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..
T￿a$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 De￿mber
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 Procedu￿5 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 tr￿gularItIes.
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
b￿akdOWn 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 AsS￿s
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. Un￿alEsed 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 Law￿nce 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