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 ReS￿ned 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
ReS￿ned 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
Lo￿lon EC4R IAG
Charity Addres&
Quarry Hill
Brassey Road
Oxted
Surrey
RH80
Invèstment Advisors:
Rathbone Investment Monagement Ltd
8 FinSI￿ry 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 TRu￿EE5
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 prepa￿d 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 M￿ht 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 "indUrt￿n 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.
oBJE￿IVEs 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 re￿ived since 1984 are held for general charitable
purposes, with particular empha￿5 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 F￿d - 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
advan￿ment 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 educ4ti*A*I
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 re￿iVed 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(fvan￿rnent 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 di￿rted in this respect.
As explained above, the Trustees condurt their act￿ltIeS 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.L￿ery 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 d1￿cted 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 Im￿Cting 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 b￿n earn￿rked 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 w￿h to dep￿te 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 re￿IVed 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 prop0￿d 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 reqU1￿ments 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
2￿5 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 cons*dered as part of an independent
examination.
I have no concems and have come acro￿ no other m*ters in connection with the examination to which
ottentlon should be drawn In thls report in order io enable a proper UnderstsT￿1nS 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 u￿real￿ed 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 S￿￿u$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 de￿srt 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 fina￿al liabilit￿S 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 SCI￿larShIp. 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 pr￿Ilding 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
un￿str1ded
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
Lkibillt￿s
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