## **Sir Robert Geffery’s Almshouse Trust** ## **Annual Report and Financial Statements** Year ended 31 March 2023 Charity Registration Number 219153 (England & Wales) Regulator of Social Housing Number A2071 ## **Contents** |**Reports**|| |---|---| |Reference and administrative information|1| |Trustee’s report|2| |Independent auditor’s report|9| |**Financial statements**|| |Statement of financial activities|14| |Comparative statement of financial|| |activities|15| |Balance sheet|16| |Statement of cash flows|17| |Principal accounting policies|18| |Notes to the financial statements|22| Sir Robert Geffery’s Almshouse Trust **Reference and administrative information** **Trustee** The Ironmongers' Trust Company **Charity number** 219153 **Registered address** Ironmongers' Hall Shaftesbury Place London EC2Y 8AA **Auditor** Buzzacott LLP 130 Wood Street London EC2V 6DL **Bankers** Barclays Bank PLC 1 Churchill Place London E14 5HP **Investment managers** Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Sir Robert Geffery’s Almshouse Trust **1** **Trustee’s report** 31 March 2023 The Trustee presents its report and financial statements for the year ended 31 March 2023. The Trustee confirms that the financial statements comply with the current statutory requirements and with the requirements of its governing document. Sir Robert Geffery's Almshouse Trust ("the Trust") is governed by a Charity Commission Scheme ("the Scheme") dated 16 March 1988 under the trusteeship of the Ironmongers' Trust Company ("the Trustee"). The directors of the Trustee are appointed by The Worshipful Company of Ironmongers ("the Company"), a Livery Company in the City of London, governed by Royal Charter since 1463 and sole member of the Ironmongers’ Trust Company. ## **Linked Charities** The Trustee is the trustee of five other charities ("the linked charities") linked to Sir Robert Geffery's Almshouse Trust by a uniting direction, made by the Charity Commission, dated 19 March 2012. Thomas Betton's General Estate is governed by a Charity Commission scheme dated 31 August 1982. Thomas Betton's Charity (Educational) is governed in part by Charity Commission schemes dated 25 July 1907 and 31 August 1982 and in part by a scheme made by the Minister of Education under the Charitable Trusts Act 1853 to 1925 dated 30 June 1954. Thomas Betton's Charity for Pensions and Relief in Need is governed by a Charity Commission scheme dated 13 April 1973, amended by a further scheme dated 31 August 1982. The Ironmongers' Foundation was established as the Ironmongers' Quincentenary Charitable Fund (QCF) by a Deed of Trust dated 15 June 1964 and admitted to the Charity Register in December 1964. The QCF was renamed the Ironmongers' Foundation in July 2006 ("The Foundation"). Sir Robert Geffery's School Charity, Landrake is governed by a Charity Commission Scheme dated 10 February 1992. ## **Objects and activities** ## _**Sir Robert Geffery's Almshouse Trust**_ The principal object of the Trust is to support older people in its Almshouse (‘Home’) and to apply income towards the maintenance and operating costs of the Home. Subject to the above, the Trustee applies any surplus income as grants for relief in need. ## _**Thomas Betton's General Estate**_ The net income of Thomas Betton's General Estate is apportioned and distributed each year to two charities; three quarters to Thomas Betton's Charity (Educational) and one quarter to Thomas Betton's Charity for Pensions and Relief in Need. Sir Robert Geffery’s Almshouse Trust **2** **Trustee’s report** 31 March 2023 ## **Objects and activities** (continued) ## _**Thomas Betton's Charity (Educational)**_ The object of the Charity is to benefit schools wherein religious instruction is given in accordance with the principles of the Church of England or the Church of Wales. The Charity is divided into two parts. The England & Wales Schools' Fund awards grants to schools in the dioceses of England and Wales and the London Schools' Fund, to schools in the dioceses of London and Southwark. ## _**Thomas Betton's Charity for Pensions and Relief in Need**_ The objects of the Charity are to make pension payments and grants for relief in need. ## _**The Ironmongers' Foundation**_ The Foundation was established by the investment of monies donated by the Company, its members and other supporters. The primary purpose of the Foundation is to enable the Company to support charitable activities in keeping with its historic origins in the iron industry. ## _**Sir Robert Geffery's School Charity, Landrake**_ The principal object of this Charity is to own, keep and maintain Sir Robert Geffery's School, Landrake (“the School") and to apply income in assisting the School's governors to discharge their obligations under the Education Acts with respect to the maintenance of the School. ## **Grant Making Policy** ## _**Schools**_ Thomas Betton's Charity (Educational) has established partnerships with primary schools in disadvantaged communities across England and Wales as the most effective way to meet its objectives. Through a combination of financial and moral support the Charity aims to help the schools improve educational standards. The Trustee's policy is to allocate available funds to selected partner schools, as follows: - grants to Church of England primary schools, for educational activities and resources that are additional to those usually funded by the State; and - bursaries for students at other specific schools with which the Trustee has an ongoing relationship. ## _**Relief in Need**_ The Trustee's policy is to allocate available funds to charitable organisations that meet its aims and objectives, namely to help young people who are disadvantaged to improve their ability to make the most of their lives. Grants are made to educational projects that enable children and young people up to the age of 25 to develop the motivation and skills necessary to take advantage of opportunities. All appeals from charities meeting the criteria are considered. Resources are committed each year to support longer term partnerships with a small group of charities operating in key areas of interest. In addition, grants are made to specific welfare organisations with which the Trustee has a longstanding relationship. Sir Robert Geffery’s Almshouse Trust **3** **Trustee’s report** 31 March 2023 ## **Grant Making Policy** (continued) ## _**Iron**_ The Trustee's grant-making policy aims to encourage the continued development and use of iron and steel. This is achieved through supporting learning activities at education institutions and charitable organisations with which the Trustee develops ongoing relationships. Two award schemes funded by the Ironmongers' Foundation promote excellence and innovation in the steel industry. Grants are also made to charitable organisations for restoration of historic ironwork and creation of new work in iron or steel. In response to the much publicised skills gap in the British engineering industry, the Company supports initiatives that encourage talented young people to study science subjects at school and university. The Trustee maintains the Company's historic trade and City connections through grants to selected charitable organisations. ## **Achievements and performance** ## _**Homes**_ The refurbishment of Geffrey’s Fields (a sheltered housing scheme run by the Ironmongers’ Company) was finally completed in March 2023, much to the delight of residents and all involved. Two years and a day after vacating Geffery’s Fields, residents moved from Hook back into their new home. The move started on 11 April and was completed on 5 May, with a party to celebrate the Coronation of King Charles and Queen Camilla the following day. When the Homes Committee visited residents later that month, they expressed pleasure at the return to Basingstoke and in spite of a few minor outstanding fixes, were immensely grateful for improvements to the Home. Members (both current and past) have made significant contributions to Geffery’s Fields transformation. It has been a great comfort that the Trust has been able to draw upon the expertise and knowledge of the Committee membership to deliver this project. Both the Charites Manager and the Warden of Geffery’s Fields have also played essential roles in ensuring the smooth operation of both Homes and resident resettlement ## _**Schools**_ The Trustee measures its achievements through evaluation of the outcomes of funded projects. Improvements in standards at partner schools, on which the Betton's Charity (Educational) aims to have a positive impact, are also monitored. Relevant information is gathered through a combination of reports from Headteachers, school performance data, visits to schools and feedback from Diocesan staff. Each school is allocated a Freeman of the Company to act as the Charity's primary contact, fostering the relationship and visiting the school at least once per year. Sir Robert Geffery’s Almshouse Trust **4** **Trustee’s report** 31 March 2023 ## **Achievements and performance** (continued) ## _**Schools** (continued)_ The evaluation process undertaken at the end of the year confirmed that all nine partner schools were making effective use of their funding. They reported an improvement in performance among children involved in projects funded by the Charity, as well as a positive impact on overall standards. As post-COVID restrictions eased, Ironmongers were able to resume their usual school visits in 2022/23. The progress of bursary recipients is monitored through written reports from the students and staff, along with regular visits to schools by members of the Company. Students and their headteachers are also invited to Ironmongers' Hall each year. These visits resumed in the second half of the year. ## _**Relief in Need**_ The Trustee measures its performance in meeting its objectives through evaluation of the outcomes of grants awarded. Beneficiaries are required to complete evaluation forms and provide additional relevant information following the implementation of funded projects. The monitoring process indicates that grants have been spent in accordance with requirements and achieved a positive impact on those they were designed to support. Relationships with four existing partner charities were continued during the year. Lyric Hammersmith and MakeBelieve Arts use the arts to enable children and young people to develop basic skills such as literacy. St Vincent's Family Project provides support to parents of young children in challenging circumstances and The Island Trust, a sail training charity, delivers educational skills to disadvantaged and disabled young people. Evaluation of progress at the end of the year confirmed that all four charities had achieved the objectives set by the partnership. ## _**Iron**_ The outcomes of grants awarded are evaluated through a combination of written reports, visits and presentations by students. The evaluation process indicated that previous grants have been spent in accordance with the Trustee's requirements and have achieved a positive impact. The Trust continued its partnerships with three organisations providing STEM activities in secondary schools; Smallpeice Trust, The Work-wise Foundation and The Access Project. ## _**Sir Robert Geffery's School, Landrake**_ Grants were made for specific purposes as set out in applications made to the Charity by the headteacher of the school. The Trustee measures performance primarily through assessment of the effectiveness of the teaching environment as indicated by the size of the school roll and Ofsted reports. Relevant information is gathered through a combination of reports from the Headteacher, Ofsted, Governors' visits and feedback from Cornwall County Council and Diocesan staff. Sir Robert Geffery’s Almshouse Trust **5** **Trustee’s report** 31 March 2023 ## **Achievements and performance** (continued) ## _**Sir Robert Geffery's School, Landrake** (continued)_ The number of children on roll is 217. The last Ofsted inspection, carried out in June 2012, judged the School to be Outstanding. ## **Public Benefit** The Trustee has complied with its duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission. ## **Financial review** ## _**Statement of Financial Activities**_ Total income and endowments in the year amounted to £2,565,539 (2022: £8,946,990). These amounts included investment income distributions from The Ironmongers' Common Investment Fund of £2,033,851 (2022: £1,651,852). In 2022, there was a surplus arising on the sale of the Gefferys House land and buildings of £6,839,081. Total charitable expenditure was £1,851,228 (2022: £2,066,708) of which grants payable amounted to £627,305 (2022: £602,844). Net unrealised losses of £1,925,655 (2022: gains of £3,398,468) arose on the Trust’s investment in The Ironmongers' Common Investment Fund. ## _**Balance sheet**_ The net assets of the Trust and its linked charities amounted to £43,240,292 at 31 March 2023 (2022: £44,451,636). The investments of the Trust and its linked charities are held on a pooled basis in The Ironmongers’ Common Investment Fund (“CIF”). Individual target returns for both the CIF’s listed investments portfolio and property portfolio are set and reviewed by the Trustee. The Trust and its linked charities have a facility agreement under which they have borrowed £3.5m over 15 years and £7.0m over 25 years (both from 5 April 2017) at fixed rates of 3.23% and 3.48% respectively. The funds were used to purchase further units in the Ironmongers’ Common Investment Fund. ## _**Reserves Policy**_ The Trust’s free reserves as at 31 March 2023 were £5,395,546 (2022: £9,011,542). It is the policy of the Trustee to maintain a level of sufficient free reserves in Sir Robert Geffery's Almshouse Trust to cover major cyclical or emergency works to its Homes. In addition, opportunities for the modernisation or expansion or further provision of accommodation are constantly under review. The Trustee maintains unrestricted funds of the linked charities at a level which is sufficient to generate the level of income required to meet the annual grants approved by the Trustee. Reserves in Sir Robert Geffery's School, Landrake are retained in that Charity's Accumulated fund in order to finance the future provision of facilities for the School. Sir Robert Geffery’s Almshouse Trust **6** **Trustee’s report** 31 March 2023 ## **Financial review** (continued) ## _**Risk Management**_ The Trustee has examined major strategic, business and operational risks which the charities face and confirms that systems have been established to enable regular reports to be produced identifying the risks and the mitigating actions to lessen these risks. The Trust is reliant on the availability of the Homes' premises in order to discharge its principal objective. ## **Plans for future periods** The Trustee plans to progress its aims and objectives in forthcoming years, subject to available finance and annual performance reviews. Following the successful completion of the refurbishment of Geffery’s Fields, the Trustee will continue to monitor service provided in order to meet residents’ needs. ## **Structure, governance and management** ## _**Trustees**_ The following individuals are directors of The Trustee as at the date of this report: D J Worlidge H J Charnaud R H Hunting R J Patteson-Knight R C R Twallin E D Wauchope K J Hughes P K Estlin T R Boddy J Verden A G Wauchope The Trust is a Registered Provider and therefore subject to regulation by the Regulator of Social Housing. ## _**Organisation**_ The Trustee delegates management of its almshouse (“Home”) and grant making functions to four committees, each with a specific remit. The committees meet up to three times per year and membership is made up of between 10 and 23 Freemen of the Company. Members serve a minimum of two years, with at least two new members usually appointed each year. Induction of new members is achieved through the provision of relevant documents and the support of the Committee Chairmen. The day-to-day administration of the Home is undertaken by a resident Warden, under the direction of staff of Ferroners plc, a company wholly owned by the Company. The directors of the Trustee and the members of the above committees are the key management personnel and do not receive any remuneration for the services they provide to the Trust and the linked charities. Sir Robert Geffery’s Almshouse Trust **7** Trustee's report 31 March 2023 Structure. govomance and managfrment (continued) Investment Powers The schemes of Sir Robert Geffery's Almshouse Trust and the linked charities provide full and unrestricted powers of investment lo the Trustee. Investment Assets Other than sums needed for working eapilal purposes, the monies of Sir Robert Geffery's Amshouse Tnjst and the linked charities are invested in units of The Ironmongers, Common nvestmenl Fund, a registered charity also under the trusteeship of the Trustee. Income from the units 1$ distributed lo the charities on a quarterty basis. Trustee's re8pon8ibiliti8s statement The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with appIl￿ble law and United Kingdom Accounting Standards IUTriled Kingdom Generally Accepted A￿Unting Praclicel. The law applicable lo charities in England and Wales requires the Trustee to prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the harty and of the income and expenditure of the charity for that year. In preparing these financial slalements, the Trustee is required to.. select suitable accounting policies and then apply them consistently; observe the melh¢)ds and principles in the Charrties SORP,. make judgements and eslimales that are reasonable and prudent., state whether applicable aec£Junting standards have been followed, subject lo any material departures disclosed and explained in the financial statements,. and • prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The Trustee is responsible for keeping proper acctjunting reC￿rdS that disclose with asonable accuracy at any time the financial posi(ion of the charity and enable them to ensure that the financial ststemenls comply with the Charities Act2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the charty and hence for taking rea80nable steps for the prevention and deteCt￿n of fraud and other irregularities. Approved by Richard Hunting on behalf of the The Ironmongers. Trust Company. the sole Iru$tee Dated.. 26 September 2023 Sir Robert Geffery's Aimshouse Trust **Independent auditor’s report** 31 March 2023 ## **Independent auditor’s report on the financial statements to the Trustee of Sir Robert Geffery’s Almshouse Trust** ## **Opinion** We have audited the financial statements of Sir Robert Geffery’s Almshouse Trust (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 affairs of the charity as at 31 March 2023 and of its income and expenditure 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. ## **Basis for opinion** 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 United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance 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 going concern** In auditing the financial statements, 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 relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to 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. Sir Robert Geffery’s Almshouse Trust **9** **Independent auditor’s report** 31 March 2023 ## **Other information** The Trustee is responsible for the other information. The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial 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 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 fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: -  the information given in the Trustee’s report is inconsistent in any material respect with the accounts; or -  sufficient accounting records have not been kept; or -  the accounts 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, 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 using the going concern basis of accounting unless the Trustee either intends to liquidate the charity, or has no realistic alternative but to do so. Sir Robert Geffery’s Almshouse Trust **10** **Independent auditor’s report** 31 March 2023 ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 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 material 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 statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulation; - We identified the laws and regulations applicable to the charity through discussions with key management; - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the activities of the charity. These included but were not limited to the Charities Act 2011 and the financial reporting framework; and - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of key management and review of minutes of Trustee’s meetings. We assessed the susceptibility of the financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - Making enquiries of key management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. Sir Robert Geffery’s Almshouse Trust **11** **Independent auditor’s report** 31 March 2023 **Auditor’s responsibilities for the audit of the financial statements** (continued) To address the risk of fraud through management bias and override of controls, we: - Performed analytical procedures to identify any unusual or unexpected financial relationships; - Tested and reviewed journal entries to identify unusual transactions; - Tested the authorisation of expenditure; - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; and - enquiring of management as to actual or potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise form error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s report. Sir Robert Geffery’s Almshouse Trust **12** **Independent auditor’s report** 31 March 2023 ## **Use of our report** This report is made solely to the Trustee, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Trustee those matters 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 charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed. 29 September 2023 Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Sir Robert Geffery’s Almshouse Trust **13** ## **Statement of financial activities** Year ended 31 March 2023 |Notes|
**Un-**
**restricted**
**general**
**funds**
**2023**
**£**|**Un-**
**restricted**
**designated**
**funds**
**2023**
**£**|**Restricted**
**funds**
**2023**
**£**|**Endowment**
**funds**
**2023**
**£**|**Total**
**2023**
**£**|Total
2022
£| |---|---|---|---|---|---|---| |**Income and endowments**
**from:**
Donations and legacies
Investments

Charitable activities
1
Other income
2
**Total income and**
**endowments**
**Expenditure on:**
Charitable activities
3
**Total expenditure**

**Net income before transfers**
**and investment gains and**
**losses**
Net (losses) gains on
investments
11
Gross transfers between funds
**Net income (expenditure) and**
**net movement in funds**
Fund balances at 1 April 2022

**Fund balances at 31 March**
**2023**
18|
**—**
**1,254,989**

**323,722**

**10**|
**—**

**15,873**

**—**

**—**|

**194,603**

**762,989**

**—**

**22**|
**13,331**

**—**

**—**

**—**|

**207,934**

**2,033,851**

**323,722**

**32**|107,372
1,651,852
371,265
6,816,501| ||**1,578,721**|
**15,873**|
**957,614**|
**13,331**|
**2,565,539**|8,946,990| ||**1,001,124**|
**—**|
**850,104**|
**—**|


**1,851,228**|2,066,708| ||**1,001,124**|
**—**|
**850,104**|
**—**|
**1,851,228**|2,066,708| ||**577,597**

**(319,443)**
**(700)**|
**15,873**

**(34,720)**
**700**|
**107,510**

**(808,738)**

**—**|
**13,331**

**(762,754)**

**—**|

**714,311**
**(1,925,655)**

**—**|6,880,282
3,398,468
—| ||**257,454**
**12,296,102**|
**(18,147)**

**2,500,097**|
**(701,228)**
**13,764,580**|
**(749,423)**

**15,890,857**|**(1,211,344)**

**44,451,636**
|10,278,750
34,172,886| ||
**12,553,556**|
**2,481,950**|**13,063,352**|
**15,141,434**|**43,240,292**|44,451,636| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. Sir Robert Geffery’s Almshouse Trust **14** ## **Statement of financial activities** Year ended 31 March 2022 |_Notes_|
_Un-_
_restricted_
_general_
_funds_
_2022_
_£_|
_Un-_
_restricted_
_designated_
_funds_
_2022_
_£_|_Restricted_
_funds_
_2022_
_£_|_Endowment_
_funds_
_2022_
_£_|_Total_
_2022_
_£_| |---|---|---|---|---|---| |_Income and endowments from:_
_. Donations and legacies_
_. Investments_
_. Charitable activities_
_1_
_. Other income_
_2_
_Total income and endowments_

_Expenditure on:_
_. Charitable activities_
_3_
_Net income before investment gains and_
_transfers_
_Net gains on investments_
_Net income before transfers_

_Gross transfers between funds_

_Net movement in funds_

_Fund balances at 1 April 2021_

_Fund balances at 31 March 2022_
|—
_913,811_

_371,265_
_6,816,501_|—
_14,501_

—

—|_92,051_
_723,540_
—
—|
_15,321_

—
—
—|
_107,372_
_1,651,852_
_371,265_
_6,816,501_| ||_8,101,577_
_1,276,104_|
_14,501_

—|
_815,591_
_790,604_|
_15,321_

—|
_8,946,990_
_2,066,708_| ||_6,825,473_
_633,812_|
_14,501_

_29,769_|
_24,987_

_1,415,823_|
_15,321_

_1,319,064_|
_6,880,282_

_3,398,468_| ||_7,459,285_
_2,985,455_|
_44,270_
_(2,985,455)_|
_1,440,810_
_(460)_|
_1,334,385_
_460_|_10,278,750_

—| ||_10,444,740_|_(2,941,185)_|_1,440,350_|
_1,334,845_|_10,278,750_| ||_1,851,362_|
_5,441,282_|_12,324,230_|
_14,556,012_|_34,172,886_| ||_12,296,102_|
_2,500,097_|_13,764,580_|
_15,890,857_|_44,451,636_| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. Sir Robert Geffery’s Almshouse Trust **15** Balance sheet 31 March 2023 2023 2023 2022 2022 Notes Flx•d assats Tangible asseis Heritage assets Investments 8.244,576 4,732 42,021,273 50.270,581 4,411.307 4,732 43,946,928 48.362.967 10 Current *￿tts Debtors Cash at bank and in hand 12 186,73S 4,080,707 4.267,442 199,320 7,622.448 7,821,768 Cr•ditors'. amounts fallSng dufr wlthin one year 13 1494.9801 1928,4571 Net CUrr￿t a#8•ts 3,772,462 6.895.311 Total a$sets 108$ Current Ilabllltle8 ¥043,043 55.258.278 Crgdltoys.. amounts tslllng d after more than on¢ year 14 110,802,751) 110,8(6.e421 Nèt assets 43,240,292 44,451,636 C¥pltsl fvnds Endowrnent ￿ndS Income funds Restricted funds Unrestriet•d fLbnds Designated funds General unrfrsthcted fvnds 15 15,141,434 Is,8￿,857 16 13,063,352 13,764.580 17 2,481,950 12,$53,556 2,51X).tYJ7 12.2￿.102 15,035,506 43,240,292 14.7￿,199 44.451.636 The financial stslemenls were approved by The Ironmongers, Trust Company, the sole trustee, on 26 September 2023. Richard Hunting Director of The Ifonmongers. Trust Company Sir Robert Geffery's Almshouse Tfust 16 ## **Statement of cash flows** 31 March 2023 |Notes|
**2023**
**£**|**2023**
**£**|2022
£|2022
£| |---|---|---|---|---| |**Cash flows from operating**
**activities**
Cash absorbed by operations
21
**Investing activities**
Purchase of tangible fixed assets

Proceeds on disposal of tangible
fixed assets
Purchase of investments
Investment income received
**Net cash generated from investing**
**activities**
**Financing activities**
Repayment of bank loans
**Net cash used in financing**
**activities**
**Net decrease in cash and cash**
**equivalents**
Cash and cash equivalents at
beginning of year
**Cash and cash equivalents at end**
**ofyear**|
**(3,886,320)**
—
—
**2,033,851**|**(1,685,736)**
**(1,852,469)**
**(3,536)**|(2,458,877)
7,275,677
(6,027,787)
1,651,852|(1,088,971)
440,865
(3,261)| ||**(3,536)**||(3,261)|| |||||| |||**(3,541,741)**
**7,622,448**||(651,367)
8,273,815| |||**4,080,707**||7,622,448| Sir Robert Geffery’s Almshouse Trust **17** **Principal accounting policies** 31 March 2023 ## **Company information** Sir Robert Geffery's Almshouse Trust is a registered charity with the Charity Commission (No 219153), incorporated in England and Wales. Its principal address is Ironmongers' Hall, Shaftesbury Place, London, EC2Y 8AA. ## **Accounting convention** The financial statements have been prepared in accordance with the Charities Act 2011 and 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 charity is a Public Benefit Entity as defined by FRS 102. The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention, except for the valuation of investments as detailed below. ## **Going concern** The Trustee has a reasonable expectation that the charity can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The charities’ giving is principally of a short term nature and can be set at levels commensurate with the anticipated level of investment income. Following the sale of one of its almshouses the Trustee has the expectation the remaining almshouse can continue to operate its homes for the foreseeable future. ## **Charitable funds** Unrestricted funds are available for use at the discretion of the Trustee in furtherance of its charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Designated funds relate to income that has been allocated by the trustee to specific projects being undertaken by the charity. The Major Repairs fund and Sinking fund have been set up under the requirements of the relevant Trust Deed. Endowment funds include legacies and donations where the donor has stipulated the use of the donation received as capital. Sir Robert Geffery’s Almshouse Trust **18** **Principal accounting policies** 31 March 2023 ## **Income** All income is included in the statement of financial activities when the charity becomes entitled to the income and the amounts can be measured reliably. Voluntary income and investment income are accounted for on a receivable basis. Income from charitable activities is accounted for when earned and comprises maintenance contributions from Almshouses’ residents. Government grants are recognised at the fair value of the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants were received under the Coronavirus Job Retention Scheme. The scheme is designed to compensate for staff costs, so amounts received or receivable are recognised in the income statement as part of other income over the same period as the costs to which they relate. Government grants are accounted for under the performance model. ## **Expenditure** Expenditure is recognised in the period to which it relates. Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objectives. Grants are accounted for on a paid basis unless the grant making committees have commitments at the year end to make grants that have not been paid in that year, in which case the grants are accrued. Support costs represent costs that cannot be directly attributed to the activities. Governance costs include the costs of compliance with constitutional and statutory requirements and have been allocated to the charitable activities in the same proportions as support costs. ## **Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Freehold buildings Over estimated life of 50 years on a straight line basis Fixtures, fittings & equipment 10% straight line Freehold land is not depreciated. Sir Robert Geffery’s Almshouse Trust **19** **Principal accounting policies** 31 March 2023 ## **Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **Impairment of fixed 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 loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **Prepayments** Prepayments are valued at the amount prepaid net of any trade discounts. ## **VAT** All expenditure where VAT has been charged is inclusive of the charge. ## **Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **Basic financial assets** Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Sir Robert Geffery’s Almshouse Trust **20** **Principal accounting policies** 31 March 2023 ## **Basic financial liabilities** Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## **Derecognition of financial liabilities** Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustee is satisfied that there are no critical accounting estimates or judgements in the financial statements for the year ended 31 March 2023. Sir Robert Geffery’s Almshouse Trust **21** **Notes to the financial statements** Year ended 31 March 2023 ## **1 Income from charitable activities** ||**2023**
**£**|2022
£| |---|---|---| |Maintenance contributions from Almshouses’ residents|**323,722**|371,265| ## **2 Other income** ||**2023**
**£**|2022
£| |---|---|---| |Surplus on sale of freehold building (see note below)
Loss on disposal of fixtures, fittings and equipment
Sundry income|**— **
**— **
**32**|6,839,081
(22,907)
327| ||**32**|6,816,501| The surplus on the sale of freehold building relates to the sale of Geffrey’s House which completed on 1 March 2022. ## **3 Charitable expenditure** ||**Almshouses**
**2023**
**£**|
**Education**
**and relief in**
**need**
**2023**
**£**|**Total**
**2023**
**£**|Almshouses
2022
£|
Education
and relief in
need
2022
£|Total
2022
£| |---|---|---|---|---|---|---| |Staff costs
Water, light and heat
Repairs and maintenance
Depreciation and impairment
Other costs
Grant funding of activities
(see note 4)
Support costs (see note 5)
**Analysis by fund**
Unrestricted funds - general
Restricted funds|**104,067**
**80,156**
**54,909**

**132,495**
**12,870**|
**—**

**27,725**

**—**

**12,490**

**40,181**|
**104,067**

**107,881**

**54,909**

**144,985**

**53,051**|142,124
187,761
59,553
22,859
76,070|
—

29,636

—

40,181

5,425|
142,124

217,397

59,553

63,040

81,495| ||**384,497**
**116,467**
**500,160**|
**80,396**

**510,838**

**258,870**|
**464,893**


**627,305**

**759,030**|488,367
136,630
651,107|
75,242

466,214

249,148|
563,609

602,844

900,255| ||**1,001,124**|
**850,104**|
**1,851,228**|1,276,104|
790,604|
2,066,708| ||**1,001,124**
**—**|
**—**

**850,104**|
**1,001,124**

**850,104**|
1,276,104
—|
—

790,604|
1,276,104

790,604| ||**1,001,124**|
**850,104**|
**1,851,228**|1,276,104|
790,604|
2,066,708| Sir Robert Geffery’s Almshouse Trust **22** **Notes to the financial statements** Year ended 31 March 2023 ## **4 Grants payable** ||**2023**
**£**|2022
£| |---|---|---| |**Analysis by fund**
Sir Robert Geffery’s Almshouse Trust
Ironmongers’ Foundation – Iron Committee
Ironmongers’ Foundation – Bettons Appeals Committee
Ironmongers’ Foundation – STEM and General
Thomas Betton Education England & Wales School Fund
Thomas Betton Education London School Fund
Thomas Betton Relief in Need
Sir Robert Geffery’s School Charity, Landrake|
**116,467**
**85,757**
**63,752**
**84,256**
**122,750**
**32,000**
**112,035**
**10,288**|134,130
102,265
52,146
72,145
101,320
35,000
97,568
8,270| ||**627,305**|602,844| Further details of grants payable are included in note 21. ## **5 Support costs** |**Support costs**||||||| |---|---|---|---|---|---|---| ||**Almshouses**
**2023**
**£**|**Education**
**and relief in**
**need**
**2023**
**£**|**Total**
**2023**
**£**|Almshouses
2022
£|
Education
and relief in
need
2022
£|Total
2022
£| |**Governance costs**
Committee expenses
Audit fees
**Other support costs**
Staff costs
Legal and professional
Interest|
**2,212**
**9,395**|
**8,037**

**9,419**|

**10,249**

**18,814**|430
8,979|
2,840

8,956|
3,270

17,935| ||**11,607**
**228,386**

**4,297**
**255,870**|
**17,456**

**101,839**

**—**

**139,575**|
**29,063**


**330,225**

**4,297**

**395,445**|9,409

188,046

197,547
256,105|
11,796

97,946

—

139,406|
21,205

285,992

197,547

395,511| ||**500,160**|
**258,870**|
**759,030**|651,107|
249,148|
900,255| Governance costs includes payments to the auditors of £18,814 (2022: £17,935) for audit fees. ## **6 Trustee** The Trustee (or any persons connected) did not receive any remuneration or benefits from the charity during the year. ## **7 Employees** ## _**Number of employees**_ The average monthly number of employees during the year was: |**_Number of employees_**
The average monthly number of employees during the year was:||| |---|---|---| ||**2023**
**£**|2022
£| |Administration|**5**|6| Sir Robert Geffery’s Almshouse Trust **23** **Notes to the financial statements** Year ended 31 March 2023 ## **7 Employees** (continued) ## _**Employment costs**_ |**_Employment costs_**||| |---|---|---| ||**2023**
**£**|2022
£| |Wages and salaries
Social security costs
Other pension costs|**344,110**
**36,199**
**53,983**|350,095
26,971
51,051| ||**434,292**|428,117| There were no employees whose annual emoluments were £60,000 or more. Certain administration and management staff have joint contracts of employment with Ferroners PLC (see note 19). The relevant proportion of their costs are included within employment costs. As described in the Trustee’s report, the charity’s key management personnel are the members of the four committees set up to manage the Almshouses and grant making function. These members do not receive any remuneration for the services they provide to the Trust and the linked charities. There were no employees whose annual remuneration was £60,000 or more. ## **8 Taxation** The company is a registered charity and it is considered that its activities are such that no corporation taxation liability will arise. ## **9 Tangible fixed assets** |**Tangible fixed assets**|||| |---|---|---|---| ||**Land and**
**buildings**
**£**|**Fixtures,**
**fittings**
**and**
**equipment**
**£**|**Total**
**£**| |**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Carrying amount**
At 31 March 2023
At 31 March 2022|
5,416,674
3,856,590|
85,029

29,730|5,501,703
3,886,320| ||**9,273,264**|
**114,759**|**9,388,023**| ||1,017,194
48,610|
73,202

4,441|1,090,396

53,051| ||**1,065,804**|
**77,643**|**1,143,447**| ||**8,207,460**|
**37,116**|**8,244,576**| ||4,399,480|
11,827|4,411,307| Sir Robert Geffery’s Almshouse Trust **24** **Notes to the financial statements** Year ended 31 March 2023 ## **10 Heritage assets** ||**2023**
**£**| |---|---| |At 1 April 2022 and at 31 March 2023|**4,732**| The snuff box (valued at £4,250) was owned by the Company's major benefactor, Thomas Betton. Thomas Betton senior had been admitted to the Company by servitude to the then Master, George Poyner, in 1663. The George III silver nutmeg grater (valued at £482) belonged to William Beckford. This item was of particular interest because it was the only item belonging to the Company which is known to have been in William Beckford's possession. The above assets were acquired in the year ended 31 March 2011 and brought into the Ironmonger's Foundation balance sheet. After the uniting direction in 2012, these assets have been reported in the Sir Robert Geffery's Almhouse Trust Accounts. There have been no other movements in heritage assets since 2011. ## **11 Fixed asset investments** ||**2023**
**£**|2022
£| |---|---|---| |**Market value**
At 1 April 2022
Additions
Revaluation (losses) gains
At 31 March 2023|**43,946,928**
**—**
**(1,925,655) **|34,520,674
6,027,786
3,398,468| ||**42,021,273**|43,946,928| The investments represent units held in The Ironmongers' Common Investment Fund, a charity registered in England and Wales. The individual charities’ fixed asset investments consist of 100% of units issued by The Ironmongers’ Common Investment Fund which was created to hold solely the investment previously held by the charities under the trusteeship of The Ironmongers’ Trust Company. The aggregate value of the investments is therefore the balance sheet value of The Ironmongers’ Common Investment Fund. ## **12 Debtors** |**Debtors**||| |---|---|---| ||**2023**
**£**|2022
£| |Other debtors
Prepayments and accrued income|**123,747**
**62,988**|131,646
67,674| ||**186,735**|199,320| Sir Robert Geffery’s Almshouse Trust **25** **Notes to the financial statements** Year ended 31 March 2023 ## **13 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2023**
**£**|2022
£| |Bank loans
Trade creditors
Amounts owed to group undertakings
Taxes and social security costs
Other creditors
Accruals and deferred income|**3,891**
**40,286**
**243**
**—**
**5,737**
**444,823**|3,537
28,906
—
1,682
6,247
886,085| ||**494,980**|926,457| ## **14 Creditors: amounts falling due after more than one year** |**Creditors: amounts falling due after more than one year**||| |---|---|---| ||**2023**
**£**|2022
£| |Amounts due to Ferroners plc
Bank loans|**10,500,000**
**302,751**|10,500,000
306,642| ||**10,802,751**|10,806,642| |**Analysis of Mortgages**|**2023**
**£**|2022
£| |Not wholly repayable within five years
Wholly repayable within five years
Included in current liabilities|**282,871**
**23,771**
**(3,891)**|288,574
21,605
(3,537)| ||**302,751**|306,642| |||2022
£| |**Loan maturity analysis**|**2023**
**£**|| |Debt due in one year or less
In more than one year but not more than two years
In more than two years but not more than five years
In more than five years|**3,891**
**4,282**
**15,599**
**282,871**|3,537
3,891
14,177
288,574| ||**306,643**|310,179| By a deed of variation, the two existing mortgages were consolidated on 14 December 2021. On the same date the legal charge over the Charity’s Geffrey’s House almshouse was released. The new loan matures in 2047 and has an interest rate of 9.79%. The Ferroners plc loans comprise Tranche A loans totalling £3,500,000 and Tranche B loans totalling £7,000,000 under the terms of the £10,500,000 Facility Agreement dated 5 April 2017. The Tranche A loans have a termination fate of 5 April 2032 and carry fixed rate interest at 3.23% per annum. The Tranche B loans have a termination date of 5 April 2042 and carry fixed rate interest of 3.48% per annum. The Facility was granted in connection with Loan Notes issued by Ferroners plc and a Security Trust Deed between Ferroners plc and the trustee of the Ironmongers’ Common Investment Fund and the trustee of the various Ironmongers’ charities. Sir Robert Geffery’s Almshouse Trust **26** **Notes to the financial statements** Year ended 31 March 2023 ## **15 Endowment funds** |**Endowment funds**||||| |---|---|---|---|---| ||**Balance at**
**1 April**
**2022**
**£**
**15,196,812**
**353,491**
**340,554**
**15,890,857**|**Income**
**£**

_—_

**13,331**

_—_

**13,331**|**Investment**
**losses**
**£**
|**Balance at**
**31 March**
**2023**
**£**| |**Permanent endowments**
. Sir Robert Geffery’s Almshouse Trust
. The Ironmongers Foundation
. Sir Robert Geffery’s School Charity
|||**(729,440)**

**(16,968)**
**(16,346)**|**14,467,372**

**349,854**
**324,208**| ||||
**(762,754) **|**15,141,434**| ||_Balance at_
_1 April_
_2021_
_£_|_Income_
_£_
_—_
_15,321_
**—**
_15,321_|_Transfers_
_£_|_Investment_
_gains_
_£_|_Balance at_
_31 March_
_2022_
_£_| |---|---|---|---|---|---| |_Permanent endowments_
_. Sir Robert Geffery’s Almshouse Trust_

_. The Ironmongers Foundation_
_. Sir Robert Geffery’s School Charity_
|_13,945,059_
_310,685_
_300,268_||_—_
_460_
_—_|
_1,251,753_

_27,025_

_40,286_|_15,196,812_

_353,491_

_340,554_| ||_14,556,012_||_460_|
_1,319,064_|_15,890,857_| The Sir Robert Geffery's Almhouse Trust fund is represented by investments in the Ironmongers Common Investment Fund, the income from which is used to support the provision of Almshouses. ## **16 Restricted funds** ||**Balance at**
**1 April**
**2022**
**£**|**Income**
**£**|**Expenditure**
**£**|**Investment**
**losses**
**£**
|**Balance at**
**31 March**
**2023**
**£**| |---|---|---|---|---|---| |**The Ironmongers' Foundation**
. General fund

**Sir Robert Geffery's Landrake**
**School**
. Educational Assistance fund

**Thomas Betton's General Estate**
. General fund

**Thomas Betton's Charity**
**(Educational)**
. England & Wales School fund

. Schools' Reserve fund
. The London School fund
. Redemption of Slaves fund
**Thomas Betton's Charity for**
**Pensions and Relief in Need**
. General fund

|**3,980,822**
**1,129,768**
**5,176,687**
**1,466,315**
**270,244**
**144,998**
**39,575**
**1,556,171**|
**442,339**

**20,705**

**59,515**

**204,628**

**8,767**

**63,106**

**497**

**158,057**|
**(332,013)**

**(64,909)**

**(59,709)**

**(195,119)**

**(1,409)**

**(36,293)**

**—**

**(160,652)**|
**(259,066)**

**—**

**(346,695)**

**(85,540)**

**(9,744)**

**—**

**(2,164)**
**(105,529) **|**3,832,082**
**1,085,564**
**4,829,798**
**1,390,284**

**267,858**

**171,811**

**37,908**
**1,448,047**| ||**13,764,580**|
**957,614**|
**(850,104)**|**(808,738)**|**13,063,352**| Sir Robert Geffery’s Almshouse Trust **27** **Notes to the financial statements** Year ended 31 March 2023 ## **16 Restricted funds** (continued) ||_Balances at_
_1 April 2021_
_£_|
_Income_
_£_|_Expenditure_
_£_|_Transfers_
_£_|
_Investment_
_gains_
_£_|_Balance at_
_1 April 2022_
_£_| |---|---|---|---|---|---|---| |_The Ironmongers'_
_Foundation_
_. General fund_
_Sir Robert Geffery's_
_Landrake School_
_. Educational Assistance_
_fund_
_Thomas Betton's_
_General Estate_
_. General fund_
_Thomas Betton's Charity_
_(Educational)_
_. England & Wales_
_School fund_
_. Schools' Reserve fund_
_. The London School_
_fund_
_. Redemption of Slaves_
_fund_
_Thomas Betton's Charity_
_for Pensions and Relief_
_in Need_
_. General fund_|_3,517,120_
_1,174,101_
_4,550,385_
_1,285,720_

_246,550_
_129,812_
_35,786_
_1,384,756_|
_325,972_

_19,654_

_79,095_

_191,912_

_8,322_

_58,253_

_—_

_132,383_|
_(315,345)_

_(63,987)_

_(59,737)_

_(161,068)_

_(1,686)_

_(43,067)_

_—_

_(145,713)_|
_(460)_

_—_

_—_

_—_

_—_

_—_

_—_
_—_|
_453,535_

_—_

_606,944_
_149,751_

_17,058_
_—_

_3,789_

_184,745_|
_3,980,822_
_1,129,768_

_5,176,687_
_1,466,315_

_270,244_
_144,998_
_39,575_

_1,556,171_| ||_12,324,230_|
_815,591_|
_(790,603)_|_(460)_|_1,415,822_|_13,764,580_| The Ironmongers' Foundation general funds is a fund built up to enable the support of charitable activities in keeping with its historic origins in the iron industry. The Educational Assistance fund is for the purpose of maintaining Sir Robert Geffery's School and for assisting the School's governors in discharging their obligations. The Thomas Betton's General Estate fund is set up for the purpose of apportioning and distributing income to Thomas Betton's Charity (Educational) and Thomas Betton's Charity for Pensions and Relief in Need. The England & Wales School Fund represents funds accumulated to be applied for the benefit of qualified schools in England and Wales outside the City of London. The School's Reserve fund is for the purpose of accumulation funds to supplement the activities of the England and Wales and London Schools funds as needed. The London Schools Fund represents funds to be applied for the benefit of qualified schools in the Dioceses of London and Southwark. The Redemption of Slaves fund represents funds accumulated for the redemption of British slaves in Turkey and Barbary. The Thomas Betton's Charity for Pensions and Relief in Need general fund is a fund for the purpose of making grants for relief in need. Sir Robert Geffery’s Almshouse Trust **28** **Notes to the financial statements** Year ended 31 March 2023 ## **17 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustee for specific purposes: ||**Balance at**
**1 April**
**2022**
**£**|**Income**
**£**|**Transfers**
**£**|
**Investment**
**losses**
**£**|
**Balance at**
**31 March**
**2023**
**£**

**2,144,519**
**337,431**
**2,481,950**| |---|---|---|---|---|---| |Major Repairs fund
Sinking fund|**2,128,646**
**371,451**|
**15,873**

**—**|
**—**

**700**|
**—**

**(34,720)**|| ||**2,500,097**|
**15,873**|
**700**|
**(34,720)**|| |_Major Repairs fund_
_Sinking fund_|_Balances at_
_1 April 2021_
_£_|_Income_
_£_|_Transfers_
_£_|_Investment_
_gains_
_£_|_Balance at_
_31 March_
_2022_
_£_
_2,128,646_
_371,451_
_2,500,097_| ||_5,099,600_
_341,682_|_14,501_
_—_|_(2,985,455)_
_—_|_—_
_29,769_|| ||_5,441,282_|_14,501_|_(2,985,455)_|_29,769_|| The purpose of the Major Repairs fund is to ensure sufficient funds are retained for the maintenance and replacement of major items at the Almshouses. Provision has been made by reference to the cost of maintaining or replacing, as appropriate, and the individual life cycles. Transfers are made out of the fund when major repairs are undertaken. ## **18 Analysis of net assets between funds** ||**Unrestricted**
**funds**
**2023**
**£**|
**Designated**
**funds**
**2023**
**£**|**Restricted**
**funds**
**2023**
**£**|**Endowment**
**funds**
**2023**
**£**|**Total**
**2023**
**£**| |---|---|---|---|---|---| |**Fund balances at 31 March 2023**
**are represented by:**
Tangible assets
Heritage assets
Investments
Current assets/(liabilities)
Long term liabilities
|**7,158,010**
**—**
**11,398,019**
**4,800,278**
**(10,802,751)**|
**—**

**—**

**328,740**

**2,153,210**
**—**|
**1,086,566**

**4,732**

**15,070,457**

**(3,098,403)**

**—**|

**—**

**—**

**15,224,057**

**(82,623)**

**—**|
**8,244,576**

**4,732**

**42,021,273**

**3,772,462**
**(10,802,751)**| ||**12,553,556**|
**2,481,950**|
**13,063,352**|
**15,141,434**|
**43,240,292**| ||_Unrestricted_
_funds_
_2022_
_£_|_Designated_
_funds_
_2022_
_£_|_Restricted_
_funds_
_2022_
_£_|_Endowment_
_funds_
_2022_
_£_
_—_
_—_
_15,986,809_
_(95,952)_
_—_
_15,890,857_|_Total_
_2022_
_£_| |---|---|---|---|---|---| |_Fund balances at 31 March_
_2022 are represented by:_
_Tangible assets_
_Heritage assets_
_Investments_
_Current assets/(liabilities)_
_Long term liabilities_|_3,284,560_
_—_
_11,717,465_
_8,100,719_
_(10,806,642)_|_—_
_—_
_363,459_
_2,136,638_
_—_|_1,126,747_
_4,732_
_15,879,195_
_(3,246,094)_
_—_||_4,411,307_
_4,732_
_43,946,928_
_6,895,311_
_(10,806,642)_| ||_12,296,102_|_2,500,097_|_13,764,580_||_44,451,636_| Sir Robert Geffery’s Almshouse Trust **29** **Notes to the financial statements** Year ended 31 March 2023 ## **19 Related parties** The Worshipful Company of Ironmongers is the sole member of the Ironmongers' Trust Company. At the year end The Worshipful Company of Ironmongers owed the Charities £nil (2022: £70). At the year end Ferroners plc owed £243 (2022: £nil). The Worshipful Company of Ironmongers is the controlling party of Ferroners plc. The Trust and linked charities owed Ferroners plc £10,500,000 under a facility agreement. The Ironmongers' Trust Company is the sole Trustee of the Trust and linked charities. The Ironmongers' Common Investment Fund, in which the Trust and linked charities holds investments, is controlled by the Ironmongers' Trust Company. ## **20 Capital commitments** There was no outstanding commitment at the year end not accrued in these accounts (2022: £3.5 million in respect of the refurbishment project at Geffrey’s Fields). ## **21 Cash absorbed by operations** |**Cash absorbed by operations**||| |---|---|---| ||**2023**
**£**|2022
£| |**Net (expenditure) income**
**Adjustments for:**
Investment income recognised in profit and loss
Gain on disposal of tangible fixed assets
Investments losses (gains)
Depreciation of tangible fixed assets
**Movement in working capital:**
Decrease in debtors
(Decrease) increase in creditors|**(1,211,344)**
**(2,033,851)**
**—**
**1,925,655**
**53,051**
**12,585**
**(431,832)**|10,278,750
(1,651,852)
(6,816,174)
(3,398,468)
63,040
52,014
383,719| ||**(1,685,736)**|(1,088,971)| Sir Robert Geffery’s Almshouse Trust **30** **Notes to the financial statements** Year ended 31 March 2023 ## **22 Detailed schedule of grant expenditure** |**Detailed schedule of grant expenditure**||| |---|---|---| ||**2023**
**£**|2022
£| |**Sir Robert Geffery's Almhouse Trust**
Beckton Skills Centre
City of London School for Girls
Contact
Creative Futures UK Ltd
Holborn Community Association
Island Trust Ltd
Lindley Educational Trust Ltd
Lyric Theatre, Hammersmith
Magpie Dance
Makebelieve Arts
Multicultural Richmond
Omnibus Clapham
Positive Futures
Scottish Youth Dance
St Vincent Family Project
The Island Trust Ltd
Yellow Submarine Holidays
**Ironmongers Foundation - Iron Committee**
Chard Church Haggerston
Chelsea Physic Garden
Church of Holy Trinity Paulton
Cleveland Pools Trust
Desert Rats Association
Fort Amherst Heritage Trust
Guildford Cathedral
Hatfield Memorial Lecture
Heritage of London Trust
Holnest Church Fund
IBF London Branch
Imperial College
Institute of Cast Metals Engineers
Jubilee Awards
Kilmore Parish Church
LBTH Columbia Market Nursery School
National Heritage Ironwork Group
National Trust
National Trust for Scotland
Old Royal Naval College, Greenwich
Oxford Medal (Oxford University student)
Petherton Arts Trust
QEST Ltd
Royal British Society of Sculptors
Ruskin Mill Trust
Shabang Inclusive Learning
St Andrews Alfriston
St Clements Cambridge
St James Church Bratton|**6,068**
**7,298**
**(4,304)**
**—**
**—**
**17,500**
**—**
**25,000**
**—**
**16,743**
**4,450**
**4,033**
**7,179**
**—**
**25,000**
**—**
**7,500**|—
6,741
—
4,000
9,702
—
9,678
25,000
(76)
17,935
—
—
—
6,150
25,000
30,000
—| ||**116,467**
**—**
**5,044**
**560**
**4,666**
**500**
**(1,700)**
**—**
**500**
**2,500**
**5,676**
**250**
**—**
**2,000**
**—**
**—**
**3,180**
**—**
**—**
**7,000**
**—**
**—**
**—**
**—**
**7,500**
**(16)**
**(4,800)**
**(603)**
**—**
**—**|134,130
(7,000)
—
3,200
—
6,000
1,700
(1,865)
500
—
—
—
5,000
—
1,750
3,240
—
(3,500)
5,190
—
(494)
900
(8)
6,000
—
—
4,800
4,804
4,300
6,000| Sir Robert Geffery’s Almshouse Trust **31** **Notes to the financial statements** Year ended 31 March 2023 ## **22 Detailed schedule of grant expenditure** (continued) ||**2023**
**£**|2022
£| |---|---|---| |St Mary the Virgin Harpury
St Matthew's & The Minster Cheltenham
St Peter & St Paul Hawkley
St Peters Cradely
Technicians Award
The National Railway Museum Gaunless
The Veterans Forge CIC
Thriplow Parish Council
Uni of Imperial College London
United Synagogue
University of Birmingham
University of Birmingham
University of Cambridge
University of Manchester
University of Oxford
University of Sheffield
Weston Park Foundation
Woolwich Garrison Church Trust
**Ironmongers Foundation - Bettons Appeals Committee**
2022/23 Lord Mayor's Appeal
Axis Educational Trust
Capital Kids Cricket
City of London and North East Sector Army Cadet Force
Colonel's Fund Grenadier Guards
Creative Futures UK Ltd
Guildhall School Trust
Haworth Riding for Disabled Group
Home Start Wessex
Manor Training and Resources Centre
Mansion House Scholarship Scheme
Marine Society and Sea Cadets
Phosphoros Theatre Company
The Colonel's Fund, Grenadier Guards
The Girls Network
The Guildhall School Trust
The Lord Mayors Appeal
The Marine Society & Sea Cadets
Wigan Boys & Girls Club|**5,000**
**1,700**
**—**
**800**
**—**
**15,000**
**3,000**
**—**
**5,000**
**—**
**5,000**
**(1,000)**
**5,000**
**—**
**5,000**
**5,000**
**4,000**
**—**|—
—
3,100
4,200
250
—
—
7,720
—
8,400
—
5,000
5,000
5,000
10,000
5,000
—
8,078| ||**85,757**
**15,028**
**—**
**8,668**
**—**
**10,000**
**6,200**
**—**
**3,548**
**6,517**
**—**
**1,000**
**—**
**—**
**—**
**—**
**5,000**
**2,000**
**2,400**
**3,391**|102,265
—
7,410
—
1,000
—
—
5,000
—
—
8,786
1,000
2,400
7,800
10,000
6,750
—
2,000
—
—| ||**63,752**|52,146| Sir Robert Geffery’s Almshouse Trust **32** **Notes to the financial statements** Year ended 31 March 2023 ## **22 Detailed schedule of grant expenditure** (continued) ||**2023**
**£**|2022
£| |---|---|---| |**Ironmongers Foundation - STEM and General**
Arkwright Engineering Scholarship
Bristol Aero Collection Trust
Cambridge Science Centre
College of Arms Trust
Covent Garden Dragon Hall Trust
Engineering Development Trust
Forth Valley College
Gasp Motor Project
Imo Charity
Institute of Engineering and Technology
Local Village Network
Platinum Jubilee
Solihull Alternative Provision Academy
Student Hubs RC
Sutton's Hospital In Charterhouse
The Access Project
The Work Wise Foundation
Ukraine Appeal
University of Nottingham Development
**Thomas Betton Education England & Wales School Fund**
Bethany CE Junior School, Winchester
Bishop's Thetford (Norwich)
Coastal Learning Partnership
Durham CC Income Collection
Emmaus Catholic/CE Primary School, Sheffield
King Edward School, Witley
Make Believe Arts
Scunthorpe CE Primary School
St Andrew's Benn CE Primary School, Rugby
St Clare Catholic Multi Academy Trust
St John's CE Primary School, Durham
St Martin's CE Primary School, Salisbury
The Bishops CE Primary School, Thetford
The Diocese of Norwich Education
**Thomas Betton Education London School Fund**
St Marys CE Primary School, Brent
St Paul's Cathedral
St Stephens CE Primary School, Southwark|**5,600**
**—**
**9,928**
**—**
**9,980**
**9,540**
**8,816**
**—**
**9,892**
**—**
**—**
**500**
**—**
**—**
**—**
**10,000**
**15,000**
**—**
**5,000**|5,500
5,010
—
500
—
9,170
—
(5,907)
—
2,200
8,100
—
2,265
9,307
1,000
10,000
15,000
10,000
—| ||**84,256**
**—**
**8,500**
**8,500**
**8,500**
**8,500**
**7,000**
**30,750**
**8,500**
**8,500**
**8,500**
**8,500**
**8,500**
**—**
**8,500**|72,145
10,000
—
—
—
10,000
7,000
31,820
10,000
10,000
—
2,500
10,000
10,000
—| ||**122,750**
**8,500**
**15,000**
**8,500**|101,320
10,000
15,000
10,000| ||**32,000**|35,000| Sir Robert Geffery’s Almshouse Trust **33** **Notes to the financial statements** Year ended 31 March 2023 ## **22 Detailed schedule of grant expenditure** (continued) |**Detailed schedule of grant expenditure**(continued)||| |---|---|---| ||**2023**
**£**|2022
£| |**Thomas Betton Relief In Need**
Break Fundraising
Cambridge House and Talbot
City of London and North East sector
City of London Police Widows and Orphans Fund
Down Syndrome Training & Support Service
Drake Music Project NI
Guildhall School of Music and Drama
Halle Concerts Society
Halow Project
Home Start Telford & Wrekin
Indoamerican Refugee & Migrant
Laburnum Boat Club
Little Angel Theatre
Little Gate Farm
Live Unlimited
Maidstone Town Centre Cafe
Meriden Adventure Playground Association
Mortal Fools
Nature Vibezzz
Oarsome Chance
Participate Projects
Play Midlothian
Pro Corda Trust
Run With It
Sheriffs and Recorders Fund
Space CIO
St Michael's Fellowship
Staffordshire Wildlife Trust Ltd
Stonepillow
Studio Wayne McGregor Ltd
Success Club CIO
Synergy Theatre Project
Teesmouth Field Centre
The Bloomsfield Learning Centre
The Bluecoat
The Chain Reaction Theatre Company
The Downright Special Network
The Helen Arkell Dyslexia Charity
The Hinge Centre Ltd
The Literacy Pirates Ltd
Theatre Peckham
Wimbledon Civic Theatre Trust
**Sir RG Landrake School Charity**
Sir Robert Geffery's School, Landrake|**4,161**
**—**
**1,000**
**—**
**3,921**
**4,190**
**5,000**
**9,421**
**2,840**
**2,500**
**5,000**
**—**
**—**
**—**
**—**
**4,662**
**—**
**4,411**
**5,250**
**8,424**
**—**
**—**
**3,500**
**—**
**2,000**
**1,742**
**9,116**
**6,192**
**—**
**—**
**—**
**—**
**4,600**
**5,360**
**—**
**—**
**13,447**
**—**
**—**
**—**
**5,298**
**—**|—
3,188
—
300
—
—
—
—
—
—
—
6,391
4,000
9,546
3,960
—
5,000
—
—
—
4,139
4,118
—
4,833
2,000
—
—
—
3,900
4,696
3,186
9,180
—
—
3,891
6,313
—
3,787
4,800
5,000
—
5,340| ||**112,035**
**10,288**|97,568
8,270| ||**10,288**|8,270| ||**627,305**|602,844| Sir Robert Geffery’s Almshouse Trust **34**