**THE LORD MAYOR’S 800[TH] ANNIVERSARY AWARDS TRUST** ## **ANNUAL REPORT AND ACCOUNTS** **FOR THE YEAR ENDED 31 DECEMBER 2021** **Charity Number 800504** 20903295.1 ## **THE LORD MAYOR’S 800TH ANNIVERSARY AWARDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED** ## **31 DECEMBER 2021** The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2021. The report and financial statements comply with the accounting policies set out in note 1 to the financial statements and comply with the trust deed, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) effective 1 January 2019. ## **Reference and administrative details** **Patron** The Rt Hon The Lord Mayor of the City of London **Trustees** Sir Michael Savory J. Bennett MBE Professor D. Bogle A.J.C. Collett LLB Ms M. Donnelly S.D’O. Duckworth OBE DL CC A.J. Gillett Alderman and Sheriff A.J. Gowman Alderman Professor M. Mainelli Nicholas Royle (Appointed March 2021) Ms Ruby Sayed CC Alderman Sir David Wootton **Adviser** Lieutenant Colonel R.L. Martin MBE **Bankers** HSBC Bank plc 181 High Street, Berkhamsted HP4 3HQ **Investment Advisers** Charles Stanley & Company Ltd 55 Bishopsgate, London EC2N 3AS **Hon Solicitor** A.J.C.Collett LLB BDB Pitmans LLP, One Bartholomew Close, London EC1A 7BL **Hon Independent Reviewer** John Cardnell FCA Lygon House, 50 London Road, Bromley Kent BR1 3RA **Date of Trust Deed** 11th November 1988 **Charity Registration Number** 800504 **Registered Office** St Margaret’s Church, Lothbury, London, EC2R 7HH 25255465.1 ## **THE LORD MAYOR’S 800TH ANNIVERSARY AWARDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** ## **Objectives and activities for the public benefit** The Lord Mayor’s 800th Anniversary Awards Trust was established on 11th November 1988 and registered with the Charity Commission as a charitable trust to provide grants and awards to young people, preferably with connections with the City of London, aged 17 to 24, for education in the widest context, including travel, adventure and special training, with the aim of broadening their experience and developing their confidence and ability for the future. The Trust has been approved as a charity by HM Revenue & Customs (Reference EW23660). The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s objectives and planning future activities. The activities of the Trust are carried out for the public benefit as the grants awarded support the advancement of education. ## **Structure, governance and management** The Trustees are drawn from business and the professions, the Livery Companies of the City of London, members of the Court of Common Council and Court of Aldermen of the City of London, are appointed for three years and are eligible for re-appointment. The number of Trustees may not be more than sixteen nor less than nine. The Lord Mayor of the City of London is ex-officio Patron. The Trustees have wide powers of investment and power to apply the capital and income of the Trust Fund for the purposes of the Trust. The Adviser is central to the administration of the Trust and acts as consultant to the Trustees and helps in the selection of beneficiaries from applicants to the Trust, ensuring that a broad spectrum of beneficiaries from a wide variety of backgrounds benefit from the Charity. Grants are made through Monitors, who are usually the representatives of the various organizations to which the beneficiaries belong or with which beneficiaries are connected. Monitors help in publicising the scheme and in assuring implementation of the beneficiaries’ projects for which grants are given. They also help to ensure that all the beneficiaries return a written report of their activities to the Trustees. The beneficiaries of the Trust are drawn from a wide field, including students or former students, at schools or colleges in, or adjacent to, or associated with the City of London; members of youth clubs; the physically handicapped and disabled, and from charitable organisations with City connections involved with young people. They are also asked to complete a questionnaire about the Office of Lord Mayor and to submit a written report. 2 25255465.1 ## **THE LORD MAYOR’S 800TH ANNIVERSARY AWARDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** ## **Achievements and performance** A further 37 awards were paid in 2021 amounting to £19,700 bringing the number of awards made since the Trust was established to 2,684, totalling £1,027,652, with the beneficiaries engaged in a wide variety of projects world-wide. Grants made from £100 to £1,100. In a second year affected by consequences of the Covid pandemic which limited travel both at home and abroad the Trustees met to consider over 200 applications for awards for 2021. In the events that happened many awardees for the year were unable to travel and pursue their projects as planned. Those awarded grants who have been impacted by Covid-19 were offered the opportunity to re-apply to pursue their projects as and when they were able to proceed with their projects. There was a Mansion House reception for beneficiaries, Monitors, Trustees and those connected with the Trust on 10 December 2021 and the prize for the best report was presented by the Lord Mayor to Rachel Adshead-Grant for her report on her project working in a migrant shelter in Mexico, the Guild of Freemen’s prize was awarded to Avery Holmes for his report on his project researching wildlife in Iceland and the Chartered Accountants’ Prize was awarded to Kiran Manthry for his report on his project developing a secondary school in Kenya. It is hoped that the last two years disruption to project plans will prove to be wholly exceptional circumstances and the Trustees’ intention is to continue to support young people from a wide variety of backgrounds with educational grants to the extent of the incoming resources available annually. In March 2022 the Trustees have already received over 70 applications for awards. ## **Financial review** The Trust’s grant awards are dependent upon the income from and movements in the investment portfolio and during the year the total funds increased in value to £2,070,680 ((2020 £1,876,078 while the total income of the Trust amounted to £64,770 (2020 £60,400). Entirely as a result of the inability of awardees to take up their projects there was an operating surplus on unrestricted income and expenditure for the year of £27,990 (2020 £41,000). The power to accumulate income expired on 10th November 2009. Trustees would intend to apply the operating surplus arising in 2021 in making grants over the next three financial years. The investment policy is to seek to achieve a reasonable balance between the need to provide primarily for future increases in expenditure and so far as is practical, the need to protect the capital base. The Trustees are advised by Charles Stanley & Co Limited and the investments held by Rock Nominees Limited. The Trustees manage the original donations plus the accumulated capital growth as though it were a permanent endowment invested to generate income and normally fund operations from net incoming resources primarily arising from the investment income. The Trustees have considered the major risks which impact upon the work of the Charity and consider the existing controls create the right balance between the level of risk and effectiveness of control. Donations are always welcomed. 3 25255465.1 ## **THE LORD MAYOR’S 800TH ANNIVERSARY AWARDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** Between 1993 and 2004 The South of Scotland Youth Awards Trust (Scottish Charity No. SCO29813) deposited £25,300 with the Trust for investment. £5,300 was returned to The South of Scotland Awards Trust in July 2007. £2,000 was re-deposited in 2009 and an additional £5000 in 2010 making the total deposit held £27,000. The notional income from these funds is paid to the South of Scotland Awards Trust. ## **Going Concern and Covid-19** In 2021 Covid-19 has had a significant impact on the Charity with a significant number of the awardees for the year unable to travel and pursue their projects as planned. The Charity generally only awards grants from available income and therefore anticipates being able to resume a more normal pattern of making awards once restrictions upon travel are lifted. Those awarded grants who have been impacted by Covid-19 in 2021 have been offered the opportunity to re-apply to pursue their projects when conditions improve. The Trustees have confidence that the Charity has adequate resources to continue in operational existence for the foreseeable future and for this reason continue to adopt a going concern basis in preparing the financial statements. ## **Statement of the responsibilities of the trustees** The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each individual year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. The Trustees confirm that in the preparation of the financial statements on the “going concern” basis for the year ended 31 December 2021- - suitable accounting policies have been used and applied consistently, - the methods and principles in the Charities SORP have been observed, - reasonable and prudent judgments have been made, - applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements, - assets are available and adequate to fulfil the obligations of the Charity. The Trustees are responsible for keeping proper financial records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Trust and for taking reasonable steps for the prevention and detection of fraud or other irregularities. Approved by the Trustees and signed for their behalf by: Sir Michael Savory Chairman 4 25255465.1 ## **THE LORD MAYOR’S 800TH ANNIVERSARY AWARDS TRUST REPORT OF THE INDEPENDENT EXAMINER** Report to the Trustees of the Lord Mayor’s 800th Anniversary Awards Trust on the accounts for the year ending 31 December 2021 set out on pages 6 to 10. ## **Respective responsibilities of Trustees and Examiner** The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Act, follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act and to state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Statement** My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ”true and fair view” and the report is limited to those matters set out in the statement below. ## **Independent Examiner’s Statement** In connection with my examination, no matter has come to my attention - (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the Act and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act have not been met or - (2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. John Cardnell Chartered Accountant Lygon House 50 London Road Bromley Kent BR1 3RA 5 25255465.1 ## **THE LORD MAYOR’S 800TH ANNIVERSARY AWARDS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2021** ||**Income**|**Expendable**|**Total 2021**|**Total 2020**| |---|---|---|---|---| ||**Fund**|**Endowment**||| ||**(unrestricted)**|**Funds**||| |**Income and Endowment**||||| |Income from investments|64,770|_-_|64,770|59,400| |Interest Charles Stanley & Co|-|_-_|-|-| |Donations
**Total Income and**|-
64,770|_-_
_-_|-
64,770|1,000
60,400| |**Endowments**||||| |**Expenditure**||||| |Charitable activities expenditure:||||| |Awards paid|19,700|-|19,700|4,800| |Prizes|185|-|-|-| |SSYAT|1,350|-|1,350|1,350| ||21,235|-|21,050|6,150| |Management & Administration:||||| |Adviser|12,000|-|12,000|11,000| |Mansion House Reception|1,145|-|1,145|-| |Printing, stationery & office|194|-|194|133| |Postage|206|-|206|117| |Rent|2,000|-|2,000|2,000| ||15,545||15,545|13,250| |**Cost of raising funds:**||||| |Investment management fees &
costs|-|13,185|13,185|12,336| |**Total Expenditure**|36,780|13,185|49,965|31,736| |**Net (Outgoing)/Income**|27,990|(13,185)|14,805|28,664| |**/Expenditure before**||||| |**gains/losses on investments**||||| |**Gains and Losses on**||||| |**Investments**||||| |Realised gains/losses (Note 3)||95,290|95,290|41,566| |Unrealised gains/losses|________|84,513|84,513|(72,337)| |**Net Movement In Funds**|27,990|166,618|194,608|(2,107)| |**Reconciliation of Funds**||||| |**Balances Brought Forward 1**||||| |**January 2021**|66,882|1,782,185|1,849,067|1,851,174| |**Balances Carried Forward 31**
**December 2021**|94,872|1,948,803|2,043,675|1,849,067| (The notes on pages 8, 9 and 10 form part of these financial statements) 6 25255465.1 ## **THE LORD MAYOR’S 800TH ANNIVERSARY AWARDS TRUST BALANCE SHEET AS AT 31 DECEMBER 2021** |**Fixed Assets**
**Investments**(Note 2)
**Current Assets**
Charles Stanley & Co Ltd
Cash at HSBC Bank
**Net current assets**
**Current Liabilities**
Sundry creditors
**Total net assets**
**Represented by:**

**Expendable Funds**(Note 3)
General Endowment Fund
Revaluation Reserve
Unrestricted income
**Permanent Endowment**
**South of Scotland Youth Awards Trust**|2021
1,895,140
169,577
7,276
176,853
1,313
175,540
**2,070,680**
1,494,802
454,001
94,872
**2,043,675**
5
27,000
**£2,070,680**|2020
£
1,770,683
102,646
2,742
105,389
(-)
105,389
**1,876,072**
1,412,697
369,488
66,882
**1,849,067**
5
27,000
**£1,876,072**| |---|---|---| (The notes on pages 8, 9 and 10 form part of these financial statements) 7 25255465.1 **THE LORD MAYOR’S 800[TH] ANNIVERSARY AWARDS TRUST NOTES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1.** A **ccounting policies** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## **(a) Basis of accounting** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)',Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. ## **(b) Income and Expenditure** Expenditure is stated gross and is accounted for on an accruals basis. Income is recognised when the Trust is entitled to the receipt and the amount can be measured with reasonable certainty. In the previous set of accounts expenditure was referred to as direct charitable expenditure or management and administration, in these accounts all expenditure is shown as charitable including management and administration with the exception of Fundraising Costs (investment management fees). ## **(c) Investments** Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals during the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors. ## **(d) Funds** Unrestricted Funds comprise those funds which the Trustees are free to use in accordance with the charitable objects. The Expendable Endowment Fund represents those assets which are held for the charity, principally investments. Income arising on the Expendable Endowment Fund can be used in accordance with the objects of the charity and is included in the unrestricted income. Any capital gains or losses arising on the investments form part of this Fund. Investment management charges are charged against this Fund. ## **(e) Grantmaking** The Trustees account for grants to recipients on the date of payment and no provision is made for awards agreed but not paid out during the year. As no payment is made by the trust until the total funding for the project and the applicant’s plans have been finalised. 8 25255465.1 ## **THE LORD MAYOR’S 800[TH] ANNIVERSARY AWARDS TRUST NOTES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **(f) Remuneration** The Trustees received no personal remuneration or reimbursement of expenses during the period under review, in their capacity as Trustees. ## **(g) Going Concern** The Trustees consider there are no material uncertainties about the Trust’s ability to continue as a going concern. The review of our financial position, reserves level and future plans gives Trustees confidence the Trust remains a going concern for the foreseeable future. ## **(h) Cash or cash equivalents** Cash and cash equivalents includes cash at bank and in hand. ## **(i) Creditors and provisions** Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. ## **(j) Estimates and Judgements** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although such estimates are based on the Trustees’ best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements. 9 25255465.1 ## **THE LORD MAYOR’S 800[TH] ANNIVERSARY AWARDS TRUST NOTES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **2. Investments** |
Market value as at 1 January 2021
Additions at cost
Sales
Investment gains/(losses) (realised/unrealised)
Market value as at 31 December 2021
Historical cost as at 31 December 2021|**2021**

1,770,683
312,194
(367,540)
179,803
**1,895,140**
£1,441,139|**2020**
1,759,047
377,598
(335,191)
(30,771)
**1,770,683**
£1,401,195| |---|---|---| ## **3. Movement of funds during the year** |**Reserves**
**General**
**Endowment**
**Investment**
**Revaluation**
**Unrestricted**
**Income**
Balance as at 1 January
1,412,697
369,488
66,882
In/decrease in unrealised gains
84,513
Realised gain/loss on sale of
investments against original cost

95,290
Inv. Management costs
(13,185)
Income surplus/deficit
_______
_______
27,990
**Balance as at 31 December**
**1,494,802**
**454,001**
**94,872**|**Total**
1,849,067
84,513
95,290
(13,185)
27,990
**2,043,675**| |---|---| ## (a) General Endowment Fund This is the main reserve of the Trust. The Trust’s power to accumulate income has now ended. - (b) Investment Revaluation Reserve Investments are valued in the financial statements at the closing market price. This reserve shows the difference between the market value and cost. ## **4. South of Scotland Youth Awards Trust** Notional income on funds deposited was payable as additional grants:Amount due for 2021: £1,350. ## **5. Contingent liability** Awards and grants approved but not yet paid at 31 December 2020 amounted to £1,100 (2020 £2,000). 10 25255465.1