Sir Robert Geffery's Almshouse Trust Annual Report and Financial ststements Year ended 31 MaTch 2024 Charity R8glslralion Number 219153 (England & Wales) ReBu1alDr of Soc481 Housing NumberA2071
Contents Rèports Reference and administrative information Trustee's report Independent audilorfs report 11 Financial statements statement ol financial aclivities 15 Comparative statement of fi'nancial activities Balance sheet 17 Statement of cash flows 18 PTincipal accounting policies 19 Notes lo the financial slalemenls 23 Sir Robert Geffery's Almshouse Trust
Reference an(1 administrative information Trustee The Ironmongers, Trust Company Charily number 219153 Reglstered addresg Ironmongers, Hall Shaftesbury Place London EC2Y 8AA Audltor Buzzacotl LLP 130 Wood SITeet London EC2V 6DL Bankers Bar¢l8ys Bank PLC 1 Churchill Place London E14 5HP Investment managèrs Sarasin & Partners LLP Juxon House 100 Sl Paul's Churchyard London EC4M 8BU Sir Robert Geffery's Almshouse Trust 1
Trustee's report 31 March 2024 The Trustee presents ils r&port and financial statements for the year ended 31 March 2024. The Trustee confirms Ihal the financial statements comply with the current slalutory requirements and with the requirements of ils governing document. Sir Robert Geffery's Almshouse Trust I'lhe Trust") is governed by a Charf(y Commission Scheme I the Scheme") dated 16 March 1988 under the Irusleeship oflhe Ironmongers, Trust Company I the Trustee l. The directors of the Trustee are appointed by The Worshipful Company of Ironmongers I'the Companl'l, a Livery Company in the City ol London, governed by Royal Charter Sin 1463 and sole member of the Ironmongers, Trust Company. Linked Charltles The Trustee is the trustee of live other charities I the linked charf(ies"I linked lo Sir Robert Geffery's Almshouse Trust by 8 uniting direction. made by the Charity Commission, dated 19 March 2012. Thomas Bellon's General Estate is govemed by a Charity Commission scheme dated 31 August 1982. Thomas Betlon's Charity IEducalionall is governed in part by Charity Commissioll 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 10 1925 dated 30 June 1954. Thomas Bellon's Charity for Pensions and Relief in Need 18 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, QuInn1enary Charitable Fund IQCFI by a Deed of Tfusl dated 15 June 1964 and admilled lo the Charity Register in December 1964. The QCF was renamed the Ironmongers, Foundation in July 2006 1"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 lo support older people in ils Almshouse I'Home') and lo apply income towards the maintenance and operating cos15 of the Home. Subject lo the above. the Trustee applies any surplus income as grants for relief in need. Thomas Betton's General Estate The nel income of Thomas Bellon's General Estate is apportioned and distributed each year lo two charities,. three quarters lo Thomas Bellon's Ch8rily (Educational) and one quarter lo Thomas Betton's Charity for Pensions and Relief in Need. Sir RolJert Geffery's Almshouse Trust 2
Trnstee's report 31 March 2024 Objects and activitie5 (continued} Thomas Betton's Charity (Educational) The object ol the Charity is lo benefit schools wherein religious instruction is given in accordance with the principles of the ChUh of England or Ihe Church of Wales, The Charity is divided into two parts. The England & Wales S¢hools' Fund awards granls lo schools in the dK>ceses Df England and Wales and the London Schools, Fund. lo schools in the dioceses of London and Southwark. Thomas Betton's Charity forPenslons and Relief In Need The objects of Ihe Charily are lo make pension payments and grants for relief in need. The lmnm0nge, Foundatlon The Foundation was established by the investment of monies donated by the Company, ils members and other supporters. The primary PUTpose of the Foundation is lo enable the Company lo support charitable 8clivilies in keeping with ils historic origins in the iron industry. Sir Robert Gefferys School Charity, Landrake The princip81 object ol this Charity is lo own, keep and maintain Sir Robert Geffery's School, Landrake I the School") and lo apply income in assisting Ihe School's governors lo dischaTge their obligations under the Education Acts with respect lo the maintenance of the School. Grant Making Pollcy Schools Thomas Bellon's Charity {Educalionall has established partnerships with primary schools in disadvantaged communities across England and Wales as the most effective way to meet ils objectives. Through a combination ol financial and moral support the Charity aims lo help the schools improve educational standards. The Trustee's policy is to allocate availaljle funds to selected partner schools. as follows.. • grants lo Church of England primary schools, for educational activities and resour¢es that are additional lo those usually funded by the Slate; and + bursaries for students al other specific schools with which the Trustee has an ongoing relationship. Relief in Need The Trustee's policy is to allocate available funds lo chari18ble organis81ions that meet ils aims arid obje¢lives, namely lo help young people who are disadvantaged lo improve their 8bilrty lo make the most of their lives. Grants are made lo educational projects that enable children and young people up lo the age of 25 to develop the motivation and skills necessary lo lake advantage of DPPOrtunilies. All appeals from charities meeting the Criteria are considerod. Resources are committed each year lo support longer term partnerships with a small group of ¢harilies operating in key areas of interest. In addilioll, grants are made lo specific welfare organisalions with which the Trustee has a longstanding relationship. Sir Robert Geffery's Almshouse Trust 3
Trustee's report 31 March 2024 Grant Maklng Pollcy Iconlinuedl Iron The Trustee's granl-making Fxilicy aims to encourage the Continued development and use of iroll and steel. This is aGhi8ved through supporting learning activities al edu¢alion inslilLJlions and ¢haritable organisalions with which the Trustee develops ongoing relationships. Two award schemes funded by the Ironmongers, Foundation promote ex¢ellen¢e and innovation in the steel industry. Grallls are also made lo charitable organisalions for restoration of histori¢ ironwork and ¢realion of new work ill iron or steel. In response lo the much publicised skills gap in the British englneering industry, the Company supports inilialives that encourage talented young people lo study science subjects at school and university. The Trustee maintains the Company's historic trade and City connections through grants lo selected charbtable organisations. Achlevements and performance Homes A successful refurbishment of Geffrey's Fields la sheltered housing scheme run by the Ironmonger's Companyl was completed in March 2023 and was then followed by a delecls period of Dne year. The retention fee was held and is currently belng negolialed with the builders. Faults included inadequate housing of the ENS system console, poor heating output and badly filled file doors. These issues are in the process of being remedied. An intensive preventstive maintenance plan was launched in 2023 both lo ensure the longevity of the building and comply with legal regulations. Re-occupation of the void sheltered flats look longer than expected and all 52 Ilals were not fully oceupied by April 2024. Al the annual residents, suNey and meeting all residents expressed satisfaction wlh their new home citing the security of a warden and excellent facilities as key reasons. Provision of sheltered housing in Basingsloke is known lo be poor and prospective residents have been known to cry with ieliefwhen offered accommodation. 'Il's like living Buckin9h8m P818ce° new r8sidenl. Education Nine ColE schools were supported with grant funding. SpenLling them on projects ranging from developing nurture rooms, purchasing library and IT resoLJrces, devebping spiritual, ciealive. sports 8nd maths curriculum plus counselling and wider family support for slrug91ing children. In addition to strong rel81ionships with a nominated Freeman of the Company, schools are expected lo return an explanation of their plan lo use the funding and a report on how it impacted their pupils al the end of the academic year. 'We look ouryr3 &4s to Ihe Halle Concert lo expenence a al, live MUS p6rfonnaftce. They loved miMking th& condu¢lort Emmaus School, Sheffiold. We also provide an annual head teachers, conference which gives the opportunily lo nebNork and have exclusive access to an expert in a fi'eld of Iheir choice. This yeai il was SEND education with an expert from NASEN. Sir Robert Geffery's Almshouse Trust 4
Trustee's report 31 March 2024 Achievements and performance Iconlinued} Educalion (conlinu8dJ Schools have also participated annually in a Curiosity Conferen¢e run by Make Believe Arts IMBAI. 4 or 5 schools allend on one of the two days al the Ironmongers, Hall. Hosted by a children's writer they present stories they have wrillen and prepared in school lo each olheT. Unfortunately, this year only one day was hebd wilh 5 schools present with absent schools ¢iling expense and inconvenience al Iravelling the distan. MBA have reviewed and havè switched their learning activities to be 8018ly school based with a scheme called Helicopter Stories. The Trust continued ils partnerships with three organisations providing STEM aclivilies in secondary schools,. Smallpeice Trust, The Work-wise Foundation and The Access Project. Workwise stage a live, annual, one-day showcase evtrnl in Rolherharn called GUTS (Gel up to Speed) which airns lo introduce, inform and inspire students. parents and teachers about the world Dfwork in the STEM sectors. This year il was visited by 5.500 pupils and educators from across the South Yorkshire region. We provided seven grants to ¢harilies offeririg additional STEM education lo young people covering projects such as Materials Engineering Outreach Workshops by Swansea University and 6 places for disadvantages children lo attend a UK STEM Summer SchDOI. Through scholarships and bursaries we supported.. 6 students al Christ's Hospital, 2 student Choristers al St Paul's Cathedral School, 1 sludenl al King Edwards School, Will&y, 1 sludenl al London city school for girls, 1 sludenl at the Guildhall school of music, 4 x A-level students looking to study a STEM subject through the Arkwright Scholarships. We try to link all of our students with an Ironrnonger who arranges to visit and report on progress and invite scholars lo lunch al the IronmongeTS' Hall lo meet the relevant funding Commee. Reports are also expected al the year end from the schools. In 16+ education we sponsor the ICME Foundry Iridustry Best Technicians Award and an ICME Biennial Jubilee award paying expenses for a student lo allend the World Foundry Conference. (Awarded in this financi81 year bul claimed in 2024125 financial year.) We aim lo support the six top univeisities for metals and materials research. These are Birmingham, Cambridge, Oxford, Imperial, M8n¢hesler and Sheffield. Fkjnds are used lo 5UPPOrt students with their summer research projects. Cambridge did not access their funding this year and enquires lo understand il our grant is useful were made with a view lo widening ils scope. In addition we award a prize lo an Oxford University Metals Research graduate for the best talk on their research. They are subsequently invited to speak lo the Court. This year was awarded lo a student who developed real-time lesling of pollution levels in water bodies. Sir Robert Geffery's Almshouse Trust 5
Trustee's report 31 Mar¢h 2024 Achievements and performance {conlinuedl Rellef In need Through our Betton's appeals we supported 35 proje¢ts lo enhance young disadvantaged childrens, education and outcomes. Funding projects such as work experience p5aMentS for aulislic children in London, outdoor aclwilies for ¢hildren at risk ol NEET in Bristol and a nutritional cooking and gardelling course for disadvantaged children in Glasgow. All beneficiaries are required to complete èvaluation forms and provide additional relevant information following the implemenlalion of funded piojecls. The monitoring process indicates that grants have been spent in accordance with requirements and achieved a positive impact on those they were designed lo support. Relationships with fouT exisllng partner charities were continued during the year. Lyri¢ Hammersmith and hhakeBelieve Arts use the arts lo enable children and young people 10 develop basic skills such as literacy. Sl Vincent's Family Project provides support lo parents of young children in challenging circumstances and The Island Trust. a sail training charity, delivers educational skills lo disadvantaged and disabled young people. .1 have leamt lo slop being defensive and Io accept GonstnJcliv8 Crit{sM.. Participant in Ihe Lyr STARTprogrammo foryoung Londoners who are NEET. Evaluation of progress al the end of the year confirmed that all four charities had achieved the objectives sel by the partnership. However, both St Vincents and the Island Trust experienced funding difficulties in 2023124 which they communicated with us bul we continue to support them in these precarious times. Milltary, City and Livery We have a strong tradition of supporting the military", suGh as the Army and Sea Cadets and Grenadier Guards Colonel's fund., the City with grants lo charities like the Police Orphans fund and pan-livery initiatives projects like No Going Back, which supports the training of ex- offenders. Every year we also fund raise for the LOT M8yorfs Appeal through an inler-livery Skiing competition, This fund helps lo create a City that is inclusiv&, healthy. skilled and fair, this year they have fccussed on mental health in the workplace. This year we spent funds accumulating in the Redemption of Slaves fund which went towards the charity Unseen UK. Funds were used lo support Sutvivors of human trafficking in their safe-houses and toward the Modern Slavery and Exploitation Helpline. The Masler is offered an 8mounl each year lo spend on a charity of his choice. This year our Master granted this to the building of St Paul's Cathedral School girl choristers, accommodation lo enable their girl chorisleis lo live al school. as the boys do. Sir Robert Geffery's Almshous8 TrLJsI 6
Trustee's report 31 March 2024 Achievements and performance l¢onlinuedl Iron We continue to slTengthen our lies wilh the Iron industry with our ICME scholarships and awards, Smallpeice bursarie5 and univttrsilies funding. We also provide funding for the support of STEM education of young people through educational charilies. We provided 8 grants lo the iesloralion or creation of an important ironwork. Appeals lor the ironwork for bell frames arè often made bul we also funded a decorative vandal-proof iron screen for the London School of Architecture, a flog sculpture in a Walsall n81ure reserve which is rejuvenated coal works land. Projects must demonslrale how the community benefit. An Ironmonger often manages to visit the inslallalion and we receive a full report of the proj&cl throughout the Pfo¢ess. Slr Robert Geffery s School, Landrake Grants were made for specific purposes as sel out in applications made to the Charity by the Headleacher of the school. The Trustee measures performance primarily through assessmenl of the effectiveness of the leaching environment as indicated by the size of the school roll and Ofsted reports. Relevant infomalion is gathered through a combination of reports from the Headleacher, Ofsted, Governors, visf(s and feedback from Cornwall County Council and DKJcesan staff. The number of children on roll is 211. The last Ofsled inspection, carried out in January 2024, judged the School lo be Good. Public Beneflt The Trustee has complied with its duly in section 17 of the Charities Act 2D11 to have du8 regard lo guidance published by the Charity Gommi88ion. Flnanclal review Statement of Financial Actlvities Total income and endowments in the year amounted to £2,656,417 12023.. £2.565.5391. These amoLJnls included inveslmenl income dislribulions from The Ironmongers, Common Investment Fund of £2,2221.688 {2023'. £2,033,851). Total charitable expenditure was £2.317,809 {2023.. £1,851,228) of which grants payable amounted lo £539,61312023'. £627,3051. Nel unrealised gains of £972,854 12023.. losses of £1,925,655) arose on the Trust's investment in The Ironmongers. Common Investment Fund. Balance sheet The nel 25sels of the Trust and ils linked charities amounted lo £44,551,754 at 31 March 202412023.. £43,240.292}. Sir Robert Geffery's Almshouse Trust 7
Trustee's report 31 Mah 2024 Financial revlew Iconlinuedl Balance sheet (Gonlinuedj The investments of the Trust and ils linked charities are held on a PODled basis in The Ironmongers, Common Investment Fund I'CIF"). Individual largel returns for both the CIF'S listed inveslmenls portfolio and property portfolio are sel and reviewed by the Tiuslee. The Trust and ils linked charities have a facility agreemenl under whi¢h they have borrowed £3.5m over 15 years and £7.Om over 25 years (both from 5 April 20171 at fixed rates of 3.230/0 and 3.480/0 respectively. The fvnds were used lo purchase further units in the Ironmongers. Common Inveslmenl Fund. Reserves Pollcy The Trust's free ¥eseTves as at 31 March 2024 were £5,790.33512023.' £5,395,5461.11 is the policy of the Trustee lo maintain a level ol sufficient free reserve5 in Sir Robert Geffery's Almshouse Trust to cover major ¢y¢lical or emergency works lo ils Homes. In addition, opportunf(ies for the modernisation or expansion or further provision of accommodation are constantly under review. The Trustee maintains unreslri¢led funds of the linked Charities al a level which is sufficient lo generate the level ol income required lo 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 lo finance the future provision of facilities for the School. Rlsk Management The Trustee has examined major slr8legic, business and operational risks which the charities ta¢e and confirms that systems have been established lo enable regular reports to be produced identifying the risks and the miligaling actions to lessen these risks. The Trust is reliant on the availability of the Homes, premises in order lo discharge ils principal objective. Plans for future periods The Trustee plans lo progress its aims and obj8clives in forthcoming years, subject lo available finance and annual performance reviews. Following the successful completion of the refurbishment of Geffery's Fields, the Trustee will continue lo monitor service provided in order lo Meet residents, needs. Sir Robert Geffery's Almshouse Trust
Trustee's report 31 March 2024 Structure, govornance and management Trustees The following individuals are directors of The Trustee as al the dale ol this report.. D J Worlidge H J Charnaud R H Hunting R J Palleson-Knighl R C R Twallin K J Hughes P K Estlin T R Boddy J Verden A G Wauchope MSWLee D J Liming M S WTilbury The Trust is a Registered Provider and Ihersfore subject lo regulation by the Regulator of Social Housing. Organisation The Trustee delegates management of ils almshouse {'Home'l and grant making functions lo four commillees, each with a specifi¢ remit. The commillees meet up lo three limes per year and membership is made up of between 10 and 23 Freemen of the Company. Members serve a minimum of Iwo years, with al 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-lo-day adminislralion of the Homo 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 commillees are the key management personnel and do not receive any remuneration for the services they provide lo the Trust and the linked charities. Investment Powers The schemes of Sir Robert Geffery's Almshouse Trust and the linked charities provide full and unrestiicled powers of investment lo the Trustee. Investment Assets Other Ihan sums needed for working capital purposes. the monies of Sir Robert Geffery's Almshouse Trust arid the linked ¢harilies are invested in units ol The Ironmongers, Common Inveslmenl Fund, a registered charity also under Ihe Irusleeship of the Trustee. Income from the unf(s is distributed lo the charities on a quarterly basis. Sir Robert Geffery's Almshouse Trust 9
Trust8&'s report 31 March 2024 Trustee's responsibilltles statement The Tiuslee is responsible for preparing the Trustee's Report and the financial slalemenls in accordance with applicable law and United Kingdom AOntIng Standards (United Kirigdom Generally Accepted Accounting Practice). The law applicable to ¢harilies in England and Wales requires the Trustee ID prepare finaNci81 statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the income and expenditure of the charity for that year. In preparing these financial slalements, the Trustee is required to.. sele¢t surtable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent.. slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalements". and prepare the financial slalemenls on the going ¢on¢ern basis unless il is inappropriate lo presume that the ChatY will continue in operation. The Trus18e is responsible for keeping proper accounting records that disclose with reasonable accuraGy al any lime the financial position of the charity and enable them lo ensur& that the financial slalemenls comply with the Charities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provlsions of the trust deed. It is also responsible for safeguarding the assets of the ¢harily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by Richard Hunting on behalf of The IronmongeTS' Trust Company, the sole Iruslee Dated.. Sir Robert Geffery's Almshouse Trust 10
Independent auditor's report 31 March 2024 Independent auditor's report on the financial statements to the Trustee of Sir Robert Geffery's Almshouse Trust Oplnion We have audited the financial statements of Sir Robert Geffery's Almshouse Trust Ilhe 'charily'l for the year ended 31 March 2024 which comprise the slalemenl of financi81 aclivilies, the balance sheet, the statement of cash flows, the principal accounting policies and the notes lo the financial slalemenls. The linan¢ial reporting framework that has been applied in their preparation is applicable law and Uni(ed Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slaiidard applicable in the UK and R8publiG of Ireland Iullittrd Kingdom Gellerally Accepted Accounting Praclicel. In our opinion, the financial slalemenls.. give a true and fair view of the slate of affairs of the charity as at 31 March 2024 and of ils income and expenditure for the year then ended,, have been properly prepared in accordance with United Kingdom Gonerally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accoTdance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs SponSibl1111eS for the 8udil of Ihe financial slalemenls section of our report. We are independent of the ¢harily in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls 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 bolieve that the audit evidence we have obtained 18 sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have Concluded that the Trustee's use of the going concern basis of acctsunling in the preparalion of the finan¢i81 statements is appropriate. Based on the work we have performed. we have not identified any material uncertainli&s relating lo events or conditions that, indwidually or colSeclively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are des¢ribed in the relevant soclions of this pOrt. Sir Robert Geffery's Almshouse Trust 11
Independent audStor's report 31 March 2024 Other Informalion The Trustee is responsible for the other information. The other information compriseB the information included in the Annual report and financial slatemenls, other than the financial slalemenls and our audilorfs report Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent olhenNise explicilw slated in our report, we do not express any form of assurance conGlusk)n thereon. OUT responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financlal slalemenls 01 our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we idenlify such material inconsislen¢ies or apparent material misslalemenls, we are required lo determine whether this gives rise to a material mi8s1alement in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charty and ils environment obtained in the course of the audfi, we have not identified material misslalements in the Trustee's report. We have nothing lo report in respect of the following mallers in relation lo which the Charities IAc¢ounls and Reports) Regulations 2008 requires us to report lo you if, in our opinK)n'. + the information given in the Trustee's report is inconsistent in any material Tespecl with the accounts". or suffi'¢ient accounting records have not been kept., or • Ihe 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 Trust*'s responsibilities slalemenl, the trustees are responsible lor the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and foi such intern81 control as the Trustee determines is necessary lo enable the preparation of financia5 slalemenls Ih8t are free from material misslalemenl, whether du& lo fraud or error. In preparing the financial slalements, the Trustee is responsible for assessing the ¢harills abi1ily lo continue as a going concern, disclosing, as applicable. mallers related lo going concein and using the going concern basis of accounting unless the Trusteè either intends lo liquidate the charity, or has no realisti¢ alternative bul lo do so. Sir Robert Ceffery's Almshouse Trust 12
Independent auditor's report 31 March 2024 Auditor's responsibilities for the audit of the flnancial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevanl regulations made or having effe¢l Ihereunder. Our objectives are lo obtain reasoriable assurance about whether the financial slalemenls as a whole are free from material misstalemenl, whether due lo fraud or errol, and lo issue an Auditor's report th81 includes our opinion. Reasonable assurance is a high level of assurance, bul Is not 8 guarantee that an audit conducted in accordance wth ISAS (UKI wi11 ahNays delecl a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. ITregularities, including fraud, are instances of non-compliance with laws and regulaliolls. We design procedures in line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregulaTilies, including fraud is delailed below.. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulation. We identified the laws and regulations applicable lo the charity through discussions with key management., We focused on specific laws and Tegulalions which we considered may have a direct material effect on the financial slalements 01 the a¢livilies of the charity. These include bul were not limited to the Chari(ies Act 2011 and the financial reporting framework-, and We assessed the extent of mpliance with the laws and regulations identified above through making enquiries of key management and reviewing minutes of Twslee's meetings. We assessed the susceplibilily of the ftnancial slalemenls lo mat8rial misslalemenl, including obtaining an undeTslanding of how fiaud might occur, by.. Making enquiries of key management as to where they considered there was susceptibility lo fiaud and their knowledge of actual, suspected and alleged fraud., and Considering the internal Controls in place to miligale risks of fraud and non-compliance with laws and re9ulalions. To address the risk of fraud through management bias and override of controls, we.. Performed analyiical procedures lo identify any unusual or unexpected financial relationships., Tested and reviewed journ21 entries lo identify unusual transa¢lions', Tested the aulhorisalion of expenditure., Assessed whether judgerllenls and assumptions made in determining the accounting estimates were indicative of PDlential bias., and Sir Robert Geffery's Almshouse Trust 13
Independent audltor's report 31 March 2024 Auditor's responsibilities for the audit of the financial statements Iconlinuedl Investigated the rationale behind signifi¢anl or unusual transactions. In response lo 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 documenlalion., reading the minutes of meetings of those charged with governan., and enquiring of management as lo actual or potential liligalion 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 il is that we would be¢ome aware of non-compliance. Auditing standards also limit the audit procedures required to idenlfy 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 lo delecl than those that arise form error as they may involve deliberate concealment or collusion. A further descriplion of our responsibilities Is available on the Financial Reporting Council's website at www.frc.org.uklaudilorsrespon8ibililies. This description forms part of ourAuditor's ¥epDrt. Use of our report This report is made solely lo the charity's Trustee. as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken 80 that we might stale lo the charity's Trustee those mallers we are required lo slate to il in an audilorfs report and for no other purpose. To the fullest exlenl permilled by law, we do Tiot accept or assume responsibility lo anyone other than the Charity and the charity's Truslee as a body, for our audit work, for this report. or for the opinions we have formed. Buzzacoll LLP Slalulory AudiloT 130 Wood Street London EC2V 6DL Dale 27 September 2024 Buzzacoll LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006. Sir Robert Geffery's Almshouse Trust 14
statement of flnancial activities Year ended 31 March 2024 Un- rostrlcted rgstrlcttd gengtal de8lgnated fund$ funds 2024 2024 RÈ$trl¢ted fund5 2024 Endowrnent funds 2024 Total 2024 2023 Notes Income and èndowments from.. Donaiions and legacies Investments chalilab actsvib'es Other income Totsl incomè and ondowm&nts 116,635 715.606 13,665 129.190 2,221,688 205,526 13 2,656,417 207,934 2,033,851 323,722 1,419,739 305,526 16,343 1,72S.267 16,34J 901.152 13,655 2,565.539 Expondhturo on: 1,467.297 1,467.297 850,512 850,512 2,317,809 2,317,809 1,851.228 1.851,228 Tolal ?xpondlture Nel In¢ome btrfoye transfers invèstment oains and losses el gains Ilossesl on inveslmenls Transfer belween lun¢s Not Income loxpondlturo) and movemont In lund8 257,970 271.802 17001 16,343 50,640 359.376 13,655 349,709 338,60 972,854 714.311 11.925,6551 10 700 S29,072 9,010 410.016 363.364 1,311,462 11,211,344) Fund balances 811 April 2tr23 12,653,556 2.481,960 13,063.J52 15,141,4 43.240,292 44.451.636 Fund botsnGÈs at 31 March 2024 17 I1,2,628 2,490,96D 3.473,368 15,504,798 44,551,754 43,240.292 The slalemenl of financial activities includes all gains and losses re¢ognised in the year. All income and expenditure derives from continuing activities. Sir Robert Geffery's Almshouse Trust 15
Statement of financial actlvltles Year ended 31 March 2023 unSIr[c1ed gen8ral funds 2023 Unrestricted designaled fvnds 2023 Restricled funds 2023 Endtswment funds 2023 Tofal 2023 Not85 Income and endDwmenfs from.. Don81ions legacies Inv8Stments Charitable a¢fivit18S Other income Tol81 income and endowrnenfs 194,6Q3 T62,989 13,331 207.934 2,033,851 323, 722 32 2,565.539 1,254,989 323,722 15,873 22 957,614 1,5T8,721 15,873 13,331 Expenditure on.. Charitabl8 actiwties Total 8xpenditure 1,001, 124 1,001,124 850, 104 850, 704 7,851,228 1.851,228 N8t income bgfor8 (ransfe and inv6Stment geins and10559S Nel losses on irJv8slments Gross Iransf8rs belween furfrds N8tffncome (gxpendilur8) and net movement in funds 517,597 (379.443) (700) 15,873 (34, T20) 700 107,510 (808, 738) 13,331 714.311 (762,754) 11,925,655) 257,454 (18,147? (701,228) (749.423) (1,211,344) Fund balanGes at l Apnl 2022 12,296.102 2,500,097 13,764,580 15,89Q,857 44,451,636 Fund b81ances at 37 Marth 2023 18 12,553,556 2,481,950 13,063,352 15. 141,434 43,240.292 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derNes from continuing aclivilies. Sir Robert Geffery's Almshouse Trust 16
Balance sheet 31 March 2024 2024 2024 2023 2023 Notes Flxgd ass&ts Tangible assets Heritage assets Investments 8,338,677 4.732 43,023,331 51,366,740 8,244,576 4.732 42,021,273 50,270.581 10 Current assets Debtors Cash at bank and in hand 220,904 4,319,784 4.540.688 186.735 4,080,707 4,267,442 Creditor5.' amounts falllng due wlthln one year 12 1557,2051 1494,9801 Net current a5Sèts 3,983,483 3,772,462 Total assets le8$ current Ilabllltl•s 55,350,223 54,043,043 Credltors: amounts falllng dug after more than one year 13 110,798,469) 110,802,751) Net assets 44,551,754 43.240,292 Capitsl fund5 Endowment funds InGomg furEds Reslricled funds Unrestrlcted fund8 Designated funds General unrestricted funds 14 15,504,798 15,141,434 15 13,473,368 13,063,352 16 2,490,960 13.082.628 2,481,950 12,553,556 15,573,588 44,551,754 15,035,506 43,240,292 The financial statements were approved by The Ironmongers, Trust Company, the sole Iruslee, on Richard Hunting Director of The Ironmongers, Trust Company 24 September 2024 Sir Robert Geffery's Almshouse Trust 17
Statement of cash flows 31 March 2024 2024 2024 2023 2023 Notes Cash flows from operating actlvltles Cash absorbed by op6Y8tions 20 11,434,S981 11,685.7361 Investing aetlvltles Purchase ol tangible fixed assets Purchase of investtnents Inveslm8nt income reiVed 1614,9181 129,2041 2.221.688 13,886,320) 2,033,851 Net ¢a$h g8nerdted from Invg$tlng activit185 1,877,566 11,852,469) Flnanclng aetlvllles Repayment ol bank Soans 3,B911 13.5361 Net cash used In flnancing actlvities 13,8911 13,5351 Net increase Idecreasel in cash and cash equlvalent5 Cash and cash equiva18nts at beginning of year Cash and eash equlvalents at 8nd of year 239,077 13,541.7411 4,080.707 7,622.448 4,319,784 4,080.707 Sir Robert Geffery's Almshouse Trust 18
Principal accounting pollcles 31 March 2024 Company informatlon Sir Robert Geffery's Almshouse Trust is a registered charity with the Charity Commission (No 2191531, incorporated in England and Wales. Ils principal address is Ironmongers. Hall, Shaftesbury Place, London. EC2Y 8AA. Accountlng convention The financial slalemenls have been prepared in accordance with the Charities A¢1 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their aoUntS in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 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 lo the exlenl required lo provide a true and fair view. This departure has involved following the Statement Df Recommended Practice for charities applying FRS 102 rather than the version ol the Slalemenl of Recommended Practice which is referred lo in the Regulations bul which has since been withdrawn. The financial slalemenls are prepared in sterling, which is the functional currency of the chaTily. Monetary amounts in these financial slalemenls are rounded to the nearest pound. The financial slalemenls have been prepared under the historical cost Convention, except lor the v8luation of investments as detailed b&low. Going concern The Trustee has a reasonable expectation that the chaTily can continue as a going concern for a period of al least twelve months Irom the dale of approval of these financial slalemenls. The charities, giving is principally of a Short term nature and Can be $61 al levels ¢ommensurate with the anlicipaled level of investment income. Following the sale of one of ils almshouses the Trustee has the expectation the remaining almshoLJse can continue lo operate ils homes for the foreseeable future. Charitable funds Unrestricted funds are available for use al the discretion of the Trustee in furtherance of ils charitable objectives. Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the reslricled funds are sel out in the notes lo the financial stalemenls. Designaltrd funds relate lo Income that has been allocated by the trustee lo Specif projects being undertaken by the charily. The Major Repairs fund and Sinking fund have beon sel up undor the requirements of the relevant Tiusl Deed. Endowment funds include legacies and donations where the donor has slipulaled the use of the donation received as capital. Sir Robert Geffery's Almshouse Trust 19
Princlpal accounting policies 31 March 2024 Income All income is inclLSded in the slalemenl of fi'nancial activities when the charity becomes enlilled lo 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 aOUnted for when earned and comprises maintenance ¢onlribulions from Almshouses, residents. Expenditure Expenditure is recognised in the peTitsJ lo which it relates. Direct charitable expendi(ure comprises all the expenditure relating lo the a¢livilies carried out to achieve the charitable objectives. Grants and donations are included in the statement of financial activities when approved for payment and the intended recipient has either received the funds or been informed of the decision lo make the grant. Provisvjn is made for grants and donations approved bul unpaid al the peritsd end. Support costs represent costs that cannot be direclw allributed lo the activi(ies. Governance Costs include the costs of complian¢e with conslilutional and stalulory requirernenls and have been allocated lo the charitable activities in the same proportions as support costs. Tangible flxed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost net of depre¢ialion and any impairment losses. Depreciation is recognised so as lo write off the cost of assets less their residual values over Ihtrir useful lives on the following bases. Freehold buildings 50 years on a slraighl line basis Freehold improvements Between 10 and 30 years on a slraighl line basis Fixtures, fittings & equipment 10D/o slraighl line Freehold land is not deprecialed. Flxed asset investments Fixed asset investments are initially measured al transaction price excluding transaction costs. and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transaction costs are expensed as incurred. Sir Robert Geffery's Almshouse Trust 20
Principal accounting policies 31 March 2024 Impalrment of flxed assets Al each reporting end dale, Ihe charity reviews th¢ ¢arrying amounts of ils tangible assets lo 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 eslimaled in order lo determine the exlenl of Ihe impairment loss lif any). Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held al Call with banks. other short-term liquid investments with original malurilies 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 nel of any trade discounts. VAT All expenditure where VAT ha8 been charged is inclusive of the charge. Financlal Instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial inslTumenls are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo sellle on a nel basis 01 lo realise the asset and sellle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are measured al transaction price including transaction Costs. Financial assets classified as Teceivable within one year are not amortised. Baslc flnancial liabllities Basic financial liabilities, including creditor5 and bank loans are initially recognised al transaction price unless th& arrangement conslilutes a tinancing Irans8¢lion, where the debt instrument is measured at the present value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current Siabililies if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Tiade creditors are recognised initially al Iiansaclion price and SLJbsequenlly measured at amortised cost using the effective interest method. Sir Robert Geffery's Almshouse Trusl 21
Principal accounting policias 31 March 2024 Derecognition of financlal liabilitles 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 Twstee is required to make judgements, eslimales and assumptions about the cairying amount of assets and liabilities that are not readily apparent from other sources. The estimates and asso¢ialed assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimales. The eslimales and Undering assumptions are reviewed on an ongoing basis. Revision5 to accounting estimates are recogni5ed in the period in which the estimate is revised where the revision affgcls only that period, or in the period of the revision and future periods where the revision affects both Current and future periods. The Iruslee is satisfied that there are no critical accounting estimates or judgements in the financial slalemenls for the year ended 31 March 2024. Sir Robert Geffery's Almshouse Trust 22
Notes to th8 financial statements Year ended 31 March 2024 Income from charitable activitie5 2024 2023 Maintenance contiibutK)ns from Almshouses, 185idents 305,S26 323,722 2 Charitable expendlture Educalion and rollof In need 2024 Education and rellef In need 2023 Alm8hou58$ 2024 Total Alrnshouses 2024 2023 Total 2023 Slaff c051s Waler, lighl and heal Repairs and maintenanc8 Depreciation Other costs 126.641 265,622 B5,302 403,299 15,886 696,850 126.641 297,705 85.302 408,144 66.167 973,959 lo4.7 80,158 54.909 132.495 12.870 384,497 104.067 107,881 54.909 144.985 53,051 464,893 32,083 27.725 4,845 40,IB1 77.109 12,490 40.181 80.3 Grant hjnding of adviues (see no16 31 Support costs (see noi8 41 34,665 535,782 1,467,297 504.948 268.455 B50.512 639,613 804,237 2,J17,809 116,467 5LKI.160 1.001.124 510,838 258,870 850.104 627.305 759.030 1.851.228 Analys16 by fund UrwesliiciÈd funds- general Restricted fuTh1s 1.467,297 1.467,297 50.512 2,317.809 1.001,124 1,1,124 850,104 1.851,228 850,512 850,512 850.104 850,104 I,A67,297 1.001.124 3 Grants payable 2024 2023 Analysls by fund Sir Robert G8ffery's Almshouse Tiust Ironmongets. Foundation- Iron Committee Ironmongers, FouFKSalion- Bellons Appeals Committee Ironmong8rs' FourKlation- STEM arKI General Thotnas Setton Education England & Wales School Fund Thomas Betton Education London School Fund Thomas Betlon Slave Fund Thomas Betton Relief in Need Sir Robert Geffery's Schoo1 Charity. Landrake 34,66S 123,866 75,052 77,553 79,790 32,000 2,005 104,294 10.388 539,613 116,467 85.757 63,752 84,256 122,750 32,000 112.035 10,288 627,305 Further details of grants payable are included in note 21. Sir Robert Geffery's Almshouse Trusl 23
Notes lo the financlal statements Year ended 31 March 2024 4 Support costs Edueatlon and relief in need 2024 Educabon Almshousfrs 2024 Total Njmshouses 2024 2023 need Total 2023 2023 Govornancè costs Cornmillee expenses A111 fee5 4,189 13.320 17,509 4,626 8,100 12,626 8,715 21,420 30,135 2,212 9,395 11.607 8,037 9,419 17,458 10,249 18,814 29,063 Other support costs Staff Gosls Legal and professional Inleresl 245.639 17.IT4 255,460 525,782 116,241 361,8BO 17,174 395,048 804,237 228.386 4,297 255,870 500,160 101,839 330,225 4,297 395,445 759,030 139.568 268.4SS 139,575 256,870 Governance costs in¢ludos payments lo the audilois of £21,42012023.. £18,814) for audit fees. 5 Trust88 The Trustee lor any person5 connected) did nol receive any remuneration or benefits from the charity during the year. 6 Employees Number of employees The average monthly number of employees during the year was.. 2024 2023 Admin1strats"on Employment costs 2024 2023 Wages and salarps Soci31 security cosls Other pension costs 399,721 35,237 54,828 489.786 344,110 36,199 53,983 434.292 There were no employees whose annual emoluments were £60.000 or more. Certain adminlslralion and management staff have joint contracts of employment with Ferroners PLC (see note 221. 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 lo manage the Almshouses and grant making function. These members do not re1ve any remuneration for the services they provide lo Ihe Trust and tho linked charities. There were no employees whose annual remuneration was £60.000 or more. Sir Robert Geffery's Almshouse Trust 24
Note5 to the flnancial statements Year ended 31 March 2024 7 Taxation The ¢ompany is a registered charity and it is considered that ils activities are such Ihal no corporation taxation liability will arise. 8 Tanglble flxed assets Fixtures, L8nd and fillings and buildings equiwenl Total C05t At 1 April 2023 Additions At 31 Maith 2024 9,273,264 503,911 9,777,175 114,759 11,007 125,766 9,388,023 514,918 9,902,941 Depre¢latlon At 1 April 2023 Chorge for the year At 31 March 2024 1,065,804 413,260 1.479,064 77,643 7,557 85,200 1,143,447 420,817 1,S64,264 Carrylng amount At 31 March 2024 At 31 March 2023 8,298,111 8,207,460 40,566 37,118 8,338,677 8,244,576 9 Heritage assèts 2024. At 1 April 2023 and at 31 March 2024 4.732 The snuff box Ivalued al £4,250) was owned by the Company's major benefactor, Thomas Bellon. Thomas Betlon senior had been admitted lo the Company by servitude lo the then Master, George Poyner, in 1663. The George 111 silver nutmeg grater (valued al £4821 belonged to William Beckford. This item was of particu18r interest because il was the only item belonging lo the Company which is known to have been in William Beckfoid's possession. The above assets were acquired in the year ended 31 MaTch 2011 and brought into the Ironmonger's Foundation balance sheet. Aftor the uniting direction in 2012, these assets have been reported in these financial slalemenls. There have been no other movements in heritage assets since 2011. Sir Robert Geffery's Almshouse Trust 25
Notes to the financial statements Year ended 31 March 2024 10 Flxed assgt investments 2024 2023 Market value AI 1 ApTiI 2023 Addilions Revaluation gains Ilossesl Al 31 M8r¢h 2024 42,021,273 43,946.928 29,204 972,854 11,925,655) 43,023,331 42.021.273 The investments represent units held in The Ironmongers. Common Investment Fund, a charrty registered in England and Wales. The individual charities. red asset investments consist of 100% of units issued by The Ironmongers, Common Investment Fund which was created to hold solely the investments previously held by the charities under the Irusleeship of The Ironmongers, Trust Company. The aggregate value ol the investments is therefore the balance sheet value of The Ironmongers, Common Investment Fund. 11 Debtors 2024 2023 Oth8r debtors Prepayments and acuued incorne 115.848 105.056 220,904 123,747 62,988 186,735 12 Credltors: amounts falling due within one year 2024 2023 8ank loons Trade creditors Taxe5 and social security costs Other creditors Arual5 and deferred Inwmo 4,282 37,346 1,066 8,672 505,839 557,205 3,891 40,529 5,737 444.823 494.980 13 Creditors: amounts falling due after more than one year 2024 2023 Amounts due to Ferroners plc Bank103ns 10,SOO,000 10,500,000 298.469 302,751 10,798,469 10.802,751 SIT Robert Geffèry's Almshouse Trust 26
Notes to the financial statements Year ended 31 March 2024 13 Creditors.. amounts falling due after morè than one year Iconlinuedl Analysi8 of Mortgages 2024 2023 Not wholly repayable within five years Vvholly repayable within fiv8 ye8rs Included in cuiient liabilllies 278,979 23,772 {4.2821 298.469 282,871 23,771 13,8911 302,751 Loan maturlty analy$ls 2024 2023 Debt due in one year or less In more than one y88r but not more than two years In more than two years but not rnore than five years In more ihan five years 4,282 4,711 14.779 278,979 302,7S1 3,89fj 4,282 15,599 282.870 306,642 By a deed ofvarialion. the two existing mortgages were consoliolaled on 14 Dècember 2021. On the same date the legal charge over the Charity's Geffrey's House almshouse was released. The new loan matures in 2047 and has an interest rale of 9.790/0. The Ferroners plc loans comprise Tranche A loans lolalling £3,500,UOO and Tranche B ltsans lot811ing £7,000,000 under the terms of the £10,500,000 Facility Agreement dated S April 2017. The Tranche A loans have a lerminalion fate of 5 April 2032 and carry fixed rate interest al 3.23°/o per annum. The Tranche B loans have a lerminalion dale of 5 April 2042 and carry fixed rale interest of 3.48OA per annum. The Facility was granted in ¢onneclion with Loan Notes issued by Ferroners plc and a Security Trust Deed between Feironers plc and the Iruslee ofthe Ironmon9ers' Common Investment Fund and the Iruslee oflhe various Ironmongers, charities. 14 Endowment funds alan¢p at 1 Aprll 2023 Balan¢8 at 31 March 2024 Invgstmgnt galn8 Incomo Permanènt trndowmènt8 Slr Rort Geffery's Almshouse Trusl The Ironmongers Foundation . &r Robert Geffery's School Charity 14,492,494 331,39B 347,542 15.141,434 )45,594 14,838.088 338,942 10,226 327.768 349,709 15,504,798 1Y,055 13,655 8a18nce fit t April 2022 Balance at 31 March 2023 Inveslmenl losses Irjcome PeFm8neot endGwm8n16 SlrRobert Gefferys Almshouse Trust . Th6 lffjnmonuers Founrlation . SirRobert Gefléry$ SchoolCh&niy 15.IP6.812 353,491 34Q.554 15.890.857 1704.318} t4,492,494 135.424) 331.398 123.0121 3t7,542 1762.7541 15.141,434 lJ,337 73.331 Sir Robert Geffery's Almshouse Trust 27
Notes to the financial statements Year ended 31 March 2024 14 Endowmènt funds Iconlinuedl The Sir Robert Geffery's Almhouse Trust fund is represented by investments in the Ironmongers Common Investment Fund, tho income from which is used lo support the provision of Almshouses. 15 Restricted funds M¢v•ment In fundB B•lan¢¢ at 1 Aprti 2023 B8lan¢¢ at 31 March 2024 Inve5tmont 10$808 Income ExpBndlturg The Ironmongers. Foundation . G&ner81 fund 3,832,OB2 370.192 1389.9311 3.927,464 Slr Robort Galfery8 Landrake School Education As81&lote lund 1,08S,564 21,33Q 1.05S,3Q6 Thomas Betton's General Eslale General fund 4.829.798 59,5DB 159,5081 164.06ti d.983.858 Thomas Belton'8 CharY IEducatioTrall . EtyJlgnd & Wales S¢hod fund . Schools. Reserve fund . The London Schwl fu . RpAemptK)n of Ivnd 1,390,284 267,858 21D.485 9,027 65,420 2,005 1148,2401 38.009 4,330 1.490.538 279,510 190,O$J 38,870 37.908 12,CrfJSI 962 Thomas Betton's Charity for PeThsions and Rellof In Ile$d Gwral fund 1,448.04r 13,063.3S2 163.186 901,152 1150,3671 ias0,SI4 46,894 1,507,759 359,376 13,473,368 ovemenlm ffunds 5812nee al Jl Alsrth 2023 81 l ApnI2022 Income ExpendAra lossgs The Ironrnongers'Foundal¥Jn . Gene1 fund 3.980.822 442.339 13310131 1259.0661 3.832,082 sR0)J1 G911erfs L8ndrake Scho . Educ2tionalAs5islan¢e lund f.129,768 20,705 (84.9091 t.085,564 Thomss B&ttons General Eslate Geralln 5,176.687 59.515 (59.r09} (346,6951 4.829.798 Thom?$ Bpfton¥ Chalty (EducaliDnall . Englano & Wales Scljooifunè . Scho(Ks'Resenw fvnLI . The Londm Sthoolfund . Rsdompljon olSl8ves fund t,466.315 270.244 144.995 59.575 204.628 8.767 63.106 49T 18&540J {9.T44) 1.390.284 267.858 11.409) 1342931 12.t64) 91.908 rhoiDas 8$iion$ ChAt*ylorPensAs end Rel1 Ng8d I.6, 171 15.764,580 158,057 957.614 1160,fl521 (B50, 1041 1105,5291 1,44&047 1808,7381 t3.063.352 Sir Robert Geffery's Alrllshouse Trust 28
Notes to the financlal statements Year ended 31 March 2024 15 Restrlcted funds Iconlinuedl The Ironmongers. Foundation general funds is a fund built up lo enable the support of charitable activities in keeping with ils historic origins in the iron industry. The Educational Assistance fund is for the purpose of rnainlaining Sir Robert Gefferls School and for assisting Ihe School's governors in discharging their obligations. The Thomas Bellon's General Eslale fund is set up for the purpose of aPpo.0nIng and dislribuling income to Thomas Bellon's Charity (Educalionall and Thomas Bellon's Charity for Pensions and Rellef in Need. The England & Wales School Fund represents funds 8ccumulaled lo be applied for the benefit of qualified schools in England and Wales outside the City ol London. The School's Resetve fund is lor the purpose ol accumulation funds lo supplement the activities ol the England and Walès and London Schools funds as needed. The London Schools Fund represents funds to be applied foi the beneftl of qualified schools in the Dioceses of London and Soulhwark, The Redemption of Slaves fund represents funds accumulalod for the redemption of British slaves in Turkey and Barbary. The Thomas Betlon's Charrty for Pensions and Relief in Need general fund is a fund for the purpose of making grants for relief in need. 16 Designated funds The income funds of the charity include the following designated funds which have been sel aside out of unreslricled funds by the Trustee for specifi¢ purposes.. Movement In fu#ds Balance a¢ Balanc8 at 31 March 2024 Investment 1055e$ 2023 Income T¥ansfèr8 Major Repairs fund SInkg fuNJ 2,144.819 337,431 2,481,950 2,144,519 346,441 2,490,960 16,343 16,343 700 700 18.0331 18,0331 Alovem8ntln lufjds 88lènc8 8t l April 2022 8lance at 31 March 2023 Investment losses Incom8 Translers M8iorRep8irs lund Sinkingfvrtd 2,728.646 571,461 2.500.Q97 15,873 2.144.519 337,431 2,481,950 70tI 700 134.7201 154.72Ql 15.873 The purpose of the Major Repairs fund is lo ensure sufficient funds are retained for the maintenance and replacement of major items at the Almshouses. Piovision has been made by reference lo the eosl of maintaining or replacing. as appropriate. and the individual life cycles. Transfers are made out of the fund when major repairs are undertaken. Sir Robert Geffery's Almshouse Trust 29
Notes to the financial statements Year ended 31 March 2024 17 Analysis of net assets between funds Unrèstrlctod Dèslgnatèd funds funds 2024 2024 Restrlcted Erbdowment funds 2024 Total 2024 2024 Fund balances at 31 March 2024 arè repré8Èntèd by.. Tanglble 8ss81s HeFilage asse15 Inve51ffients Cuirenl assetsllllabllil*sl 7.292,292 1,046.386 4,732 15,429,834 13,eOY.5831 8.338,677 4,732 43,02?,331 3,989,4B) 110.798,4691 44,551,754 11.669,823 4,918,982 110,798,469) 13,082,628 336,579 2.154.381 15,587,095 182.29YI 2,490,960 13,473.368 15.504,798 Unrestrkled funds 2023 Deslgnated lunds 2023 Restrfc(ed lunLIs 2023 Endobvm8nt fvnd& 2023 Total 2023 Fundbalances a131 March 2C123 are reprn$8ntedby.' r8ngJble assels HeTkég8 assets Investmerts Curr&nl ass615ffji8blDll8sl LongteFrn bl T. 158.010 1,086,566 4.132 15.070.457 {3,098,4031 8,244,576 4.132 42.021.273 3,772.462 {10,802,757} 43,240,292 71.398,019 4,800,278 110.802.7511 12.553,556 328.740 2,153,210 15.224.057 182,623) 2.481.950 t3,063.352 15,141.434 18 Related parties The Worshipful Company of Ironmongers is the sole member of the Ironmongers, Trust Company and is the controlling party of Ferroners plc. The Trust and linked charities owed Ferroners pl¢ £10,500,000 under a f8¢ilily 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 charf(ies holds inveslmenls, is controlled by the Ironmongers, Trust Company. 19 Capital commitments There were no oulslanding commitments at the year end not accrued in these accounts 12023.. £nill. Sir Robert Geffery's Almshouse Trust 30
Notes to the financial statements Year ended 31 March 2024 20 Cash absorbed by operations 2024 2023 Net Incom• lèxpenditurel 1,189,229 11.211,3441 Adjustments for.. InvÉsltnent income rgcognised in profil and Ios5 Investsnents Igainsl losses Depr8ciation of tangible fix8d assets 12,099,45SI 12,033.8511 1972,8541 1,925.655 420,817 53,051 Movement In working capltsl.. Ilncf88sel decrease in deblors Increase Ide¢rea581 in cdItorS 134,1691 61,834 11,434,S981 12,585 1431,8321 1.685.736 21 Detalled schedule of grant expendltur& 2024 2tr23 Slr RobBrt Gettery'5 Almhou5e Trust Becklon Skills Cenlre Clly ol London Sthool for Glrfs Contact 15L4nd Trust Ltd Llve Music Now Loughborough Junctlon AGtlon Group LyilG Theatre, Hammersrnilh Makebellave Art5 ake Some Noise (West Midland51 Move On Mullicullural Richmond Norih GlasgowCotnTnunity Fd Iniliative Omnibu5 Clapham oiakar Kr8us Music Tfust Posllive Fvre5 Sl Kfjncenl Famity Projecl Yellow Suiyrarine Holidays RIC 1136735 6.068 7.298 14,3041 17,500 2.642 3.110 8,916 25.000 16,743 7.987 3,150 4.450 4,000 4.033 4,860 7.179 25,000 7,500 116,467 34,665 Ironmonge Foundatlon. Iron eommmlttep Chelsea Physic Garden tree rose support Church ol Woly Tnnity Paullon ClevelarKJ Pods Trusl Deseri Rals A5socialK)n Ellzabelh Le Duc Fort Amhergl Herilage Trust Froglile Halfield Metnorlal Leciure HerilagÈ of London Twsl slrèèl map sign Holnesl Churth Fund IBF London Branch lapproved by Chaiiman 0910812022 Imperial College Instrtule of Ca51 Mètals Englneers Lor¥Jon SGhool of Aichllectufe 5,044 560 4.666 500 11.7001 4.750 600 500 2.500 5.676 250 6,000 2.000 5.890 Sir Robert Geffery's Almshouse Trust 31
Notes to the financial statements Year ended 31 March 2024 21 D8tailed schedule of grant expenditure IcDnlinuedl 2024 2023 LgTH Columbia Market Nursery Sch Nation81 Trusi for Scolland Oxford Medal (Oxford Universily51udenll Royal British Society of SGulptD Ru5kln Mlll TrLtsI Shab8ng Incluslve Learlng Sl Arwjrews Alfrislon Sl Denni5 Be11s and Rlngers Sl Denys CFKJrch Sl George's Slockport pcc Sl Leonard's Church Sl MarylèbDnÉ Padsh c1r¢h st Mary the Vlrgln Haipury bell fr8Tne Sl Mallhews & The Minster Chellenham Sl Pelet5 Cr311ely Sl Weiburgh's Churth Techniclans Award The N31ional Railway Museum Gaunless The Veler8ns Forge GIC Ljnivèrslly of Imp8rlal College London Unived51y of Blrmlngham ReIP1S Acto Ljniversity of Birmingham LJnivÈtsity of Combrldy& Universlty ol MaTKhesler University of OxfoTd Ljniversity of Sheffield Uyme PaiBh Church Vleslon Park 3.180 7,DOO 950 7.500 4,800 14.8001 16031 0.763 10.763 1,776 4.6SO 11,500 5.000 1.700 BOO 9,474 250 Is,oo 15,OOD 3,000 5.000 5,000 11,0001 5,000 6,000 5,000 12,000 5.000 6.000 2.ODO 5.OOD 5,000 4,OOD 85.757 12J.866 Ironmongers Foundation. Bèitons Appeals Committee 2023124 GT 12 $8iling Surplus- Lord M3yofs Appeal 2023124 Inlerlivery Skilng Surplus- Lord Mayot'5Appeal Action for Kids charitab Trust Bambz]e Th881re Berkshi Autistic sety Capbtal Kld5 Cilthel Change of Scene City Of London AcfWelf81e Fund City of London and North Easl Seclor ArTty Cadet Fo Co1ond'5 Fund GrenÈdiÈr Guards Cfèalive Futures UK Lld Go Youlh Trust tsiildhall SGhod TtU81 H3WOtih Rldlng for D1s8Ned Group HorfE Slart Wesse¥ Mansion House Scholar&hlp Scheme MÈreets Company Llvery Inlllalive- No Grj Bad< Pllol The81re SI PHuls Calhedral- Ma5kn' Fund Thè Bluecoal The Gulldhall School Trusl The Lord Mayors Appeal The Marine soCty & Sea Cadets Thgan Boys & G1rls Club 4,706 IlJ,567 3,113 7,875 3,990 3,000 12,02B 8,668 3,963 1,000 1,000 10,000 10,000 6,200 4.000 s.000 3,548 6.517 1,Th)0 1.000 6,000 3,057 2,500 3,891 5.000 2.1)00 2.400 3.391 63.752 2,000 2AOO 75.052 Sii Robert Geffery's Almshouse Trust 32
Notes to the financial statements Year ended 31 March 2024 21 Detailed schedule of grant expenditure Iconlinuedl 2024 2023 Ironmongers Found8tlon- STEM and General ArkwrwJhl Engineering SCholahIp Bloodhound Educat Lld 2.530 6,700 10,000 5,600 carnbrge SGlence Centre Covenl Garden Dragon Hall Ttusl OuthgtrVNorthumbÈrland Wng ATC Welfare Commlitee Englneedng DÈvÈlopmÉM Trust Forth Valley College Main Acco Gasp Motor Projecl Imo Charity ItQscienteUK.org In8lllule of EroineeriTrJ and Technology Phys5 Partners Plallnutn JutKlÉe Swansea Universty The Acttss Projeci The Wotk Wise Foun($8lon Universlly of NollrvJham DevelopnEnl g,W28 9.980 4,fj00 9,540 8,816 15,9071 .892 7.SOO 10.000 9,840 500 7.300 10,000 15,000 10,0(M) 15.0(M) s,0 84,256 77.SS3 Thomas Botton Educatlon England & Wales School Fund Bethany CE Junior School, imnchesler cls1,S Hospltsl Foundauon Coaslal LeamSng P8rtnershlp Dwham CC Income CIAlection Emmaus CalhollclCE Prim8ry School. Sheffield King E(Iward School, Wlley Make Belleve A sGunthor CE Primary st01 Sl Andrews Benn CE Primary SLI01. Rugby Sl Claie Calhollc Mu111 Acidetny T Sl John's CE Primary School, Duth8m Sl Martin's CE Primary School. Salisbury The Blshops CE Prlmary School. Thefford The tHocese of NotCh Education 8,600 38,790 8,500 8.500 8,500 7,000 30.750 8.500 8,500 8.500 8.500 8.500 8.500 8.500 122.750 7,000 B,800 8.SOO 8,500 79,790 Thomas Betion Education Lendon School Fund Sl Marys CE Prlmary School, Brenl Sl Paul's Calhedral Sl Stephens CE Piimary Schod, Soulhwark 8.500 15,000 8,500 32.000 8,5(KJ I5,0) 8.5 32,OIMI Thoma6 B9¢ton Slavg Fund Unseen Uk 2.005 2.005 Sir Robert Geffery's Almshouse Trust 33
Notes to the financial statements Year ended 31 March 2024 21 Detailed schedule of grant expenditure Iconlinuedl 2024 2023 Thoma5 Bpiton Relief In Nepd Apollo Music Projects Bamsley Museum Break FurLdraising Cily of L(dOn and North E8sI seclor Cily of London Police Wdows and Orphans Fund Col(Iharbour Mlll Trusl CoTllTDunily Focus InclusiveArts Down Syndrome Tr81nino & suA)tht serv L Drake MUS Project Nl For Re Woik Llmiled Free al La51 Filends of Brlxlon WMIll Garden Gullohall School of Music and Dratn Halle Con[15 Society HalDW PrDjecl Home Start Telford & Wrekin Home Start Wessex ImmÈdlate Theatre Ind0amerin Reftjgee & Migr8nl Or Il's Your Life L8wrenGe W2slon Community F*m Litt Angel Thpalre Lillk Green Pig Mai510ne Town Cenire Cafe Mortal FDols N81urfr Mbezzt Nollingh8m sc01 of Boxing Odd eye5 TheairÈ 081some Chance Pro Cor(Sa Trust Sheritts and Reoorders Fund Soulhslde Young Leaders Academy Space CIO Sl Mich8el% Fdlowsh Slaffordshire Wddlrfe Tr1 Lld Success Club CIO Teesmoulh Fiekl Cenlre The Bloomslield Leaininu Centre The Downright Speclal Netwo Th821re Peckham YOU LewhaM Proiecl Utban Uprising V8uxhall Clty Farm Vvheiry Friends A55odallon 6,000 4,760 4,161 1,000 11.0001 300 s,000 3.938 3,921 4.190 2,B64 8,800 7,B90 15,0001 5.000 g,421 2,840 2.500 4,700 2.065 5.000 4,600 3.871 3,830 5,064 4,662 4,411 5.250 6.501 4.350 8.424 3.500 2.000 2.000 3,946 1.742 9.116 6,192 4,000 4.6(M) 5.360 13,447 5,298 10.000 2,814 9,676 2,430 104,294 112,035 Sir RG Landrake School Chaty Slr Robert Geftery's School. L8ndrake 10,368 10,388 10.288 10.288 539.613 627.305 Sir Robert Geffery's Almshouse Trust 34