DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Registered Charity Number: 214267 MERCHANT TAYLORS, CONSOLIDATED CHARITIES FOR THE POOR TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchunt Tfflylors. Consolidnted Charitiesfvr the Poor INDEX Trustees, Report Objectives and Activities Achievements and Perfomance Financial Review Future Plans Structure. Govemance and Management Reference and Administrative Details Statement of Trustees. Responsibilities Independent Auditors, Report Statement of Financial Activities 13 Balance Sheet 14 Statement uf Cash Flows 15 Accountins Policies 16 Notes to the Financial Statements 18 DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchunt Tfflylors. Consolidnled Choritie5fvr the Poor TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trn5tees submit their report and linancial statements for the yedrended 31 Iuly 2024. The account5 comply with Accounting and Reportins bv Charities.. Statement of RecomTnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities K)RP {FRS 1021) second edition. and with the Charities Act 2011. Note.. by CharÉty Commission 5theme dated 20 August 2020. the following charities were rnerged into the Charity.. Merchant Taylors. Consolidated Charilies for ihe Infirm I'Nrrccinfirm') Harold cind Dorothy Howitt Trust Fund (Merchant Taylors, Company) I'HowitV) OBJEcfIvES AND AcfivITIES Charitable ThL, ObjLbCts of thL, Charity arL the rL,IIL,f. for thL, LKbnL,fit of thL' public, of thosL' PLX)pILI who arL* sn nL￿% by rvasun vl r IncomL, Fund rL¥StrictL.d purpose). This was outsidL¥ the policy range due tu the build up uf reslricled funds. This will under review uver the next yvar. FUTURE PLANS For the short lo medium term, the Charity will continue to exist in order to.. Huld the Ereehvld of its investment prvperty Rectury Cuurl Receive income for use on nursin8lcare home fees in Greater London, frum the Alfred Charles Ciiihi￿rI Parker Will Trust {reg. charity 29W30). wliose gvverning ducumei)I specifically names the Charity's predecessor MTCClnfirn) as its ￿neFicIarY. The Charity w'ill continue to donate its income from Rectory Cour¢ less the Charity's running costs, tu MTF as a restricted fund in MTF's hands. It is intended to amend the 8uvemins ducument tu bring the provi5i0ns on appuintment and removal of TrustLLb in linc M'ith the appointment mechanism of the Merchant Taylors, Foundation. That provides fur the Cuurt uf the Merdiant Taylors. Company to appoint and remuve Trustee5. This approach recognises that the Court has a better long-tem) overviemp than the Trustees of the skills and experience tu be fLiund acrL)ss the Company's whole membership, which is the poul fn)m which Trustee5 are draiyn. It IS thought such atnendment may require the Charity Commission's involvement Sin￿ the govemin8 document is a Commission Scheme. The Trustees have reviewed whether the ACC Parker Income restticted fund 15 still a viable vehicle for delii'ering a charitable impact. while Subject lo the current terms of the restriction and in the Charity's ownership. They have concluded that it is in the CharitST s best interests to ask the Charity Commi55ion and other stakeholders for permission to vari, the fund'5 terms and transfer the fund to a sister charity (The Merchant Taylors. B(K)ne's Charity). The Trustees will take this fO￿ard in the linancial year ending July 2025. DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchunt Tfflylors. Consolidnled Choritie5fvr the Poor TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 STRUCTURE. GOVERNANCE AND MANAGEMEKr Governin document The Charity is governed by a Charily Commission Scheme dated 20 August 2020. This superseded a Scheme dated I Ith October 19EA), and before that, a ￿heme made in 1924 which consolidated thirty- eight charilable Irusls established by will, deed. or indenture beiween 1452 and 1923. ointm nl of Trust The Trusteos are appointed by resolution of the existing Trustees from the mombership of the Merchant Taylors, Company, M'ith regard paid to the particular skills and expertise thai the Charity nL'Lds at the relevant time. Tnjstees serve for fixed tem)s of three years. ThL, TrustLILiS arLb also TrustL￿￿$ of a number of other grant-makin8 charities with similar associations with Ihv Merchant Taylurs, CLTrmpany. Induction and trainin of Truste Trustees are given a Charity Governance Handb(x)k and a comprehensive induction pack coverin8 key matters siich as the Charity's Obivcts. gri1nt-making pvliry, and wurces vf income. Ti)ey are offered at least one L)pportunity each year to receive Irainins, either by Merthant Taylors, Cumpany staff or extemal speakers. Trustees have access to the governin8 document. pTrvious minutes, and Charity Commission uidance. They are alSLTr SUPPOrted by qualified and experienced staff based at Merchant Taylors, Hall. riurther advice and 8uidance is offered tu the Trustees through a system of committees within the Company, culminatins with the Court OE the MLrchant TaylLTrrs' Company. Mana emenl Personnel The Charity does nut empluy management ￿r$Unnel but receives the services uf Bradestrete Services LimitLd a subsidiary of thL. ML'rchanl Taylors, Company, lo providL all administrativL. fuiictions. Decision-makin and dele ation At the start uf each meetingt the Chairn)an asks the Trustees to declare any personal interest which might directly or indirectly cau* them a conflict. If a Trustee doe5 declare an interest, they do not participate in any decision where that interest is relevant nor do they count towardb the quorum at the time of takins 5urh decision. The Trustees have delegated authority to the Clerk of the Merchant Taylors. Company to incur expenditure from the ACC Parker Income restricted fund, in certain circumstances and subject to certain conditions. The delegation is reviewed annually. Related Parties The TrLiStee5 are aLI memEErs of the Merchant Taylor5 Company. which administers thi5 Charity. Brade5trete &rvice5 Limited. a connected party. incurred ad¥ninistration. establishment and management expenses during the year on behalf of this Charity. DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merch&nt Tttylors, Coiisolidnted Chnrificsfvr the Poor TRUSTEES, REPORT FOR THE YEAR ENDED 31 IULY 2024 REFERENCE AND ADMINISTRATWE DETAILS CHARITY NAME: Merchant Taylors. Consolidated Charitie5 for the Poor REGISTERED CHARITY NUMBER: 214267 {registered with the Charity Commission for Fngland and Wales) ADDRF.SS.. Merchani Taylors, Hall 30 Threadneedle Street London, EC2R 8JB TRUSTEES.. MrRJABull Mr D Jackson (Chainnan) Revd CAnon R Godsall CHIEF EXECUTIVEOFFICER.. Rear Admiral J R H Clink CBE BANKERS: Royal Bank of kntland PLC 62 Threadneedle Street London, EC2R 8LA INVESTMENT MA.NAGERS: Rath￿ne Investment Manasement Ltd 8 Finsbury Circus London, EC2M 7AZ INDEPENDENT AUDITORS: Saffery LLP 71 Queen Victoria Street tDndon. EC4V 4BE SOLICtroRS.. Charles Russell Speechlys LLP 5 Fleet Place London. EC4M 7RD DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchunt Tfflylors. Consolidnled Choritie5fvr the Poor TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 ST ATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting practi￿)- The law applicable to tharities in England and Wales requires the Twstees to prepare financial statements for each financial year which gil'e a true and (air view of the state of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure, of the charitable group for that period. In preparing these financial slatements, the Trustees are required tu.. Select siiitable accounting pulioes and then apply thern consislenily- i)b.qerve the method.s and principles in the Charities SORP,. make judgements and estimates that a￿ ￿a9)nable and pnjdent. -qtate whether applicable accounting standards have l￿en folloHped, subject to any material departurL'S disclosL.d and explainL.d in the Einancial statvments- and prepare the financial statements on the 8oins concern basis unless it is inappropriate tu presum¢ that th¢ charity will continue in business. The Trustees are responsible for keeping proper accountin8 records that disclose with reasonable accuracy al any time the financial position L)f the charitable cumpany and enable them lu ensurL. that the financial statements comply Wlth the Charities Ad 2011, the applicable Charities (Accounts and RL'pc)rlbl Ri'gulatiuns and the prvvisions of the governing documL'nl. Thcy arL' alsu rL'spunsiblL. fur Scife8uarding the assets of the charity and hence for taking rea5unable steps fur the preventi(?n and dL.IL'clivn of fraud and other irregularitie5. The Report of the Trustees was approved by the Trustees on the 08 May 2025 bigned on their behalf.. and OowS4p•d by.. Name.. David Jackso Ral ph charle 27￿)rI424418I F5761y￿22&uEfj Trnstee DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchllnt Tllylors, Consolidfiled Chnritiesfvr the Poor INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 tULY 2024 Opinion We have audited the financial statements of Merchant Taylors. Consolidated Charities for the Poor for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance ShE*t, the Statement of Cash Flows and notes ¢0 the finanoal statements, including significant accounting poliaes. The financial reporting framework that has ￿en applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102, the Financial Reportin% Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practitt}- In our opinion the financial statements.. give a true and fair view of the slate of the Charity's affairs as at 31 July 2024 and of its incoming resources and application of resources for the year then ended- have ￿en properly prepared in accordttn￿ with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accvrdance with Ihv requirements of the Charities Act 2011. Basis for opinion We condiictLd Liur audit in accordance with InlernatiL)nal standards on Auditing IUKI IISAS IUKII and applicc1ble law. Our responsibilities under those standards are further described in the Auditor's rL'sp()n5ibilities f¢)r the audit of the financial statements secliun uf our repL)rl. We are indLpL'ndL'nt of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statl'tni'nts in the UK, including the FRC'S Ethical Standard. and M'e have fulfilled vur otller L.thical re&pon5ibilities in accordance M'ith these requirements. We believe that the audit eipidence we have ()biained is siiEli¢ienl and apprvpriale lo prvvide a basis fvr our opiniun. Conclusions relating to going concern In auditing thc financial statements, M'c have concluded that the TrustL*S' use uf the going cOn￿rn ba5l5 of accountins in the preparation of the financial statements is appropriate. Based on the work we have perfornied. we have not identified any material uncertaintie5 relatin8 to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue a5 a going concern for a periiKI of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and thc responsibilities of the Trustees with resFeCt to going con￿rn are described in the relevant sections of this report. Other information The Trustees are responsible for the other infonnation. The other infonnation comprises the infoTmation included in the annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the fi.nancial statements does not cover the other information and, eX￿pt to the extent othe￿iSe expliatly stated in our rewrt. we do not expTe55 any form of assurance conclusion thereon. DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchllnt Tllylors, Consolidfiled Chnritiesfvr the Poor INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 tULY 2024 Our responsibility is to read the other infonnation 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement 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 facl. We have nothing to report in this regard. Matters on whi¢h we are required io report by exception We Liave nothing lo report in respect of the following matters in relation lo whidi the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the infomiation 8iven in the Trustees, Annual Report is inconsistent in any material respect with the financial slalemenls- or the Charity has not kept suffioent accounting words,. or the financial statements are not in agreement with the accuuntin8 records and retums,. or we have not received all the informaliun and explanations we require fur our audit. ResponsAbilAlies of TTUStees As LxplainL.d more fully in the Trustees. RL'sp)nsibilities Statement sel out on pagL. 8, IhL. TrustL'es are resp()n.gible for the preparatiun uf the financial statements and for being satisfied that the}, give a true and fair viLw, and fi)r such inlLmal control as thL. TrustL*% dL.tcrminL' is nLYL'SSary to L'nablL. the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatemenls, the Trustees are responsible for awssing the Charity's ability to continue as a goin8 concem, disclosin& as applicable, matters related to 80ing concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity OT to cease operationb, or have no realistic altemative but to do bo. Auditors. responsibilities for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and ￿POrt in accordan￿ w?ith regulations made under that Act. Our objectives are to obtain reasonable 355urance about whether the financial 5tatement5 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors, report that include5 our opinion. Reasonable a55uran¢e i5 a hish level of a55urance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will alwa}rs detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasi)nabl}' be expected to influence the economi decisions of users taken on the basi5 of these financial statements. DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merclillnt Taylors, Con.solidAled Chfiritiesfvr the Poor INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 tULY 2024 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect Tnaterial misstatement5 in respect of irregularities, including fraud. The SFecific procedures for this engagement and the extent to whith these are capable ol detecting irregularities. intluding fraud are detailed ￿lOw. Identifying and assessing risks Telated to i￿egula￿ties'. We assessed the susceptibility of the Charitv's financial statements to material misstatement and how fraud might occur, includin% throu8h discussions with representatives of the Trustees, discussions within our aLidit team plantiing meetin& updating our record of inlernal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial slalement_s. We identified laws and regulations that are of significance in the contL)Xt of thL, Charity by discussions with representatives of Trustees and updating our understanding of the sector in M,hich the Charity operates. Law's and regulaliuns OE direct significance in the cunlext of the Charitip include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2￿8 and guidance issued by the Charity C()mmissiL)n f(Trr England and Wales. Audit response to risks Édentified.. We c£)nsidered the extent o( compliance with these laws and regulations as part of our audit prvcedures on the related financial statement items including a ￿vieW of financial statemvnt di%cl(ISLires. We reviewed the Charity's records of breaches of laws and regulations, minuteb of mvi,tings and cvrrespundgncv with relevant authvritivs to identify putvntial mhtvrial misstatements arising. We discusseLI the Charity's policies and procedures fL)r compliance with laws and regulations with members of management responsible for compliance. During the planning meeting Wlth the audit team. the engagement partner drew attention to the key arLas w'hich might invulve non-cvmpliance with laws and rL'gulations or fraud. WL. l￿qUIrl.d of management whether they were aware of any instances of non-compliance with laws and regulations or knowlLdge of any actual, suspcctL.d vr allL'ged fraud. WL addressL.d the risk of fraud through management uverride uf cuntrols by testing the appropriateness uf juurnal entries and identifying any significant transactions that were unusual or outside the nonnal course of busine55. We assessed whether judgement5 made in making accounting e5timate5 gave rise tu a pussible indicatiun of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had appruached their wurk with apprvpriate prvfebsivnal sceptlcibm aiid thus the capacity to identify non-complian￿ with laK'5 and regulations and fraud. There are inherent limitatinn5 in the audit PTiTrcedures described aiK)ve and the further removed non- compliance h'ith lawb and regulations is fvom the events and transactions reflected in the financial 5tatetnents, the le55 likely we wtTruld t￿come aware of it. A150. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detectin8 one resulting from error, as fraud may involve deliberate concealment by. for example. forgery or intentional mi5repre5entations, or through collusion. A fLirther description of our respon.sibilities is ai'ailable on the Finanoal Reporting Council's website at.. ￿Ww.frC.0r auditorsre5 n5ibilitie5. Thi5 description form5 part of our auditorfs report. li DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchllnt Tllylors, Consolidfiled Chnritiesfvr the Poor INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 tULY 2024 Use of our report This report TS made solely to the Charitrfs Trustees. as a b(M4y. in accordance with Part 4 of the Charities (Accounts and Reports) Regulalions 21X)8. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullesl extent permitted b)r law. we do not accept or assume responsibility to anvone other than the Charity and the Trustees as a body. for our audit work. for this report, or for the opinions M'e have formed. Saffery LLP 71 Queen Victoria Street London EC4V 4BE Statutory Auditors Date.. 09 May 2025 SafferyLLP is elL8Lble to act as an auditvr in terms of section 1212 of the Companies Act 2006 12 DoGusign Envelope ID". 06576261-B4964AB&99D&53984B61BFSF Merclillnt Tirylors. Con.£olidfited Ch4ritiesfvr the Poor STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 tULY 2024 Note Unrestricted Restricted Endowment fund fund fund Total 2024 Total 2023 Income and endowments from: Donations and legacies Rental income 42.176 42,176 410,527 5,511 458,214 40,56A) 395,337 3,201 439,098 410,527 5.511 Investment income Total 416,038 42,176 Raising funds Investment costs 6,0(X) 6,OLM) Charitable activities Grants Support costs 467.011 46.428 513,439 467,011 51,188 518,199 324,1411 40,913 365,061 4,700 4.760 Total expenditure 513.439 4,760 518,199 371,061 Net Ilossesllgains on investments 1991,250) 1991,2501 228,825 Net movement in funds 197.4011 37.416 1991,2501 11,0512351 296,862 Funds al l August 2023 863,841 319.270 6,5(M),IKK) 7,683,111 7,386,249 Funds at 31 July 2024 766,440 356.686 s￿08,750 6.631￿76 7,683,111 The notes on pages 16 to 25 forn) part of these financial statements DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merclillnt Tnylors, Consolidnled Charitiesfvr the Poor BALANCE SHEET AS AT 31 JULY 2024 Note 31 July 2024 31 July 2023 Fixed assets Investmenl property s.sl8,7￿) 6,5(Xl,000 5508.750 6.5(MJWOO Current assels Debtors Cash at bank 820.715 373.771 791.770 470.491 1.194.486 1.262261 Creditors 71,3￿* 79,150 Nel current assets 1,123,126 1,183,111 Tolal assets 6.631,876 7.683,111 Funds EndiiwmLnt Restricted Unrestricted 5,STr8,750 356,&86 766,440 6,5(X),000 319,270 863,841 io 6.631*76 7,683.111 These financial statements were approved by the Trustees on and signed on their behalf by: 08 May 2025 Davi d Jack5 Ral ph charl S GO Trustee 2708IJ714284181 Trustee F576478C22WE6 14 DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merclillnt Tirylors, Consolidnled Charitiesfvr the Poor STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 WLY 2024 2024 2023 Cash flows from operating aclivitses: Net cash provided by operating activities (102,2311 54,774 Cash flows Érom investing activities: Investment income 5,511 3,201 Change in cash and cash equivalents in ihe reporting peri 196.7201 57.975 Cash and cash equivalents al l August 2023 470,491 412,516 Cash and cash equivalenls at 31 July 2024 373,771 470,491 Cash flows from operating activities 2024 2023 Net movement in funds las per the slalemenl uf finanaal acliviliesl (1,051,235) 296,862 Adjustment$ for. Lossllgainl vn investments Investment incume Ilncreasel in deblvrs IncreabellDecreasel in creditors 991,250 15.5111 128,9451 17,7901 1228,825) 13,2011 {23,722} 13,660 11022311 54,774 DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merclillnt Tllylors, Con%olidfiled Chnritiesfvr the Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 l. Accounting Policies Charity information Merchant Taylors, Consolidated Charities for the Poor is registered with the Charity Commission for England and Wales (registered nuTnber 214267). The resistered address is 30 Threadneedle Street, London, EC2R 8JB. Basi5 of preparalion These financial statements have been prepared in accordan￿ with Accountin8 and Reporting by Charities.. Statement of Recommended Praciice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} Isecond edition) (Charities SORP {FRS 102)) and the Charitie5 Aci 2011. The Charity CODslilules a public benefjil entity as defined by FRSIO2. The financial slalements have prepared lo give a true and fair view and hai'e departed from the Charities (Accounts and Reports) Resulations 2(M)8 only to the extent required to provide a true and fair view. Thi5 departure has involved following the 50RP rather than Accuunting and Repurling by Charities.. Statement of Recommended Practice {revised 2￿5) which has been withdrawn. The financial statements have been prepared on an accruals basis under the historic cost convention, with the exceptivn of investments which a￿ statvd at market value. Goin8 Concern Al Ihl limL l)f apprLTrving the finanaal slalemenls, the Trustees have a reasonable expeclatiun that the Charity has adequate Trsvurces lo continue in L)peralional existence for Ilie fU￿seeable future. Thus the Trustees cunlinue lo adopt the soins concern basis of accounting in preparins the financial statements Income Income i.4 recosnised when the Charity has entitlement to the funds. any performance conditions altaihLd lo thL ItLm{sl of income havc tKt'n met, it is probablL' that ihL incomL' will ￿. rLcLivLsd and IhL' amount can be mvasured reliably. All incuming resources are included in the Statement uf Finaiicial Activities when the Charity is entitled to the income and Ihe amount can quantified with reasonable accuracy. Donation income is recognised when their receipt is pft)bable. Income from invebtments is recognised m.hen receivable. Expenditure ExP￿nd[ture L5 recogni5ed on an accruals basi5 a5 a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on raising funds comprises those costs directly attributable to managing the investment portfolio (including investment property) and raising investment income. Investments Investment property is revalued annually by the Trustees using appropriate professional advice. DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merclillnt Tllylors, Con%olidfiled Charitiesfvr the Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 Financial Instrnments The Charity only has financial assets and finanaal liabilities of a kind that qualify as basic financial instruments. Basic finanaal instruments are initially recognised at transaction value and subsequently measured at their settlement value. Critical Accounttng Judgements and Estimates The preparation of the CharÉty's linancÉal statements requires the use of ￿rtain judgements, estimates and assumptions that affect the reported amounts of assets. liabilities. income and expenses. Estimates and jiidgements are continually evaluaied and are ba_sed on hislorical experience and other faclors, includin% expectations of future events that are believed to be reasonable under the cirCumstan￿s. Changes in accounting eslimales may be necessary if ihere are changes in the arcurnstance5 on which thL) estimate was based or as a result of new infom)ation or MO￿ experience. The key accounting judgement in the financial stalements relates to the investment property valuatio as detailed in note 4. 17 DoGusign Envelope ID". 06576261-B4964AB&99D&53984B61BFSF Merclillnt Tirylors. Con.solidfiled Charitiesfvr the Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 2. Grants Total 2024 Total 2023 Institutional grants Merchant Taylors, Foundation Tolal 467,011 324,148 467.011 324,148 3. Support costs Total 2024 Tutal 2023 Administration costs 37,672 31.6t19 Insurance 466 466 Audit lees- current year 13,050 8,758 51.188 40,913 DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merclillnt Tllylors, Con%olidfiled Charitiesfvr the Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 4. Investment property 2024 2023 Valuation at l August 2023 6,500.IMK) 6,271.175 Revaluation 1¢)91.250) 228,825 Valuation at 31 July 2024 5508.750 6.500.0￿) Investment pruperties werv valued as at 31 Jul). 2024 by Nigel Gammun, a memEYr uf the Rvyal Institute of Chartered Surveyors employed by the Merchant Taylors, group, on the basis of market valiie in accordance with the Statements vf Awt ValuatiL)n Practice and Guidance Notes publislied by the R()yal Institution of Chartered Surveyors. 5. Debtors 2024 2023 Prepayments & accrued income Other debtors 423 428 820,292 820,715 791.342 791,770 Included in other debic)rs is a balance vf £820.292 (2023= £791.342) representing the income accrued during the rent-free perivd which will bE spread over the lifv (Tr( the lease in respect uf Rectury Cuurt. DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchllnt Taylors, Con.%olidAled Chnritiesfvr tlte Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 6. Creditors 2024 2023 Accruals 10,89) 14,730 Deferred income 54.765 61,338 Other creditors 5,705 nJ60 3,082 79.150 Other creditors includes balances with connected partie& 2024 2023 Bradestrete Services Limited 5,705 3,0112 7. Unrestricled funds Balance I August 2023 Income Expenditu Balance 31 July 2024 Unrestricted funds 863,841 416,038 1513.439) 766,440 Comparative inforniation Balan I Ausu5t 2022 Income Expenditure Balance 31 July 2023 Unrestricted funds 832,585 398,538 1367,2821 863WI DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchllnt Taylors, Con.%olidAled Chnritiesfvr tlte Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 8. Restricted Funds Balan l August 2023 Income Expenditure Balance 31 July 2024 Parker bequest 319,270 41176 {4,7￿) 356,686 Comparative infonnation Balance l August 2022 Income Expenditure Balance 31 July 2023 Parker bequest 281489 40,5f {3,779) 319,270 This fund i.s restricted to use on payin8 8rants to assist M'ith nursin8 home or residential care home fees in IhL Gri'.IlL'r Lvndun area. The charity CLTrntinues tu seek ways in which lo utilisL. IhL'sL. funds. 21 DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merchllnt Taylors, Con.%olidAled Chnritiesfvr tlte Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 9. Endowment Funds Balance l Augusi 2023 Net Income Investment losses Balan 31 July 2024 Permanent Endowment 6.5(M),IKKJ (991,250) 5,508,750 Comparative inforniation Balan l August 2022 Net Income Investment sains Balance 31 July 2023 Permanent Endowment 6,271,175 228,t125 6,500,0 This balance represents the consolidation of several historic endowments. In 21121 the Charity d()nated all enduwments. excluding thi)se held as propety investment in Rectory Court, IL) the Merchant TaylL)rs' Foundation. DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merclillnt Tllylors, Con%olidfiled Chnritiesfvr the Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 10. Analysis of net assets between funds At 31 July 2024 Unrestricted funds Restrirted funds Endowment funds Total funds Investments 5.508.750 5,508,7 Current asset5 766.440 356.686 1,123,126 766.440 356M6 5508.750 6.631,876 At 31 July 2023 Unrestricted funds Restricted funds Endowment funds Total funds Investments 6.51K),(KK) 6,500,0(KI Current asse15 863,841 319,270 1,1113,111 863.841 319270 6.5LKJ,000 7.683,111 11, Related party transactions Br¢ideslrete Services Limited, a connected party. incurred and recharged adminislrativn, eslablishmenl and management expenses during the year to this Trust amounting to £37,672 (2023: £31,688). The Trustees are all members of the Merchani Taylors, Company, which administers this Trust through it5 subsidiary Bradestrele Services Limited. The balances due to and from the other Tnjsts and Companies associated with the Merehant Taylors, Company at 31 July 2024 are disclosed in note 6 to the financial statements. Durins the year the charity made a substantial donation to fvrtF. see note 2 for further details. No Tru5tee5 have re￿iVed any remuneration in the year nor have they been reimbursed for expenses 12023.. none and none). DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BF5F Merclillnt Taylors, Con.%olidAled Charitiesfvr the Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 12. OperatlDg leases 2024 2023 Due within one year 410.426 410,526 Due between one and five years Due after five years 1.642,104 1,642,107 5.148,680 5,388,168 7.201.210 7,440￿01 The balance represents the minimum arnuunts due as lessor under nun-cancelling operating leases. 24 DoGusign Envelope ID". 06576261-B4WAB&99D&53984B61BFSF Merclillnt Taylors. Con.%olidfiled Charitiesfvr the Poor NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tULY 2024 13. Comparative inforniation Unrestricted Restricted fund fund Endowment fund Total 2023 Income and endowment5 from: Donations and legacies Rental income 40.5fl) 40,560 395,337 3,201 395,337 3.201 Inve%tment income Tolal 398,538 40￿60 439,098 Raising funds Investment costs 6.0(K) 6.000 Charilable activities Grants Support costs 324.14 37,134 361,282 324,1411 40,913 365,061 Total expenditure 367.282 371,061 Net gains ¢)n investments 228,825 228,825 Net movement in funds 31256 36.781 226￿25 296￿62 Funds at l Au8USt 2022 832.585 282,489 6,271,175 7,386,249 Funds at 31 July 2023 863,841 319270 6,5(KJ,000 7,683,111