THE WORSHIPFUL COMPANY OF GLOVERS
OF LONDON CHARITABLE ENDOWMENT
Reglstered Charlty Numbèr 1142506
ANNUAL REPORT OF THE TRUSTEE AND ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT
ANNUAL REPORT OF THETRUSTEE AND ACCOUNTS FOR THE YEAR ENDED S APRIL 2024
The Truslee presents the annual reptsri and the ac£ounls of the charlty lor the year ended 5 Aprll
2024 whlch have been wepared In accordan¢¢ wllh current statutory r8qulrements. the accounllng
policies set out in Notes fj and 2 to the a¢cwn18, the charily's govetnlng document and the
Slalemenl of Rewmmended PraCtI￿- AKounling and Reporting by Charitie8 Icharllles SORP
FRS 1021.
ADNIINISTRATIVE INFORMATION
The charity 1$ regl8tered with tho Charity CDmmi$sion alld numbered 1142506.
Its Trustee and principal advlsers are:.
Trustee:
The Wor8hiplul Cotnpany ol Glovers of London
Regi81er8d Address..
65 Leadeohall Slregt
London
EC3A 2A0
Bankers..
8ardays Bank pl¢
128 Mooroate
Londort
EC2M 6SX
Indepervjent Examlner..
Gr89 Slevensoft FCA
Knox Cropper LLP
65 Leadenhall Street
Lottdon
EC3A 2A0
lThvestment Advl3gr¥'.
Fluffer LLP
eo Vidoria St￿l
Lot)don
SWlE￿L
Cazenove Capital ManagemBnt
1 London W#ll Place
London Wall
Londo
EC2Y SAW
STRUCTURE. GOVERNANCE AND MANAGEMENT
The charlty was establi8hed by s Deed of Trust csaled 8 F8bruaiy 2011.
The Master and Wardens ol the Worshipful Company of Glovors ol London have appointed that
Cotnpany as a ¢orporale trustee olthe Chw*lable Endowment.
By d&￿Slon ol the Company'8 Court, a charitab￿ Trust Board h8s btsen appolnted lo act with
full delegaled powers to manage the ¢harlly. The Court ￿taInS the power to appoint and remove
member8 of the Chorqlable Trust Board. During IIP y8ar, and slnce, the mernbers of the Board were..
SCN SomeNHle (Chalrl
AJC Cdlell
JM Barker
JD Cr05STY5an
C Grkn￿y
A Hlcks Iresl9ned 20th Strplember 20231
C Hawklns Ireslgned 151 Novetnbgr 20231
M Hairls lappolnled 3181 May 20231
C Donaldson leppdnted 23rd Novembar 20231

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT
ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2024
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The objects of the charity have remalned unchanged since ils establlshment and are to raise
funds and to make charitable grants for the lurtherance of such charilable objects and purposes
for the public benellt or such charitsble instilulions or charitable foundations in SLEch manner and
in such proportlons as the Trustee shall in ils ab501ule discretion thlnk fit.
The charity was speclll¢alty established lo build up a long t8rm sourGe of ftjture charitable
fundlng.
The Trustee may, in its discretion, for the period of 21 years from the dale of establishment of the
charity. instead of applying the income in any year, accumulate all or any part of the income by
Investing il and the resulting income.
The Trustee confirms that il has referred lo the guidan￿ contalned in the Charity
Commission's general guldan* on public benelil when revlewing the charity's aims and
objectives and in planning future a¢tlvitie8, specificalty in respect of conslderallon of future
re¢ipients of ¢harilable grants.
ACHIEVEMENTS AND FINANCIAL REVIEW
Donallons re¢elved in the year lotalled £27,50012023 £27,675). This sum entirely comprised a grant of
£27.50012023 £27.0001 paid from the unreslricled funds of the Company's related ¢harily. the
Worshipful Company of Glovers of London Charitable Trust.
The grant paid from the Charitable Trust represent the value of donations made for the specific
purpose of growing the Company's charltable funds. The Trustee considers that they are most
approprlalely held wllhin the Charitable Endowment.
The charity's inve$lmenl policy is lo maximlse the monetary value of its funds. There are no
restrictions on investrnent. The charitls unreslricled assets are managed by Ruffer LLP, who
are required to ensure that the portfolio provides a spread between risk and balance. The assets
held in the Ralph Waggell restricted fund are managed by Cazenove with a vlew lo providing an
n¢ome. Both investment managers adhere lo ESG princlples.
Invested assets at the end ol the financlal year were similar al £533,472 compared with
£534.914 at the start.
The Trustee considers that the financial slate of the charity is sat18faclory and adequate to
continue to fulfll its objectivè$.
The Trustee has kept under revkw the poli¢y on the level of reserves maintained and this is sel
out On page 3 of this report.

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT
ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED S APRIL 2024
GOING CONCERN
The Trustee considers there lo be no material un￿[laintIeS ovgr the charity's ability lo continue
as a going concern with ils annual funding from a pail of the charllable donations from members
of the Company intended lo enable il to grow its capital funds.
RESERVES
The Charity has no CLtrrenl commitments while it seeks to accumulate a long term source of
charitable funding. 11 has no other requirement lo maintain free reserves other Ihan retaining a
small bank balance lo meet the expenditure necessary lo deal with Its administration.
Al 5 April 2024, the charity's lolal reserves wer& £533,758 (2023 - £536,221 }. Ils uninvesled
resetves tolalled £28612023- £1,307).
PLANS FOR FUTURE YEARS
The Trustee has Considered plans lor the fvture development of the charlty. It alms lo grow the
¢apilal value by accumulating donatlons and investing these and the resulting income over the
period of 21 years permitted In ils trust deed.
On behalf of the Trustee
8nof
he Charitable Trnst Board
28 NovembeT 2024

THE WORSHIPFUL COMPANY OF GLoveRS OF LONErf)t4 CHAR¢TAOLE ENDQWMENT
8TATEMENT OF FINArtCNL ACTIVITIES
YEAR ENDED 5 APRIL 2024
Noies
2024
2024
2024
2023
2023
2023
Unrestrkied Restrkni81
Funds
Funds
Tolal
Funds
Unreslrf¢tod Restrlcted Totsi
Funds
Funds
Funds
As re51ated
As r88tal
INCOME
DonalioD5
Leggcy
Invè51tDenl Incomè
TOTAL INCOME
27.500
27,500
27,675
27.675
1,310
12.435
7,146
8.442
38.117
38.825
EXPENDITURE
Charitablè actl¥lites
Glft aid wri18 off
Gran1$
Ralslng fvDds'.
In¥e51rwnt managem&nl C0S18
TOTAL EXPENDITURE
896
25
996
25
1.055
1,055
95
94
NEf INCOME 8EFORE GAINS
ON INVESTMENTS
37.604
1215
38,819
99,766
f,Z02
34,ge8
liossyGaln r8valuallon of In¥estsnent$ 6
1.800
3153
NET MOVEMENT IN FUNDS
15,4761
3,Ots
12.4631
29,913 11,39BI 28.517
ReconclVgU(vi of fwdts
FUNDS AT6 APRIL 2023
505.518
538.221
482749 32101 514B50
FLINDS AT 5 APRIL 2024
500 038
33.720
533 758
5f2 662
30.705 543 387
The $lal8m8nl Includes all g&lrn3 and kns5e5 re￿0￿188￿ durfng Iheyear.
l attllviuos aw regwded a$conilnuiDg.

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT
BALANCE SHEET
AS AT 5 APRIL 2024
2024
2023
Notes
FIXED ASSETS
Investments
533,472
534,914
CURRENT ASSErs
Debtors
Cash al bank
25
3,237
3,262
3,237
3,237
CREDITORS DUE
WITHIN ONE YEAR
2,951
1,955
NET CURRENT ASSETS
1,307
NET ASSETS
533,758
536,221
UNRESTRICTED FUNDS
RESTRICTED FUNDS
500,038
33,720
533,758
505,516
30,705
536,221
Approved on behalf of the Trustee:
nof
he Charitable Trust Board
28 November 2024

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED S APRIL 2024
1 BASIS OF PREPARATION
1.1 BASIS OF PREPARATION OF ACCOUNTS
The financial slalemenls of the ¢harKy heve been prepared Sn accordance ￿th the CharStle8
SORP IFRS 1021'A¢wunling and Reporting by Chailll&8 ,' Slalerllonl ol Rewmm¢nd¢d
Practice applicable to charilles prep8rln9 Ihelr accounls In accordan￿ with the Financlal
Reportlng Stsndard applIcab￿ in the UK and Republic of Iréland IFRS 1021 leffecllve 1
January 20191, and the Chatltl8s Aol 2011.
The pre88nlallonal currgngy of the flnanclal slalernenls Is Pound Sterling.
1.2 GOING CONCERN
The Tru$16e conslders that there are no mal8rl81 un¢ertalnlle8 over th& charhy's abillty lo
continue as a going concern. Thg charlly aims lo grow ils capital value by a￿uMUlatIng
donati￿$ over Ihe period 0121 years pemittèd In Ils Iwst dèad.
1.3 PUBLIC BENEFIT
Th6 charlty m6ets the deflnltlon of a publlc benelS1 enllly as defingd by FRS 102.
2 ACCOUNTING POLICIES
2.1 INCOME
Donatlons are re￿nI88￿ on rec6iPt. Glft Ald Is reco9nlsed when the income lo whlch il
relates is re￿Ived. Legacles are accounted for once the charlly has evldence of probabllSty
of recelpl and the value of the legacy can be rellably mèasured. Inveslmgnl In¢omo1s
accoullted for whe# reCe￿able.
2.2 EXPENDITURE AND LIABILITIES
Llabllilies are recognl8ed once there Is a legal or constructive obligat￿n lo pay and 8ellEemenl
18 probable and quanlifiabl8.
2.3 INVESTMENTS
Invesltllonls arè slated al market value. Unrealised gain8 and10sse8 on revaluallon are
Included in the Slalemenl of FlnanGlo1 Actlvllle5.
2.4 CASH AT BANK
Cash al bank comprSses bank deposits repayable upon domand.
2.5 RESTRICTED FUNDS
These are lund$ that ¢an only be used for parti¢ular reslricled purposes within the objects of
the charity. Reslricllons arisè whèn speclfied by the donor or when funds a￿ ralsed for
particular restricted purpose8.
3 DONATIONS
Tho amount of £27,50012023- £27,675) credited In the year Includes £27,50D12023
£27,000} paid over IrDm a related ¢hadty, tho Worshlplul Company ol Glovers of London
Charltable Trusl. Thls sum represented the value of donation8 made lo that charlly durlng
2022-23 bul Intended by the donors lo be held lo grow the Company's charitable lufids.
Accordlngly, the Tiuslee consldered It appropriate that they be paid lo the Char51able
Endowmènl.

THE WORSHIPFUL COMPANY OF GLOVER$ OF LONDON CHARITABLE ENDOWMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 6 APRIL 2024
4 TRANSACTION8 WITH TRUSTEE
Th8 Truslee racelved no femunerèiion for sérvlces P023- £01. No expense6
ha￿ been relmbursed lo Ihe Trvslee or m9tnbeis of Ihe Charllabla Tru81 Board
12023- £01.
S EXPENDITURE ON GHARITABLE ACTIVITIES
2Q24
2023
SUPPORT COSTS
Governance cost- Ind9pendÈni èxamin8fs f88
1,055
6 INVESTMENTS
2024
Unrfrgtrl¢tvRg¥lrlded Total
2023
Total
Markel value 815 Aprll 2024
Cash held wmh InveslmÉnl man8g8rs
472.231
31,261 503,492
2,459 29 980
33 720 533,472
506,670
499,752
Markgt value al 6 Apr412023
Adlllllons
Accumulated Income
iMr68llsed galnsllloss881
477.209 29.481 508.670
26.979
26.979
11,125
43,082
472,231
513,121
7.124
13.575
606,670
41.282
31.261 503,492
Cost at 5 Apdl 2024
427,303 29,958 457.26f
419,157
InvFslm8nis ctrnprlso..
Unrèsirlcled.. RuNerTotal Return C A(￿uMUla110Tr Unll8188.739 Urfsl
Re51rlGled.. Cazenove CharEly mull￿A￿se1 Fund S Uftlls153,899 Unllsl
7 DEBTORS
2024
2023
GEft Ald
25
25
CREDITORS DUE WITHIN ONE YEAR
Examlfftvs lee- pald by ChaillabbTwsl
Accruals
1.95S
998
2,951
964
1,ODI
1.955
9 RESTRICTED Ful￿)
Rèlph Wagoell Educallon Fund
Balawe 818 Aprfl 2022
N81 movement In year
30,7D5
3,015
32,101
Bélar￿ èl S Aprfl 2024
38,720

THE WORSHIPFUL COP4lPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
10 RELATED PARTY TRANSACTIONS
The charlly and Its related charity, The Worshipful Company of Gk)vers of London Chartlable Trust, are
under the common control of the Worshipful Company of Glover8. During the year £27.500
12023 £27,000) was pald lo the charity by the Charitable Trust, representing the value of donations
made to Ihal charity during 2023 but intended by th8 donors to be held for the long term tcs grow
the Company's charitable funds.

THE WORSHIPFUL COPJtPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT
Independent Examlnerfs report to the Worshlpful Company of Glovers of
London Charltable Endowment for tho ygar ended 5 Aprll 2024
I report on the accounts of the Chartty for the year ended 5 April 2024, whlch comprise the
Staternent of Financial Aolivilies, the Balance Sheet and related notes.
This report is made lo the Trustee in accordance wlth the terms of my engagement. My work has
been undertaken so that I might carry out an Indep8ndenl Examinatlon of the flnanclal statements in
a¢¢ordan¢e with the Genefal Directions given by the Charity Commissioners. To the fullest extent
permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the
Charitls Trustee for My examination, for this report or for the opinlons I have formed.
RESPECTIVE RESPONSIBILITIES OF THE TRUSTEE AND EXAMINER
The Charity's Trustee is responsible for the preparats'on of the flnancial slalemenls. The Charlvs
Tru51ee considers that an audit is not required for this year (under secllon 145 of the Charities Act
2011 Ilhe A¢ll and that an independent examinalion is needed. It is my responsibility lo examine the
fi'nancial slalements (under section 145{1)(a) of the Acll, lo follow procedure$ laid down in the
General Directions given by the Charity Commlssioners under section 14515llbl of the Act and to
slat8 whether partiGular matters havè come to my allenlion.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity
Commission. An examination Includes a review of the accounting records kept by the charity and a
comparison of the acwunls presenl&d with those records.lt also includes consideration of any
unusual items or disclosures in the accounts and seeking explanallons Irom you as Trustee
concernlng any such mattors, The procedures Ltnderlaken do not provide all the evidence that woukl
be required In an audit and consequently no opinion is given as lo whether the accounts present a
'Irue and falr view and the report is limlled lo those matters sel out In the slalement below.
INDEPENDENT EXAMINER'S STATEMENT
In oonnection with my examination, no malerlal maller$ have Come lo my attention which glve me
cause lo believe that in any malerlal re$pect.'
the accounting records were not kept in accordan￿ with sectior¢ 130 of Ihe Charlties A¢l', or
the accounts did not accord with the accountlng records,. or
the accounts did not comply with the applicable requirements concerning the form and content
of accounts sel out in the Charities {Accounl$ and Reports) Regulations 2008 ather than any
requirement that the accounts give a true and fair view whlch is not a maller considered as part
of an Independent examination.
I have come across no other mallers In Connection wilh the examination lo whlch allenlion should
be dra
n in this report in order to enable a proper understanding of the accounts lo be ￿aChed.
Greg Stevenson FCA
Knox Cropper LLP
Chartered Accountants
65 Leadenhall Street
London EC3A 2AD
- 2024