## **Registered Charity number 295832 (England and Wales)**
## **THE WORSHIPFUL COMPANY OF WORLD TRADERS CHARITABLE TRUST**
**Trustees’ Report and Accounts For the year ended 30 September 2024**
**The Worshipful Company of World Traders Charitable Trust Trustees’ Report and Accounts For the year ended 30 September 2024**
## **Contents**
Page 3 Details of the Charity, its Trustees, Officers and Advisers Pages 4-7 Trustees’ Report Page 8 Independent Examiner’s report Page 9 Statement of Financial Activities Page 10 Balance Sheet Pages 11-17 Notes to the Accounts
**Page 2 of 17**
**The Worshipful Company of World Traders Charitable Trust Trustees’ Report and Accounts For the year ended 30 September 2024**
## **Details of the Charity, its Trustees, Officers and Advisers**
**Charity registration number** 295832 (England and Wales)
## **Trustees**
A Turner- Chairman from January 2025 Dr P Cozens-Chairman to January 2025 P Alvey – Deputy Chairman and Trustee to 30th September 2024 S Goodhew Dr Al Davidoff B Ellis – deceased 7[th] May 2025 S McGregor Imam Sayed Razawi OBE Craig Pattison-appointed 5[th] December 2024 Paige Holt-appointed 5[th] December 2024 Arne Mielken-appointed 5[th] December 2024
## **Clerk & Secretary**
E Garner – from 5[th] December 2024 G Duffy – to 5[th] December 2024
## **Treasurer**
C McCosh – from 15[th] February 2025 L Qiu – to 15[th] February 2025
## **Bankers**
HSBC Bank Plc 1-3 Bishopsgate London, EC2N 3AQ
## **Independent Examiner**
G Williams DChA 2, Prebendal Drive, Luton Bedfordshire, LU1 4JW
## **Investment Managers**
Charles Stanley,55 Bishopsgate London, EC2N 3AS
## **Registered Office & Correspondence Address**
9 Chawton End Close from 5[th] December 2024 Four Marks Hampshire GU34 5BF 13 Hall Gardens to 5[th] December 2024 Colney Heath St Albans Hertfordshire, AL4 0QF
**Page 3 of 17**
**The Worshipful Company of World Traders Charitable Trust Trustees’ Report and Accounts For the year ended 30 September 2024**
The Trustees present their report and the financial statements for the year ended 30 September 2024 in accordance with the requirements of the Charities Act 2011 and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice FRS102.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Structure**
The Trust was established by deed as a registered charity (number 295832) on 30 September 1986 as ‘the Guild of World Traders Trust Fund’.
On 15 January 1993 a meeting of the Court of the Lord Mayor and Aldermen of the Corporation of London granted the petition to the then Guild of World Traders in London to be constituted a Company of London without grant of Livery with the new name of ‘Company of World Traders’.
On 25 January 2000 the Company of World Traders was granted its Letters Patent and from that date the Trust was known as the ‘Worshipful Company of World Traders Trust’ and subsequently as the ‘Worshipful Company of World Traders Charitable Trust’.
Trustees are normally appointed from the membership of the Worshipful Company of World Traders (the Company). The Master, Immediate Past Master and the Senior Warden, are now appointed as Official Observers (previously they were Trustees) by virtue of their election as officers of the Company.
## **Governance and management**
The Trust meets four times a year. They review proposals and approve grants to be made, involving the Charities Committee and the Trade, Education and Armed Forces Committee in matters relevant to their remits.
The Trust’s costs comprise largely accounting and bookkeeping and administration. While the Trust’s costs have been kept down by utilising the volunteered services of Company members, the Trustees recognise that certain other costs need to be met to ensure a strong basis of management of the Trust, including bookkeeping costs and the cost of the examination of the financial statements. These have been included in costs in the Statement of Financial Activities.
## **Risk policy**
The Trust has assessed the risks that the charity faces. The major financial risk is the performance of the Trust’s investments. This risk is controlled by means of using experienced investment managers, setting low risk parameters with the investment managers and by maintaining a high level of liquidity relative to known and unexpected cash requirements.
The risk of a reduction in the donations received is monitored carefully. The two main sources of income are the annual donations made by members of the Company and the dividends on the Trust’s investments.
The Trustees consider they have adequate insurance including cyber risk cover.
**Page 4 of 17**
**The Worshipful Company of World Traders Charitable Trust Trustees’ Report and Accounts For the year ended 30 September 2024**
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
The principal objective of the Trust is furthering education and training in connection with the advancement of world trade. This is achieved through the following goals:
- To act as the charitable arm of the Company, giving members of the Company an avenue to meet their charitable undertakings as stipulated in their commitments as Freemen and Liverymen of the Company.
- To give members of the Company the opportunity to be actively involved in the charitable engagements, not merely through the giving of donations.
- To support world trade, education and other linked causes particularly with City of London connections and focusing on state schools.
The current Trust policy is to allocate all regular donations received from Company members and the income from investments towards that year’s charitable effort.
## **Activities**
Donations were made to a number of charities in line with the above goals, particularly to educational requests enabling mostly young people, often from quite challenging backgrounds, to develop the skills they will need in future to engage with the outside world.
The Trust continues to work closely with the Trade, Education and Armed Forces Committee and the Charities Committee in accordance with their separate remits.
## **Public benefit**
The Trustees have had regard to the guidance issued by the Charity Commission on public benefit in undertaking the above activities and concluded that all activities met the public benefit requirement.
## **ACHIEVEMENTS AND FINANCIAL REVIEW**
Total unrestricted donations, including associated Gift Aid amounted to £48,380 (2023: £64,682)
The unrealised movement in the Charles Stanley investments was a gain of £ 120,613 (2023: gain £ 3,705)
The value of the Trust’s investments have shown good growth over the financial year and are monitored closely by the Trustees.
Charles Stanley continue to manage the Trust’s investments and meet with the Trustees at least once a year where investment performance and the environmental, social and governance aspects of the investments are presented and reviewed.
**Page 5 of 17**
**The Worshipful Company of World Traders Charitable Trust Trustees’ Report and Accounts For the year ended 30 September 2024**
## **Reserves policy**
The Trust aims to increase its reserves to at least match inflation and provide a solid platform for the future stability of the Trust. The Trust has grown its reserves past the original target of £500,000 and has now taken the decision not to target a specific reserve amount but rather look to balance effective charitable activity with longer term growth. The policy is therefore to allocate all regular donations received from Company members towards that year’s charitable effort as outlined above. Other large donations are determined on a case by case basis. This allows supporters to see that the direct funds that they have donated go immediately to charitable causes while still maintaining the capability to grow reserves. This policy is reviewed annually.
## **Investment powers**
The Trust Deed contains no specific restrictions on the powers of the Trustees to invest.
## **FUTURE DEVELOPMENTS**
The Trustees are continually reviewing the donations made by the charity and monitor the performance of the Trust’s investment funds as indicated above.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the incoming resources and application of resources for the charity for the period.
In preparing these financial statements the Trustees have:
- Selected suitable accounting policies and then applied them consistently ;
- Observed the methods and principles in the Charities SORP ;
- Made judgements and estimates that are reasonable and prudent ;
- Prepared the financial statements on the going concern basis ;
- Prepared the financial statements in accordance with relevant applicable accounting standards and applicable statements of recommended practice.
The Trustees are responsible for keeping proper accounting records which enable them to ensure that the financial statements comply with the Charities Act 2011 as subsequently amended.
**Page 6 of 17**
**The Worshipful Company of World Traders Charitable Trust Trustees’ Report and Accounts For the year ended 30 September 2024**
## **Basis of preparation of accounts**
The financial statements are prepared in accordance with the Statement of Recommended Practice: Accounting and reporting by charities (SORP 2015 – FRS 102 version), applicable accounting standards and the Charities Act 2011. The charity has taken advantage of the Small Entity provisions of FRS 102. The financial statements are presented in Sterling (£).
## **Statement on going concern**
After reviewing the charity’s forecasts and projections, the Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## **Declaration**
The Trustees declare that they have approved the Trustees’ Report above.
Signed on behalf of the Charity’s Trustees
Full name Andrew Turner Position Chairman 1[st] July 2025
Colin McCosh Treasurer
**Page 7 of 17**
**The Worshipful Company of World Traders Charitable Trust Trustees’ Report and Accounts For the year ended 30 September 2024**
## **Independent Examiner’s report to the trustees of the Worshipful Company of World Traders Charitable Trust**
I report to the trustees on my examination of the accounts of the Worshipful Company of World Traders Charitable Trust (the Trust) for the year ended 30th September 2024, which are set out on pages 9 to 17.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give 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 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
G Williams DChA
2, Prebendal Drive, Luton, Bedfordshire, LU1 4JW.
_1[st] July 2025_
**Page 8 of 17**
**The Worshipful Company of World Traders Charitable Trust Statement of Financial Activities for the year ended 30 September 2024**
|**Notes**
**Unrestricted**
**Funds**
**30.9.24**
**£**
**Income and endowments from**
Donations and
Legacies
2
48,380
Investments
2
30,397
**Totals**
**78,777**
**Expenditure on**
Charitable activities
Education – Tacitus
(see note * page 15)
-
Education – Other
3 / 4
53,945
Other Charitable
Activities
3 / 5
38,649
Investment fees
3 / 7
9,356
Other costs
3
10,953
**Totals**
**112,903**
Net unrealised gain/(loss) on investments
7
120,613
**Net (expenditure) / Income**
**86,487**
**Reconciliation of funds**
Total funds brought forward 1 October 2023
1,018,448
**Total funds carried forward 30 September 2024**
**1,104,935**|**Notes**
**Unrestricted**
**Funds**
**30.9.24**
**£**
**Income and endowments from**
Donations and
Legacies
2
48,380
Investments
2
30,397
**Totals**
**78,777**
**Expenditure on**
Charitable activities
Education – Tacitus
(see note * page 15)
-
Education – Other
3 / 4
53,945
Other Charitable
Activities
3 / 5
38,649
Investment fees
3 / 7
9,356
Other costs
3
10,953
**Totals**
**112,903**
Net unrealised gain/(loss) on investments
7
120,613
**Net (expenditure) / Income**
**86,487**
**Reconciliation of funds**
Total funds brought forward 1 October 2023
1,018,448
**Total funds carried forward 30 September 2024**
**1,104,935**|.
**Prior**
**Year Total**
**Funds**
**30.9.23**
**£**
64,682
28,486
93,168
98,727
52,115
29,785
9,424
10,790
200,841
3,705
**(103,968)**
1,122,416
**1,018,448**|
|---|---|---|
||**78,777**
-
53,945
38,649
9,356
10,953||
||**112,903**
120,613||
||**86,487**
1,018,448
**1,104,935**||
**Page 9 of 17**
**The Worshipful Company of World Traders Charitable Trust Balance Sheet As at 30 September 2024**
|**Notes**
**Fixed assets**
Investments
7
**Current assets**
Debtors and accrued Income
8
Cash at bank
**Liabilities**
Creditors
Amounts falling due within one year
9
**Net current assets**
**Total assets less current liabilities**
**The funds of the Charity**
Unrestricted funds
**Total Charity funds**|**£**
10,794
44,568|**Total**
**Funds**
**30.9.24**
**£**
1,052,724
52,211
**1,104,935**
1,104,935
**1,104,935**|**£**
10,677
28,579|**Prior Year**
**Funds**
**30.9.23**
**£**
982,324|
|---|---|---|---|---|
|||||36,124|
||55,362
3,151||39,256
3,132||
|||||**1,018,448**|
|||||1,018,448|
|||||**1,018,448**|
The Financial Statements for the year ended 30 September 2024 were approved and authorised for issue by the Trustees on 1[st] July 2025.
**----- Start of picture text -----**
Andrew Turner Colin McCosh
Chairman Treasurer
**----- End of picture text -----**
The notes on the following pages 11-17 form part of these Financial Statements.
**Page 10 of 17**
**The Worshipful Company of World Traders Charitable Trust Notes to the Accounts For the year ended 30 September 2024**
## **1 Accounting Policies**
The following material accounting policies have been adopted, and have been applied consistently unless otherwise stated.
## **(a) Basis of preparation of accounts**
These accounts have been prepared on the basis of historic cost (except that quoted investments are shown at market value) in accordance with:
- Accounting and Reporting by Charities – Statement of Recommended Practice (FRS102);
- and with Accounting Standards;
- and with the Charities Act 2011.
## **(b) Income**
Income and expenditure are accounted for on an accruals basis, except that income arising on investments is credited when received and is applied to the Unrestricted Fund or to the Restricted Fund as appropriate.
Other donations are treated as Restricted Funds and dealt with in accordance with the donor's wishes.
Income from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
## **(c) Expenditure**
Charitable Expenditure constitutes grants made by the Trustees to third parties in the furtherance of the charitable objectives of the Trust, and costs related directly to this expenditure. Grants are accounted for when they are paid.
## **(d) Quoted Investments**
Quoted investments are included in the Balance Sheet at market value, with the annual unrealised gain or loss being credited to the Unrestricted and Restricted Funds.
## **(e) Taxation**
As the trust is a registered charity no income or corporation tax is borne on its income (except dividend income which is taxed at source) and no capital gains tax is payable on gains made on disposal of investments. Investment income and any other income received under deduction of tax is included gross in the accounts and any tax not recovered at the accounting date is included in the balance sheet as taxation recoverable. Any VAT paid by the Trust on expenditure is included with the relevant cost.
**Page 11 of 17**
**The Worshipful Company of World Traders Charitable Trust Notes to the Accounts For the year ended 30 September 2024**
## **2 Income and endowments**
Donations are primarily from individuals, including Gift Aid of £8,500 (2023: £8,524), and some organisations.
Investment income is primarily dividends and interest on the Charles Stanley investments and bank interest receivable.
## **3 Expenditure**
|Grants for Educational
charitable activities
Grants for other Charitable
activities
Investment management fees
Other costs ( note 6 )|**Total**
Total
**Charitable**
**Activities**
**2024**
2023
**£**
**£**
£
53,945
53,945
52,115
38,649
38,649
29,785
9,356
9,356
9,424
10,953
10,953
10,790|
|---|---|
||**112,903**
**112,903**
102,114|
**Page 12 of 17**
**The Worshipful Company of World Traders Charitable Trust Notes to the Accounts For the year ended 30 September 2024**
**4 Analysis of Charitable Donations – Education Other**
|Birkbeck, University of London
Build Up
Christ's Hospital School Horsham
City of London Freemen's School
City of London School-prize day awards
Clio’s Company
Create (Arts) Ltd
Future Frontiers
George Green School –Prize
Goodenough College
King Edward's School Witley
Livery Schools Link
Livery Skills Council
London Performing Academy of Music
Mansion House Scholarship
Masters’ Scholarship awards
Open University Disabled Veterans
Skills Builder Partnership
Team Up
Treloar Trust
World of Work Conference
World Maritime University
XLP Arts Showcase
Young Enterprise
Totals|**2024**
**2023**
**£**
**£**
**4,000**
**4,000**
**4,970**
**4,160**
**5,100**
**100**
**100**
**100**
**100**
**-**
**4,000**
**4,000**
**5,000**
**5,000**
**3,000**
**3,000**
**100**
**100**
**4,000**
**4,000**
**-**
**100**
**125**
**125**
**-**
**1,000**
**-**
**750**
**500**
**500**
**550**
**2,300**
**5,000**
**5,000**
**6,400**
**-**
**4,000**
**-**
**2,000**
**2,000**
**-**
**880**
**5,000**
**5,000**
**-**
**5,000**
**-**
**5,000**|
|---|---|
||**53,945**
**52,115**|
**Page 13 of 17**
## **The Worshipful Company of World Traders Charitable Trust Notes to the Accounts For the year ended 30 September 2024**
|**5**
**Analysis of Charitable Donations – Other Charitable Activities**|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|1st Rifles|**1,000**|**1,500**|
|28(AC) Squadron Award|**500**|**500**|
|28(AC) Squadron Service Funds|**1,000**|**1,000**|
|ABF The Soldiers' Charity|**500**|**500**|
|Aid for Orphans|**2,000**|**-**|
|All Hallows by the Tower|**1,000**|**1,000**|
|Barts Charity|**-**|**900**|
|Blind in Business|**7,950**|**-**|
|British Red Cross|**250**|**250**|
|Children’s Sailing Trust|**1,000**|**-**|
|Chiswick Sea Cadets|**500**|**500**|
|City Harvest|**-**|**750**|
|Clapton Common Boys Club|**4,804**|**-**|
|Dulwich Air Cadets|**-**|**500**|
|First Love Foundation|**-**|**500**|
|Gratitude Free Groceries Hub|**-**|**500**|
|Hands Up Foundation|**-**|**2,500**|
|HMS Dauntless|**1,000**|**1,000**|
|HMS Dauntless Award|**500**|**500**|
|Hope Community Village|**5,000**|**-**|
|Institute of Export award|**500**|**500**|
|Inter Care Ltd|**-**|**1,000**|
|Just be a Child|**5,000**|**-**|
|Lord Mayor's Appeal|**1,500**|**-**|
|Lord Mayor's City Giving Day|**-**|**250**|
|Maytree Respite Centre|**-**|**5,000**|
|Microloan Foundation|**-**|**3,000**|
|Olly’s Future|**-**|**500**|
|Parkinson’s UK in memory of Former Court Assistant and Former|**-**|**200**|
|Trust Treasurer Gwen Batchelor|||
|RAF Benevolent Fund|**-**|**1,000**|
|Royal British Legion|**500**|**500**|
|South Georgia Heritage Trust|**-**|**100**|
|St. Mary-le-Bow Young Homeless project|**500**|**500**|
|St.Paul's Cathedral Music Fund|**500**|**500**|
|St Paul's Remembrance Day crosses|**400**|**190**|
|Sheriffs’ and Recorders' Fund|**500**|**500**|
|Thames Sailing Barge Match|**70**|**70**|
|Trial & Error|**200**|**-**|
|Tuberous Sclerosis in memory of Past Master Robert Woodthorpe-|**-**|**300**|
|Browne MBE|||
|United Guilds Services|**175**|**175**|
|Weldmar Hospice in memory of Former Court Assistant Jan Dawson|**-**|**200**|
|West London Synagogue|**-**|**750**|
|World Jewish Relief|**-**|**500**|
|Worshipful Company of Educators-Sheriffs’ Challenge|**300**|**150**|
**Page 14 of 17**
**The Worshipful Company of World Traders Charitable Trust Notes to the Accounts For the year ended 30 September 2024**
## **5 Analysis of Charitable Donations – Other Charitable Activities (continued)**
|Worshipful Company of Hackney Carriage Drivers-tour to
Disneyland Paris for children with life-threatening illnesses
**Totals**|**2024**
**2023**
**£**
**£**
**1,500**
**1,500**|
|---|---|
||**38,649**
**29,785**|
**6 Analysis of other and support costs**
|Administration
Other costs
Independent examination
Bookkeeping/Accountancy|**Charitable**
**Activities**
**£**
**Total**
**2024**
**£**
**Total**
**2023**
**£**
4,800
4,800
4,500
3,002
3,002
3,158
1,500
1,500
1,500
1,651
1,651
1,632|
|---|---|
||10,953
10,953
10,790|
|**7**
**Investments**
**Charles Stanley**
At 1 October
Tacitus funds transferred *
Income earned
Management fees
Cash drawn to unrestricted fund
Gain / (Loss) on revaluation
At 30 September
Investments at cost|**2024**
2023
**£**
£
982,324
1,025,154
-
(38,199)
29,981
28,088
(9,356)
(9,424)
(70,838)
(27,000)
120,613
3705|
|---|---|
||**1,052,724**
**982,324**
**854,630**
**854,630**|
Investments comprise primarily UK equities with some North American equity, UK Government Gilts and Unit Trust holdings as well.
***** It was previously agreed that as the Tacitus Lecture is a World Traders Livery Company and not a Trust event that it was sensible to hold the funds reserve within the World Traders Company. £98,727 was transferred to the World Traders Company the value of the Tacitus reserves balance as at 30th September 2022. The investment funds transferred above were the proportion of the total fund attributed to the Tacitus fund.
**Page 15 of 17**
**The Worshipful Company of World Traders Charitable Trust Notes to the Accounts For the year ended 30 September 2024**
## **8 Debtors and accrued Income**
|Gift Aid recoverable
Prepaid insurance|**2024**
2023
**£**
£
**8,493**
8,379
**2,301**
2,298|
|---|---|
||**10,794**
10,677|
## **9 Creditors**
Amounts falling due within one year:-
|Accruals|**2024**
**£**
**3,151**|2023
£
3,132|
|---|---|---|
## **10 Analysis of movements in funds**
|Unrestricted Fund
**Total Funds**|**Balance at**
**1 October 2023**
**Income**
**in**
**period**
**Expenditure**
**in period**
**Unrealised**
**(loss) / gain**
**on**
**investments**
**Balance at**
**30**
**September**
**2024**
**£**
**£**
**£**
**£**
**£**
1,018,448
78,777
112,903
120,613
1,104,935
**1,018,448**
**78,777**
**112,903**
**120,613**
**1,104,935**|
|---|---|
**Page 16 of 17**
**The Worshipful Company of World Traders Charitable Trust Notes to the Accounts For the year ended 30 September 2024**
## **11 Capital commitments**
At 30 September 2024 there were no capital commitments (2023 none).
## **12 Employees**
The Trust has no employees (2023 none).
## **13 Transactions with Trustees and related parties**
Trustee Peter Alvey is the Director of the company Aldatum Limited that supplies The Worshipful Company of World Traders Charitable Trust with Bookkeeping/Accountancy services as shown in Note 6. No other Trustee, or company in which they are either a Director or Shareholder, received remuneration or expenses during the year. (2023 none).
Trustee indemnity insurance was in place throughout the year.
As described in the Trustees’ Report, Trustees are normally appointed from the membership of the World Traders Company.
**Page 17 of 17**