THE HORNERS CHARITY FUND ORTOFT ES AND HNAN L sfATEMENTS ENDED31 MBER 202 srERED C BEK.
THE HORNERS CHARITY FUND INDEX TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 DECEMBER 2023 Page No.: Trustees and Professional Advisors 2to7 Rewrt of the Trustees Independent Examiner's Report ststement of Financial Activities 10 Balance Sheet 11to20 Notes to the accounts
THE HORNERS CHARITY FUND TrUSTEES AND PROFE5510NAL ADVISORS ST FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees: D M Spofforth OBE Chairman Resigned 2 February 2023 Dr D J Giachardi Appointed Chairman 2. February 2023 M l Birrell J E Maccabe M A Muirhead Dr B M Maunders R K Joyce C R Freedman DWKChitty HDM055 AMAPrice Resigned 2. February 2024 Appointed 2. February 2023 Resigned 2 February 2023 K M Davi5 nd Appointed 2 February 2023 Appointed 2. February 2024 M O'Brien Secretsry to the Trustees.. Ta$l[rer C Chitty R K Joyce Charity Nurnber. 292204 Independent Examiner. Marcus Cridland BAIHonsl F.C. Scott Vevers Ltd 65 East Street Bridport Dorset, DT6 3LB Charity Address.. Quarry Hill Bra5sey Road Oxted Surrey RH8 OET Investment Adviso Rhthbone Investment Management Ltd 8 Finsbury Circus London EC2M 7AZ Charles Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS Principal Banker. C Hoare & Co. 37 Fleet Street London EC4P 4DQ Page I
THE HORNERS CHARITY FUND REPORT OF THE TRUSTEES ST FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustee5 present their report and the financial statements for the year ended 31, December 2023. The financial statements have been prepared in accordance with the accounting policies set out in Note I to the Accounts and comply with the Charity'5 Trust Deed, the Charities Act 2011 and the Charities Statement of Recommended Practice and Financial Reporting Standard IFRS1021. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisation The Horners Charity Fund was set up by a Deed 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 2002 combined those arrangements and govern the Charity today. All the relevant Trust funds are accounted for in these financial statements. The Board of Trustees is drawn froffl the Worshipful Company of Horners and numbers ten indtviduals. The Chairman is appointed by the Board. The Trustees have appointed a Secretary to manage the administration and there are no emp5oyees. The Board normally meets three times 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 Charity, and meeting as many of those demands as possible, is delegated by the Trustees to two Committees, one to deal with educational matters and the other to deal with other matters of a more general grant-makÉn8 natu. The Trustees are very grateful for the hard work and commitment of those Committees, without whose efft¢rts the Charity would not be as successful in meeting the needs of beneficiaries. As Trustees of a public benefit entity, the Tnjstees confirm that they have referred to and complied with the Charlty Commission's general guidance on public benefit when reviewing the Charity's activities and setting the grant making policy. They also recognise the possible impact of the close relationship with the Livery Company on their affairs 8nd have taken steps to mFtigate any risk of undue influence in order to maintain the integrity and independence of the Charfty. Appointment of Trustees The names of the Trustees of the Charity who served at any time during the financial year ended on 31 Dember 2023 and up to the date this report was approved can be found on page l. The Charity's constitution requires the appointment of five ex-officio Trustees who are officers of the Worshipful Company of Horners and up to five co-opted Trustees. In 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 ctropted Trustees to be drawn from the wider more diverse membership of the Company who might have greater skills. knowledge an(1 experience that would be valuable to the Charity and enhance its governance. Accordingly, the Trustees recruitment policy seeks appropriate persons who bring an experience in dealing in the areas of social concern and education relevant to the plastics industry. and of governance and investment matters when a vacancy for a new Trustee arises. The Trustees elect one of their number to act as Chaimian for a period of 3 years. Trustees are appointed under the governing scheme for a period of 5 years. Page 2
THE HORNERS CHARITY FUND REPORT OF THE TRusfEES CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Training of Trustees When new Trustees are appointed, they receive an 'induction pack" and are familiarised with the provisions of the Charf(v's constitution and its funds, the financial status of the Trust. the minutes of previous meetinBS, and are encouraged to attend appropriate training courses. All Trustees receive a comprehensive Trustee Guide comprisin8 information about the Trust including its constitutional documents, Trustee Policies. Committees and key Charity Commission Guidance which is regularly updated. Rlsk Management The Trustees have a programme of risk evaluation to ensure principally that the investments in their care are relevant for the purposes of the Trust. A risk matrix has been developed and is reviewed regularly to identify other potential risks, such as1055 of reputation and safeguarding risks. The Trustees also conduct due diligence on applicants for grants and evaluate the recipients to ensure proper usage of the Charity's funds. They generally assess that the risk environment for their work is latiVelY low compared to many other charities, but remain vigilant to new risks and changes to the risk environment in which the Charity operates. OBJECTIVES AND ACTIVITIES The objectlves of the Charity and its Funds induding restrictions on their use are as follows: The Horners Charity Fund- In accordance with the 1929 Trust Deed the unexpended donations received prior to 1984 are held on permanent endowment. Donations and leEacies received since 1984 are held for general charitable purposes. with particular emphasis on grants to small charities supporting education, children, disadvantaged people and the homeless in and around the City of London, charities proposed by members of the Company. the Lord Mayor's Charity and, in normal circumstances, a particular chosen charity each year nominated by the Master of the Company I the Master's Charity'l. Education Fund - The fund was formed from a bequest from Ralph Anderson, in which he expressed 3 wish for his legacy to be used for educational purposes. The Trustees have designated these funds to be used to support science related educational projects, preferably with a plastics connection, including science education in schools. The Plastics Industry Education Fund The furbd is expendable on scholarships, prizes, text books and support for students in connection with education in the plastics industry; to procure the publication of papers, films and other educational material in connection with the science or technology used in the plastics industry- to support Universities, Colleges, Schools and Institutions for the promotion of education within the plastics irbdustry and to assist the advancement of education in plastics technology and allied subjects. George Becker S¢holarship- The funds are to be applied in providing scholarships in certain City of London educational 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 Will Fund In 2012, the Charity received a considerable legacy from A E (Tedl Lawrence. Thls bequest is held on Permanent Endowment. Under the terms of the leBacyi the income provides for annual book prizes for each of three City of London Schoo15 and the Guildhall School of Music and Drama. The remaining annual income from the investment of the legacy was to be used to provide part scholarships at the three City of London School5. Thomas Clarke Charity - The funds are to be applied in providing scholarships and other charitable purposes. with special emphasis on the blind or partially sighted. These funds were fully expended in the year ended 31 December 2022. Page 3
THE HORNERSCHARITY FUND REPORT OF THE TRUSTEES CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2023 D F Oxley Fund-This legacy 15 held for the benefit of bursaries in schools. for the advancement of science education. The funds have been applied to The David Oxley Horner5 Science Bursary established to fund a sixth form student studying STEM (science, technologys engineering and maths) subjects at A Level at one of three City of London Schools. The Charity is closely associated with the Worshipful Company of Horners and virtually all of its donation income is received directly or indirectty from present and past members of the Company, its endowment having been funded by gifts and legacies from Company members. The Compan¢s existence 15 predicated on giving something back to society, and the Charity serves as the vehicle through which much of the members, financial assistance. volunteer help and experience can be focussed and directed in this respect. As explained above, the Trustee5 conduct their activities by means of two separate Committees of the Trustee5, a General Charitable Committee which recommends the general charwtsble grants to be made and administers school scholarships and bursaries. and an Educational Charity Committee which develops and funds science related educational projects. Thi5 include5 encouraging children in primary and secondary schools to study STEM subjects. apprenticeship awards in the polymer industry, and the development of excellence in design and technology using polymers. Achlevements and Performance The Trustees are satisfied that during the course of the year, from the funds being generated, that they have been able to meet the aims of the settlors and donor5 as far as possible with the restricted resources available. The stated aim for the Trustees is to spend in the form of grants, awards, bursaries and scholarships as much of the funds available to them commensurate with maintaining a sustainable. long term Charity. The full analysls of grants is shown in notes 2 and 4 of this report. During the year under review, In addition to making grants to srnall charities in London. the Trustees continued to support the Lord Mayor's Appeal and the Pan-Livery philanthropic initiative- No Going Back. The core objective of No Going Back is to drive the rehabilitation of offender5 through the provision of trainin& svpport. employment and housing. The Trustees aBreed to fund an additional sixth form bursary accellerating expenditure from the D F Oxley Fund and increasing the total number of school bursaries to six. E(lucation Fund grants were give to the Brit15h Science Association for a programme supporting science education in prlmary schools in disadvantaged areas and to the University of York Science Eijucation Group for their Best Evidence Science Teaching project for the topic of properties and changes of materials for primary schools. After a break in the programme caused by the Covid-19 pandemic, Polymer Studies Tours were resumed. These are residential courses sponsored by the Charity for teacher5 of 11 to 18 year old students to improve their subject knowledge and give them first hand experience of the polymer industry. The Trustees also conducted an in-depth review of the perfom)ance and mandate of both of the Charity's investment managers and a detailed review of financial and non-financial risks. Financial Review Income for the Unrestriced General Fund for the year ended 31 December 2023 was £53,28212022: £55,4641, and charitable grants were £54,49812022-. £56,118). The redurtion in income is attributable to a fall in regular donations from members of the Horners Company. The Master'5 Charity for 2023 was the Freedom Project run by the Dogs Trust providing fostering for pets belonging to people escaping domestic abuse with £12,781 of the total amount donated in the year going to this charity. The Master's Charity for 2022 was a reminiscence arts and dementia charity called Age Exchange which the Trustees have agreed to continue to support in 2023. Page4
THE HORNERS CHARITY FUND REPORT OF THE TRUSTEES CONTINUED ST FOR THE YEAR ENDED31 DECEMBER 2023 Income for the Education Fund, reported as Designated Funds in the Statement of Financial Activities, was £48,84712022: £46,627), against grnnts of £30,70612022.' £20,040). The increase in income is due to a rise in investment income. Expenditure on some education projects in schools is beginning to cover from the effects of the Covid-19 parbdemic. There was also education funding sUPPOrt given for two Ralph Ander50n Lectures given in 2023 one of which had been postponed from 2022. In addition to the funds over which the Trustees exercise their discretion, the Charity holds certain funds where the purposes to which the money can be direrted is subject to a restriction by the donor, who wished to specify how the funds were spent. These funds are mostly for educational purposes and are described in detail in the section of thi5 report headed "Objectives and Attivities" and Note 8 to the Actounts. This year the Restricted Funds income was £30.03312022: £31,549), and charitable grants were £89.59112022: £73,466) reflerting the Trustees policy to ensure the Restricted Funds are utilised over the medium term. In overall terms, total income of £132,16212022: £133.6401 less grants of £174,79512022- £149.6241 and costs of £35.96912022-. £31,562) resulted in a deficit of £78,60212022.' £47,546 deficit) before a gain in the capital value of our investments of £128,25112022.. £369,979 lossl resulting in an overall increase in funds of £49.649 12022.. £417.525 decrease). The A E Lawrence Will Fund bequest contained a restriction on the spending of capital, and so is held as a Permanent Endowment. This year the Trustees distributed £42.156 12022.. £39,0291 from income in bursaries and book prizes. This expenditure is included within the Restricted Funds reported above. Gains were made on investments in the year of £128,25112022.- £369.979105s1. The Trustees do not judge this short term volatility in the Stock Market, to be a factor impacting on their grant making ability, since it is not the intention in the case of the majority of fvnds to spend invested capital, and it is the income which is utilised to promote the aims of the different funds. While the financial year began with economic uncertainty exacerbated by some regional bank failures in the USA, concerns over the control of inflation, rising interest rates and the prospect of recession generally subsided over the course of the year. Despite continued disinvestment of some re5trirted fund investments in accordance with the Trustees Reserves Policy. investment income showed a modest increase and, with the exception of a difficult Ortober. the market value of investment made Eain5 over the year. Reserves Pollcy and Review The Trustees review their ReseNes Polity on an annual basis in accordance with Charity Commission Guidance. The Policy applies to the Charity's Unrestricted Reserve5 which can be spent at the discretion of the Trustees in furtherance of the Charty's objectives. This includes funds whith have been earmarked for a specific purpose and held in a separate Designated Fund by the Trustees. The Trustees recognise that the donor5 to the Charity's fijnds believe in the longevity of Livery Companies generally and their commitment to and reputation for philanthropy. Without restricting in any way the dlscretion of the Trustees to draw down on SerVes, any capital growth in funds which have been invested should normally be retained in reserves, allowing income to be used to meet the Charity'5 objectives. There is no need to conserve income for a future project, nor do the Trustees wish to deplete the assets, thus reducing the ability of future generations to help those in need. In this way the Trustees believe they are maximising distributable grants while ensuring the long-term sustainabillty of the Charity. Page S
THE HORNERS CHARITY FUND REPORT OF THE TRUSTEES CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrirted General Reserves The policy is to expend all investment income and regular donor and fundraising income in the financial year in which it is received or shortly thereafter. The Trustees reserve the discretion to spend capital in the event of a short-term downturn in income or a compelling case which meets the Charity's objectives. Expenditure generally comprises donations and grarFts made for general charitable purposes in accordance with the criteria set out in the Charity's Grant Making Policy. When an unrestlicted legacy or sljbstantial donation is received together with an accompanying clear expression of wishes. the Trustees 8ive careful consideration to such wishes and whether a de5i8nated reserve should be created. Deslgnated Reserves: Education Fund The fund is expendable principally, for edLFcational purposes. The selection of appropriate educational projects to fund is based on agreed selection criteria. The policy is to expend all of the combined investment income of this fund and the Plastics Industry Education Fund in the short-term. The Trustees monitor expenditure to ensure that there is a plan for any such combined income that remains unspent in the short to medium term. The Trustees reseNe the discretion to spend capital in the event of a short-term downtum in income or rise in costs or a compelling case which meets the Charity's objectives. Investment Pollcy and Performance The Trustees have wide powers of investment, and have delegated the management of their investments to two investment managers. Charles Stsnley has been appointed as the investment manager for The A E Lawrence Will Fund an(1 Rathbones has been appointed to manage the Investment of all other funds. The performance of both manager5 is monitored quarterly, against benchmarks set by the Trustees. The Trustees review thelr Investment Policy on a regular basis including investment objectives and risk and policy on environmental, sOC131 and governance IESGI matters. The investment managers are required to take into account ESG factors in their investment decision-making process to invest in those companies with strong ESG credentials and to actively engage with the companies in which they invest. The Trustees reserve the right to exclude companies that carry out activities contrary to their aims. During the year the Trustees undertook a detailed review of the performance of both investment managers and their mandates. They concluded that the performance of the Charity's investments and investment managers were satisfactory, taking into account the economic con(iTtions over the period reviewed. It was agreed that the overall investment risk profiles should remain unchanged but in respect of The A E Lawrence Will Fund, where appropriate, investments should be chosen for their ability to produce increasing income without significantly impacting the market value of Investments. Future Plans The Trustees have no significant plans to divert from their turrent strategy. Matters considered at Board meetings during the year included the out50urcing of bookkeeprng and accountancy service5, a review of the Trustees, Res@rves Policy, approval of an updated Intemal Financial Procedu5 and Policies and a review of internal financial controls. sin the year enil the Trustees have appointed a new Independent Examlner, Marcus Cridland FCA of Scott Vevers Ltd. An expanded General Charitable Committee has enable plans to be put in place to develop relationships with beneficiaries of grants and improve fundraising activities. The Education Charity Committee has reviewed and updated its education project criteria. The Trustees strive to encourdge more members of the Horners Company to donate to the Charity on a regular basis and encourage members to make legacies in their wills. Page 6
THE HORNERS CHARITY FUND REPORT OF THE TRUSTEES CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRusfEES' RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees 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 incoming resources and application of resource5 of the Charity for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistentlv,. Observe the methods and principles in the applicable Charities SORP IFRS1021,' Make judgements and e5tim3tes that a reasonable and prudent,. State whether applicable accountrng standards have been followed, subjert to any material departures disclosed and explained in the financial statements; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accur8cy at any time the financial position of the Charity and enable them to ensure that the financial statements complv with the Charities Act 2011, the applicable Charities IAccounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detertion of fraud and other trgularItIes. Approved by the Trustees on 2iXAe:Z&nd signed on their behalf by.. Chairman of the Trustee5 Page 7
THE HORNERS CHARITY FUND INDEPENDENT EXAMINER'S REPORT ST FOR THE YEAR ENDED 31 DECEMBER 2023 I report to the Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. Respertive responsibllltles of Trustees and Examiner The Trustees are responsible for the preparation of the accounts in accordante with the requirements of the Charities Art 20111.the 2011 Act"). The Trustees are satisfied that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination. I report in respect of my examination of the Trust's accounts as carried out under Section 44111 Icl of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Direction5 given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matter5 have come to my attention giving me cause to believe that in 8ny material respect.. accounting records were not kept in respect of the Charity as required by 5ettion 130 of the 2011 Act; or the account5 do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and fteportsl Regulations 2008 other than any requrrement that the accounts glve a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across Elo other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Marcus Cridland B.A.IHonsl F.C.A. Scott Vevers Ltd 65 East Street Bridport Dorset DT6 3LB Page 8
THE HORNERS CHARITY FUND STATEMENT OF FINANCIAL AcrivrriES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrirted Designated Restricted Permanent Funds FLtnds Funds Endowment Total 2023 Total 2022 Notes INCOME Income from investments Donations Fundraising 16.389 25,646 11.247 46.398 2,449 28,633 1,400 91,420 29,495 11.247 90,749 32.499 10,392 TOTAL INCOME 53,282 48.847 30,033 132.162 133,640 EXPENDITURE Investment Management Costs Charitable Grants Support & Governance Costs 14,5981 {54,4981 15,0541 13,1391 13141 130,7061 189,5911 14,0581 18.8061 126.8571 127,7511 1174,7951 1149,6241 19.1121 13.8111 TOTAL EXPENDITURE 164.1501 147,9031 189,9051 18,8061 1210.7641 1181,1861 Net gainsll10s5esl on Investments 33.348 91.984 3,369 14501 128.251 1369,9791 NET INCOMEI{EXPENDITURE) 22.480 92,928 156,5031 19,256} 49,649 1417.5251 Transfer Between Funds 14,0001 4,000 NET MOVEMENT IN FUNDS 22,480 88,928 152,5031 19,2561 49,649 1417,5251 FUND BALANCES Brought Forward- I" January 2023 671,758 1.699,613 226,066 836,069 3.433,506 3,851.031 Carried Forward- 31, December 2023 694.238 1.788,541 173,563 826,813 3,483,155 3,433,506 All transactions are derived from continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activitie5. The comparative bakdOWn of prior year fund balances forthe Statement of Financial Activity is given in Note 15. Page 9
THE HORNERS CHARITY FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 NOTES 2023 2023 2022 2022 FIXED AsSs Investments 3,452,379 3,360,347 CURREIYT ASSETS Cash at Bank and in Hand Debtors 51,860 5,856 77,556 12,834 TOTAL CURRENT ASSErs 57,716 90,390 CURRENT LIABIUTIES Amounts falling due within one year 126.9401 117,231) NET CURRENT ASSETS 30,776 73.159 ASSETS 3,483,155 3.433.506 FUNDS Permanent Endowment Restrirted Designated Unrestricted 826,813 173.563 1,788,541 694.238 836.069 226,066 1,699,613 671,758 io 3,483,155 3,433,506 The Note5 on pages 11 to 20 form part of these accounts. Approved bythe Trustees on17.fv.A¢.2c4and signed on their behalf bv.. Chairman of the Trustees Trustee Page 10
THE HORNERSCHARrrY FUND NOTES TO THE ACCOUNTS 5T FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES al Basls of Accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appicable in the UK and Republic of Ireland l FRS 1021- (Charities SORPIFRS 1021 (Second Edition, efFective 1st January 20191 and the Charities Act 2011. The Horners Charity Fund meets the definition of a public entity under FRS 102. Assets and liabilities are inttiaify recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. bl Golng Concem The Trustees consider there are no material uncertanties about the Charity's ability to continue as a going concern. The review of our financial position, resetves level and future plans gives Tru5tee5 confldence the charity remains a going concern for the foreseeable future. cl Legacies. Donations and Grants Legacies and donation5 are recognised when receivable or when the Charity becomes legally entitled to them and they can reasonably be measured in financial terms. Receipts of property, investments or other gifts in kind are irbcluded at market value. dl Investments and Investment Income Investments are a form of basic financial instruments and are initially shown in the financial statements at fair value. Movements in the fair values of investments are shown as unrealised gains and losses in the Statement of Financial Activities. Profit5 and losses on the realisation of investments are shown as realised gains and losses In the Statement of Financial ArtTrvitie5. Realised gain5 and losses on investments are calcLblated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. UnalEsed gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. el Taxation A5 a registered chartty, the Trust Funds are exempt from income tax, corporation tax and capital gains tax derived from its charitable activitie5. Recovery of tax deducted at source is credited to the category of income to which it relates. Expenditure Direct charitsble expenditu consists of all committed expenditure directly relating to the objects of the Charity. Administration costs include expenditu on general administration and expenditure on management and complianee with constitutional and statutory requirements. Irrecoverable VAT is included with the category of expenses to which it relates. Page 11
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THEYEAR ENDED 31- DECEMBER 2023 gl Permanent Endowment Funds The capital of Permanent Endowment Funds must be maintained intact with any income arising being available for restrirted or general charitable purposes of the Charities, according to the term5 of the original settlement. h) Fund Accounting Unrestricted funds comprise accumulated surpluses and deficit5 on general fijnds. They are available for use at the discretion of the trurtees in furtherance of the general charitable objertives. Designated funds are funds set aside by the Trustees for specific purposes. Re5trirted funds are used for specific purposes as stated by the grantor. Expenditure whlch meets these criteria is charged to the fund. l} Cash and Cash Equivalent5 Cash and cash equivalents includes cash and Short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account. il Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with change5 recognised in the statement of financial actiVLties if the shares are publicly traded or their fair value can otherwise be measured reliably. k) Debtors Trade and other debtors are recognised at the settlement amount due. 11 Creditors Cre(litors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fvnds to a third party and the amount due to settle the obligation can be measured or estimated reliably. ml Estimates and Judgement5 Estimates and judgements are continually evaluate(l and are based on historical experience and other factor5, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustee's best knowledge of the amount. events or artions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements. n) Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instruments, including trade and other debtor5 and creditors, are initially recognised at transaction value and subsequently measured at their settlement value. Page 12
THE HORNERSCHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31- DECEMBER 2023 Expendtture on Charltable Activities Unrestricted Funds Designated Funds Re5trirted Funds Total 2023 Grants from General Funds To Institutions Age Exchange Freedom Project Honeypot Children's Charitv Tower Hamlets Mission Spitalfields Farm No Going Back Childhood Eye Cancer Trust Crackerjacks Children's Trust Yes Outdoors Salvation Amiy 27 Squadron St Paul's Cathedral Foundation Lord Mayor's Charitv Others- up to £1,000 To Individua15 Bursaries161 Book Prizes Becker Scholarship 4,477 12,781 5,000 5,000 5,000 3,000 4.000 2,000 3,000 620 1,370 2,000 5,000 1,250 4.477 12.781 5,000 5.000 5,000 3,000 4.000 2.000 3,000 620 1,370 2,000 5,000 1,250 46,656 3,000 5,000 54,656 46,656 3,000 5.000 109,154 54,498 Grants from Educational Funds Science Gateways British Science Association Polymer StudiesTour Ralph Anderson Lecture Plastics Historical Society York BEST Numberchampions Others- up to £1,000 6,159 6,159 15,088 5,000 14,000 1,000 10,000 3,000 125 54,372 15,088 5,000 14,OLK) 1,000 10,000 3,000 125 29,213 25,159 Awards Design in Plastic Jewellery Social Contribution Through Plastics SHAP Brian Ridgewell Fellowship To individua15- UP to £1,500 5,000 2,750 5,000 2.750 184 908 1.000 1,427 11,269 184 908 1.000 309 1,493 1,118 9.776 Total Expenditure 54,498 30,706 89,591 174,795 Support and Governance Costs Independent Examiner's Fees Accountancy Fees Bank Charges Administration Costs others- up to £1,000 Total Expenditure 1,290 1,845 383 1,220 316 5,054 1,290 1.845 2,580 3.690 389 2,137 316 9.112 917 4.058 Page 13
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2023 4 Expendlture on Charitable Activities Prior Year Unrestrirted Funds Designated Funds Restricted Funds Total 2022 Grants from General FurNIs To Institutions Age Exchange Honeypot Children's Charity Providence Row Tower Hamlets Mission Spitalfields Farm No Going Back Miracles Crackerjacks Children's Trust Young & Inspired Help on Your Doorstep City Harvest Safvation Army 27 Squadron St Paul'5 Cathedral Foundation Lord Mayor's Charity Blind in Business Others- up to £1,000 To Individuals Bursaries151 Book Prizes Becker Scholarship 12,093 5,000 5,000 5.000 5,000 3,000 2.500 2,500 2,500 2.500 1.000 530 770 12,093 5,000 5,000 5,IK)O 5,000 3,000 2,500 2,500 2.500 2,500 I,o(K) 530 770 2,000 5.000 2,0(K) 5,000 6,578 1,725 6,578 1.725 37,029 2,000 5.000 50,607 37,029 2,000 5.000 106,725 56,118 Grants from Educational Funds Science Gateways British Science Association Royal Society of Chemistry Ralph Anderson Lecture STEM Ambassadors Number Champions Others - up to £1,000 8,159 8,159 10,000 5,000 10,000 5.000 5.000 5,000 2.000 200 30.359 2.000 200 17,200 13.159 Awards Design in Plastic Jewellery Social Contributions Through Plastics To individuals- up to £1,000 6,200 2,750 6.200 2,750 2,400 1,190 12,540 2,400 440 2,840 750 9,700 Total Expenditure 56,118 20,040 73,466 149.624 Support and Governance Costs- Prior Year Independent Examiner's Fees Bank Charges Administration Costs Others- up to £1,000 Total Expenditure 990 379 1,202 245 2.816 990 1,980 384 1,202 245 995 3,811 Page 14
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INVESTMENT5 Fair Value as at I, January 2023 Purchases Sales Revaluations & realised Gains Management Fees 3.360,347 180.702 1138,1941 76,381 126,8571 3,668,333 699,315 1733,1631 1246,387 127,7511 Fair Value as at 31, December 2023 3,452,379 3,360,347 The Investments held are in the following categories: Cash or cash equivalents Listed investments 115,358 3,337,021 166,514 3,193,833 3.452,379 3,360,347 2023 2022 DEBTORS Trade debtors Other debtors 260 5,596 225 12,609 5,856 12,834 2023 2022 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and deferred income 200 17,031 26,940 26,940 17,231 Page 15
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED ST R THE YEAR ENDED 31 DECEMBER 2023 PERMANENT ENDOWMENT FUNDS Balance at I, January 2023 Net Movement Balance at Incomingl on 31, December loutgoingl Investments 2023 Resources Horners Charity Funds A E Lawrence Will Fund 40,000 796.069 40,000 786,813 18,8061 14501 836,069 18,8061 14501 826,813 PERMANENT ENDOWMENT FUNDS Priw Year Balance at I"January 2022 Net Movement Balance at Incomingl on 31, December (outgoing) Investments 2022 Resources Horners Charity Funds A E Lawrence Will Fund 40.CN)O 953.781 40,000 796,069 19,64SI 1148,0671 993.781 19,6451 1148,0671 836,069 Page 16
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2023 10 RESTRICTED FUNDS Balance at I"January 2023 Net Transfers Movement Balance at 31, December 2023 Incomingl IoL5tgoingl Resources on Investments Plastics Industry Education Fund George Becker Scholarship A E Lawrence Will Fund D F Oxley Bequest Science Gateways 92,571 29.520 74,801 28,100 1.074 128,6991 14,8581 114,0561 17.5001 14.7591 6,933 2,308 15,8721 70,805 26,970 54,873 20,600 315 4,000 226,066 159.8721 4,000 3,369 173,563 RESTRICTED FUNDS Prior Year Balance at I'january 2022 Net Incoming/ loutgoingl Resources Transfers Movement Balance at 31" December 2022 on Investments Plastic5 Industry Education Fund George Becker Scholarship Thomas Clarke Charity A E Lawnce Will 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 17.5001 16.7591 110,4621 13.9571 17531 55 92.571 29,520 74.801 28,100 1,074 4,759 278,341 141,9171 4,759 115,1171 226,066 The Trustees have the power to spend both the capital and income of the Restricted Funds in accordance wwth the terms of the relevant fun(l. Further details may be found in the Trustees, Report. Plastlcs Industry Education Fund: The use of the fund is restricted to the promotion of education related to the plastics industry. George 8e¢ker Scholarship- The restricted fund is only available to provide scholarships in certain City of London educational institutrons. Thoma5 Clarke Charity.. The fijnds are to be applied in providing scholarships and other charwtable purposes, with special emphasi5 on the blind. A E Lawrence Will Fund.. This is the expendable accumulated income from the Permanent Endowment Fund to be utili5ed for book prizes and bursaries in four City of London educational institutions. D F Oxley Bequest.. Thi5 le8acy is applied for the benefft of bursaries in 5choo15 for the advancement of science education. Science 6ateways- An initiative aimed at encouraging more children to embark upon a Science based career. Page 17
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2023 11 ALLOCATION OF NET ASSETS Currerbt Assets Current Liabilities Inter Fund Total 2023 Investments Permanent Endowment Restricted Designated Unrestricted 827,595 172,281 1,850,291 602,212 17821 119,3181 150.3271 70,427 826,813 173,563 1.788.541 694,238 20,600 111,4231 115,5171 37.116 Total Net Assels 3,452,379 57,716 126,9401 3.483.155 ALLOCATION OF NET ASSETS Prior Year Current A55ets Current Liabilities Inter Fund Total 2022 Investments Permanent Enilowment Restrirted Designated Unrestricted 836,069 191.145 1,770,121 563.012 836,069 226,066 1.699,613 671,758 33,938 12,0001 11.0001 114,2311 2,983 169,5081 66.525 56,452 Total Net A55ets 3.360,347 90,390 117.2311 3.433,506 12 TRUSTEES REMUNERATION AND EXPENSES No remuneration was paid or is payable either dirertly or indirectly for the year to any Trustee or to any person or persons known to be connected with any of them12022: Nill. No reimbursement of expenses have been made or are due to be made to the Trustees in respect of the year to 31 December 202312022- Nill. 13 RELATED PARTY TRANSAcfioNS There were no related party transartions in the year12022- nil). Page 18
THE HORNERSCHARITY FUND NOTESTO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31" DECEMBER 2023 14 FINANCIAL INSTRUMENTS 2023 2022 Categorisation of financial instruments Financial assets measured at fair value through the statement of financial activities 3,337,021 3.193,833 Financial assets that are debt instruments measured at amortised cost 173.074 256,904 3.510.095 3,450,737 Financial liabilities measured at amortised cost 26,940 17,231 Income Expenditure Net gains Net losses Itern of expenditure. Bain or loss 2023 Flnancial assets measured at fair value through the statement of financial activities Finantial assets that are debt instruments measured at amortised cost Financial liabilities measured at amortised cost 91.092 128,251 328 91,420 128,251 Income Expenditure Net gains Net losses Item of expenditurei gain or loss 2022 Financial assets measured at fair value through the Statement of financlal attivities Financial assets that are debt instruments measured at amortised cost Financial liabilities measured at amortised cost 90,749 1369,9791 90,749 1369,9791 Page 19
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 20 15 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Prior Year Unrestricted Funds Designated Funds Restricted Permanent Funds Endowment Total 2022 Notes INCOME Income from investments Donations Fundraising 16.273 28,799 10,392 44,327 2,300 30,149 1,400 90,749 32,499 10,392 TOTAL INCOM 55,464 46,627 31,549 133,640 EXPENDITURE Investment Management Costs Charitable Grants Support & Governance Costs 14,7941 156,1181 12,8161 113.3121 120,0401 19951 19,6451 127,7511 1149,6241 13,8111 173,4661 TOTAL EXPENDITURE 163.7281 134.3471 173,4661 19.6451 1181,1861 Net gain51llosse51 on Investments 153,8881 1152.9071 115.1171 1148.0671 1369,9791 NET INCOMEIIEXPENDITUREI 162.1521 1140,6271 157,0341 1157,7121 1417.5251 Transfer Between Funds 14,7591 4,759 NET MOVEMENT IN FUNDS 162,1521 1145.3861 152,2751 1157.7121 1417,5251 FUND BALANCES Brought Forward - I, January 2022 733,910 1.844,999 278,341 993,781 3,851.031 Carried Forward- 31, December 2022 671,758 1.699,613 226,066 836,069 3,433,506 All transactions are derived from continuing activities. All gains and losses recognised in the year are Included in the Statement of Financial Activities. Page 20