial year in whtch it Is reIVed or shortly thereafter. The Trustee5 reserve the discretion to spend capitsl in the event of a short-terni downturn in Income or a compelling case which meets the Charitys objectives. Expenditure generally comprises donations and grnnts made for general charitable purposes In accordance with the criteria set out in the Chèriws Grant Making Poly. When an unrestricted legacy or subrtantial donation 15 received tO8ether wtth an accompanying clear expresslon of wishe5, the Trustees give careful tonslderation to such wishes and whether a desl8nated reserve shoukl be created. Oesl8nated Re5eT¥es: Edu¢•tlon Fund - The fund 15 expendable principjlty. for educatlonal purpose5. The selection of appropriate educational projects to fvnd is based on agreed selection criteria. The polky is to expend all of the comblned investment income of thls fvnd and the Plastics Industry £ducatlon Fund in the short-term. The Trustees monitor expenditure to ensure that there is a plan for any such combined income that remalns unspent in the short to medium term. The Trustees reser4e the discretion to spend capltal In the event of a short-term downtum In income or rise in eosts or a compellln8 Case which meets the Charitvs objectwes. Investment Polley and Porfommnce The Trustees have wide powers of inve5tmenL and have dele8ated the management of their investments to two investment managers. Ch3des Stanley has been appointed as the investment manager for The A E Lawrence Will Fund and Rathbones has been appolnted to manage the inve*ment of all other funds. The performance of both managers is monitored quarterty, agJlnst benchmarks set by the Trustees. The Trustees revlew their Investment Policy on a regular basis Including investment objectP4es and risk and pollcy on envlronmental, soclal and 8overnance IESGI matters. The Investment managers are required to take into account ESG factors In their investment decision-makin8 process to invest in those companie5 Wlth strong ESG redentials and to actively engage with the companies in which they invest. The Trustees reserve the ri8ht to exclude companies that carry out attivities contrdry to thelr aims. The Trustees corssider the performance of the Charlvs Investments for the year to be satisfactory, takln8 Into account the effects of the pandemic, the Russian invasion of Ukraine and current economic conditions. Future Plans The Trustees have no signtftsnt plan5 to dfvert from their current strategy. Matters considered at Board meetings during the year included a comprehen5rrfe review of the Trustees, ReseThes Policy and policie5 eoncerin8 the use of restricted fijnds: a review of the grdnt Ma. processes induding appropriate due di118•n¢• on •pplicant&- and con&ld•ratlon of a prop0d joint cfim¥t• thetitsh PIwn with the Horners Comp3nv. The Trustees strive to encourage more member5 of the Horners Company to donate to the Charity on a regular basis and encourage members to make legacies in their will Page 6
THE HORNERS CHARrtY FUND REPORT OF THE TRusfEES COPfflNUED FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF TRUSTEES. RESPONSIBILrriES The Trustees are responsible for preparin8 the Trustees. Report and the fiDaniial statements in accordance wfth appllcable law ar United Kingdom Accounting Stsndards {United Kingdom Generalty Accepted Accounting Practice). The law appllcable to charities in England & Wales requires the Trustees to prepare financial statements for each financ>al year which Bive a trne and fair view of the stste of affairs of the Charity and of the incomin8 resources and applicatiorb of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. Selett sultable atcounting pollcies ènd then appty them consi5tentlv• Ob5eNe the methods and principles in the applicable Charitles SORP IFRS102): Make judgernents and estimates th•t are reasonable and prudent; State whether applicable ac¢ountin8 Standards have been followed. sublect to any material departures dlsclosed and èxplained in the financial Statements; and Prepare the flnancial statements on the 80in8 t(Cern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeplng proper accounting records that disclose with reasonable accuracy at any tlme the financial position of the Charity and enable them to ensure that the financlal statements comply with the Charities Act 2011. the applicable Chafities (Accounts and Reports) Regulations and the provisions of the Trust Oeetl. They are also re5ponslble for safeguardlng the assets of the Charily and t8kin8 reasonable Steps for the prevention and detection of fraud and other irre8uiaritbes. Approved by the Trustees on 12 July 2023 and signed on their behalf by: Chaimian of the Trustees Page 7
THE HORNERS CHARITY FUND INDEPENDENT EXAMINER'S REPORT FOR THÉ YEAR ENDED 31 OECEMBER 20 I report to the Trustees on my exarnination of the accounts of the Charity for the year ended 31 December2022. Re5pertlve responslbillties of Trustees and Examlner The Trustees are responsible for the preparation of the accounts in accordance with the reqU1ments of the Charities Art 20111.the 2011 Act"). The Trustees are satisfied that an audit 15 not required for thls vear under section 144121 of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examinatlon. I report In respert of my exèmlnatlon of the Trusvs accounts as carried out under Section 44111 Icl of the 25 Act and sertion 145 of the 2011 Act. In carrying out my examination I have followed the requlrements of the appll¢èble Dlrections 8bven by the Charty Commlsslon under 5ertion 1451511bl of the 2011 Act. lftdependent examlnerfs statement I have completed my e¥ambnation. I confirni that no matters have come to my •ttention &Ing me cause to belleve that In any materlal respect: accountlng records were not kept In respert of the Charity as required by section 130 of the 2011 Act; or the accounts do not attord with those recofds" or the attounts do not compty wlth the appllcable requlrernents concernlng the form arml content of accounts set Olrt In the Charitles (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter consdered as part of an independent examination. I have no concems and have come acro no other mters in connection with the examination to which ottentlon should be drawn In thls report in order io enable a proper UnderstsT1nS of the account5 to be rèached. Adarn Halsey FCA Hay5macintyre LLP 10 Queen Street Place London EC4R IAG Date 14 August 2023 Page 8
THE HORNERS CHARITY FUND STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDE I DECEMBER 2022 Unrestricted Designated Restrirted PeThanent Funds Funds Fund5 Endowment Totsl 2022 Total 2021 Notes Income from investrnents Donatlons Fundraisin8 16,273 28.799 10.392 44.327 2,31J) 30,149 90.749 32,499 10,392 88,996 97,414 2,880 TAL INCOME 55,464 46,627 31,549 133,640 189,2S¥) EXPENDITURE Investment Management Costs Charltable Grants Support & Governance C05tS 14,7941 156.1181 12.8161 113.3121 120.0401 19951 19,645} 127.7511 127,5731 {149.6241 1131,9901 13.8111 15,2341 {73,466) TOTAL EXPENQITUAE 163.728) {34.3471 173,4661 19.6451 1181.1861 1164,7971 Net 8alnslllossesl on Investments 153.8881 1152,9071 115.1171 1148,0671 1369,9791 373,116 NET INCOMEIIEXPENDITUREI {62,152) 1140,6271 157.034) 1157.712) 1417.5251 397,609 Transfer Between Funds 14.7591 4,759 NET MOVEMENT IN FUNDS 162.152) 1145,3861 152.2751 {157,7121 1417,5251 397,609 BALANCES Brought Forward - l January 2022 733,910 I.999 278,341 993,781 3,851,031 3.453,422 Carried Forward- 31 December 2022 671.758 1.699,613 226,066 836,069 3.433,506 3,851,031 All transactlons are derived from continuin8 acifvitles All gains and losses recognised in the year are included in the Statement of Financial Activitles. The comparative breakdown of prior year fund balan lor the Statement of Financial Artivity Is given in Note 12. Page 9
THE HORNERS CH BALANCE SHEET FOR THE YEAR ENDED 31" DECEMBER 2022 NOTES 2022 2022 2021 2021 FIXED ASSETS Investments 3.360.347 3,668,333 CURRENT ASSErs Cash at Bank ?nd in Hand Debtors 77,556 12,834 160,374 24,724 TOTAL CURRENT ASSErs 90.390 185,098 CURRENT LIABILITIES Amounts fallin8 due wlthin one year 117.2311 12.41X)I NET CURRENT ASSÉTS 73.159 182,698 3,433,506 3,851,031 FUNDS Permanent Endowment Restricted Designated Unrestricted 836.069 226.066 1,699,613 671,758 993,781 278.341 1,844,999 733.910 3,433506 3,851,031 The Notes on pa8es 11 to 18 form part of these accounts. Approved by the Trustees on 12 July 2023 and 5i8ned on thelr behalf by: Chaimian of the Tfustees Trustee Pa8e 10
ThE HORNERS CHARrrY FUN NOTES TO THE ACCOUNTS R THE YEAR ENDED 31 DECEM8 ACCOUNTING pouaES al Basis of Accountlng The financial statements have been prepared in accordance with Accounting and Reporting by Charities,, Statement of Recommended Practice applicable to chafrties preparing their accounts in accordan with the Financial Reporting Standard appicable in the UK and Republic of Ireland l FRS 1021- (Charities SORPIFRS 1021 Isecond Edition. effective Istjanuary 20191 and the Charities Act 2011. The Horners Chartty Fund meets the definitKJn of a public entty under FRS 102. Assets and1Sabilities are initlally recognised at hlstorical cost or tr•nsaction value unles5 othetwise stated in the relevant accountin8 policy notes. bl Golns Concem The Trustees consider there are no material uncertantle5 aboutthe Charity's ability to continue a5 a going concern. The revlew of our financial position, reseNe5 level aftd firture plans gives Trustees confidence the charlty remains a 8oin8 concern for the foreseeable luture. cl Leiacles, Donatlms •nd Grnnts Legacies and donations are reco8nised when receivable or when the Charity becomes le8ally entltled to them and they can reasonably be measured in financial tems. Receipts of Property, investments or other gift5 in kind are included at market value. dl Investments and Inve5tmwrt Income Investments are a form of basic finanrial instruments and are initially shown in the financlal statements at market value. Movements in the market value5 of investments are shown as unrealised gains and losses In the Statement of Finèncial ActNities. Profits and losses on the reallsation of investments are shown as realised 8ain5 and losses in the Ststement of Financial Activrfties. Realised 8ain5 and losses on investments are calculated between sales proceeds and their opening carrying values ortheir purchase value rf acquired Subsequent to the first day of the financial year. Unrealised 8ains and losses ère calculated as the difference between the faif value at the year end and thelr carrying value. Realised and urealed investment gains and bosses are combined in the Statement of Financial Activttie5. el Taxatlon A5 a re8iStered charity, the Trust Funds are exempt from income tsx. corporation lax and capital gains tax derlved from Its charitable actiV5ties. Recovery of tsx deducted at source is credited to the category of income to which it relates. fl Expendlture Direct charitable expenditure consists of oll Committed expenditure dirertly relating to the objetts of the Charity. Administration costs include expenditure on 8eneral admini5tTrtion and expenditure on management and compliance with constitutional and statutory requirements. Irrecoverable VAT 15 indvded wbth the category ot expenses to which It relates. Page 11
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDEO 31 DECEMBER 2022 g) Pemianent Endowment Fub The capital of Permanent Endowment Funds murt bÈ maintained intact wlth any income arisbn8 bÈln8 avallable for restricted or general charitable puiposes of the Charities, accofding to the terms of the original settlement. h) Fund Accounllni Unrestricted fijnds comprise acojmulated Su$e5 and deficits on general fvnds. They are available for use at the discretlon of the trustees in furtherance of the general tharitsble objectives. Dèsi8nated funds are funds set aside by the Trustees for specific purposes. Re5trlcted funds are used for spKifK purposes as ststed by the 6rantor. Expendlture whlch meets these crlterla is charged to the fund. l) Cash and Cash Equivalents Cash and cash equNalents includès tash and short terni hqhly liquid Investments wlth short te maturlty of three months or less from the date of acquisition or opening of the desrt or simllèr account. E5tlmate5 and Judiements Estimates and judgements are continually evaluated and are based on historical experience and other fattors, In¢ludln8 expectation5 of future events that are believed to be reasonable under the clrtumstance5. Afthough these edimates are based on the Trustee's best knowledge of the amount, events or actions, actual results uttimately differ from these estimates. The Tru5tee5 do not consider there to be any malerial estimates and judgements. kl Flnanclal Instruments The charity only has financial assets and finaal liabilitS of a kind that quallfy as basic financial Instruments. Basic financial in5twmént5, includin8 trade and other debtors and credltors. are Inltially recognlsed at transaction value and subsequentfy measured at their settlement value. Page 12
THE HORNERS CHARtrY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31- DECEMBER 20 Ejtpendlture on Charltable Artlvltl¢s Unre#rfcted Oewed Restricted Funds Fund5 Funds Total 2022 Grants from General Funds To Instituttons Age Exchange Honeypot Children'5 Charity Providence Row Tower Hamlets Mission Spitalfields Farm No Goin8 Back Miracle5 Crackerjacks Children's Trust Yourbg & Insplred Help on Your Doorstep Clty HaNest Salvation Army 27 Squadron St Paul's Cathedral Foundation Lord Mayor's Charity Blind in 8usiness Others- up to £l.LKM) To Indl¥lduals BLbrsaries151 Book Prizes Beeker Scholarship 12.093 12.093 5,000 5.000 5,000 5,000 3,000 2,500 2,500 2,500 2,500 1,000 530 770 2.000 5,000 6,578 1,725 5.0(Kl 2,5(Kl 530 770 6.S78 L725 37,029 37,029 2,OCx) 5,000 106.725 5,000 50.607 56,118 Grant5 frarn Educatlonal Funds 5clence Gateways British Science Association Royal Society of Chemistry Ralph Anderson Lecture STEM Ambassadors Numberchampions Others- up to £l,LWJ) 8.159 ,159 10,000 5,1100 io,ooo 5,000 200 17,200 200 30,359 13,159 Awards DesEn in Plastic Jewellery Social Contribution Through Plast*s To individuals- up to £l,CQO 6,200 2,750 6,21X) 2,750 2,400 1,190 12.540 750 9.71JO Totsl Expendlture 56.118 20.040 73.466 149,624 Support 4nd Governance Costs Independent Examiner's Fees Bank Char8e5 Administratiors Costs Others- UP to El.0 Totsl Expenditure 1,980 379 1,202 245 2.816 1,202 245 3,811 995 Pa8e 13
THE HORNER5 CHARITY FUND 140TES TO THE ACCOUNTS CONllNUEO FOR THE YEAR ENDED 31 DECEMBER 2022 4 Expenditure *)n Charitsble A¢tl¥ltles ior Year Total 2021 Funds Funds Funds Grants from General Funds To Institutions Honeypot Children's Chartty Providence Row Tower Hamlets Missbon Spitalfield5 Farm No Goin8 Back React 8a8s of Taste Maytree Respite The Respite Assoclation 1349 Woking ATC Salvation Armv 27 Squadron Lord Mayor's Charity 8llnd in Business Others- up to £L(iKI To Indl¥Sduals 8ursaries141 Book Prizes Becker Scholarshlp 5,000 5,000 5,000 5,000 3,000 3.000 3,000 3.000 3.000 600 1,698 1.183 1,698 1.183 5,000 4,000 750 750 29,551 29,551 1,000 5,000 83,781 44,230 39,551 Granls from Educatlonal Funds Science Gateways Livery Schools Shovrtase Royal Society of Biology Ralph Anderson Lecture Plastics Historical Sodety Fantastic Plastic Number Champions ASE BEST 4,998 4,998 2,000 5,900 6,237 1,000 3,000 2.000 5,000 6,237 Career Zone Others- up to £l,(XJO 325 30.462 325 4.998 35,459 Awards Design in Plastic Jewellery To individuals- up th £l.Ll)O 5.0 2,7S0 4,999 12,749 2.750 950 3,700 4,049 9.049 Total Expendlture 44,230 39.511 48,249 131,990 Support and Governance Costs- Prk>r Ye Independent Examiner's Fees Bank Charges Legal Costs Others- up to £1,000 Total Expenditure 302 2.639 210 81 385 2,639 210 4,151 1.081 5,234 Pa8e 14
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 6 INVESTMENTS Market Value as at l January 2022 Purehases Sales Revaluatlons & realSsed Gains Management Fees 3.668333 699,315 {733.1631 1246.3871 127.7511 3.321.359 506,301 1512.6441 380.890 127,5731 Market Vèlue as at 31 December 2022 3.360,347 3,668,333 Net cash invested during the year was £89.74512021: £1.4311. The Investments held are in the followin8 c*e8ories". Cash Fixed Interest UK Equltles Oversea Equitie5 Prapertv Alternatlve Asset Classes 166.514 552.748 1,086.321 1,087,205 92,759 374.8 62,099 494.710 1.419,656 1.202,087 68,455 421.326 3,360,347 3,668.333 PERMANENT ENDOWMENT FU14DS Balano at I"January 2022 Net Movement 8alance at Incominej on 31 December lout8oin81 Investments 2022 Resources Hornèr5 Charty Funds A E Lawrence Will Fund 953,781 19,6451 {148,0671 796,069 993.781 19.6451 1148.0671 836.069 PERMANENT ENDOWMENT FUNDS Prlor Year Balance at I"January 2021 Net Movement Balante at Incomingl on 31 December loutgoingl Investments 2021 Horners Charity Fund5 A E Lawrence Will Fund 40,iKJO 953,781 881,135 19.7811 82.427 921.135 19.7811 82,427 993,781 Page 15
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUEO R THE YEAR ENIXD 31- DECEMBER 2022 REsfRICTEO FUNDS Balance at Net Movement Incomin on 31 December loutgoin81 Investments 2022 Resources Balance at l January 2022 Plastlcs Industry Education Fund George Becker Scholarship Thomas Clarke Charity A E Lawrence Wlll Fund D F Oxley Bequest Science Gateways 116,234 37,907 7.221 78,305 35.600 3,074 113.2011 14.4301 16,4681 13.5591 17,5(N)I 12,OCK)I 110.4621 13.9571 17531 55 92,571 29,520 74,801 28,100 1,074 278341 {37,1581 115,1171 226,066 RESTRicfED FUND5 Prlor Year Balance at l January 2021 Net Movernent 8alance at Incomingl on 31 December loutgolngl Invemments 2021 Resources Plastics Indurtry Education Fund George Becker Scholarshlp Thomas Clarke Char A E Lawrence Will Fund D F Oxley Bequest Science Gateways 110.592 39.107 10,189 71,337 42,800 2.672 {1.0291 13.8591 13,7121 2.785 17,2(X)I 402 6.671 2,659 744 4.183 116,234 37,907 7,221 78.305 35,600 3,074 276.697 112,6131 14.257 278,341 The Trustees have the power to spÈnd both the capftal and income of the Restrltted Funds In accordance wlth the terms of the relevant fund. Further details may be found In the Trustees, Plastics Industry Educatlon Fund: The use of the fund is restricted to the promotion of educatlon related to the plastics industry. Georle Becker SCIlarShIp. The restrirted fvrtd is only available to provide scholarships in certain City of London educational institutions. Thornas Clarke Charity.. The funds are to be applied in prIlding scholarships and other charitable purposes, with special emphasi5 on the blind. A E Lawreno Wlll Fund= This is the expandable accumulated income from the Permanent Endowment Fund to be utilised for book prizes and bursaries in four Ctty of London educational institutions. D F Oxly Bequest: This legacy is applhed for the benefft of bursaries in schools for the advancement of science education. 5¢lence fjareways.. An Inltlatfve almed at encouraging more chlldren to embark upon a sclence based career. Pa8e 16
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS COPMNUED FOR THE YEAR ENDED 31 DECEMBER 2022 ALLOCATION OF NEf ASSErs Current Current Liabilities Inter Fund Total 2022 Investments Permanent Endowment Restricted Designated unstr1ded 836,069 191.145 L770,121 563,012 836,069 226,066 1,699,613 671.758 33,938 (2.LXX)I {I,OLM)I 114,2311 2.983 169,508} 66,525 56.452 Total Net Assets 3,360.347 90.390 117.2311 3,433,506 ALLOCATION OF NET A55ETS Prlor Year Current Current Inter Fund Total 2021 Investments Lkibillts Permanent Endowment Restricted Designated Unrestricted 993,781 216.518 1,836.340 621.694 993,781 278,341 1,844,999 733,910 41.438 20,385 9.659 130,1M41 {1,0} {1.4) 143.660 Total Net Assets 3.668.333 185,098 12,4(Kil 3,851,031 10 TRUSTEES REMUNERATION AND EXPENSES No rtmuneration wa5 paid or is payable eFther dtrectly or indiTectPy for the year to any Trustee or to ally person or persons known to be connerted wlth any of them12021: Nill. No reimbursement of expenses have been made or are due to be made to the Trnstees in respect of the year to 31, December 202212021- Nill. 11 RELATED PARTY TrANSAcnoNS There wefe no related party transattions In the year12021: nill. Page 17
ThE HORNERS CHARITY FUNO NOTE5 TO THE ACCOUNTS CONTINUEO FOR THE YEAR ENDED 31" DECEMBER 2022 12 COMPARATIVE sfATEMErir OF FINANaALAcnvrriES pri Year Unrestricted Des¥nated Funds Funds Restricted Pernianent Funds Endowment Total 2021 Notes Income from investments Donatlons Fundraisin8 15.952 93,576 42.805 2.439 30.238 88,996 97,414 2,880 AL INCOME 112.408 45,244 31,638 189,290 EXPENDITURE Investment Management Costs Charitable Grants Support & Governance Costs 14.7731 {44,2301 14.1511 113,0191 139.511) 11.0811 19,7811 127,5731 1131,9901 15,2341 148.2491 121 TOTAL EXPENDITURE 153,1541 153,6111 148.2511 19,7811 1164,7971 Net 88ins/llossesl on Investments 76,218 200.214 14.257 82.427 373,116 NET INCOMEIIEXPENDITURE) 135.4n 191,847 12.3561 72,646 397,609 Trdnsfer Between Funds 14,(YXI) NEf MOVEMENT IN FUNDS 135.472 187,847 72,646 397,609 Brought FopNard - l January 2021 598.438 1,657,152 276,697 921,135 3,453.422 Carried Fontsard - 31 December 2021 733.910 1.844.999 278,341 993,781 3,851,031 All transaction5 are derived from continuin8 activities. All gain5 and losses recoBnised in the ar are induded in the Ststement of Financial Activities. Page IB