2023-05-31-accounts - The Charity Fund Of The Worshipful Company Of Tin Plate Workers Alias Wire Workers Of The City Of London

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Registered charity number: 314211

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust Trustee's Report and Financial Statements

31 May 2023

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Contents

	Page
Charity information	1
Trustee's report	2-4
Independent Examiner's report to the Trustee	5-6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9-11

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Information

Trustee

The Worshipful Company of Tin Plate Workers Alias Wire Workers

Bankers

HSBC 66 High Street New Maldon Surrey KT3 4HD

Investment Manager

CCLA Fund Management Limited 1 Angel Lane London EC4R 3AB

Independent Examiner

Moorgate Accountancy Ltd Chartered Accountants Downsview House 141-143 Station Road East Oxted Surrey RH8 0QE

Clerk

Neil Lyon, MA, FSA 29 Abington Park Crescent Northampton NN3 3AD

Charity number

314211

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Trustee's report - year ended 31 May 2023

The Trustee presents its report and financial statements of the Charity Trust (the "Charity") for the Year ended 31 May 2023.

Constitution

The Charity is managed by the Worshipful Company of Tin Plate Workers alias Wire Workers of the City of London (the "Company"). The Company was incorporated by Royal Charter on 29th December 1670 and received the status of a Livery Company on 9th December 1766. The Charity was set up by a Declaration of Trust dated 19th April 1944 and is a registered Charity number 314211.

Trustee and governance

The Company is the Trustee of the Charity. Responsibility for management of the affairs of the Company rests with the Court and the Master. The management of the Charity is delegated by the Court to the Company’s Education, Enterprise and Charities Committee in respect of donations and awards, to the Finance and Investment Committee in respect of the investment management of the charitable funds, and to the Master and Clerk who are responsible for the authorization of expenditure. Both Committees report regularly to the Court and to the Master on their activities and duties.

Appointment and Training of Trustees

The membership of the Committees and the appointment of their Chairmen is made from existing members of the Company by the Court after careful consideration of their eligibility, personal competence, specialist skills and knowledge. New members of these Committees and office holders are inducted into the workings of the Charity including Court policy and procedures.

Risk Management

The Trustee’s responsibility for the management of the investment risks faced by the Charity is delegated to the Finance and Investment Committee. Risks are identified, assessed and monitored and a report submitted to the Court in respect of any identified weaknesses.

The key controls used by the Charity include:

formal agendas for all Committee and Court activity;
detailed terms of reference for all Committees;
strategic planning and budgeting;
established organisational structure and lines of reporting;
clear authorisation and approval levels;
the Chairman of the Education, Enterprise and Charities Committee reporting in writing to the Court
four times per year
the appointment of a leading expert investment manager to manage the asset allocation agreed with the Trustee.

Through the risk management processes established for the Charity, the Trustee is satisfied that where major risks have been identified, appropriate remedial action has been taken as necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Trustee's report - year ended 31 May 2023

Objectives and grant-making policy; public benefit

The Charity Fund was established for general charitable purposes. Grants are made to support the needy, underprivileged children and to provide bursaries and awards to apprentices and to pupils / students at schools and institutions of higher education. In selecting beneficiaries, the underlying principle is to give preference to organisations with links to the Company’s metals trades or the City of London. Grants to charities in which one or more Liverymen of the Company have an active personal involvement are also considered. The Charity Fund also supports awards to young people to encourage them into manufacturing industry and enterprise.

The Company’s Education, Enterprise and Charities Committee recommends beneficiaries to the Company’s Court on the basis of the above underlying principles; it reviews regular recipients and considers potential new beneficiaries annually, thus ensuring that the Trustee has regard to the Charity Commission's guidance on public benefit.

Financial controls

The books and records of the Charity Fund are maintained by the Clerk. The Fund’s investments are managed on a day-to-day basis by CCLA. The Company’s Finance and Investment Committee is responsible for arranging the preparation and audit of the annual financial statements and reporting to the Court of the Company on the overall financial position of the Fund.

Financial review and reserve policy

The EE&C Committee’s recommendations for outgoing donations are made with a view to passing on to beneficiaries all donations received within the year, supplemented by drawing down approximately 4% of the value of the charity fund annually. It is the view of the Trustee that this is the appropriate level of expenditure to meet the Charity’s commitments on a going concern basis. In the longer term, the Charity’s policy is to maintain and ideally increase the Fund’s value through its investment strategy.

The accounts show the Charity Fund to have a value as at 31[st] May 2023 of £1,760,199 (2022: £1,772,607).

Investment powers and restrictions

The Charity Fund consists of donations which have been received over the years and investment income out of which grants are made annually. The Fund constitutes an expendable endowment and provides a means of financial stability, particularly where grants are envisaged to be paid over a number of years.

Achievements and performance

Grants totalling £79,258 were made during the year (2022: £73,850). These are detailed in Note 2 to the accounts. The largest single grant, of £10,000, was made to the Annual Special Award.

Detailed reports on the impact of the grants are published in the Company’s annual newsletter, The Lanthorn, which is available on the Company’s website www.tinplateworkers.co.uk. Grants made to support the work of other Charities, for example the Lord Mayor’s Appeal and the Sheriffs’ and Recorder’s Fund, contribute to the objectives of those Charities, which report independently.

Applications for grants should be addressed to the Clerk.

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Trustee's report - year ended 31 May 2023

Responsibilities of the Trustee

The Trustee is responsible for preparing the Trustee's· report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity Trustee to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the Trustee is required to:

Select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee's annual report and strategic report were approved on 5 December 2023 and signed on behalf of the Trustee by:

John Swain

Master

TO THE TRUSTEE OF THE WORSHIPFUL COMPANY OF TIN PLATE WORKERS

ALIAS WIRE WORKERS

Charity Trust (registered number 314211)

We report to the Trustee on my examination of the financial statements of the Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (the Charity ) for the year ended 31 May 2023.

Responsibilities and basis of report

As the Trustee of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). We report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. 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

If the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

We understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

We have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 Act; or
2 the financial statements do not accord with those records: or

3 the financial statements 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.

We 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.

TO THE TRUSTEE OF THE WORSHIPFUL COMPANY OF TIN PLATE WORKERS ALIAS WIRE WORKERS

Charity Trust (registered number 314211)

Peter Seed FCA Moorgate Accountancy Ltd (Statutory auditor) Downsview House 141-143 Station road East Oxted Surrey RH8 0QE

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Statement of financial activities for the year ended 31 May 2023

Notes Donations - including tax reclaimed Interest on cash reserves Resources expended Grants 2 Bank charges Independent Examination/ Audit Fee Realised gain on sales of investments 3 Unrealised gain on investments Net surplus of incoming resources Trust fund balance brought forward Trust fund balance carried forward	2023 £ 29,113 169 29,282 79,258 62 1,500 80,820 (51,538) 1,014 38,116 (12,408) 1,772,607 1,760,199	2022 £ 24,538 3 24,541 73,850 25 2,000 75,875 (51,334) 1,859 63,210 13,735 1,758,872 1,772,607

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Balance sheet as at 31 May 2023

Fixed assets Investments 3 Debtors Cash at bank and in hand Creditors: amounts falling due within one year Total assets less current liabilities Net Assets Trust Fund Current assets	2023 £ 1,712,474 1,002 50,223 (3,500) 47,725 1,760,199 1,760,199 1,760,199	2022 £ 1,773,344 702 561 (2,000) (737) 1,772,607 1,772,607 1,772,607

The notes on pages 9 to 11 form part of these financial statements.

These financial statements were approved by the Trustee on 5 December 2023 and signed on its behalf by:

John Swain

Master

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Notes to the financial statements

1 Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost basis as modified by the revaluation of certain financial assets and liabilities measured at fair value in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland; the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS102) (Charities SORP (FRS 102)); and the Charities Act 2011.

Going concern

The Trustee believes that there are no material uncertainties about the Charity's ability to continue for at least the next twelve months.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the Charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The following policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, the receipt is probable and the amount can be reliably measured.
legacy income is recognised when receipt is probable and entitlement is established.
no amounts are included for the contribution of general volunteers.

Resources expended

Expenditure is recognised on an accruals basis as a liability in incurred and is classified under headings of the statement of financial activities to which it relates.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity.

Investments

Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Statement of Financial Activities.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Notes to the financial statements

Taxation

No provision has been made for corporation tax or deferred tax as the Charity is a registered charity and therefore exempt. As the Charity's activities are classified as exempt or non-business activities for the purposes of value added tax, the Charity is unable to reclaim any value added tax which it suffers on purchases. Expenditure in these financial statements is therefore shown as inclusive of any value added tax.

2 Direct charitable expenditure *Trade and enterprise-related awards* British Art Medal Society Central St Martins (UAL; incl Harold Hobbs) Jewellery Awards Ironbridge Gorge Museum Trust Metals Industry Apprentices of the Year Loughborough University Design Awards Royal College of Art Ceramics Prize Cardiff University prizes Imperial College & Manchester University Awards COCKPIT Arts Arkwright Scholarships Artefacts projects (Sheffield and Cambridge University Awards) Heritage Crafts Cambridge University Design Project WireLink Travelling Scholarship Tooling Apprenticeship *City and surrounding areas* Inner London primary schools City & Guilds of London Institute City of London Freemen's School Guildhall School of Music and Drama Livery Schools Link ABF The Soldiers' Charity Connection at St Martins First City of London Scout Group London Taxi Drivers' Fund for Children Lord Mayor's Charity Mansion House Scholarship Scheme Mudchute Farm and Park Royal British Legion St Margaret's Lothbury St Paul's Cathedral Sheriffs' & Recorder's Fund Swansea University scholarship and prizes (supported by a donation from the Simon Gibson Trust) City University Travelling Scholarships Chamberlain Enterprise project	2023 £ 12,000 1,150 2,300 500 2,786 4,200 5,000 2,150 4,400 300 1,000 - - 2,200 - 1,000 3,000 - 41,986 1,147 500 2,200 2,000 125 500 1,500 1,000 7,000 1,500 500 1,000 500 2,000 1,000 1,000 23,472	2022 £ - 1,435 2,400 500 2,900 2,200 9,000 2,150 3,000 300 1,000 2,716 2,200 3,200 1,000 - 3,500 37,501 2,937 500 2,200 2,000 125 500 - 1,000 - 1,500 500 1,000 500 2,000 1,000 1,000 16,762

The Worshipful Company of Tin Plate Workers Alias Wire Workers Charity Trust (registered number 314211) Notes to the financial statements

*Special Grants* Annual Special Award: Scar Free The Master's Fund Special Covid-related donations: Neighbours in Poplar In memory of Past Masters Total charitable expenditure 3 Investments - Market Value Investments at 1 June Disposals Unrealised gains Investments at 31 May Cost of investments at 31st May	2023 £ 10,000 1,000 2,500 - 300 13,800 79,258 2023 £ 1,773,344 (98,986) 38,116 1,712,474 1,161,829	2022 £ 10,000 5,362 2,925 1,000 300 19,587 73,850 2022 £ 1,748,275 (38,141) 63,210 1,773,344 1,279,947

During the year proceeds totalling £100,000 (2022: £40,000) were received from the sale of investments. Investments as at 31[st] May 2023 and 2022 comprised units in the COIF Charities Investment Fund.

4 Trust management

The costs of managing the Charity is met by the Worshipful Company of Tin Plate Workers alias Wire Workers. The Independent Examiner's fee and expenses are met by the Charity as from June 2022 onwards. No remuneration or expenses were paid to the Trustee for the years ended 31st May 2023 or 31st May 2022.