Chanty R8gistralion No.. 1188231 THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION CONTENTS FOR THE YEAR ENDED 31 MARCH 2025 Report of the Trustees Independent Examiners RepcKt Statement of Financial Actimti'es Balan Sheet Notes to the Finarria statements 9-15 Page 1
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees have pleasure in pyesentsro their annual reF)rt ana me ftnanoal statements for the year ended 31 March 2025. ObJe¢tlves and Actlvltles The objectives of the d)arity a to promote the WO iTraustry interest in W1, wcol products, sheep farmlng. Shearing, wool production. textiles and design, research into apprcpnaie veterinary proc8dures and practss, educ8b.on relevant lo the wool industry and to promote the Crty ol London in general and th8 Livery movement in parti¢ular. The main actiwties dertaken lo acht.eve the obJe("ves are'.- Continuing with and enhancing the Inrv)vation in W1 &Yard, in partnership with the SlaF4e and the Clothiers of Worcester. Funding research into uses and aF¥Jlicalions of wo)I" Academic Achievement ardS to students studyiro on ccuses rdated lo wool products and texts'les, wotsl Products'¢ or sheep fam)ing". Practs'cal Achiovemenl aNards for sheep shearirMJ ccinpeth'ons at mai¢x agri¢uf(ural shows held through¢)ut the UK.. Charitsble donations to organisatiS connected with the wod industy and the Crty of London., Fundraising from the members of The Worshipful ccpanY of Woolmèn and from events, such as the annual Sheep Drive and Liw Far. The Tnjstees have a policy. which is commurAcat8d to all t*nefiuwies, that 811 •ards and donations are made for a set lime and the is no further gut& of ftJThYing. When planning such don8ts.ons thg Truste85 have regard lo the Charity Cornmission gudarLe on putjic benefiL Details of awards and donaticffls made during the year ¥e shcAvn in th8 notes to the COunts. Achlevem8nts and Perforn7ance The Statement of Financial Ath"Mb"es is detailed on page 7 of the CoUnts. The Sheep Drive and Livery Fair was held al the end of Seplemter 2024 and this was very well supported wilh almost a Ih(yJsand Freemen signed up to dri4¢ sheep many stslls at The Livery FaIr.T event was a great success. The Charity has continued the long history of affiliations wtih the Brrb"sh Arrny and Royal Air Force, and has Roy81 Navy affiliation with HMS Raleio), a shore establishment. whith is the wrscipal trairyng unit for all new entry recruits. The intents.on is lo womde an annual prize to rgnISe a high achieving rec11 and to support less well-off recruits. Pago 2
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Financlal Review and Reserrfes Pollcy The level of unrestricted reserves as * 31 March 2024 was £794.342 as ojmpared to £863,551 at 31 March 2023. This deficit in the year lo 31 Marth 2024 was due pn"napally to irtreased expendrture on chanlable purposes mits"gaied by gains on investments dLrring the year. The Trustees consider a substantial part of the unrestrted re$grve transfer at 1 April 2021 from The Woolmen's Company Charitable Trust lo the Charity should be treated as if it were 8n endowment fund, the capital of which should be maintained to Pfoide income and gains forfuture charrtable donatons and grants. This would188ve unrostri¢ted funds for disbursemen( and the TnJstee5 ccnsider the best way to do this in order lo make the maximum impact. The Trustees have considered the rerVeS requir1. takiTrJ into acAx>unt, their current aTrJ future liabilities, and consider that the current levd of reseNes is suifi(aent to respKd lo applications for grants and lo ensure that support and govemance costs are covered. The Income that ihe Chanty reVe$ in any ye¥ comes from annual donations from Ltverymen, net preedS from events and investrnent income and gains. An operating defial of £20,591 hag arisen during the year which is largely due to the susiained increased lev81 of grants made for charitable putposes.There have bn losses on investments of £17,878 leaving an overall defial of £38,469. These factors comts'ned leave the Charity at the eThJ of the year with unrestricted SerVeS of £755,8731 £794.342 at 31 Marth 2024.) Restricted funds, as set out in note 13lbl to the acc4)Unts. have reduced to £69,7361£71,286 al 31 March 2024; through ¢knn8tsons expended of t2.3) and donatsons e1ved of £8CKJ. Investment Policy The Trustees have aelegaled InVesknt management reskymsibility lo the Investrn8nt Attw"sors and all investments have been acquir&l in accordance with the statutory powers available lo the Trustees. Investment risk 15 managed by requiring the Investrnent manager to adopt a diwsrfied invesknent strategy, the outcome of which is monitored by the Trustees. Structure. Govemance and Management On 1 April 2021 all assets. lia.11.es and funds were transferred from The Wcnlmen's Company ChartilaNe Trust, registe charity number 262211 The Charitable objects'ves rnan unthanged and there are no signfficanl changes in the beneficiaries. The Trustees of the previous chity are nc)w Members of the Charity. The Woolmen's Company CharitatAe Incorporaled Organisation is registered with the Charity Commission under number 1188231.11 is govemed by a cstrIUb.0n dai&J 2 January 2020. Membership of the Charity is q)en to any irNJtwdual who is currendy a vcrting rnber of t Court of the Worshirrful Company of Woolmen. The Master ot the Worshipful Ccfflpany of Woc4men shall automatscalty, ty of klIng that offits. be a cttarily trustee for the term of the4r office. In addition, there must be a minimum ol three and a maximum of seven dected trustees. At every annual general meeting of the members of tre Charity, one third of elethd trustees shall reb.re by rot'cfi, starb.ng with those who have been longest in offi Pago 3
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustees Sir Dawd Wootton Chairni Dawd Hopkins Deputy Chaimian mast of The Worshipful Company of Woolmon Emman1 Cohen Ex officm) Immedi8te Pasl Master of The W(Kshipful Company c( Woolmer Judith Donovan CBE Sebastian Bassett-James Haydn Biddlo Jonathan Soar Kevin BaThwek Treasurer Reglstered Address 153 Le8t1te Road London SW11 6RW Bankers National Westminster Bank Investment Advlsor Rathbone Inveslment Management Limrted 30 Gr&sham Street London EC2V 7QN Page 4
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustees. resp0nslbil1tl In relatlon to the ftn•nci•l statements The charity trustees are responsible for preparing a tnjstees, annual report and finanoal statements in 8ccor(Jance with applicable law and United n9dlyn Accounb"ng Standards. The18w requires tho charity trustees lo prepare financial statements for eh yew which give a true and fair view of the stale of affairs of the charity and of the incomiThJ resources and appli¢atson of resources of the charity for that perioo In prepwing these [waI slatemw)ts, the trustees a requir8d to: select suitable accounting polt¢ies and then apply thém consistently.. observe the meihods and prineS In the applicaNe chanb.es SORP,. make judgements and estimates that are reasonable arKI wudenl", stsle whether apyicable accounbng standards have been follthved, subiecl to any material departures disclosed and explained in the financ1 statements", prepare the finanryal st81ements on the going concem basis unless it is irk7ppropriate to wésume that tr*e chanty will conlinue in business., The trustees are reskX)nsible for keepng proper accountirvJ rOrdS that disc105e with reasonable Cura at any time the finanaal position of the charity. They are &so responsible for safeguarding the assets of the charrty and taking reasonable steps for the prèv8nts.rxt and det9cli1 of fraud and other irwularilies. The Ttusle85 d8dare that tY have appro the Truslees. Rept above. Signed on bghaw of the Charitys Trustees Sir Davi Chair Wootton Date '. 18 September 2025 Poge 5
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES l oport to the Iruslees on my examination of the accounts of the above charity I" the Twsl I for the year ended 31st March 2025 Responsibllities and basls of report As the Charitys tnJstees, you are reswnsible for th8 weparation ofthe accounts in accordance with the requirements of the Charits8s Act 20111.ts Aci-i. I reFX)rt in respect of my examination of thè Trusts accounts carried out under seclion 145 of the 2011 Act and in carrying out my examination, I have folkweAI all the applicable directions given by the Charity Commission under secb.on 1451Sllbl of the Act. Independent examineVs statement I have completed my examinab"on. I confirm that rn material matters have come to my attention in connection with the examinats'on which gives me c8use lo beIVe that in, any material resp8¢L The accounting records were not kept in acc£)rdance Sectron 130 of the charib.es Act ', or The accounts did not aco)rd wilh the acCotIre records,. or The attounls did not comply with the applicable rUlrnents conceming the fomi and content of accoLJnls set out in the Chants"85 (Accounls army Reportsl Regulab"ons 2008 other than any requirement that the aCCnts give a. and fair. view wtru.ch is not a matter considered as part of an Independent examination. I have no con¢ems and have come across no other matters in conrtction wtth the examin*"on lo which allenlion smuld drawn in this rep in order to anaile a woper understsnding of the accLJunts to bé reached. Slgnature: L£. Name: Qualification: Denise Balth A.C.A Address: 15 Tow¢esler Road Old Stratford mi¢? Keynes MK19 6AN Date: 18 septeMr 2025 Page 6
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Notes 2025 2024 Incomlng resources Unrestrfcted Restrfcted Total Total Donations Income tax recoverable (Gift Aid) Investment and interest Fundraising Isheep Drive aTrJ kn.very Fair} Sundry 32,664 6,425 18.773 87, 1.497 33,464 6,425 18,773 87.996 1,497 31,801 9.113 20,874 85.298 Total 147.355 148,155 147,086 Resources expended Fundraising costs Academic achievement awards Prsetical athievernenl awards University grants and projects City related awar(ts General charity dcnaiions Military Affiliations Medals and certificates Gueslg al Livery funelions Administration costs Independent Examinatic 57.884 43.265 8.717 57,884 45.615 8.717 76.574 36.213 4.987 105,405 13,225 7,750 4,588 2,370 4.033 3,625 3,840 31,332 27,995 LT7.-.1.8.? 2,350 10.225 7,750 1,Crf)O 2.370 3.625 31.332 1.778 10.225 7.750 Total 167.948 170,296 286.300 Net expendlture before investment Ilossesl I galns 120,591) (1.5001 (22,141Tr (139,2141 Net { losses I I gains on investments 117,8781 {17.8781 68,355 Net movement in funds (38.469) (1.55Q) 140,019 ITO,6591 Reconclliatlon of Funds Total Fur¢ds brought forward at 1 Awil 2024 794.342 71,286 865,628 936,487 Tolal Funds carrled forward at 31 March 202S 13 755,873 69,738 825,609 5,628 Page 7
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 Flxed Assets Listsd Inveslmerrts 832.611 869,8 Current Assets Debtors Cash 8t b8nk and in haryj 10 36.180 -.47,987 84,167 20,528 59,908 80.436 Creditors Amoun15 falling due within Or year 11 41,668 34.771 Nel current assets 42,499 45.665 Total assets less current liabilib.es 875,110 915,551 Credltors Amounts falliNJ due arter one year 12 (49.5011 149,9231 Total Net Assets 82S,609 865,628 Funds of the Charfty Restn'cted Unrestrcted 13 69,736 755,873 71,286 794,342 865 628 Approved on behaw of all the trustees and authoriwj for issue on 18 September 2025. Sir Dawd Chair ootton Kewn Barnick Treasurer Page 8
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES Basis of Preparation Th8se aCcnIS have been prepared uThYer the historical cost convention with items recognised al cost or transaction value unless otherwise ststed in the relevant rvjtes to these accounts. The accounts have baen prepared in accorda wlh the Statent of Reccmnmended Pract%ce ". Acc(xJnting and Reporting by Charities preparing their accounts in accordarKe with the Finanoal Rewrn"ng Standarcl applicatrAe In the UK and Republic of Iland IFRS102} and with the Charities Aci 2011. There have no changes to accountiro estimates in the reporbng pencd and no material prior year emrs have been Identified. INCOMING RESOURCES Re¢ognltlon of incomlng resources These are induded in the Slatefflent of Financial Acb"vib"es ISOFAI wh1.. 1. the charity becomes entitled to the resources.. 2. it is more likely than not that the trustees will reVe the resources", 3. the Mone value ean Le measur&1 wilh sufficient rdiability. Offsettlng Ther& has been no offsettiryj of assets and liab.tlities. or itKome and expenses, unless required or pemiitted by the FRS 102 SORP. Grants and donations Grant5 and donations are onty induded in SOFA when Ihe general Ir(ne rwnrtion criteria are met. Tax reclaims on donations and grfts Gift Aid reeeivabte Is Includecl in income when is a Wad de1 from the (k)nor. Any Grft Aid amount r8covered on a donation is considered lo be part of that grft and is treated as an a(*lition to the same fund as the initial donalicfi unless thè donor or tems of apal have SFeetFigd othemse. Investment Incorne This is induded in the accounts when receivable. Investment gains and103ses This includes any aliSed or unrealiwj gains or losses en th9 sale of invgstments and any gain or1033 re5uklng rom revaluing investsnents lo matkel value at the end of the year. EXPENOITURE AND LIABiunES Llablllty reGognltlon Liabilits'es are recognised where it is more likely than not that there 15 a legal or Constructive obligati'on committing the charity to pay out reSoUrS and the amount can be measured with reasonable cert2inty. Grant$ payable Grants payable are payments mayg to third parbes the lurthgrm tharitalJe ct>jects. Multi yaar grants are ac¢3)unted for when the rerAFxent has a a5¢able expectab.on that they will reCve 8 grant and the trustèes have agreed lo pay the grant th(rt conth'tion. Credftors The chanty has ereditors which are measured at settlement amwnts less any trade discounts. Page 9
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES continued Baslc financial instruments The Chanty accounts for basic finarrid irthments on irNtia re¢(yJnition as per paragr4)gh 11.7 FRS102 SORP.Subsequent measurement is as per paragraphs 11.17 to 11.9. FRS102 SORP. ASSETS Investments Fixed 8ssel investments in quoted shares, traded bor¥Js aThJ similar af8 valued inib.ally at cost and subs4uenU! al fair value I their market Val l al the year end. Debtors Debtors are measured on initial recognition al setuement amount after ant trade diScnts. Subsequenlly. they are measured 8t the cash or other consideration expected to reCVe0. NOTES TO THE STATEMENT OF FINANCIAL ACnWTIES Investment and Interest Income 2025 2024 UK Equili and Unil Tnjst dmderS UK Fixed Interest and Unit Trust Interest Overseas Equth"es Propèrty Income diwdends Bank inierest 12,110 2.252 2,810 1.372 13,941 2524 2,928 1,232 249 18.773 20,874 Academic Achlevement Awards Wool and Textiles 2025 2024 University of the Arts London eriot Watt University Lord Bamby Bursary Peter Valpy 8ursary Roger Flernington 8ufsary Scottish Agricultural Colleg8 Un1V8rsily of Hudd8rsfidd Universlty of LIncn CTC University of Glasgow Textiles Centre of Excellen Wool Innov*ion Pn2e Wool Innovati¢)n Prize Contribution from The Company of Merchants of the Stsple of Eryjlar Wool Innovation Prize Conlrit>ution from The Clothiers Wool Innovaiofs fvnoing Canadian Wool Council Rornney Tweed knmunity Schools Administration costs 2,300 850 750 750 1,600 2,450 850 750 70J 1.7 850 560 15,1(X) 35,053 1CQ 10,500 24,553 7.61)J 4,10) 6.015 5.697 503 36,213 Page 10
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Practlc41 Achlevement Awar(Is Wool and Textiles 2025 2024 Great Yorkshire Show Royal Bath & West Skni British W¢x)l MarketiThJ 608rd- comW"on prize money Ruskin Mill Trust- Sheep fair stall Devon County Show Royal HighlarKI Shc Royal Welsh Shthy 1.692 420 1,975 850 1.692 420 1,825 250 3.180 8,717 4,987 Unlversty Grants and ProJe¢ts 2025 2024 Leeds Universrty grant Bolton University ant Westminster Universrty grant Wool Innovators Schoo15 Prqect 56,219 35,690 9.921 3.575 105405 Clty Related Awanls 202S 2024 Lord Mayorfs Appeal Mansion House SCIlarShIp Woodlands Farm Trust Hackney City Faryn Spitafield Cty Farn Shoriffs afKI Recoraers Funo United Guilds Service ABF Big Curry Lunch City and Livery Garden of Remembrance Livery School Link Livery Textile Group confèrènce 5,OCKJ 3,OCM) 2C 21X) 21Xl 20) 125 2,5 200 125 2.500 10,225 13.225 Page 11
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Charity Donations 2025 2024 Ruskin Mill Trust The Shrew5bury Drapers Bradford Textile Sctiety Hu(k1ersfielcJ Textilè Society Making rt in Textiles Bradford Jo 150 100 150 1CX) 5.OCKJ 7.750 Mllltsry Afflllatlons 2025 2024 The Queen's CM*n Yeomanry Army Cadet Force Unit 43 Cayet Attachment 131 Indepen¢Jenl Comm8rkn Squadrc HMS Raleigh 1,388 1,200 1.000 1588 Admlnlstrdtlon 2026 2024 Invèstment management Service charge Book.keeping and OUntancY ember commut1.0ns Bank ¢harges Sundry 3,470 15,6C() 6,042 4.141 15.6 5,7 1,482 574 498 1.793 31.332 27.995 NOTES TO THE BALANCE SHEET Llsted inv•strnonts 2025 2024 Market value at 1st April 2024 Purchases at cost Disp¢)sals al carrying value Movement in cash 9. 77.(Y25 (,(1 13.340 850.489 800,426 50,C67 153.3171 4,355 801,531 Market value al 31 March 2025- indudirvJ cash hèld £119 12024- £13.4591 832,611 869,886 l Loss ) l Gain on revauati Page 12
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10 Debtor5 2026 2024 Income Tax 0Verable on grft ad Prepayments 6,397 29,783 9,323 11,205 36,180 20,528 11 Credltors . amounts fairing due within (e year 2025 2024 Grants payable Trade creditors Owwj lo The Worshipftjl Company of Woc4men Accnjals 23,533 12.920 2.977 2.238 29.736 3,457 1.560 41.668 12 Creditors . amounts falllng due after one year 2025 2024 Grants payable 49,923 131al Movement in fund8 duflng the current reportln9 perlod Balance Incomlng Outgoing Investment Balance 01104124 Resources Resources losses 31103125 Restricted Funds: Jeremy Marsh811 Bursary Roger Flemington Bursary Peter Valpy Millennium Bursary Lord Bamby Furyj 60.873 5.197 60,873 4,447 4.116 31)J 69,7 I71) 17501 350 71.2 12,3501 Genernl Funds 794,342 147,355 1167.946} (17.8781 755,873 Tot FuThds 825 609 Page 13
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13 Ibl Movement in funds durfng the previous rep¢)rting pgrlod Balance In¢omlTrg Outgolng Investment Balance 01104123 Resources Resources Galns 31103124 Reslrfcted Funds: Jeremy Marshall Bursary Roger Flemington Bursary Peter Valpy Millennium Burs8ry Lord Bamby Fund 60,873 5,897 5,616 550 72,936 60,873 5,197 17001 {7501 400 350 71.2 (2,0501 General Fund$ 3.551 146,6 1284,2501 e8.355 794,342 Total FuThJs 865 628 13(c) Restrlcted Funds Jeremy Marshall Bursary A fund donated in 1988 to supp*)rt youth wth an interest in wool, CLwrenlly providiThJ a trrSary lo an undergraduate studying prqecls connected with wool or wocl related developments at thg Harper Adams Agricultural College in NewkK)r( Shropshire. Roger Flemlngton Bursary A £5,000 legacy in January 1995, match41 by a further £5,C(KJ frDm the Nalwesi Charitable Trust, to provide a Tnedal and finanaal awwd to the best final year honours sbjdent in the marketing aa within the BA (Honoursl degree in Business Admitvslration course al Swttish College of Textles in Galashiels {H8riOt Watt Universty}. Peter Valpy Mlllennlum Burnary An appeal In 2)0 raised the sum of £18,867 to furvj a silver medal and £500 prize for the best BA (Nonoursl student in fashion deSn with markets'ng protion and manufacture at Huddorsfield Universty. Lolll Barnby Fund Amounts are recei from the Lord Bamby Fund on a regular basis to provide an annual bur$ary fof an em 0y or student erKJaged in the wwl lexble 5ndustry and who has successfvlly achiavod a degree. diploma or ma)agement c¥Jurse. Page 14
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14 Transactlons with trnstees and rnIat parties 14 (al Trustee remunerallon and nefft8 None of the trustees have been paid any r9muneratlc or expenses, Cf received any othw beneffts frc¥m the charty or a related enlity 14 Ib) Transactions with relaled partles Five trustees of the charity are also members of the Cou1 of The Wrffshipful Ccthpany of Woolmen, th which the charity has a close assctiation. DurirYJ the year £3.625 { 2024 £3.640) was paid by the Charity to the Company for guests attendance al Livery fLmth'ons. The followiNJ amounts were reimbufsed lo the Company .' £15,60012024 £15.6 I for a ser charge. £3.47012024 £4.1411 for investsmenl management cfBrges. total ¢tStan¢JiT¥j at the year end was £2,97712024 £3.4571 Page 15