THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity Number 800504
THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2023. 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 Shahnan Bakth CC (From 28 March 2023) John Bennett MBE Professor David Bogle Alastair Collett LLB Margaret Donnelly Simon Duckworth OBE DL CC Andrew Gillett (Retired 14 March 2024) Alderman Alison Gowman Alderman Professor Michael Mainelli (Retired whilst Lord Mayor 10 November 2023 -) Nicholas Royle Ruby Sayed CC Sir David Wootton Advlser 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 Alastair Collelt LLB BDB Pitmans LLP, One Bartholomew Close, London EC1A 7BL Hon Independent Revlewer John Cardnell FCA Lygon House, 50 London Road, Bromley Kent BR13RA Date of Trust Deed 11 th November 1988 Charity Registration Number 800504 Registered Office st Margaret's Church, Lothbury, London, EC2R 7HH 31934360.1
THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activlties for the public benefit The Lord Mayovs 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 Gommon Council and Court ofAldermen 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. Achievements and performance A further 126 awards were paid in 2023 amounting to £61,900 bringing the number of awards made since the Trust was established to 2,895, totalling £1,136,902, with the beneficiaries engaged in a wide variety of projectsworld-wide. Grants made range from £300 to £1,200. 31934360.1
THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 There was a Mansion House reception for beneficiaries, Monitors, Trustees and those connected with the Trust on 8 December 2023 and the prize for the best report was presented by the Lord Mayor to Cally Evans for her expedition to Kyrgyzstan with British Exploring, the Guild of Freemen's prize to Lucy Hillary for her maritime research in the Red Sea presented by the Master of the Guild, Mr Chris Walton and the Chartered Accountants, Prize was awarded to Barney Mills for teaching in Ghana presented by the Junior Warden of the Company, Mr Vince O'Brien. 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 and to make available the unexpended income accumulated during the Covid period over the next three accounting years. 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 decreased in value to £1,806,404 (2022 £1,849,680) while the total income ofthe Trust amounted to £61,155 (2022 £75,885. There was an operating deficit on unrestricted income and expenditure for the year of £19,357 (2022 surplus £10,849> as Trustees awarded grants utilising unrestricted income held from previous years. The power to accumulate income expired on 1 Oth November 2009. Trustees intend to apply the operating surplus which arose in the period 2020 to 2022 in making grants over the following 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 beeen the level of risk and effectiveness of control. Donations are always welcomed. Between 1993 and 2004 The South of Scotland Youth Awards Trust (Scottish Charity No. SC029813) 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 £5,000 in 2010 making the total deposit held £27,000. The notional income from these funds is paid to the South of Scotland Awards Trust. 31934360.1
THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Going Concern The Trustees have confidence that the Charity has adequate resources to continue in operational existence for the foreseeable future as the Charity generally only awards grants from available income, has accumulated unspent income balances annually during the Covid-19 pandemicwhich the Trustees intend to expend over the next three financial years or so as opportunities for normal project awards resume and applications for awards revert to pre-covid levels. For this reason the Trustees 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 2023- 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. ed by the Trustees and signed for their behalf by: Appro Ocj-kn Mic Isav Chairman 31934360.1
THE LORD fiL4YOR'S 800TH ANNIVERSARY AWARDS TRUST REPORT OF THE INDEPENDENT EXAMINER Report to the Trustees of the Lord Mayor's 800th Anniversary Awards Trust on Ihe accounts for the year ending 31 December 2023 set out on pages 6 to 10. Respectlve responslbllitles of Trustees and Examiner The Trustees are responsible ft)r the preparation of the accounts. The Trustees consider that an audit is not required for Ihis year under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to= exaniine the accounts under section 145 ofthe Act, follow the procedures laid down in the General Directions given by the Charity Commissioners section 145{5){b) of the Act and lo slate whelher particular matters have come to my attention. under Basls of Independent Examlnefs Statement My examin8tlon was carried out in accordance with General Directions given by the Charity Commission. An examinab'on 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 disclosure5 in the accounts and seeking explanations from the Trustees concerning such matters. The prOdreS 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 ExamIne8 Statement In connection with my examination. no matter has come to my attention 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 Actand lo prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act have not been met or 12) to which in my opinion, attention should be drawn in order to enable a proper understanding ofthe accounts to be reached. Jo Cardnell Chartered Accountant Lygon House 50 London Road Bromley Kent BR13RA
THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2023 Income Fund {unrestrl¢ted} Expendable Endowment Funds Total 2023 Total 2022 Income and Endowment Income from investments Interest Charles Stanley & Co Donations 59,807 1,348 59,807 1,348 65,723 132 Total Income and Endowments Expenditure Charitable activities expenditure- Awards paid Prizes SSYAT 61,900 285 61,900 185 47,350 185 63,535 48,885 Management & Administration: Adviser Mansion House Reception Printing, stationery & office Postage Bank charges Rent 12,000 2,462 148 241 126 12,000 2,462 148 241 126 12,000 1,542 169 214 196 16,977 16,121 Cost of raislng funds: Investment management fees & costs Total Expenditure Net (Outgoing)Ilncome IExpenditure before gainsllosses on Investments (19,357) (13,046) (32,403) {2,640) Gains and Losses on Investments Realised gainsllosses (Note 3) Unrealised gainsllosses (11,708) 845 18,653) 209 707 845 Net Movement In Funds (19,357) {23,909) (43,266) (221,000) Reconciliation of Funds Balances Brought Forward I January 2023 105 721 1716 954 1822 675 2 043 675 Balances Carried Forward 31 December 2023 1693 045 1779 409 1822 675 (The notes on pages 8, 9 and 10 form part of these financial statements) 31934360.1
THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 Fixed Assets 2023 2022 Investments (Note 2) 1743511 1731 905 Current Assets Charles Stanley & Co Ltd Cash at HSBC Bank 57,458 106,817 Net current assets 120 925 Current Liablllties Sundry creditors 550 117 775 Total net assets 1806 414 1849 680 Represented by: Expendable Funds (Note 3) General Endowment Fund Revaluation Reserve Unrestricted income 1,447,886 245,139 1,472,660 244,294 105721 1,822,675 1,779,409 Permanent Endowment South of Scotland Youth Awards Trust £1 806 414 £1849 680 (The notes on pages 8, 9 and 10 form part of these financial statements) 31934360.1
THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST NOTES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles 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 ExpenditLJre is stated gTOSS 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. Ie) 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. 31934360.1
TH THE LORD MAYOR'S 800 ANNIVERSARY AWARDS TRUST NOTES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (f) Remuneration The Trustees received no personal remuneration or reimbursement of expenses during the period under review, in their capacity as Trustees. (g) Golng 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 equlvalents Cash and cash equivalents includes cash at bank and in hand. (i) Creditors and provlslons 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. U) 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. 31934360.
THE LORD MAYOR'S 800TH ANNIVERSARY AWARDS TRUST NOTES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investments 2023 2022 Market value as at 1 January 2023 Additions at cost Sales Investment gainsl(losses) (realisedlunrealised) Market value as al 31 December 2023 1,731,905 178,169 (155, 700) 1,895,140 215,006 (159,881) 218 380 1731905 1743511 Historical cost as at 31 December 2023 £1499 514 £1487611 Movement of funds durlng the year Reserves General Endowment 1,472,660 Investment Revaluation 244,294 Unrestrlcted Income 105,721 Total Balance as at 1 January 1,822,675 Inldecre8se in unrealised gains Realised gainlloss on sale of investments against original cost 845 845 {11,708) (11,708) Inv. Management costs (13.046) (13,066) Income surplusldeficit Balance as at 31 December £1447 906 245 139 £86 364 1779 409 (a) General Endowment Fund This is the main reserve of the Trust. The Trust's power to accumulate income has now ended. Investment Revaluation Reserve Investments are valued in the financial statements 8tthe closing market price. This reserve shows the difference (betmeen the market value and cost. (b) South of Scotland Youth Awards Trust Notional income on funds deposited was payable as additional grants:_ Amount due for 2023: £1,350. Contingent liability Awards and grants approved but not yet paid at 31 December 2023 amounted to £550 (2022 £3,150). 31934360.1 io