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, QuIn￿n1enary 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 ChU￿h 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 miM￿king 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
Comm￿ee. 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 p5a￿MentS
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 Ma￿h 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 A￿O￿ntIng 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 Cha￿tY 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
un￿SIr[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 re￿iVed
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 a￿oUntS 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 a￿OUnted 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 Under￿ing 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
A￿111 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 re￿1ve 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. r￿ed 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
A￿rual5 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$ls
2024
2023
Debt due in one year or less
In more than one y88r but not more than two years
In more than two years but not rnore than five years
In more ihan five years
4,282
4,711
14.779
278,979
302,7S1
3,89fj
4,282
15,599
282.870
306,642
By a deed ofvarialion. the two existing mortgages were consoliolaled on 14 Dècember 2021.
On the same date the legal charge over the Charity's Geffrey's House almshouse was
released. The new loan matures in 2047 and has an interest rale of 9.790/0.
The Ferroners plc loans comprise Tranche A loans lolalling £3,500,UOO and Tranche B ltsans
lot811ing £7,000,000 under the terms of the £10,500,000 Facility Agreement dated S April
2017. The Tranche A loans have a lerminalion fate of 5 April 2032 and carry fixed rate
interest al 3.23°/o per annum. The Tranche B loans have a lerminalion dale of 5 April 2042
and carry fixed rale interest of 3.48OA per annum. The Facility was granted in ¢onneclion
with Loan Notes issued by Ferroners plc and a Security Trust Deed between Feironers plc
and the Iruslee ofthe Ironmon9ers' Common Investment Fund and the Iruslee oflhe various
Ironmongers, charities.
14 Endowment funds
alan¢p at
1 Aprll
2023
Balan¢8 at
31 March
2024
Invgstmgnt
galn8
Incomo
Permanènt trndowmènt8
Slr Ro￿rt Geffery's Almshouse Trusl
The Ironmongers Foundation
. &r Robert Geffery's School Charity
14,492,494
331,39B
347,542
15.141,434
)45,594 14,838.088
338,942
10,226
327.768
349,709 15,504,798
1Y,055
13,655
8a18nce fit
t April
2022
Balance at
31 March
2023
Inveslmenl
losses
Irjcome
PeFm8neot endGwm8n16
SlrRobert Gefferys Almshouse Trust
. Th6 lffjnmonuers Founrlation
. SirRobert Gefléry$ 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$808
Income
ExpBndlturg
The Ironmongers. Foundation
. G&ner81 fund
3,832,OB2
370.192
1389.9311
3.927,464
Slr Robort Galfery8 Landrake
School
Education￿ As81&lot￿e lund
1,08S,564
21,33Q
1.05S,3Q6
Thomas Betton's General Eslale
General fund
4.829.798
59,5DB
159,5081
164.06ti
d.983.858
Thomas Belton'8 Char￿Y
IEducatioTrall
. EtyJlgnd & Wales S¢hod fund
. Schools. Reserve fund
. The London Schwl fu
. RpAemptK)n of Ivnd
1,390,284
267,858
21D.485
9,027
65,420
2,005
1148,2401
38.009
4,330
1.490.538
279,510
190,O$J
38,870
37.908
12,CrfJSI
962
Thomas Betton's Charity for
PeThsions and Rellof In Ile$d
Gwral fund
1,448.04r
13,063.3S2
163.186
901,152
1150,3671
ias0,SI4
46,894
1,507,759
359,376 13,473,368
ovemenlm ffunds
5812nee al
Jl Alsrth
2023
81
l ApnI2022
Income ExpendA￿ra
lossgs
The Ironrnongers'Foundal¥Jn
. Gene￿1 fund
3.980.822
442.339
13310131
1259.0661
3.832,082
s￿R0)￿J1 G911erfs L8ndrake Scho
. Educ2tionalAs5islan¢e lund
f.129,768
20,705
(84.9091
t.085,564
Thomss B&ttons General Eslate
Ger￿all￿n￿
5,176.687
59.515
(59.r09}
(346,6951
4.829.798
Thom?$ 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*ylorPensA￿s
end Rel￿1￿ 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
SInk￿g 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 ￿b￿l￿￿
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 c￿dItorS
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 F￿d Iniliative
Omnibu5 Clapham
oiakar Kr8us Music Tfust
Posllive F￿vre5
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 c￿1r¢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 Re￿IP1S Acto
Ljniversity of Birmingham
LJnivÈtsity of Combrldy&
Universlty ol MaTKhesler
University of OxfoTd
Ljniversity of Sheffield
U￿yme 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
Bamb￿z]e Th881re
Berkshi￿ Autistic s￿ety
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 G￿r￿j Bad<
Pllol The81re
SI PHuls Calhedral- Ma5kn' Fund
Thè Bluecoal
The Gulldhall School Trusl
The Lord Mayors Appeal
The Marine soC￿ty & 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 SChola￿hIp
Bloodhound Educat￿￿ Lld
2.530
6,700
10,000
5,600
carnbr￿ge 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
Phys￿5 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
c￿ls1,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 st￿01
Sl Andrews Benn CE Primary SLI￿01. 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 Not￿Ch 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 W￿MIll Garden
Gullohall School of Music and Dratn
Halle Con￿[15 Society
HalDW PrDjecl
Home Start Telford & Wrekin
Home Start Wessex
ImmÈdlate Theatre
Ind0ameri￿n 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 sc￿01 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 Tr￿1 Lld
Success Club CIO
Teesmoulh Fiekl Cenlre
The Bloomslield Leaininu Centre
The Downright Speclal Netwo
Th821re Peckham
YOU￿ Lew￿haM 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 Cha￿ty
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