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2025-04-05-accounts

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT Reglsl•rod Charlty Numbèr 1142506 ANNUAL REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

ANNUAL REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

The Trustee presents the annual report and the accounts of the charity for the year ended 5 April 2025 which have been prepared in accordance with current statutory requirements, the accounting policies set out in Notes 1 and 2 to the accounts, the charity's governing document and the Statement of Recommended Practice -Accounting and Reporting by Charities (Charities SORP FRS 102).

ADMINISTRATIVE INFORMATION

The charity is registered with the Charity Commission and numbered 1142506.

Its Trustee and principal advisers are :-

Trustee: The Worshipful Company of Glovers of London Registered Address: 65 Leadenhall Street London EC3A 2AD Bankers: Metro Bank 64-66 Clarence Street Kingston-Upon-Thames KT1 1NP Independent Examiner: Greg Stevenson FCA Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD

Investment Advisers: RufferLLP Cazenave Capital Management 80 Victoria Street 1 London Wall Place London London Wall SW1E SJL London EC2Y SAW

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was established by a Deed of Trust dated 8 February 2011.

The Master and Wardens of the Worshipful Company of Glovers of London have appointed that Company as a corporate trustee of the Charitable Endowment.

By decision of the Company's Court, a Charitable Trust Board has been appointed to act with full delegated powers to manage the charity. The Court retains the power to appoint and remove members of the Charitable Trust Board. During the year, and since, the members of the Board were:

SCN Somerville {Chair) AJC Collett JM Barker JD Crossman {resigned September 2025) C Grimley {resigned November 2024)

G Dawson {appointed September 2024) M Harris C Donaldson M Dodd {appointed November 2024)

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THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2025

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The objects of the charity have remained unchanged since its establishment and are to raise funds and to make charitable grants for the furtherance of such charitable objecs and purposes[t] for the public benefit or such charitable institutions or charitable foundations in such manner and in such proportions as the Trustee shall in its absolute discretion think fit.

The charity was specifically established to build up a long term source of future charitable funding.

The Trustee may, in its discretion, for the period of 21 years from the date of establishment of the charity, instead of applying the income in any year, accumulate all or any part of the income by investing it and the resulting income.

The Trustee confirms that it has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, specifically in respect of consideration of future recipients of charitable grants.

ACHIEVEMENTS AND FINANCIAL REVIEW

Donations received in the year totalled £28,500 (2024 £27,500). This sum entirely comprised a grant of £28,500 (2024 £27,500) paid from the unrestricted funds of the Company's related charity, 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 charitable funds. The Trustee considers that they are most appropriately held within the Charitable Endowment.

During the year the charity received a £5,000 legacy from the estate of Roy Jennings, a former liveryman.

The charity distributed £3,000 from recent years' income from Restricted Funds towards The Winchester Project.a Camden based charity working with young people

The charity's investment policy is to maximise the monetary value of its funds. There are no restrictions on investment. The charity's unrestricted 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 Waggett and Roy Jennings restricted fund are managed by Cazenave with a view to providing an income. Both investment managers adhere to ESG principles. Invested assets at the end of the financial year had grown to £582,923 compared with £533,472 at the start of the year.

The Trustee considers that the financial state of the charity is satisfactory and adequate to continue to fulfil its objectives.

The Trustee has kept under review the policy on the level of reserves maintained and this is set out on page 3 of this report.

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THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2025

GOING CONCERN

The Trustee considers there to be no material uncertainties over the charity's ability to continue as a going concern with its annual funding from a part of the charitable donations from members of the Company intended to enable it to grow its capital funds.

RESERVES

The charity has no current commitments while it seeks to accumulate a long term source of charitable funding. It has no other requirement to maintain free reserves other than retaining a small bank balance to meet the expenditure necessary to deal with its administration.

At 5 April 2025, the charity's total reserves were £584,184 (2024 - £533,758). Its uninvested reserves totalled £1,261 (2024 - £286).

PLANS FOR FUTURE YEARS

The Trustee has considered plans for the future development of the charity. It aims to grow the capital value by accumulating donations and investing these and the resulting income over the period of 21 years permitted in its trust deed.

On behalf of the Trustee

SCN Somerville

Chairman of the Charitable Trust Board

')-.,_o•_\ ___ 2025 _c;�� ... c___

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THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 5 APRIL 2025

Notes
INCOME
Donations
3
Legacy
Investment incme
TOTAL INCOME
EXPENDITURE
Charitable activities
5
Gift aid write off
Grnts
Raising funds:
Investment mnagement csts
TOTAL EXPENDITURE
NET INCOME BEFORE GAINS
ON INVESTMENTS
Gain/(Loss) on rvaluation of investmnts
6
NET MOVEMENT IN FUNDS
Reconciliation of funds
FUNDS AT 6 APRIL 2024
FUNDS AT 5 APRIL 2025		 2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Unrestricted
Restrcted
Total
Unrestricted
Restricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
28,500
28,500
27,500
27,500
5,000
5,000
10,074
1,2ga
11,372
11,125
1,310
12,435
38,574
6,298
44,872
38,625
1,310
39,935
1,020
1,020
996
996
25
25
3,000
3,000
111
111
95
95
1,020
3,111
4,131
1,021
95
1,116
37,554
3,187
40,741
37,604
1,215
38,819
10,100
(415)
9,685
(43,082}
1,800
{41,282}
47,654
2,772
50,426
(5,478)
3,015
(2,463)
500,038
33,720
533,758
505,516
30,705
536,221
547,692
36,492
584 184
500,038
33,720
533,758

The statement includes all gains and losses recognised during the year. All activilies are regarded as conlinuing.

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THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

BALANCE SHEET

AS AT 5 APRIL 2025
FIXED ASSETS
Investments
CURRENT ASSETS
Debtors - legacy held by Chartable Trst
Cash at bank
CREDITORS DUE
WITHIN ONE YEAR
NET CURRENT ASSETS
NET ASSETS
UNRESTRICTED FUNDS
RESTRICTED FUNDS
Notes
6
7
8
9		 2025
£
5,000
3,237
8,237
(6,976)
£
582,923
1,261
584,184
547,692
36,492
584,184		 2024
£
3,237
3,237
(2,951)
£
533,472
286
533,758
500,038
33,720
533,758		 2024
£
3,237
3,237
(2,951)
£
533,472
286
533,758
500,038
33,720
533,758		 2024
£
3,237
3,237
(2,951)
£
533,472
286
533,758
500,038
33,720
533,758
533,758
500,038
33,720
533,758

Approved on behalf of the Trustee:

SCN Somerville

Chairman of the Charitable Trust Board

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THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

1 BASIS OF PREPARATION

1.1 BASIS OF PREPARATION OF ACCOUNTS

The presentational currency of the financial statements is Pound Sterling.

1 .2 GOING CONCERN

1.3 PUBLIC BENEFIT

The charity meets the definition of a public benefit entity as defined by FRS 102.

2 ACCOUNTING POLICIES

2.1 INCOME

Donations are recognised on receipt. Gift Aid is recognised when the income to which itrelates is received. Legacies are accounted for once the charity has evidence of probability of receipt and the value of the legacy can be reliably measured. Investment income is accounted for when receivable.

2.2 EXPENDITURE AND LIABILITIES

2.3 INVESTMENTS

Investments are stated at market value. Unrealised gains and losses on revaluation are included in the Statement of Financial Activities.

2.4 CASH AT BANK

Cash at bank comprises bank deposits repayable upon demand.

2.5 RESTRICTED FUNDS

These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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3 DONATIONS

The amount of £28,500 (2024 - £27,500) credited in the year represents a contribution paid over from a related charity, the Worshipful Company of Glovers of London Charitable Trust. This sum reflected the value of donations made to that charity during 2024-25 but intended by the donors to be held to grow the Company's charitable funds. Accordingly, the Trustee considered it appropriate that they be paid to the Charitable Endowment.

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THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

4 TRANSACTIONS WITH TRUSTEE The Trustee received no remuneration for services (2024 - £0). No expenses have been reimbursed to the Trustee or members of the Charitable Trust Board (2024 - £0).

5 EXPENDITURE ON CHARITABLE ACTIVITIES

SUPPORT COSTS
Governance cost - Independent examiner's fee
6 INVESTMENTS
Market value at 5 April 2025
Cash held with investment managers
Market value at 6 April 2024
Additions
Disposals
Accumulated income
Unrealised gains/(losses)
Market value at 5 April 2025
Cost at 5 April 2025		 2025
2024
£
£
1,020
996
2025
2024
Unrestricted
Restricted
Total
Total
£
£
£
£
548,402
30,803
579,205
503,492
20
3,698
3,718
29,980		 2025
2024
£
£
1,020
996
548,422
34,501
582,923
533,472
472,231
31,261
503,492
506,670
56,049
-
56,049
26,979
-
(43)
(43)
-
10,022
-
10,022
11,125
10,100
(415)
9,685
(41,282)
548,402
30,803
579,205
503,492
493,326
29,916
523,242
457,261

Investments comprise: Unrestricted: Ruffer Total Return C Accumulation Units (99,011 Units) Restricted: Cazenove Charity Multi-Asset Fund S Units ( 53,824 Units)

7 DEBTORS

Legacy from former liveryman held by Charitable Trust
8 CREDITORS DUE WITHIN ONE YEAR
Distribution - paid by Charitable Trust
Examiner's fees - paid by CharitableTrust
Accruals - Examiner's fee		 2025
2024
£
£
5,000
-
5,000
-
2025
2024
£
£
3,000
-
2,956
1,908
1,020
1,043
6,976
2,951

The amounts due to and from the Charitable Trust arose due to the fact that for a period of time the Charitable Endowment did not have a banking relationship. Subsequent to the year end a new relationship with Metro Bank is in place and all balances have been settled.

9 RESTRICTED FUNDS

Ralph Waggett & Roy Jennings Funds
Balance at 6 April 2024
New legacy - Roy Jennings
Net movement in year
Distributions
Balance at 5 April 2025		 2025
2024
£
£
33,720
30,705
5,000
-
772
3,015
(3,000)
-
36,492
33,720

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THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

10 RELATED PARTY TRANSACTIONS

The charity and its related charity, The Worshipful Company of Glovers of London Charitable Trust, areunder the common control of the Worshipful Company of Glovers. During the year £28,500(2024 £27,500) was paid to the charity by the Charitable Trust, representing the value of donations made to that charity during 2024/25 but intended by the donors to be held for the long term to growthe Company's charitable funds.

In the last three years the related charity has received and expended funds on behalf of the Endowment. The charity now has a new banking relationship with Metro Bank which will enable it to transact directly.

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THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT

Independent Examiner's report to the Worshipful Company of Glovers of London Charitable Endowment for the year ended 5 April 2025

I report on the accounts of the Charity for the year ended 5 April 2025, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made to the Trustee in accordance with the terms of my engagement. My work has been undertaken so that I might cany out an Independent Examination of the financial statements in accordance with the General 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 Charity's Trustee for my examination, for this report or for the opinions I have fonned.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEE AND EXAMINER

The Charity's Trustee is responsible for the preparation of the financial statements. The Charity's Trustee considers that an audit is not required for this year (under section 145 of the Chartties Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to examine the financial statements (under section 145(1 )(a) of the Act), to follow procedures laid down in the General Directions given by the Cha my 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 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 accounts presented with those records.It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustee concerning any 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 material matters have come to my attention which give me cause to believe that in any material respect:

I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. d fwv-

Greg Stevenson FCA

Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD

--·--·-- L 11 / 21 ··-··�f-··-·-- 2025

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