Charlty Numbor: 1064558
THE WORSHIPFUL COMPANY
OF GIRDLERS
BEESTON'S, ANDREWES, AND
PALYN'S CHARITY
Financial statements
29 September 2024

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Financial statements for the year ended 29 September 2024
Contants
Page
Trustee's Report
Independent Audltor's Report
8-10
Statement of Financial Activities
11
Balance Sheet
12
Notes to the Flnancial Statements
13-20

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Trustee's Report
Year ended 29 September 2024
REFERENCE AND ADMINISTRATIVE DETAILS
The Beeston's, Andrewes, and Palyn's Charity ('the Charity") is a registered charity under the Charities Act 2011,
Number 1064558.
The financial statements comply with the current statutory requirements. the Trust Deed, and in accordance with
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)
The Girdlers, Company, which is managed by the Court of the Company, is the Trustee of the Charity.
Members of the Court during the year were".
A K Maitland +
ARUdal
SKDrake+
A M James
A R Westall
J M Westall
OCSSwann
Sir Charles Burnett Bt
R T H Roberts
I C N Seaton MBE CC +
RMJKeene
The Rt Hon the Lord Strathalmond
J J Meade
M G Roberts
S N Seaton
The Hon Robin Neill
P H Reeve
The Reverend Sir George Newton Bt
J N Maitland
C N G Crowther-smith
J T James
T H Crawley-8oevey +
N P G Salisbury
MCR Jame5
E Mackane5s {elected 26107124)
+ Members of the Almshouse Committee (Liverymen Dr R K T Williams. Mr N Burlington and Miss MRC Freeman
are also members, but not on the Court).
Company staff assisting the Court were:
Mr N Archer MVO (Clerk to the Company) Elected 2105124
Miss S Bennett (Charities Manager)
Mrs S T Harris (Financial Manager)

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Trustee's Report
Year ended 29 September 2024
Almshouses address..
272 Consort Road
London
SE15 3SD
Administration address..
Girdlers, Hall. Basinghall Avenue,
London EC2V 5DD
Almshouse Manager..
Mr Mark Harris
14 Beeslon's House
272 Consort Road
London SE15 3SD
Bankers:
Natlonal Westminster Bank plc
POBox712
94 Moorgate
London EC2M 6UR
Auditor:
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Investment Manager:
Waverton Investrnent Management Ltd
16 Babmaes Streel
London
SW1Y 6AH

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Trustee's Report
Year ended 29 September 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity Commission Scheme of 24 June 1997 vests the management and administration of Beeston's,
Andrewes, and Palyn's Charity (the Charity) in the Master and Wardens or Keepers of the Art or Mystery of
Girdlers (commonly called The Girdlers, Company),
The Court of The Girdlers, Company sets out the general policy of the Charity, as advised by its Almshouse
Committee. The day-lo-day affairs of the Charity, which include the selectlon of new residents, maintenance of
the property and grounds, and the health and safety of resident5 and staff, are coordinated by the Clerk, the
Charities Manager, the Almshouse Manager and the Financial Manager.
The Almshouse Committee meets twice a year, with the Clerk, Charities Manager and Almshouse Manager In
attendance.
Membershlp of tha Court
The Court is made up of the Master, three Wardens and up to 24 Assistants. and its membership is drawn from
the Livery of the Company.
Progression to the office of Master, by election at each stage, is from Assistant {for two years), Renter Warden.
Middle Warden. Upper Warden (one year in each office) and finally to Master. After one further year as Immediate
Past Master, members of the Court assume the office of Past Master until retirement from the Court.
Assistants, when joining the Court, receive an induction pack which includes the Charity Commission's 'The
Essential Trustee,, the Charity's Trust Deed and its latest accounts. They are encouraged to attend seminars
run by the Company's various professional advisers on the responsibilities of a trustee.
Govemanco
Members, Register of Interests
During the year, Court members continued with annually to review and, if requlred, update thelr Register of
Interests Forms.
Trust•• Ellglblllty
All Court Members have reviewed and signed a Trustee Eligiblllty Form.
Risk management
The Trustee has examined the Charity'5 operations and considered the risks arising. In the opinion of the Trustee,
the Charity has well-established resources and review systems which, under normal condition5, should allow
risks identified to be managed at an acceptable level. Risk areas monitored are-, Charity Law and Regulation,
Governance and Management, External Influences, Operational Processes, Human Resources, Technological
and Financial.

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Trustee's Report
Year ended 29 September 2024
OBJECTIVES AND ACTIVITIES
The Beeston's, Andrewes, and Palyn's Charity has two objectives:
To provide (to eligible persons), and to manage, safe and secure almshouses.
To give relief in need to almshouse residents or others with the same qualifications.
Cuthbert Beeston, Master of the Girdlers, Company in 1570, founded seven almshouses near Old London Bridge
in 1582. The Girdlers, Company as his Trustee rebuilt Ihem in Consort Road, Peckham in 1834. These houses
were re-modelled internally, and six additional houses built on the garden in 1972173 with the help of funds from
the charity founded by Richard Andrewes, Renter Warden of the Girdlers, Company in 1631. Palyn's Almshouses
were built in 1980 to replace six almshouses built in 1852 in Montpelier Road, now known as Choumert Road,
Peckham, which themselves replaced Ihe original six almshouses founded In 1609 In Pesthouse Row, Sl Luke's,
Finsbury, as a result of a bequest from George Palyn, Citizen and Girdler.
The Charity provides accommodation consisting of 12 bungalows and 6 flats for residents, as well as a community
hall and an office for the Almshouse Manager.
The Trust Deed directs that the residents are to be poor persons in the following categories (or their widows or
dependants), whose application for residence shall be considered in the priority shown:
1. Freemen of the City of London.
2. Persons who are or have been employed in trades akin to that of a girdler, Including the trades of working
in metals, leather, cloth and fabrics,.
3. Persons who are resldent In the former administrative County of London as constltuted on
31 March 1965.
Assessing whether an applicant is a "poor person" is done in a number of ways, including considering applicants,
existing quality of life.
In applying income under the head of relief in need the Trustee shall not commit itself to repeat or renew the relief
granted on any occasion in any case. The Charity is not to relieve public funds but income may be applied in
supplementing relief or assistance provided out of public funds.
The Charity owns 24.436 acres of agricultural land at Orlestone, Romney Marsh. This land was bequeathed for
a term of 1,000 years to the Girdlers, Company under the terms of the will of Thomas Nevitt (Master Girdler in
1617) in 1633.

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Trustee's Report
Year ended 29 September 2024
The Charity is a member of The Almshouse Association and follows its guidance for the administration of the
almshouses, notably as provided in the Association's publication 'Standards of Almshouse Management,.
The accommodation is uniformly one-bedroomed, and vacancies are advertised on the Almshouse Association's
website. These are rare. are filled as swiftly as possible. There are currently seven single or joint applicants on
the List.
Publlc Benefit
The Trustee has referred to the Charity Commlssion's general guidance on public benefit when reviewing its aims
and objectives and in planning future activities.
ACHIEVEMENTS AND PERFORMANCE
There were 18 residents at the end of the year, with one unit in the process of being filled.
Regular contact is maintained between Girdlers, Hall and the Almshouse5 through visits made by the Master, the
Chairman of the Almshouse Committee. the Clerk, and the Charities Manager. Members of the Girdlers,
Company attend a barbecue in the grounds of the Almshouses in early July.
The Almshouse Manager continued with the practice of undertaking a 6-monthly internal and external inspection
of each Almshouse and the Community Hall. Although the Almshouse is not a Registered Provider, the Trustee
Is mindful of The Regulator of Social Housing's focus on social housing provider's duty to provide homes that are
well-mainlained and of a decent standard, underlined after the tragic death of Awaab Ishak.
The Almshouse Committee Chairman and the Charities Manager have held a Residents, Meeting to maintain
good communications between the Almshouse residents and the Trustee.
Safeguardlng Pollcy
The Trustee operates a Safeguarding Policy and Procedure which sets out the Charity's commitment to safeguard
all residents, visitors, stsff and volunteers. The safeguarding policy can be found in the Residents, Handbook
which is circulated to all Residents.
The Clerk and Charities Manager are designated as the initial contacts for all safeguardlng concerns.
FINANCIAL REVIEW
During the year investment income and bank interest amounted to £49,563 (2023: £42,809) which with rental
income of £ 3,300 (2023: £3,300) totalled £52.863 {2023.' £46,109). The applied weekly contribution rate was
increased by 80/0 in line with the state pension. Income from charitable activities increased to £ 122,210 (2023:
£113.340) due to the annual increase and reduction in the level of void periods compared to the previous year.
Charitable expenditure decreased to £273.827 (2023.. £306,921). The window replacement program to the 12
bungalows continued. Financial statements show net gain on investments of £465,145 (2023.. £251,248).
The Trustee transferred £20,000 from unrestricted funds during the year. There was no expenditure from the
fund. The fund value at the year-end was £29.416 (2023: £9,416).

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Trustee's Report
Year ended 29 September 2024
Investment Policy
Waverton Capital Management were reappointed investment managers for the charity. There has been no
change to the investment objective, which is lo manage the portfolio on a total return basis, giving increased
capital growth in the long term and the income requirement has been removed. The Charity 15 not reliant on
income from investments but has the power to realise cash from held reserves if needed.
Reserves Policy
The Trustee is content that current and anticipated income and expenditure levels will leave the trust with increasing
reserves to fund forecast cyclical maintenance, as well as covering operating costs. The Charity's unrestricted
reserves stand at over £3,000,000 at 29th September 2024, which more than cover the annual running costs of
£130,000. As at the 31 $1 December 2024, the current value of the investment portfolio which makes up the bulk of
the reserves stood at £3,110,647 up from £3,068,854 at the year end.
Followlng a review, the Trustee has agreed that for future accountlng perlods the ERF will be maintained al a
level high enough to fund the refurbishment of a typical housing unit before a new resldent moves In, which the
Trustee estimates as £25,000. Transfers from unrestricted funds will be made to this end as necessary.
FUTURE PLANS
The Trustee will continue to review overall management of Ihe Charity and Almshouse buildings on a regular
basis to ensure that improvements to the site 8re carried out as required, consistent with available funds.
Further details of the Charity's ability to continue as a going concern are included in note 1 (b)
There is a rolling programme of renovalion for the bungalows and for Beeston's House. In 2024 we replaced the
windows in Ihe bungalows with double glazed units- a total of 60 windows {18 of which were required to be wood
to meet listed building requirements). We have now started repairs to the windows of the main building. We are
not permitled to replace the windows due to the Grade11 listing, and so substantial repairs are required. The total
cost of the programme will be over £200,000. Other renovation continues as units become vacant. We a150 carried
out some wall repairs to the bungalows (the damage was due to thermal movement) and we are currently at the
planning stage for external repair and redecoration of Beeston's House which will follow the window repairs.

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Trustee's Report
Year ended 29 September 2024
SL*emgnt of Trustee's Responslbilities
The Trustee is responsible. prudently, diligently and in good faith. 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).
The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each
financial year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and
application of resources of the charity for that period. In preparing these financial statements. the Trustee is required
comply with the provisions of the Deed of Trust:
select suitable accounting policies and apply them consistently.
observe the methods and principles in the Charities SORP.
make judgments and estimates that are reasonable and prudent.
state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements,.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charity will continue in business.
Pursuant to the above. the Trustee Is responsible (1) for keeping proper accounting records that disclose with
reasonable accuracy at any time the financial position of the charity and (2) for causing to be produced financial
statements which comply with the relevant provisions of the Charities Act 2011, the Charity (Accounts and Reports)
Regulations 2008 and the provisions of the charity's Trust Deed and (3) for safeguarding the assets of the charity
and in so doing taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee Is responsible for the maintenance and integrity of the charity and financial informalion included on
the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislations in other jurisdictions.
AUDITOR
Saffery LLP has expressed its willingness to be appointed as auditor for the forthcoming year.
Approved on Snd signed on behalf of the Trustee by
Tvify
Sir Thomas Crawley-Boevey Bt
Chairman of the Almshouse Committee

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Independent Audltor's Report to the Trustee
Opinion
We have audited the financial statements of the Beeston's, Andrewes, and Palyn's Charity for Ihe year ended 29
September 2024 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial
statements, including significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the charity's affairs as at 29 September 2024 and of its incoming
resources and application of reSoUr￿S for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice," and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to golng concern
In auditing the financial stalemenls, we have concluded that the Trustee's use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relatlng to events or
conditions that, individually or collectively, may cast significant doubt on Ihe charity's ability lo continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the
relevant sections of this report.
Other information
The Trustee is responsible for the other information. The other information comprises the information included in
the annual report, other than thefinancial statements and our auditor's report thereon. Our opinion on thefinancial
statements does not cover the other information and, except to the extent otherwise explicitly stated in our report.
we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audil or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misslalements. we are required to determine whether this gives rise to a material misslatement in the financial
statements themselves. If. based on the work we have performed. we conclude that there is a material
misstatement of this other information.. we are required to report that fact.
We have nothing to report in this regard.

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Matters on which we are requlred to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulations 2008 require us to report to you if, in our opinion:
the information given in the Trustee's Annual Report is inconsistent In any material respect with the
financial statements. or
the charity has not kept sufficient accounting records., or
the financial statements are not in agreement with the accounting records and returns. or
we have not received all the information and explanations we require for our audit.
Responsibilities of the Trustee
As explained more fully in the Trustee's Responsibilities Statement set out on page 7. the Trustee is responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for
such internal control as the Trustee determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustee Is responsible for assessing the charity's ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and uslng the going concern basis
of accounting unless the Trustee either intends to liquidate the charlty or to cease operations, or has no realistic
alternative but to do so.
Auditors, responslbillties for the audlt of the financial statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations
made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from malerial misstatement, whether due to fraud or error, and to issue an audilors, report that includes our
opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered materlal if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statemenls.
Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The specific procedures for this engagement and the extent to which these are capable of
detecting irregularities, including fraud are detailed below.
Identifying and assessing risk5 related to irregularities:
We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might
occur, including through discussions with representatives of the Trustee, discussions within our audit team
planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We
evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We
identified laws and regulations that are of significance in the context of the charity by discussions with
representatives of the Trustee and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the
Charities (Account5 and Reports) Regulations 2008 and guidance issued by the Charily Commission for England
and Wales.

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the
related financial statement items including a review of financial statement disclosures. We reviewed the charity's
records of breaches of laws and regulations, minutes of meetings and Corresponden￿ with relevant authorities
to identrfy potential material misstatements arising. We discussed the charity's policies and procedures for
compliance with laws and regulations with members of management responsible for complian￿.
During the planning meeting with the audit team. the engagement partner drew attention to the key areas which
might involve non-compliance with laws and regulations orfraud. We enquired of management whether they were
aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or
alleged fraud. We addressed the risk of fraud through management override of controls by testing the
appropriateness of journal entries and identifying any significant transaclions that were unusual or outside the
normal course of business. We assessed whether judgements made in making accounting estimates gave rise
to a possible indication of management bias. At the completion stage of the audit, the engagement partner's
review included ensuring that the team had approached their work wilh appropriate professional scepticism and
thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audil procedures described above and the further removed non-compliance
with laws and regulations is from the events and transactions reflected in the financial stalements, the less likely
we would become aware of it. Also, the risk of not delecling a material misstatement due to fraud is higher Ihan
the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example,
forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at-
www.frc.or
.ukJauditorsres
onslbilllies. This description forms parl of our auditor's report.
Use of our report
This report is made solely to the charity's Trustee. as a body, in accordance with Part 4 of the Charities (Accounts
and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the Trustee those
matlers we are required to state to it in an auditor's report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the charity and the Trustee, for our audil
work, for this report. or for the opinions we have formed.
Saffery LLP
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Date..
Nw ID25
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
10

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Statement of Financial Activities
Year ended 29 September 2024
Extraordlnary
Repair
Fund
Total
Funds
2024
Total
Funds
2023
Unrestricted
Funds
Permanent
Endowment
Notes
Income and endowments from:
Donations & legacies
Investments
52,863
52,863
46,109
Charitable activities
122,210
122,210
113,340
Total Income
175,073
175,073
159,449
Expendlture on
Raising Funds
Charitable activities
15,736
273 387
15,736
273 387
14,668
306,921
Total expenditure
289,123
289,123
321,589
Net Expenditure before
gainsl(losses) on
investments
{114,050)
(114,050)
(162,140)
Net gainl(loss) on
investments
465.150
465,150
251,248
Net expenditurel(income)
before transfers
351.100
351.100
89,108
Transfer
20,000
(20,000)
Net movement in funds
20,000
331,100
351,100
89,108
Balances brought forward at
th
30 September 2023
9,416
2,737,087
1,238.250
3,984.753
3.895.645
Balances carried forward
th
at 29 September 2024
29.416
3,068,187
1.238.250
4,335,853
3,984.753
The notes on pages 13 to 20 form part of these financial statements.

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Balance sheet as at 29 September 2024
notes
2024
2023
Fixed Assets
Investment
6(a)
6(b)
6(c)
3,068,855
1,138,250
100,000
2,619,241
Almshouses
1,138.250
100,000
Investment (agricultural land)
4,307,105
3,857,491
Current assets
Debtors
Cash at bank
19,252
68,880
9,217
165,859
88,132
175,076
Credltors: amounts falling due within
one year
(59,384)
(47,814)
Net current assets
28,748
127,262
Net assets
4,335,853
3,984,753
Funds
Permanent endowment
Extraordinary repair fund
Unrestricted - general fund
1,238,250
29,416
3,068,187
4,335,853
1,238,250
9,416
2,737,087
3,984,753
Approved by the Trustee and authorised for issue on 2oik signed on its behalf by..
Sir Thomas Crawley-Boevey Bt
Chairman of the Almshouse Committee
The notes on pages 13 to 20 form part of these financial statements.
12

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Notes to the financial statements
For the year ended 29 September 2024
Accounting policies
(a)
Bas18 of accountlng
The Charity is an incorporated charity (registered number 1064558). The address of the
registered office is The Girdlers, Company, Girdlers, Hall, Basinghall Avenue. London
EC2V 5DD,
The financlal statements have been prepared under the historical cost convention (except
for the valuatlon of investments). The financial statements are prepared in accordance with
the 'Statement of Recommended Practice.. Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland (FRS102)' and the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS102) and the Charitles Act 2011.
The financial statements have been prepared to give a 'true and fair, vlew and have
departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent
required to provide a 'true and fair, view. This departure has involved following Accounting
and Reporting by Charities preparing their financial statements in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)
(second addition) rather than the Accounting and Reporting by Charities: Statement of
Recommended Practice effective from 1 April 2005, which has since been withdrawn.
The Charity constitutes a public benefit entity as defined by FRS 102.
The Trustee has taken advantage of the disclosure exemption in respect of the
requirements of Section 7 "Statement of Cash Flows" in preparing these accounts as
permitted by FRS 102 and the Charities SORP (FRS 102) (second edition).
(b)
Golng Concern
There are no material uncertainties about the entity's abilily lo continue as a going concern. The
Trustee has a reasonable expeclation that the charity has adequate resources to continue its
activitles for the foreseeable future.
Due to the demographic of the tenants, with 77¥0 belng of state penslon age, and the
remainder on universal credit, the income of our resident5 who pay the charity a Weekly
Maintenance Contribution lo the Charity, is not affected and the Charity would expect to recelve
all income amounts due.
For this reason, it continues to adopt the going concern basis of preparation of the financial
statements.
13

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Notes to the financial statements
For the year ended 29 September 2024
(c)
Incomo
Dividends, interest. rental income and grant income are accounted for on a receivable
basis.
(d)
Expenditure
Expenditure is allocated to two principal expense headings: Raising funds and Charitable
Activities. Expenses include value added tax where appropriate, and are accounted for on
the accruals basis.
Raising funds are costs incurred in managing the investment portfolio.
Expenditure on Charitable Activities comprises direct expenditure, including direct staff
costs altributable to the Charity's activities in providing direct almshouse services and
governance costs.
Governance costs included above comprise audit fees and bank charges,
(e)
Taxation
The Charity is entitled to exemption from taxation on income and capital gains to the extent
thal its funds are applied for charitable purposes.
(o
Pension cost
The Girdlers, Company operates a non-contributory Individual Personal Pension Plan.
Ig)
Flxed Asset8
Investments
Investments held for the long term to generate Income or capltal growlh are carried at
market value as fixed assets. Realised and unrealised gains and losses are included in
the Slatement of Financial Activities (SOFA).
Tanglble Assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets
to determine whether there is any indication that those assets have suffered an impairment
or loss. Any impairment loss is recognised in the Statement of Financial Activities (SOFA).
Recognised impairment losses are reversed if, and only rf the reasons for the impairment
loss have ceased to apply. A reversal of an impairment loss is recognised immediately in
the SOFA.
Repairs, maintenance and refurbishment expenditure on existing assets is not capitalised.
Should a new asset be built, eg an extra housing unit, the costs of this development would
be capitalised. No depreciation will be provided, as explained in the paragraph below.
Almshouses
These are held at deemed cost. No depreciation is provided on these since, in the opinion
of the Trustee, the repairs and maintenance work carried out on the buildings results in the
buildings having such a long useful economic lrfe andlor high residual value that
depreciation would be immaterial.
14

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Notes to the financial statements
For the year ended 29 September 2024
(h)
Financial instrumenls
Financial liabilities and equity are classified according to the substance of the financial
instrument's contractual obligations, rather than its legal form. The Charity's cash at bank and
in hand and trade and other debtors and its trade and other creditors and bank overdrafts are
measured initially at the transaction price, including transaction costs. and subsequently at
amortised cost using Ihe effective interest method. Debt instruments that are payable or
receivable within one year are measured at the undiscounted amount of the cash or other
consideration expected to be paid or received.
Critical judgements and e8tlmate8
The value of the agricultural land on Romney Marsh is shown at a Trustee valuatlon, and
is deemed to reflect a fair value of the land.
For further informatlon on the Charlty's golng concern, please refer to note 1 (b).
Capltal Commltmant
As at 29th September 2024, the Charlty had signed a Letter of Intent with CLG Enterprises
UK Ltd for repairs and redecoration of window to Beeston House to the value of £33,950
exclusive of VAT.
Extraordlnary Repalr Fund
An Extraordinary Repair Fund has been set up for the Almshouses as provided under the Charity
Commission Scheme 1064558.
The Extraordinary Repair Fund is a reserve fund for the purpose of providing for significant repair,
improvement or rebuilding of the almshouses of the Charity. The Trustee may at any time apply
the fund, or any part of it, for its purpose.
The Trustee transferred £20,000 (2023.. £20,000) from unrestricted funds to the Extraordinary
Repair Fund during the year.
Investment Income
2024
2023
Rent from Romney Marsh
Investment income - Equilies
Bank interest
3,300
48,257
1,306
3,300
41.977
832
Total incoming resources
52,863
46.109
15

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Notes to the financial statements
For the year ended 29 September 2024
Charitable activltles
The following costs relate to the charitable activity which is to provide (to eligible persons) and to manage
safe and secure almshouses, and to give relief in need to almshouse residents or others with the same
qualifications.
Extraordlnary Unrestricted
Repair Fund
2024
2023
Entertainment
Cleaning
Light and heat
Garden and tree maintenance
Insurance
Repairs and malntenance
Telephone
Manager's salary costs
Apportioned salary costs
Water rates
Sundries
Aid call
Hamperslcakes and donations
Governance costs
2,866
4,070
4,795
2,866
4,070
4,795
3,385
4,462
6,570
6,271
3,707
167,300
647
50,267
53,892
455
1,097
1.041
1,684
6.143
141,714
836
51,888
44,505
733
1.812
1.136
1,580
9.868
141,714
836
51,888
44,505
733
1812
1.136
1,580
9.868
273,387
273,387
306,921
Included in governance costs of the Charity are the auditor's fees of £7,880 (2024.. £6,000).
staff costs
2024
2023
Wages and salaries
Employer's NIC
Pension cost
74,654
79,947
10.318
13.894
12.271
96.393
104,159
No employee earned in eX￿sS of £60,000 during the year, for services provided to the charity. The average
number of staff on an average head count basis during the year was g (2023: 9).
Key management personnel
The Truslee has authority and responsibility for planning, directing and controlling the activities of
the Charity. The Trustee receives no remuneration for services provided as Trustee.
16

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Notes to the financial statements
For the year ended 29 September 2024
Flxed assets
a) Quoted investments
Total
Funds
2024
Total
Funds
2023
Listed investments
Cash awaiting re-Investmer)t
3,058,254
2,540,170
3,068,855
2,619,241
Market value of listed investments
30 September 2023
Additions
Disposals
Unrealised gainl(loss)
2,540,170
1,146,862
(1,106,982)
478,205
2,426,772
310,270
(448,302)
251,430
Market Value
29 September 2024
3 058 255
2 540,170
(b)
Alm8hou888
Cuthbert Beeston, Master of the Glrdlers, Company In 1570, founded 7 almshouses near Old
London Bridge in 1582. The Girdlers, Company as his Trustee rebuilt them in Consort Road,
Peckham, in 1834. These houses were re-modeled internally and 6 additional houses built
on the garden in 1972173 with the help of funds from the charity founded by Richard
Andrewes, Renter Warden of the Girdlers, Company in 1631.
The Palyn's almshouses built in 1980 replace 6 almshouses built in 1852 in Morbtpelier Road,
now known as Choument Road, Peckham, which themselves replaced the original
6 almshouses founded in 1609 in Pesthouse Row, St Luke's, Finsbury, as a result of a
bequest from George Palyn, citizen and Girdler.
The Charity therefore owns 18 freehold almshouse5 in Peckham which form part of its
permanent endowment.
The Almshouses are carried at deemed cost £1,138,250 (2023.. £1,138,250).
17

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Notes to the financial statements
For the year ended 29 September 2024
(c)
Land
The Charity also owns 24.436 acres of freehold agricultural land at Orlestone, Romney
Marsh. This land was bequeathed for a term of 1000 years to the Girdlers, Company under
the terms of the will of Thomas Nevitt of 1633 and is subject to a Farm Business Tenancy
Agreement dated 8th April 2021. The Trustee, having taken professional advice, revalued
the land at £100,000 at 29 September 2011 and considers that the valuation has not
materially changed.
Debtors
2024
2023
Other debtors and prepayments
Funds due trom investment manager
Rent due
7,554
11,698
4,477
3,090
1,650
19,252
9,217
Creditors: Amounts falling due withln one year
2024
2023
Audit and accountancy
Investment manager's fees
Amounts due to the Girdlers, Company
Other creditors
7.788
4,000
43,768
3.828
6.000
3.800
23.956
14,058
59,384
47,814
Outlln• Summary of fund movements
Year •nded 29 September 2024
Fund
Balance
bfwd
Income Expendlture Transfers
Gains and
Losses
Balances
cfwd
ERF
9,416
Unrestrlcted
2,737,087 175,073
Perm endow't 1,238,250
Total
3,984,753 175,073
20,000
(289,123) (20.000)
29,416
3,068,187
1,238,250
4,335,853
465.150
289,123
465.150
As at 29th September 2023
Fund
Balance
bfwd
Gains and
Losses
Balances
cfwd
Income
Expenditure
Transfers
ERF
Unrestricted
Perm endow't
Total
37,701
2,619,694 159,449
1,238.250
3.895,645 159,449
(48,285)
20,000
(273,304) (20,000)
9.416
2,737.087
1,238,250
3,984,753
251.248
321,589
251,248
18

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Notes to the financial statements
For the year ended 29 September 2024
10.
Analysls of net assets between funds
As at 29th September 2024
Extraordinary
Repair
Fund
Permanent
Endowment
General
Fund
Total
Property and Investments
Net current assetsl(liabilities)
1,238,250
3,068,856
(668)
4,307,105
28,748
29,416
1,238,250
29,416
3,068,187
4,335,853
As at 29th September 2023
Extraordinary
Repair
Fund
Permanent
Endowment
General
Fund
Total
Propety and investments
Net current assets
1,238,250
2,619,241
117,846
3,857,491
127,262
9,416
1,238.250
9,416
2,737,087
3,984,753
11.
Rolatad party transactlon8
The Girdlers, Company is the Trustee of the Charity, It receives neither remuneration nor expenses
for services provided as Trustee.
The Girdlers, Company maintains a central payroll system for all employees. Salary and wages costs
for the Almshouse Manager totaling £51.888 (2023.. £50.267) are reflected in these accounts.
Additionally, apportioned salary costs of £44,505 (2023: £53,892) for the governance and
administration of the charity are shown in these accounts.
At the year end, there was an outstanding amount due to the Girdlers Company, its Trustee, of
£43,768 (2023: £23,956 due to the Company).
19

THE WORSHIPFUL COMPANY OF GIRDLERS
BEESTON'S, ANDREWES, AND PALYN'S CHARITY
Statement of Financial Activities
Year ended 29 September 2024
As at 29ih September 2023
ExtTaordlnary
Repair
Fund
Total
Fund8
2023
Total
Funds
2022
Unrnstrlctsd
Funds
Permanent
Endowmènt
Notes
Income and endowments from:
Donations & legacies
Investments
1,500
46,109
46,109
39,756
Charitable activities
113,340
113,340
109.213
Total Income
159,449
159,449
150,469
Expenditure on
Raising Funds
Charitable activities
14,668
258,636
14,668
306,921
321.589
14,429
138,021
152,450
48,285
Total expenditure
48,285
273.304
Net Expenditure before
gainsl{Ioss8s) on
investments
(48,285)
(113,855)
(162,140)
(1,981)
Net gainl{loss) on
investments
251,248
251,248
(231,890)
Net expenditurel(income)
befo￿ transfers
{48,285)
137,393
89,108
233,871
Transfer
20,000
{20,000)
Net movement in funds
(28,285)
117,393
89,108
(233,871)
Balances brought forward at
th
30 September 2022
37,701
2,619,694
1238,250
3,895,645
4,129,516
Balances carried forward
at 29th September 2023
9,416
2,737,087
1,238,250
3,984,753
3,895,645
20