THE HORNERS CHARITY FUND RE TERED
THE HORNEAS CHARITY FUND INDEX TO THE FINANCIAL STATEMENTS ST R THE YEAR ENDED 31 DECEMBER 2024 Twstees and Professional Adw501S 2to7 Report of the Trustees Independent Exarniner's Reptsrt Statement of Financial Activities 10 Balancè Sheet 11to20 Notes to the accounts
THE HORNERS CHARrrY FUND TRU5TEE5 AND PROFESSIONAL ADV150RS FOR THE YEAR ENDED 31" DECEMBER 2024 Trustee5'. Dr D J Giachardi Appointed Chairman 2" February 2023 Resi8ned 2nd February 2025 J E Maccabe Dr B M Maunders R K Joyce C R Freedman D W K Chitty AMAPrice Appotnted 2 February 2023 K M Davis Appointed 2 February 2023 Appointed 2 February 2024 Appointed 2" February 2025 M O'Brien Dr D Cameron secary to the Trustees". Treasuier. C Chrtty RKJO Charity Nurnber. 292204 Independent Examiner.. Marcus Cfidland BAIHonsl F.CA. Scott Vevers Ltd 65 East Street Bridport Dorset DT6 3LB Charity Addièss.. Quarry Hill BTas5ey Road Oxted Surrey RH8 OET Investmenl Advi50rs-. Rathtx)ne Investment Management Ltd 8 Fin5bury Circus London EC2M 7AZ Charles Stsnley & Co Ltd 55 Bishowate London EC2N 3A5 Principal Banker. C Hoare & Co. 37 Fleet Street London EC4P 4DQ Pa8e I
THE HORNERS CHARfrY FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2 The Trustee5 present their report and the financial statements forthe year ended 31, December 2024. The financial statements have been prepared in atcordance with the accounting policies set out in Note I to the Accounts and cornpty with the Charity's Trust Deed. the Charities Act 2011 and the Charities Statement of Recommended Practice and Financial Reporting Standard IFRS1021. STRUCTURE. GOVERNANCE AND MANAGEMENT Organisatlon 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 D1ctIOn 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 fsnarKial 5tatement5. The Board of Trustees Is drawn from the Worshipful Company of Horners and numbers ten individuals. The Chairman is appointed by the Board. The Trustees have appointed a Secretary to manage the administration and there are no employees. The Board normally meets three times a year, and the Trvstees have wide Powers to deal with investments and to administer the Trust assets. The work of assessing the demands upon the Charity* and meetin8 as many of those demands as possible, is delegated by the Trustees to two Committee5, one to deal with educational matter5 and the other to deal with other matters of a more general grant-rnaking nature. The Trustees are very grateful for the hard work and comrnitment of those Committees, wSthout whose efforts the Charlty would not be as successful In meeting the needs of beneliciaries. A5 Trustees of a public beneift entity, the Trustees confirm thai they have referred to and complied with the Charity Comrnis5ion's general guidance on public benefit when reviewing the Charity's attivities and setting the grant making policy. They also recognise the possible impatt of the close relationship with the bvery Company on theirs affairs and have raken steps to mitigate any rlsk of undue influence in order to maintain the integrity and independence of the Charity. Appolntment of Trustees The names of the Tru5tee5 of the Charity who served at any time during the financial year ended on 31 December 2024 and up to the date this report was approved can be found on page l. The Charity's constitution requires the appointment of five em-officio Trustees who are offKers of the Worshipful Cornpany 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 co-opted Trustees to be drawn from rhe wider more diverse membership ol the Company who might have greater skills, knowledge and experience that would be valuable to the Charity and enhance its governance. According. the Trustees recruitment policy 5eek5 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 ari5e5. The Trustees elett one of their number to att as Chaiman for a perio(l of 3 years. Trustees are appolnted under the governing scheme for a period of S ye3rs. Page 2
THE HORNERS CHARITY FUNO REPORT OF THE TRUSTEES CONTINUED 5T FOR THE YEAR ENDED 31 DECEMBER 2024 Tralnln8 of Trustees When new Trustees are appointed. they receive an 'indurti0 pack" and are familiarised with the provisions of the Charity's constitution and its lund5, the financial statu5 of the Trust. the tninutes of previous meetings, and are encouraged to attend appropriate training ctsurse5. All Trustees receive a cornprehen5ive Trustee Guide comprising information about the Trust including its constitutional documents, Trustee Polit+es. Committee5 and key Charfty Commission Guidance which is regularly updated. Risk Mana8ement The Trustees have a prograrnrne of risk evaluation to ensure pfincipally 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 ri5k5. such as loss of repuration and safeguardin8 risks. The Trustees also condutt due diligence on applicants for grants and evaluate the reciplents to ensure proper usage of the CharSty'S funds. They generally assess that the risk environment for their work is relatively low compared to tnany other charities, but remain vi8ilant to new ri5k5 and changes to the risk environment in which the Charity operates. OBJECTIVES AND ACTNITIES The oblethves of the Charity and its Funds including restrietions on their use ère as follows.. The Homers Charlty Fund~ In aciordance with the 1929 Trust Deed the unexpended donations received prior to 1984 are held on permanent endowment. Donation5 and legacies receive(t since 1984 are held for general charitable purpose5, Wlth particular emphasis on grant5 to small charities 5UPPOrting education. chldren, disadvanta8ed people and the trY)meless in and around the City of London. charitie5 proposed by mernbers of the Company. the Lord Mayorfs Charity and, in normal circumstances. a particular chosen charfty each year nominated by the Master of the Companv I'the Master's Charity l. EducatEon Fund - The fund was formed from a bequest from Halph Anderson, in which he expressed a wish for his legary to be used for educational purposes. The Trustees have designated these funds to be used to support Science rel*ed educational projects, preferably with a plastics connection, including science education sn schools. The Plastics Industry Education Fund The fund 15 expendable on scholarships, prizes, text books and support for students in connettion with education In the plastics indu5try.' 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 Universitles, Colle8es, Schools and Institutlons for the promotion of education wSthln the plastics industry and to 3$5i5t the advancement of education in plastics technology and allied subjects. George Becker Scholarshlp- The funds are to be applied in providing scholarships in certaln City of London educational institutitsns. In recent years a scholarship ha5 been provided to a post-graduate student of opera at the Guildhall School of Music and Drama. The A E Lwrence Will Fund In 2012. the Charity received a considerable legacy from A E (Ted) Lawrence. This bequest is held on Permanent Endowment. Under rhe terms of the le8acy. the income provides for annual book priies for each of three City of London Schools and the Guildhall School of Music and Drama. The remaining annual income from the inve5trnent of the legacy was to be used to provide part scholarships at the three City of London Schools. D F Oxley Fund - This leg is held for the benefit of bursaries in schools, for the advancement of science education. The funds have been applied to The David Oxley Horners Science Bursary established to fund a sixth form student studying STEM15cience. technology. engineering and math515ubjects at A Level at one of three City of London Sthool5. Pa8e 3
THE HORNERS CHARITY FUND REPORT OF THETRUSTEES CONTINUED FOR THÉ YEAR ENDED 31 DECEMBER 2024 The Charrty is closely associated with the Worshipful Company of Horners and virtually all of its donation income Is received direttly or indirettly frorn wesent and past members of the Company. its endowment having been funded bv gifts and legacies from Company rnembers. The Companws existence is predicared on giving somethin8 back to society, and the Charity SeeS as the vehicle through which much of the members. financial a5SiStance, volunteer help and experience can be focussed and directed in this respert. A5 explained above, the TnJ5tees conduct their activities by means ol two Separate Comrnittees of the Trustee5. a General Charitable Committee which recommends the general charitable grants to be made and administers school scholarships and bursaries, and an Educational Charity Committee which develops and fund5 science related educational prolects. This includes encoura8in8 children in primary and secondary schoo15 to study STEM subjects, apprenticeship awards in the polymer industry, and the developrnent of excellence in sustainable design and techno108y using polymers. Achievements and PerFormance The Trustees are satisfied that during the covrse of the year. frorn the funds being genered. that they have been able to meet the aims of the settlors and donors as far as possible with the restrirted resources available. The stated aim for the Trustees 15 to Spend in the form of grarkts. awards, bursarles and scholarships as much of the fund5 available to them commensurate with maintaining a 5U5tainable, long term Charty. The full analysls of grants is shown in notes 2 and 4 of this report. During the year under review. in addition to maklng grants to small charities in London, the Trustees continued to support the Lord Mayor'5 Appeal. St Paul'5 Cathedral outreach pro8ramme and the Pan-Llvery philanthropic initiative- No Going Back. The core objective of No GOI Back is to drive the rehabilitation of offenders through the provision of trainin& 5UPPOrt. employment and housing. Education Furd grants were give to the BritTrsh Science Association for a programme supporting Science education in primary schools in disadvantaged areas and to the Univer51ty of York kienie Education Group for their Best Evidence Science Teachin6 project for the topic of properties and change5 of materials for prirnary schools. Support for Polymer Studies Tours was increased. These are residential professional development courses sponsored by the Charity for teachers of li to 18 year old students to irnprove their subject knowledge and give thern first hand experience of the polymer industry. The Chèrity co-5ponsored the Global Research and Innovation in Plastics Sustainability (GRIP51 Confence held at the University of Sheffield in Speternber 2024. A grant was made to 1349 Iwokingl ATC Squadron towards the cost of a new minibus for the cadets. Flnan¢lal Revlew Income for the Unrestriced General Fund for the year ended 31 Decernber 2024 was £80,52212023.. £53,282). and charitable grants were £78,321 12023.. £54,4981. While investrnent returns declined, the higher income lor 2024 is attributable to fundraising for the 2023 and 2024 Masters, Charities. The Master's Charity for 2024 was Development Throu8h Challen8e, owner of Mile End Climbing Wall. which gives local young people development opportunities through challenging activities with É20.307 of the total amount donated in the year going to this charlty. The Master's Charity for 2023 was the Freedom Project run by the Dogs Trust pmidin8 fostering lor pet5 belonging to people escaping domestic abuse with £20,21912023= £12.7811 ol the total amount donated going to this charity. Page 4
THE HORNERS CHARITY FUND REPORT OF THE TRUSTEES CONTINUED FOR THE YEAR ENDED 31" DECEMBER 2024 Income for the Education Fund, reported as Designated Funds in the Statement of Financial Activi(ies, wa5 £42,109 12023.. £48,847), a8ainst 8rants of £63,48712023.. £30.7[1. The fall in income is due to a decline In investment income and reduction in donations received. Expenditure exceeded income having lagged behind income re£ent years with sponsorship of the GRIPS Conference and a grant to 1349 (Wokingl ATC Squadron being the main components of the increase. 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 directed is subject to a restriction by the donor, who wished to specify how the funds were spent. These funds are mostly for educational pkJrpose5 and are described in detail in the section of this report headed 'Objectives and Activitie5" and Note 10 to the Accounts. This year the Restricted Funds income was £29.30212023.. £30.0331. and CharItae grants were £91.15612023.. £89.5911 reflecting the Trustees polKy to ensure the Restrirted Funds are utilised over the medium term. In overall terms, total Sncome of £151,933 12023.. £132,1621 less 8rants of £232.964 12023.. £174,7951 and costs of £36,768 12023.. £35,969) resulted in a defKit of £117.799 12023.. £78.602 deficit) before a gain in the capitsl value of our investments of £169,13212023.. £128,251 gain) resulting in an overall increase in fund5 of £51,333 12023.. £49,649 ¢ncreasel. The A E LawresKe Will Fund bequest contained a restrirtion on the spending of capital. and so is held as a Permanent Endowment. This year the Trustees distributed £36.778 12023.. £42.1561 from income in bursaries and book prizes. This expenditure is included within the Restricted Funds reported above. Further gains were made on investrnents n the year of £169,132 12023.. £128,251 8ainl. The Trustees do not judge 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 funds to spend investeij capital. and it is the income which is utilised to promote the aims of the different funds. In the first half of the year global market5 perfortned well amid improving economie conditlOll5 and cuts in interest rates. Markets rose after Donald Trump won the US Presidentlal election but have sinte been rn0 volatile due to concerns that tariffs on foreign imports could drive inflation hi8her. Investment income declined in 2024 compared with the previous year. Yields on overseas eouities which comprise almost half of the General and Education Fund investments were significantly lower that vields on UK equities. Aeserve$ Policy and Review The Trustee5 review their Reserves Poltcy on an annual basis in aCCOTdance with Charity Commission Guidance. The Poliry applies to the Charity's Unrestricted Reserves which can be Spent at the discretion of the Trustees ITh furtherance of the Charity's objective5. This includes funds which have been earmarked for a specific purpose and held in a separate Designated Fund by the Trustees. The Trustees recognise that the donors to the Charity's fund5 believe sn the longewty of Livery Cotnpanies generally and their commitrnent to and reputation for philanthropy. Without restrirting in any way the discretion of the Trustees to draw down on reserves, capital 8rowth in funds which have been invested may be applied at level that Is susralnable together wlth Income to meet the Charity's objectives, having regard to the risk to capital over time. There is no need to conserve income for a future project, nor do the Trustees wish to deplete the assets, in the medium to lon8 term, thus reducing the ability ol future generations to help those in need. In thls way the Trustees believe they are rnaximising distributable grants whtle ensuring the long-temi sustainability of the Charity. Page 5
THE HORNERS CHARITY FUND REPORT OF THE TRUSTEES CONTINUED ST FOR THE YEAR ENDED 31 OECEMBER 2024 Unrestrstted General Reserves The policy is to expend 311 investment income and regular donor and fundraisin8 income in the financlal year in which it 15 received or shortly thereafter. This incorne may be supplemented with the sustainable application of the capital growth in investments over tirne. The Trustees reserve the discretion to spend capital in the event of a 5hort-tertn downturn in income or a compelling case which meets the Charity's objectives. Expenditure generalty comprises donations and grants made for general charitable purposes in accordaTrce with the criteria set out in the Charitvs Grant Making Poliry. When an unrestricted legary or substantial donation is received together with an accompanying clear expression of W15he5, the Trustees give careful consideration to such wishes and whether a deswnated reserve should be created. Deslgnated Reserves: Educatlon Fund The fvnd Is expendable principally, for educational purposes. The selection of appropriate educational projects to fund is based on agreed selection criteria. The policy 15 to expend all of the combined investrnent income of this fund and the Aa5tics Industry Education Fund in the short term. The Trustees monitor expendlture to ensure that there is a plan for any such combined income that remains unspent in the short to medium term. The Trustee5 reserve the discretion to spend Capital In the event of a short-tem downturn in income or rise in costs or a compellin8 case which meets the Charitvs objectives. Investment Policy and Perforrnance The Trustees have wide powers of investment, and have delegated the mana8ement of their investments to two investment managers. Charles Stanley has been appointed as the investment manager for The A E Lawrence Will Fund and Rathbones has been appointed to manage the investment of all other funds. The performance of both managers is monitored quarterly, against benchmarks set by the Trustee5. The Trustee5 review their Investment Policy on a regular basis including investment oblectives and risk and policy on environmental. social 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 stron8 ESG credentia15 and to actively engage with the companie5 in which they invest. The Trustee5 reserve the rlght to exclude companies that carry out attivities contrary to their aims. Future Plans The Trustees have no significant plans to divert from their current strate8y. Matters considered at Board meetings during the year included the appointment of a new Independent Examiner Marcus Crldland FCA ol Scott Vevers Ltd, a review and update of the Investfflent Policy and a detailed review of the Risk Register and attions to eliminate or mitigate risks in addition to the annual reviews of the Trustees, Reserves Policy and internal financial controls. The Trustee5 Strive to encourage more members of the Horners Company to donate to the Charity on a regular basi5 and encourage members to make legacies in their wills. To help fulfil this objective, the Trustees aim to improve communitations to donofs and Hofflers Company members aboui the Charity's activitie5. Page 6
THE HORNERS CHARITY FUND REPORT OF THE TRUSTEES CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 STATÉMENT OFTRUSTEÉS. RÉSPONSIBILMES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accour*ting Stsndar¢J5 (Untted Kingdom 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 3nd fair view of the state of affairs of the Charity and ol the incoming resources and application of resources of the Charity ft)r that period. In preparing these financial statements, the Trustees are required to.. Select sultable accounting polScles and then apply them Consistent,. Observe the methods and principles sn the applicable Charities SORP IFRS1021,. Make judgements and estimates that are reasonable and prudent., State whether applicable accounting standard5 have been followed. subject to any rnaterial departures disclosed and explained in the financial statements,. and Prepa the financial statements on the 80ing concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustee5 are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial Statements comply with the Charities Act 2011, the applicable Charitie5 (Accounts and Report51 Regulations and the provisions of the Tiust Deed. They are also responsible for safeguardin8 the assets of the Charity and taking asonable steps forthe prevertion and detection of fraud and other irregularities. Approved by the Trustees onl9.&&and signed on their behalf bv.. Chair Trustees Page 7
THE HORNERS CHARITY FUNO INDEPENDENT EKAMINER'S REPORT sr FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the Trustees on my examFnation of the a£count5 of the Charity for the year ended 31. Decernber 2024. Respectlve responslbllltles of Trustees and Examlner The Trustees are responsible ft>r the preparation of the accounts in accordance wlth the req(11MentS of the Charities Act 20111.the 2011 Act'l. The Trustees are satisfied that an audit is not required for this year under Section 144121 of the Charities Act 2011 Ithe 2011 Actl and have Chosen instead to have an independent examination. I report in respect of my examinatlon ol the Trusys accovnts as carried out under $tIOn 4411) Icl of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicabte Direttions 8iven by the Charity Commission under Section 1451Sllbl of the 2011 Act. Independent examlnerfs staiement have completed my examination. I confirm that no rnatters have come to rny attentlon glving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act.. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the lorm and content of accounts set out in the Charities (Accounts and Reports) Re8ulations 2008 other than any requirement that the accounts give a true and fair view whith is not a matter considefed as part of an independent examination. I have no concem5 and have corne across no other matters in connertitin with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reathed. Marcus Cridland B.A.IFk)nsl F.C.A. Scott Vevers Ltd 65 Easi Street 8ridport Dorset DT6 3LB Page 8
TrIE HORNERS CHARITY FUND STATEMENT OF FINANaAL ACtIVlTIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 OECEMBER 2024 Unre5trirted Desi8nated Restritted Permanent Funds Funds Funds Endowment Total 2024 Total 2023 Notes INCOME Income frorn imiestments Donations Fundraising 14,188 27.463 38.871 41,809 3) 27.902 83.899 29,163 38.871 91.420 29,495 11,247 TOTAL INCOME 80.522 42.109 29,302 151.933 132,162 EXPENOITURE Investment Management Costs Charitable Grants Support & Govemance Costs 14,8941 178.3211 15.2841 113.6491 163,4871 14.2021 15651 191,1561 18.1741 127.2821 1232.9641 19.4861 126.8571 1174,7951 19,1121 TOTAL EXPENDITURE 188,4991 181,3381 191,7211 18.1741 1269,7321 1210.7641 Net gainslllossesl on Investments 39,845 113,748 7,207 8,332 169,132 128.251 NET INCOMEIIEXPENDITUREI 31.868 74.519 155.2121 158 51.333 49,649 Transfer Between Funds 14,7581 4,758 NETMOVÉMENTIN FUNDS 31,868 69,761 150,4541 158 51,333 49.649 FUND BALANCES Brought Forward- I, January 2024 694.238 1.788.541 173.563 826.813 3,483,155 3,433.506 Carried Forward- 31 December 2024 726,106 1,858,302 123,109 826,971 3,534,488 3,483.155 All traTt5actions are derived from continuing artwitie5. All gains and losse5 recognised in the year are included in the Statement of Financial Artivities. The comparative breakdown of prior year fund balances for the Statement of Financial ActNity is gsven in Note 15. Page 9
THE HORNERS CHARrrY FUND BALANCE SHE FOR THEYWIENDED31 DECEMBER2024 NOTES 2024 2024 2023 2023 FIXED ASSErs Investments 3.472.939 3,452,379 CURRENT ASSETS Cash at Bank and in Hand Debtors 51,860 5,856 10,766 TOTAL CURRENT ASSErs 105,614 57.716 CURRENT LIABILITIES Amounts falling due within one year 144.0651 126.9401 NET CURRENT ASSETS 6L549 30,776 NET A55Ers 3,534,488 3,483,155 FUNDS Pem)anent Endowment Restricted Designated Unrestricted 826.971 123.109 1.858,302 726,106 826,813 173,563 1.788.541 694,238 io 3,534.488 3,483,155 The Notes on pages 11 to 20 form part ofthese aceounts. Approved by the Trustees on iQk£.742] and signed on their behalf bv.. Chairman of the Trustees Trustee Page 10
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 AccouTrmNG pouaES al Basis of Accounting The financial statements have been prepared in (OrdanCe wrth Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard appicèble in the UK and Republic of Ireland l FRS 1021- Icharities SORPIFRS 102115econd EdhSon. effective 1st January 20191 and the Charfties Act 2011. The Horners Charity Fund meets the definition of a public entity under FRS 102. Assets and liabilities are initially recogni5ed at historical cost or tran$tIOn value unless otherwise stated in the relevant accounting p)licy notes. bl Golng COTrn The Trustee5 consider there are no material uncertant1é5 about the Charity's ability to continue as a going concern. The review of our financial p051tion. reserves level and future plans gives Trustees confidence the tharity remai$ a going concern fof the foreseeable futvre. cl legacles. Don•tlons and Grants Legacies and donations a reco8nised when receivable or when the Charity becomes legally entitled to them and they can reasonably be measured in financial term5. Receipts of property, investments or other gift5 in kind are included at market value. dl Investments and In¥estmeftt Income Investments a 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 Activiries. Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised 8ain5 and losses on investments aTe calculated between sale5 proieed5 and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial vear. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. el Taxztion As a regstered charity. the Trust Funds are exempt from income tax. corpor3tion 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 Dirett charitable expenditure consists of all comrnitted expenditure directly relating to the objects gf the Charity. Administration costs include expenditure on general administration and expenditure on mana8ement and compliance with constitutional and ststutory requirements. Irrecoverable VAT is included with the cate80ry of expenses to which it relates. Page 11
THE HORNÉRS CHARITY FUND NOTE5 TO THÈ ACCOIJNTS CONTINUED FOR THE YEAR ENDED 31- DECEMBER 2024 g) Permanent Endowmtnt Funds The capital of Perrnanent Endowment Funds must be maintained intact with any Income arisin8 being available for restricted or general charitable purposes of the Charities, according to the tems of the 0ri8inal settlement. h) Fund Accountln8 Unrestricted fund5 comprise xcumulated surpluses and deficits on 8eneral funds. They are available for use at the discretion of the trustees in furtherance of the 8eneral charitable objectives. Designated fund5 are funds set aside by theTru5tees for specific purposes. Restricted funds are used for specific purposes as stated by the grantor. Expenditure which meets these criteria is charged to the fund. il Cash and Cash EquN3lents Cash and cash equivalents includes cash and short rerm highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the dep)sit or similar account. j) Investments Inve5ttnents are ieco8nised initially at fair value which 15 normally the transaction price exiludin8 transactio costs. Subsequently. they are measured at fair value with changes recognised in the statement of financial activities if the shares are publicly traded or their fair value can otherwise be rneasured reliablv. kl Debtors Trade afid other debtOTS are recognised * the settlement amount due. 11 Creditors Creditors are recognlsed where the charlty has a present obligation resulting from a past event that will probably resu5t in the transfer of funds to a thiTd party and the amount dué to settle the obligation can be measured or estimated reliably. ml Estimate5 and JudBements Estimates and judgements a continually evaluated and are based on historital experlence and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are b35ed on the Tru5tee'5 best knowled8e of the arnount. events or attions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any matertsal estimates and judgement5. n) Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Bas fin3ncial instruments, including trade and other debtors and credttofs, are Initlally recognlsed at transxtion value and subsequently measured at their settlement value. Page 12
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on Charltable A¢tlvltles Untestrkted Funds Designated Funds Restricted Funds Total 2024 Grznts from fjeneral Funds To Institutions Age Exchange Frtedorn Project Development Through Challenge Honeypot Children's Charitv 5pitalfields Farm No Going Back Salvation Army 27 Squadron St Paul's Cathedral Foundation Lord Mayor's Charity Park Lane Stables Doorstep Library React City Harvest Ltd Others- up to £l,OQKI To Indsviduals Bursarie$161 Book Prizes Beckerscholarship 4,OCKJ 20.219 20,307 4,000 5,000 3,000 515 830 2,0(M) 5,0(X) 4,0(K) 5,0 3.0 SW 950 4,000 20,219 20,307 4,OC¥) 5,0(k) 3.0(X) SIS 830 2.000 5,01%) 4,000 5,OCX) 3,0(KJ S(K) 950 47.878 47,878 5.0(K) 133.199 78,321 54.878 Grants from Educational Fund$ Science Gateways British Science Association Polyrner Studie5 Tour Careers Advice Ralph Anderson Lecture PlastlC5 Historical Society York BEST Number Champions RSB- Gopher Lab BPF/uK Circular Plastics Network GRIPS Conference Lord Mayor'5 FutL*re Professional Summer khool 1349 Woking ATC Others- up to £l.000 6,158 6,158 15,000 12,500 4,980 8,250 15,000 12,500 4.980 8.250 1.000 10,000 3,000 1,51)0 15,0(M) 3,5(KJ 10,000 10.000 3.000 1,500 15,000 3,500 io,(K)o 63.980 26,908 90,888 Awards Design in Plastic Jewellery Social Contribution Through Plastl£S SHAP To indiwduals- up to £1,500 5,000 2,750 179 701 740 9.370 5.000 2,750 151 701 431 8,877 11841 13091 14931 Total Exptndr<u Support and Governance Costs Independent Examiner's Fees Accountancy Fee5 Bank Charges Administration Costs Others- up to £l.000 Total Expendkure 78,321 63.487 91,156 232,964 359 2,903 395 1,238 389 5,284 359 2,903 718 5,806 395 2,171 396 9,486 933 4.202 Page 13
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THÈ YEAR ENDED 31 DECEMBER 2024 Expenditure Charitable Actlvltles Prior Year Unrestrlcted Desl8nated Funds Funds Re5tritted Funds Total 2023 Grants from General Funds To Instltutlons A8e Exchange Freedom Project oneypot Children'5 Charity Tower Hamlet5 Mission Spitalfields Farm No Going Back Childhood Eye Cancer Trust Crackerjacks Children's Trust Yes Outdoors Salvation Army 27 Squadron St Paul's Cathedral Foundation Lord Mayor'5 Charity Other5- UP to £1,000 To Individuals Bursaries161 8ook Priies Becker Scholarship 4,477 12,781 5.000 5,000 5,000 3.000 4,(KlO 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 3,0(X) 5.000 54,6S6 46.656 3.000 5.000 109.154 54,498 Grants from Educztional Funds Science Gateways British Science Association Polymer Studies Tour Ralph Anderson Lecture Plastics Historical Society York BEST Nurnber Champions Others- up to £l.¢J)O 6.159 6,159 15,088 5.000 14,000 1,000 10.000 3,000 125 S4,372 15.088 14,0(Ml io,o(K) 12S 29.213 25,159 Awards Design in Plastic Jewellery Social Contributions Through Plastics SHAP Brian Ridgewell Fellowshlp To individuals- up to £l.000 5,OCKJ 2,750 5.000 2.750 184 908 1,000 1.427 11,269 908 309 1.493 1,118 9,776 Total Expenditure 54,498 30.706 89,591 174.795 Support and Governance Costs- Prioryear Independent Examiner's Fee5 Accountancy Fees Bank Charge5 Administration Costs Other5- UP to Él,(K)O Total Expenditure 1,290 1,845 383 1,290 1,845 2,580 3,690 389 2,137 316 9.112 1.220 316 5.054 917 4.058 Page 14
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED I DECEMBER 2024 2024 2023 INVESTMENTS Fair Value as at I, January 2024 Purchases Sale5 Revaluètions & alISed Galns Management Fees 3.452,379 906,905 1806,2821 152,7811 127.2821 3,360,347 180,702 1138,1941 76,381 126,8571 Fair Value as at 31 December 2024 3,472,939 3,452,379 The Investments held are in the following Categories= Cash 01 cash equivalents Listed investments 69,970 3,402.969 115,358 3.337.021 3.472,939 3,452,379 2024 2023 DEBTORS Trade debtors Other debtors 260 5,596 10,766 10.766 5,856 2024 2023 CREDITORS: AMOUNTS FAWNG DUE WITHIN ONE YEAR Accruals and deferred income 44.065 26,940 44,06S 26,940 Page 15
THE HORNERS CHARITY FUND NOTES TO THE ACCOUNT5 CONTINUED ST FOR THE YEAR ENOED 31 DECEMBER 2024 PERMANENT ENDOWMENT Fuf4DS Balance at I, January 2024 Net Movement Balance at Incomin ltsutgoingl Investments Resources on 31 December 2024 Horners Charity Funds A E Lawrence Will Fund 40.000 786.813 18,1741 8,332 786.971 826,813 18.1741 8,332 826.971 PERMANENT ENDOWMENT FUNDS Prioryear Balance at I, January 2023 Net Movement Balance at Incomin on 31" December lout8oin81 Investments 2023 Resources Horners Charity Funds A E Lawrente Will Fund 40.000 796,069 40,000 786,813 18.8061 14501 836.069 18.8061 14501 826.813 Page 16
THE HORNER5 CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 10 RESTRIE0 FUNDS Balance at Net Transfers Movement Balance at l January 2024 Incomin81 loutgoingl Resources on 31 December 2024 Investments Plastlcs Industry Education Fund George Becker Scholarship A E Lawrence Will Fund D F Oxley Bequest Science Gateways 70,805 26,970 54,873 20,600 315 130.6611 14,9621 18,9361 113,1001 14.7601 3,764 1,174 2,269 43,908 23,182 48,206 7,500 313 4,758 173,563 162,4191 4,758 7,207 123,109 RESTRICTED FUNDS Prlor Year Balante ai Net Tran5fer5 Movement Balance at 31" December 2023 l January 2023 IncominFJ loutgoingl 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 4,0 226.066 159,8721 4,000 3,369 173,563 The Trustees have the power to spend both the capital ènd income of the Restricted Funds in accordance wrih the terms of the relevant fund. Further details may be found in the Trustees, Report Plastics Industry Edu<ation Fund.. The use of the fund is restricted to the promotion of education related to the plastics industry. George Be¢ker Scholarship.- The restricted fund is only available to provide scholarships in certain City of London educational institutions. A E Lawrence Will Fund- This is the expendable accumulated income from the Permanent En(lowment Fund to be utilised for book prizes and bursaries in four City of London educational institutions. D F Oxley Bequest: This legacy 15 applied for the benefit of bursaries in schools for the advancement of science education. Science Gateways: An initiative aimed at encouraging more ¢hildreTr to embark upon a science based career. Page 17
THE HORNERS CHARITY FUND NOTES TOTHÉ ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2014 11 ALLOCATION OF ASSErs Current Assets Current Inter Fund Total Investments 2024 Permanent Endowment Re5trirted Designated Unrestricted 829,340 111,(K)7 1,910,461 622,131 12.3691 4,602 134,2261 31,993 826,971 123,109 1,858,302 726,106 7.SCK) 117,9331 126,1321 98.114 Total Net A5setS 3.472,939 105.614 144,0651 3,534,488 ALLOCATION OF ASSEts Prior Year Current Assets Current Inter Fund Total 2023 Investments Permanerst Endowment Restricted Designated Unrestricted 827.S95 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 Assets 3.452.379 57.716 126.9401 3,483,155 12 TRUSTEE5 REMUNERATION AND EXPENSES No remuneratSon was paid or is payable either directly or indirectly for the year to any Trustee or to anv person or persons known to be cOnnted wth any of them12023.. Nill. No reimbursement of expenses have been made or are due to be made to the Trustees Sn respect of the year to 31" December 202412023.. Nill. 13 RELATED PARTYTRANSAcfioNS There were no related party transactson5 in the year12023'. nill. Pa8e 18
ThE HORNERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 14 FINANaAL INSTrUMENTS 2024 2023 Cate8orls3tion of financlal Instruments Financial assets measured at fairvalue through the statement of flnancial actSvitles 3.402.969 3.337,021 Financial assets thai are debt instruments measured at amortised cost 175.584 173.074 3,578,553 3,510,095 Financial liabilities measured at amortised cost 44,065 26,940 Income Expenditure Netgains Net losses ltsm of expendbture. galn or loss 2024 Financial assets measured at fair value throu8h the statement of financial activities Financial assets that are debt instruments measured at arnortised cost Financial liabilities measured at amortised cost 83.411 169.132 83,899 169,132 Income Expenditure Net galns Netlosses Item of expenditure* gain or loss 2023 Financial assets measured at fairvalue through the statement of financial activities Financial assets that are debt instruments measured at èmortised cost Financial liabilities measured at amortised cost 9192 128,251 328 91.420 128,251 Page 19
THE HOIINERS CHARITY FUND NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31" DECEMBER 2024 COMPARATIVE STATEMENT OF FINANaAL AcllviTIES Prior Year Unrestricted Funds Designated Fund5 Restricted Funds Permanent Endowment Total 2023 Notes INCOME Income from investments Donations Fundraisin8 16.389 25.646 11.247 46.398 2,449 28.633 91.420 29,495 11.247 TOTAL INC ME 53,282 48.847 30,033 132,162 EXPENDITURE Investment Mana8ement Costs Charitable Grants Support & Governance Costs 14,5981 154,4981 15,0541 113,1391 130,7061 14,0581 13141 189.5911 18,8061 126,8571 1174,7951 19,1121 TOTAL EXPENDITURE 164.1501 147,9031 189,9051 18,8061 1210,7641 Net gains/l1955esl on Investment5 33,348 91.984 3,369 14501 128,251 NET INCOMEIIEXPENDITUREI 22.480 92,928 156.5031 19,2S61 49,649 Transfer Between Funds 14,(MxII 4,LM)O NET MOVEMENT IN FUNDS 22,480 88.928 152.5031 19,2561 49.649 FUND BALANCES Brought Forward- 1° January 2023 671,758 1.699,613 226.066 836,069 3.433.506 Carried Forward- 31 December 2023 694,238 1,788.541 173,563 826,813 3,483,155 All transactions are derived from continuing activltles. All gains and losses recognlsed in the year are includecl in the Statement of Financial Artivities. Page 20