Sir Robert Geffery's Almshouse Trust Annual Report and Financial Statements Year ended 31 March 2025 Chaiily RegislfalK)n Number 219153 (England & Wales) Regulator of Social Housing Number A2071
Contents Reports Ref¢ron¢e and administrative inlorrllalion Trustee's report Independent auditor's report 11 Financial statements Stalernenl of financial a¢livrties 15 Comparative slalemenl of finan¢ial activities 16 Balance sheet 17 Slalemenl of cash flows 18 Principal accounting policies 19 Notes lo the financial statements 23 Sir Robert Geffery's Almshouse Trust
Refetsnce and administrative Information Trustee The Ironmongers, Trust Company Charity number 219153 Registered address Ironmongers, Hall Shaftesbury Place London EC2Y 8AA Auditor Buzzacoll Audit LLP 130 Wood Street London EC2V 6DL Bankers Bar¢lays Bank PLC 1 Churchill Place London E14 5HP Investment managers 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 2025 The Trustee presents ils report and financial slalemenls for the year ended 31 March 2025. The Trustee confirms that the financial slalements wmply with the current slalulory requirements and with the requirements of ils governing document. Sir Robert Geffery's Almshouse Trust I'the Trusv'l is governed by a Charity Commission Scheme I'the Scheme") dated 16 March 1988 underlhe Irusleeship of the Ironmongers. Trust Company I'the Trustee"). The directors of the Trustee are appointed by The Worshipful Company of Ironmongers I'lhe Company I, a Livery Company In the Gily of London, governed by Royal Charter since 1463 and sole member ol the Ironmongers, Trust Company. Linked Charities The Trustee is the Iruslee of fNe other charities I'lhe linked charities") linked lo Sir Robert Geffery's Almshouse Trust by a uniting direction, made by the Charity Commission, dated 19 March 2012. Thomas Betlon's General Eslalo is governed by a Charity Commission scheme dated 31 August 1982. Thomas Bellon's Charity (Educalionall is governed in part by Charity Commission schemes dated 25 July 1907 and 31 August 1982 and in part by a scheme made by the Minister of Education under the Charitable TTusls Act 1853 to 1925 dated 3D June 1954. Thomas Betlon's Charity for Pensions and Relief in Need is govemed by a Charity Commission scheme dated 13 April 1973. amended by a further scheme dated 31 August 1982. The Ironmongers, Foundation was eslablished as the Ironmongers, Quincentenary Charitable Fund IQCFI by a Deed of Trust dated 15 June 1984 and admitted lo the Charity Register in December 1964. The OCF was renamed the Ironmonger5' Foundation in July 2006 1"The Foundation"). Sir Robert Geffery's SGhool Charity, Landrake is governed by a Charity Commission Scheme dated 10 February 1992. ObSecls and activities Sir Robert Geffery's Almshouse Trust The principal object of the Trust is lo support older people in its Almshouse I'Home'l and to apply income towards the maintenance and operating costs of the Home. Subject lo the above, the Trustee applie5 any surplus income as grants for relief in need. Thomas Betton s General Estate The nel income of Thomas Bellon's General Eslale is apportioned and distributed each year lo two chariliès., Ihree quarters lo Thomas Betton's Charity (Educalionall and one quarter lo Thomas Bellon's Charity lor Pensions and Relief in Nead. Sir Robert Geffery's Almshouse Tru51 2
Trust8a's report 31 March 2025 ObjeGts and activitl8s (continued} Thomas Betton s Charity (Educational) The object of the Charity is lo benefit schools wherein religious instruction is given in accordance with the piinGiples of the Chur¢h of England or the ChLJrch of Wales. The Charity is divided into Iwo parts. The England & Wales Schools, Fund awards grants lo schools in the dioceses of England and Wales and the London Schools, Fund, to schools in the dioceses of London and Southwark. rhomas Betton s Chority forPensions and Relief in Need The objects of the Charity are lo make pension payments and grants for relief in need. The Ironmongers, Foundation The Foundation was established by the investment of monies donated by the Company. its members and other supporters. The primary purpose of Ihe Foundation is lo enable the Company lo support charitable activities in keeping with its historic origins In the iron industry. Sir Robert Gefferys School Charity, Landrake The principal object of this Charity is lo own, keep and maintain Sir Robert Geffeiy's School, Lar)drake I'the School") and to apply income in assisting the School's govemors lo discharge their obligations under the Education Acts with respect lo the maintenance ol the School. Grant Making Policy Schools Thomas Bellon's Charity (Educalionall has established partnerships with primary schools in disadvantaged communities across England and Wales as the most effective way lo meet ils objedives. Through a combination of financial and moral support the Charity airns lo help the schools improve edLJcalional standards. The Trustee's policy is to allocate available funds lo selecled partner schools, as follows". • grants lo Church of England primary schools, for educational aclivilies and resources that are additional to those usually funded by the Stale", and • bursaiies for sludenls al other specific schools with which the Truslee has an ongoing relationship. Relief in Need The Trustee's policy is to allocate available funds lo charitable organisalions that meet ils aims and objeclives, namely lo help young people who are disadvantaged lo improve their ability lo rnake the most of their lives Grants are made lo educational projects that enable childien and young people up lo the age of 25 to develop the motivation and skills necessary lo take advantage ol opportunities. All appeals from charities meeting the ¢Tileria are considered. Resotjrces are commilled each year to SLJPPOrt1ongei term partnership5 with a small group of charities operating in key areas of interest. In addition, grants are made 10 specific welfare organi5alions with which the Trustee has a longstanding relationship. Sir Robert Geffery's Alrnshouse Trust 3
Trustee's report 31 March 2025 Grant Makiny Policy Icontinuedl Iron The Trustee's granl-making policy aims lo encourage the continued development and use of iron and steel. This is achieved through supporting learning activities al education inslilulions and charitable organisalions with which the Trustee develops ongoing relationships. Two award schemes funded by the Ironmongers, Foundation promote excellence and innovation in the steel industry. Grants are also made lo ¢harilable organisalions for restoration of historic ironwork and creation of new work in iron or steel. In response lo the much publi¢ised skills gap in the British engineering indLJslry, the Company supports initiatives that encourage talented ytsung people lo study science subjects al school and university. The Trustee maintains the Company's historic Iiade and City ¢onneclions through grants lo selected chaiilable organisalions. Achievements and performance Homes Oulslanding defects from the refurbishmenl in 2023 of Goffery's Fields have now largely been resolved. Compartmenlalion of loft space above some communal areas remains a concern. Work on the Fire Doors is due lo complete September 2025. Theie is full oc¢iJpan¢y with the loss ol some residents due lo passing away, Ill health requiring nursing or love- il se¢ms that a number of residents have found love now that they are sellled and safe and move in logelherl We keep a wailing list lo reduce voids and priorilise people who ale horneless. We continue lo address maintenance and improvements and have Installed a pathway for safe onward evacuation of residents from our rear muster point. More powerful UPS have also been installed on the ENS system. Residents report that they are very eonlenl al Geffery's Fields. we have an active social group and allolmenls. Education Nine CofE s¢hools were supported with grant funding. Spending on projects ranged from developing nurture rooms, purchasing library and IT resources, developing spiritual, Creative, sports and maths curriculum plus counselling and wider family support for struggling children. In addftion lo strong relationships 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 il impacted their pupils al the end of the academic year. We also provide an annual head teachers, conference which gives Ihe opportunity lo nebKork and have exclusive access lo an expert in a field ol their choice. This year a leadership molivalional spoke lo us reminding us a11 that we should think of a mosquito in a bed when we fell like our achievements were insignificant. Sir Robert Geffery's Almshouse Trust 4
Trustee's report 31 March 2025 Achievements anfl pèrformance Iconlilluedl Educatlon (continued) We support our schools further with the provision of Helicopter Stories from Make Believe Arts, additionalty we fund the development of the scheme for SEND Ghildren. The Trust continued ils partnerships with thre6 organisalions providing STEM activities in secondary schools," Sin8llpei¢o Trust, The Work-wise Foundation and The Access Project. Workwisè stage a live, annual, one-day show¢ase event in Rolherham called GUTS (Gel up lo Speed) which aims lo introdu, inform and inspire students, parents and teachers about the world of work in the STEM seclors. This year was their 15th year. We provided eight grants lo charities offering additional STEM education lo young people cover4llg projec15 such as workshops in Northern Ireland for 100 11-16 year olds to design and build their own virtual bridges. Through scholarships and bLJrsaries we supported.. 6 students al Christ's Hospital. 2 sludenl Chofislers at Sl Paul's Cathedral School, including our first girl chorister. 1 student al King Edwards School, Witley, 1 sludenl al Cily of London School for Girls, 1 sludenl al the Guildhall School of Mu51C, 4 x A-level students looking lo study a STEM subject through the Arkwright Scholarships. We try lo link all of our students wth an Ironmonger who arranges to visit and report on progress and invite scholars lo lunch al the Ironmongers, Hall lo meet the relevant fLJnding committee. Reports are also expected al the year end from the schools. In 16+ education we sponsor the ICME Foundry Industry Best Technicians Award and an ICME Biennial Jubilee award - paying expenses for a student lo allend the World Foundry Conference. We aim lo support the six lop univ&rsilies for metals and materials research. These are Birmingham, Cambridge, Oxford, Imperial, Manchester and Sheffield. Fund5 are used lo support students with their summer research projects. In addition we award a prize lo an Oxford Universily Metals Research graduate lor the best talk on their research They are subsequenlty Invited lo speak to the Court. This year was awarded lo a sludenl who discovered that zinc is the best material for lemporary implants in the body as il dissolves quickly and harmlessly and does not need lo be removed. Relief in need Through our Belton's appeals we supported 30 projects lo enhance young disadvantaged children's edu¢alion and outcomes. Funding projects such as an after school club for you refugees in Bournemouth to 8ccess language and culture lessons and support each other. All beneli¢i8ries are required lo complete evaluation forms and piovide additional rel¢vanl information following the implementation ol funded projects. The monitoring process indicates thal grants have been spent in accordance with requirements and achieved a positive impact on those they were designed lo support. Sir Robert Geffery's AITnshouse Trust 5
Trustee's report 31 March 2025 Achievemènts and performance Iconlinuedl Relief in need (conlinu6d) Relationships with four existing partner Charities were continued during the year. Lyric Hammersmilh lo develop NEET young people, MakeBelievÈ Arts, St Vincent's Family Project which provides support lo parents of young children in challenging circumstances and The Island Trust, a sail training charity, delivering educational skills to disadvantaged and disabled young people. Evaluation of progress at the end of the year confirmed Ihal all four charities had achieved the objectives sel by the partnership. Military. City and Livery Vve have a strong tradition of supporting the military., such as the Army and Sea Cadets and Grenadier Guards Colonel's fund., the City with gran151o 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 fundraise for the Lord Mayor's Appeal through an inler-livery Skiing competition. This fund helps to create a City that is inclusive, healthy. skilled anLI fair. FLJnds accumulating in the Redernplion of Slaves went towards the charity Unseen UK again. Funds were used lo support survivors of hurnan Irafficking in their safe-house5 and toward the Modern Slavery and Exploitation Helpline. The Master is Dlfered an amount each year lo spend Dn a charity of his choice. This year our Master granted Ihis lo the ongoing building of St Paul's Cathedral School girl choristers, accommodation lo enable their girl choristers lo live al school, as the boys do. This is the same as last year, which brings the lolal of funding lo £5,000. Girls will be moving in ready for September 2025. Iron We continue lo strengthen our lies with the Iron industry. We provided 9 grants lo the resloralion or creation ol an important ironwork. This has included two cast iron cylinder rear covers for a steam locomotive and metalwork repairs lo an 1888 decotalive and fun¢lional screen door into the base of Ihe lower al St Sampson's Church, Devon. Projects rnusl demonstrate how the community benefit. An Ironmonger often manages lo visit the inslallalion and we receive a full report of the project throughout the process. Sir Robert Gefferys School, Landrake Grants were made for specific purposes as set out in applications made to the Charty by the Headleacher of the school. The Trustee measures perfotmance primarily through assessment of the effectiveness of the leaching environment as indicated by the size of the school roll and Olsted reports. Relevant information is gathered through 8 combination of reports from the Headleacher, Otsled, Governors, visits and feedback from Cornwall County Council and Diocesan staff. Sir Robert Geffery's Almshouse Trust 6
Trustee's report 31 March 2025 Achievèments and performance Iconlinuedl Sir Robert Gefferys School. Landrake (conlinuedj The number of children on roll is 211. The last Olsled inspection, carried out in January 2024, judged the School lo be Good. Public Benefit The Trustee has complied with ils duly in secliori 17 of the Charities Act 201110 have due regard lo guidance published by the Charily Commission. Financial review Statement of Financial Activltles Total income and endowments in the year amounted to £2,937,458 12024.. £2.666,4171. These amoLJnts included inveslrnenl income dislribulv)ns from The Ironmongers, Common Inveslrnenl Fund of £2,363,081 12024." £2,221,688), Total charitable expendiluro was £2,367,LE6 12024.. £2,317,809) of which grants payable amounted lo £610.22312024'. £539,613). Nel unrealised gains of £1,051,79212024". £972,85dl arose on the Trust's investment in The Ironmongers, Common Inveslm*nl Fund. Balance sheet The net assets of the Trust and ils linked charities amounted lo £46,173,938 at 31 March 202512024. £44,551,754). The investments of the Trusl and ils linked ch8rilies are held on a pooled basis in The Ironmongers, Common Investment Fund I'CIF"). Individual target returns lor both Ihe CIF'S listed investments portfolio and property porttolio are set and reviewed by the Trustee. The Trust and its linked charities have a facility agreement under which they have borrowed £3.5m ov8r 15 years and £7.Om ov&r 25 years Iboth from 5 April 20171 al fixed rates of 3.23Y. and 3.48ts/0 respectively. The funds weTe used to purchase further units in the Ironmongers, Common Investment Fund. ReseThes Policy The Trust's free reserves as at 31 March 2025 were £6,355,08912024.. £5,790,336). 11 is the policy of the Trustee lo maintain a level of sufficient free reserves in Sir Robert Geffery's Almshouse Tru51 to cover major cyclical or emergency works to ils Homes. In addition. opportunities lor the modernisalion or expansion or further provision of accommodation are constantly under review. The Tiuslee maintains unreslricled funds of the linked charities 818 level which is sufficient lo generate Ihe level ol income reqUId to meet the annual grants approved by the Trustee. Reserves in Sir Robert Geffery's Sch(K)I, Landrake are retained in that Charity's Accumulaled fund in order to finallce the lulure provision of facilities for the School. Sir Robert Geffery's Almshouse Trust 7
Trustee's report 31 March 2025 Financial review Iconlinuedl Risk Management The Trustee has examined major slralegic, business and operational risks which the charities face and confirms Ihal systems have been established lo enable regular reports to be produced identifying the risks and the miligaling actions lo lessen these risks. The Trust is reliant on the availability of the Hornes, premises in order lo discharge ils principal objective. Plan5 for future pèriods The Trustee plans lo progress ils aims and objectives in forthcoming years, subject lo available finance and annual performance reviews. Following the successful ¢omp161ion of the refurbishment ol Geffery's Fields, the Trustee will continue to monitor service provided in order lo meet residents, needs. Structure, governance and manag6mgnt Trustees The following individuals are directors of The Trustee as at the date of this report.. D J Woilidge H J Charnaud R H Hunting R J Patteson-Knight R C R Twallin K J Hughes P K Esllin J Verden A G Wauchope MSWLee D J Liming M S WTilbury J A Bilès P A Boddy The Trust is a Registered Provider and therefore subject ID regulation by the Regulator of Social Housing. Organisation The Truslee delegates management of ils 21rnshouse l°Home l and grant making function5 lo four commillees, each with a speciliG remit. The ¢ommillees meet up to three limes per year and membership is made up of between 10 and 23 Freemen of the Company. Members serve a minimum of two years, with at least two new members usually appoillled each year. Induction ol new members is achieved through the provision ol relevant documents and the support of the Committee Chairmen. The day-lo-day adminislralion ol the Home is undertaken by a resident Warden, under the direction of staff ol Ferioners plc, a company wholly owned by the Company. Sir Robert Geffery's Almshouse Trust 8
Trustee's report 31 MaTch 2025 Structure, govemanc& and manageTnent Iconlinuedl Organisation (continued) The directors of the Trustee and the members of the above commrtlees are the key management personnel and do nol receive any remuneration for the services Ih&y 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 unrestricted powers of investment lo the Trustee. Investment Assets Other than sums needed for working capital purposes, the monies of Sir Robert Geffery's Almshouse Trust and the linked charities are invested in units of The Ironmongers, Common Investment Fund, a registered charity also under the Irusleeship of the Trustee. Income fr(x the units is dislribLJled lo the ¢harilies on a quartedy basis. Total retum accounting The Truslee, by resolulion and believing that this approach is in the best interests ol the ¢harily, has adopted a lolal relum approach lo the investment permanent endowment funds in accordance with the requirements of the Charity Commission. This approach was applied from 1 April 2024 when the value of the investments held within endowment funds al 31 Mar¢h 2013 plus subsequent additions lo The Ironmongers, Foundation of £11,787,754 was used as a proxy for the original value of the endowment funds. In adopting this policy the investment permanent endowment funds will not be permitted to fall below the original value of £11,787.754. The original investment value is recorded in the balance sheet as the 'lrust for investment. with subsequent realised and unrealised gains and undislribuled income as 'unapplied lolal reluin,. The fund reconciliation is disclosed in nole 10 to the accounts. Truslee's responsibilities statement The Trustee is responsible for preparing the Trustee's Report and the financial slalemenls in a¢cordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢li¢$l. The law applicable to charities in England and Wales requires the Trustee lo prepare financial sialemenls for each financial year which give a Irue and fair view of the slate of affairs ol the ¢harily and of the income and expenditure of the charity lor that year. In preparing these financial slalemenls, the Truslee is reqUId to.. select suitable accounting policies and then apply them Consistent., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent-, stale whether applicable a¢¢ounling standards have been followed, SLJbjecl to any material departures disclosed and explained in the financial slatemenls., and Prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the ¢harily will continue in operation. Sir Robert Geffery's Almshouse Trust 9
Trustee's report 31 March 2025 Trustee's responsibilities statement (continued) The TrLJslee is responsible for keeping proper accounting re¢ords that disclose with reasonable accuracy al any lime Ihe financial position of the charrty and enable thèm lo ensure that the financial slalemenls comply wbth the Charities A¢1 2011, the Charity (Accounts and Reports) R8gulalions 2008 and the provisions of the trust deed. 11 is also resporisible for safeguarding the as5els ol the Charity and hence for taking reasonable steps for the prevention and deteCtn of fraud and other irregularities. Approved by Richard Hunting on behalf of The Ironmongeis, Ttusl Cornpany, the sole Iruslee Dated.. Sir Robert Geffery's Almshouse Trust 10
Independent auditor's report 31 Mar¢h 2025 Independent auditor's report on the financial statements to the Trustee of Sir Robert Geffery's Almshouse Trust Opinion We have audited the financial slalemenls of Sir Robert Geffery's Almshouse Trust Ilhe 'charily'l for the year ended 31 March 2025 which comprise the slalemenl of financial aclivilies, the balance sheet, the statement of cash flows, the principal accounting policies and the notes lo the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8nci31 Reporting Slandard applicable the UK and Republic of Irelandluniled Kingdom Generally Accepted Accounting Praclic&l. In our opinion, the financial slalemenls-. give a IrLJe and fair view of the slate of affairs of the charity as at 31 Mar¢h 2025 and of ils income and expenditure lor the year then ended., have been properly ppared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirem&nts of the Charities Act 2011. Basis for opinion We conducted our audit in ac¢ordan¢e with International Standards on Auditing IUKI IISAS (UKII and appli¢able1aw Our responsibilities under those standards are further described in the Audilors responsibililios forlhe audil of the financial slalemenls section of our report. We are independent of the charity in acGordan¢e with the ethical requirements that are relevant lo our audit ol the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in a¢cordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have concluded that the Truslee's use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainlies relating lo events or conditions that. individually or colleclwely, may cast significant doubl on the charity's ability lo conliriue as a going concern for a period of al least tre1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee wlh respect to going concern are described in the relevant sections of this report. Sir Robert Geffery's Almshouse Trust 11
Independent auditor's report 31 March 2025 Othèr information The Trustee is responsible for the other informali(In. The other information aomprises the information included in the Annual report and financial slalemenls, other than the financial slalemenls and our auditorfs report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form ol assuian¢e conclLJsion Ihereon. Our responsibility is lo read the other Information and, in doing yo. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a malerial misslalèmenl in the financial statements themselves. If, based on the work we have performed, we Gon¢lud8 that there is a material misslalement of this other infomiation, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception In the light of the knowledge and Ljnderslanding of the charity and its environment obtained in the course of the audit, we have not idenlrfied materi81 misslalemenls in the Trustee's report. We have nothing to report in respect of the following matters in relation lo which the Charities IAc¢ounls and Reports) Regulations 2008 requires us lo report to you if, in our opinDn'. the information given in the Trustee's report Is inconsislenl in any material respect with the accounts., or suffi¢ienl accounting records have not been kept,. or • the accounts are not in agreement with Ihe accounting records and retums.. or we have not received all the infomialion 2nd explanations we require for our audit. Responsibilities of the Trustee As explained more fully in the Trustee's responsibilities slalemenl, the Iruslees are responsible for the prttparalion of the financial slalements and for being satisfied that they give a true and fair view, and foi such internal control as the Trustee determines is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Trustee is responsible for assessing the charity's ability ID continue as a going concern. disck)sing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate Ihe charity, or has no realistic allernalive bul lo do so. Sir Robert Geffery's Almshouse Trust 12
Independent auditor's report 31 MaiGh 2025 Auditor's responsibilities for the audit of the fSnancial statements We have been appoinltsd as auditor Ljnder section 144 of the Charities Act 2011 and report in a¢¢ordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assuTance about whether the financial slalemenls as a whole ale free from malerial misslatemenl, whether due lo fraud or error, and to iSSLJe an Auditor's report Ihal includes our opinion. Reasonable assurance is a high level of assurance, bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a malerial misslalemenl when il exists. Misslalemenls ¢an arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalements. Irregularities. including fiaud, aTe instances of non-¢omplian¢e with laws and regulations. We design pio¢¢dures in line with our responsibilities, outlined above, to detect material misstatements in respect of iTregul8rrties, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below. The engagement partner ensured that the engagement team ¢olleclively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance wth applicable laws and regulation., We identified the laws and regulations applicable to the charity through discussions with key management., We focused on specific laws and regulations which we considered may havo a direct malerial effect on the financial statements or the activities ol the charity. These included bul were not limited lo the Charities Act 2011 and the financial reporting framework., and We assessed the extent of compliance with the laws and regulations identified above through making enguiries of key management and reviewing minutes of Trustee's meetings. We assessed the SLJsceplibilily of the financial slalemenls lo material misslatemenl, including obtaining an understanding of how fraud might occur, by.. Making enquiries of key management as lo where they considered there was susceplibilily lo fraud and their knowledge of actual, suspe¢l¢d and alleged fraud., and Considering the internal ¢onlrols in place lo miligale risks of fraud and non-¢omplian¢e with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. Performed analyl1¢81 procedures lo identify any unusual or unexpe¢led financial relationships., Tested and reviewed journal entries lo identify unusual IransaGlions', Tested the aulhorisalion of expendrture., Sir Robert Geffery's Almshouse Trust 13
Independent auditor's report 31 March 2025 Auditor's responsÈbilitÈes for the audit of the financlal statements Iwnlinuedl Assessed whether judgements and assumptions made in determining the acwunling estimates were indicative of potential bias., and Investigated the rationale behind signifi¢anl or unusual Iransaclions. In response lo the risk of irregularities and non-compliance with laws and regulalions, we designed procedures which included, bul were not Iimiled lo.. agreeing financial slalemenl disclosures lo underlying supporting dtturnenlalion.. reading the minutes ol meetings of those charged with governance,. and enquiring of management as lo actual or poltsnlial liligalion and claims. There are inherent limilalions in our audit procedures described above The mOTe removed that laws and regulations are from financial Iransaclions. the less likely il is that we would become aware of non-¢ompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the Trustee and other management and the inspection of regulatory and legal Correspondence, rf any. Material misslalemenls Ihal arise due lo fraud can be harder lo delect than those that arise form error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al www.frc.org.uklauditorsresponsibililies. This description forms part of our Auditor's report. Use of our report This report is made solety lo the d)arity's Trustee, as a body, in accordance with Part 4 of the Charities (AOuntS and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charily's Trustee those mallers we are required to stale lo il in an auditor's report and for no other purpose. To the fullest exlenl permilled by law. we do not accept or assume Tesponsibility to anyone other than the Charily and the charity's Trustee as a body, for our audit work, for this report, or for the opinions we have formed. f,,Jkl,LtLLf Buzzacotl Audit LLP Slalulory Auditor 130 Wood Str&61 London EC2V 6DL Dale.. 29 September 2025 Buzzacoll LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006. Sir Robert Geffery's Almshouse TTUSI 14
Statement of financial actlvltles Year ended 31 March 2025 Un. Un. general doslgnat¢d funds runds 202$ 2025 R8Strlctsd Endowmenl funds funds 2025 2025 Total 2026 Total 2024 Notes Incotne and efftdowmonts irom.. Don&liDns and legacies Inve51menls Charilable aclivilies Other incomÈ 109.000 822,810 10.647 792,009 119,647 2,363,081 454,T20 129,190 2.221.688 305.526 13 2.656.417 730,465 454,720 17,797 Total Incomè and endowments 1,185.187 7,797 931,81B 802,656 2,937,458 Expondlturt on.. Charitable aclDfilies Total expenditure 1,551,776 1,551,776 15,290 B15,290 2.367.066 2,367.066 2,317.809 2,317,809 Not Incotng bBfore translor8 and Invostmont galns Nel gains on investments Transfer between funds 1366,5891 285,318 241,550 17.797 8,141 SDO,000 116,528 377.248 37.805 802,$66 381,08S 1779,3551 570,392 1.051,792 338,608 972,854 10 Net income and not movement In funds 160,279 524938 531.581 404.38 1,621184 1.311.462 Fund balances al l ApDI 2024 13,082.628 2.490,0 13,473,366 15,504,79B t14,551,75d 43.240.292 Fund balance5 al 31 Mareh 2025 17 13.242,907 3,016,B98 1A,004.949 IS,gD9,184 46,173,938 44.551.754 The slalemenl of financial acliwties includes all gains and losses recognised in the year. All income and expenditure derives from continuing aclivilies. Sir Robert Geffery's Almshouse Trust 15
statement of financial activities Year ended 31 Maich 2024 Un.restiicted gener8 funds 2024 Un-restricted desweled funds 2Q24 Restricted ffunds 2024 Endowmenl funds 2024 Totsl 2024 Noles Inctsme and en(lowmenls ItoiFI." Donal$ andleg8d6s Investmenls Charitable 8¢tNifies OlherlnGome Tof8lincome 8rJdendowments 715.535 785.606 13.655 129. 190 2.227.688 305.526 t3 2.656.417 1,419.739 305.526 t6,343 1.725.26T 16.343 901. 152 13,655 EKpenclrtum on.. Chantable activilies Tolalexpendtture 7.46T.297 1.467.297 850,512 850,512 2.217.809 2.317.809 NetIGi)Me belore ttanslers aF inve51menl gains and losses Netgains Ilossèsl on investmenls Ttsn6fsrb8lw&8n ffunds N8tlncoms andn81 M0mnI In fvrtds 251.970 2TI.802 17001 529,072 16,343 (5.0331 700 9,010 50,640 359.J76 13.655 349, 709 338.6ts8 972.854 10 410,016 363.364 1.371,462 Funil balances al l ApiTI 2023 12.553.556 2.481.950 13.063,552 15,141,434 43.240.292 Fund bal&nc$s 8131 Mèrch 2024 f7 13,082,628 2,490,960 13.473.568 15.504.198 44.551,754 The slalemenl of financial activities includes all gains and losses recognised in th& year. All income and expenditure derives from ¢onlinuing aclivilies. Sir Robert Geffery's Almshouse Trust 16
Balance sheet 31 March 2025 2025 2025 2024 2024 Notes Flxed assets Tangible assets Heritage assets Investm8ntS 7,894,022 4,732 44,105,121 52,003,875 8,338,677 4.732 43,023,331 51,366,740 10 Currènt assets Debtors Cash at bank and in hand 246,464 5,348,381 5,592.845 220,)4 4.319,784 4.540,688 Creditor5'. amounts falllng due wlthln one year 12 1629,0241 1557.2051 Net current 355ets 4,963.821 3,983,483 Total assets less current liabilit185 58,967,896 55,350,223 Creditors.. amounts falllng due alter more than one year 13 110,793,758) 110,798,469) Net assets 46,173,938 44.551.754 Capital fund5 Endowment funds Income funds Resliicied lunds Unrestrlcted funds Designated fund5 General UnstrICted fu$ 14 15.909,184 15,504,798 15 14,004,949 13,473,368 18 3,016,898 13.242,907 2.490,960 13,082,628 16,259,805 46,173,938 15,573.588 44,551,754 The financial stalements were approved by The Ironmongers. Trust Company, the sole Iruslee, on Richard Hunting Director of The Ironmongers. Trust Company 29 September 2025 Sir Robert Geffery's Almshouse Trust 17
statement of cash flows 31 March 2025 2025 2025 2024 2024 Notes Cash Iltsws from operatlng Cash absorbed by operations 20 11,289,9131 11,434.5981 Investing activities Purchase ol tangible fixed 2ss8ts Purchase of investments Investment income received 112,2911 129,9981 2,363,081 1514,9181 129.2041 2,221,688 Net cash generated from investing actlvltles 2,320,792 1.677,566 Financing activltles Repayment ol bank loans 14,2821 13,8911 Net cash used in finaneing activities 14,2821 13.8911 Net increaso In ¢ash and ca$h equlvalent$ Cash and cash equivalents al beginning of y8al Cash and eash equlvalents at end of year 1,026,597 239,077 4,319,784 4,080,707 5,346,381 4,319,784 Sir Robert Geffery's Almshouse Trust 18
Principal accounting pollcles 31 March 2025 Company information Sir Robert Gelfery's Almshouse Trust is a regi5tÈred charity with the Charity Commission (No 2191531, incorporated in England and Wales. Its principal address is Ironmongeis, Hall. Shaftesbury Place, London, EC2Y 8AA. Accounting convention The financial 51alements have been prepared in accordance with the Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recornmènded Practice applicable to charities preparing their accounts in a¢cordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). The charity is a Public Benefit Enlily as defined by FRS 102. The financial slalem&nts have departed from the Charities IAccounls and Reports) Regulations 2008 only lo the exlenl required lo piovide a true and fair view. This departLJre has involved following the Slalerllenl of Recommended Practice for Charities applying FRS 102 rather than the version ol the Statement of Recommended Practice which is referred lo in the Regulations bul which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slalemenls are rounded lo the nearest pound. The financial slalemenls have been prepared under the historical cost convention, except for the valuation of investments as detailed below. Going Goncèrn The Trustee has a reasonable expectation that the charity can continue as a going con for a period of al least twelve months from the dale of approval of these financial slatemenls. The charities. giving is principally of a shori term nature and can be sel al levels ¢ommensurale wrth the anlicipaled level of investment income. Following the sale of one ol ils almshouses, the Trustee has the expectation the remaining almshouse can continue to operate ils homes for the foreseeable future, Charitable funds Unreslricled funds are available foi use al the discretion ol the Trustee in furtherance of ils charitable objectives. Reslricled funds are subject lo specrfic conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial stalemenls. Designated funds relate lo income that has been allocated by the Iruslee lo specific projE¢ts being undertaken by the charity. The Major Repairs fund and Sinking fund have been sel up under the requirements of the relevant Trust Deed. Endowment funds include legacies and donations where the donor has slipulaled the us$ of the donation received as capital. Sir Robert Geffery's Alrllshouse Trust 19
Principal accounting policiès 31 March 2025 Income All incorne is included in the slalemenl of financial 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 aGcounled for when earned and Comprises maintenance conlribulions from Almshouses, residents. ExpendSture Expenditure is recognised in the period lo which il relates. Dir6cI charitable expenditure comprises all the expenditure relating lo the activities carried out lo achieve the charitable objectives. Granis and donations are included in the slalemenl of financial a¢livilies when approved for payment and the intended recipient has either received the funds or been informed of the decision lo make the grant. Provision is made for grants and donations approved bul unpaid al the period end. Support costs represent costs that cannot be directly allributed lo the aclivilies. Governance costs include the cosls of compliance with ¢onslilulional and slalutory requiremenls and have been allocated lo the charitable activities in the same proportions as support Costs. Tangible fixed assets Tangible lix&d assets are initially measured al ¢osl and subsequently measured al cost nel of depreciation and any impairment losses. DeprlatIOn is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases.. Freehold buildings SQ years on a slraighl Ilne basis Freehold improvemenls Between 10 and 30 yèars on a slraighl line basis Fixtures, fittings & equipment 10°/o slraighl line Freehold land is not depreciated. Fixed asset investments Fixed asset investments are initially measured al Iiansa¢lion price excluding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value ale recognised in nel incomel{expendilurel lor the year. Transaction C051s are expensed as incurred. Sir Robert Geffery's Almshouse Trust 20
Prlnclpal accounting policie5 31 Mar¢h 2025 Impairment of fixed assets Al each reporting end dale, the charity reviews the Carrying amounts of its tangiblè assets lo delermine whether there is any indication that those as5els have suffered an impaimienl loss. If any such indication exists, the recoverable 8mounl of the asset is estimated in order lo determine the extent of the impairment loss lil any). Cash and cash equivalents Cash and cash equivalènts include cash in hand, deposits held al ¢211 with banks, other short-lerm liquid inveslrnenls with Original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Prepayments Prepayments are valued at the amount prepaid nel of any trade discounts. VAT All expenditure where VAT has been charged is inclusive of the chaTge. Financlal Instruments The charity has elected lo apply the provisions of Section 11 '8asic Financial Inslrumenls, and Se¢tion 12 '0ther Financial Instruments Issues, of FRS 102 to all ol ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the conlraclual provisions ol the inslrumenl. Financial assets and liabililies are offset. with the net amounts presented in the financial slalemenls, when there is a legally enforceable right to sel off the recogni5ed amounts and there is an intention to sellle on a nel basis or lo realise Ihe asset and sellle the liability simultaneously. 8asi¢ flnancial assets Basic financial assets, whh include debtors and cash and bank balans, are measured al transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including Creditors and bank loans are initially re¢ognised al transaction price unless the arrangement constilules a financing Iransaclion, where the debt instrument is measured al the present value of the lulure payments discounted al a market rale of interest Financial liabilities classrfied as payable within one year are not amortised. Debt instruments are subsequently carried at amortised ¢osl, using the effective interest rale method. Trade credilors are obligations lo pay for goods or seryices that have been acquired in the ordinary couise of op6rations from SLJppliers. Amounts payable are classified as current liabilities if payment is due wlhin one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are re¢ognised initially al transaction price and subsequent measured al arnortised cost using the effective interest method. Sir Robert Geffery's Almshouse Trust 21
Principal accounting policies 31 MaTch 2025 Derecognition of financial liabilltles Financial liabilities are derecogniseL4 when the ¢harily's contractual obligations expire or arts discharged or cancelled. Critical accounting estlmates and judgements In the application of the charily's accounting policies, the Trustee is required lo make judgemellts, estimates and assumptions about the carrying amount ol assets and liabilities that are not readily apparent from other SDurce8. The estimates and associ8led assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results m3y differ from these estimates. The eslimales and Undering assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which tho estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The Iruslee is satisfied that there are no Critical accounting eslimales or judgements in the financial slalemenls for the year ended 31 March 2025. Sir Robert Geffery's Almshouse Trust 22
Notes to the financial statements Year ended 31 March 2025 1 Income from charitable activlties 2025 2024 Maint8nallce contributions from Alm5hou*s' residenis 454.720 305,526 2 Charitablè Bxpendilure Educatlon Educalion Alms- hou5e5 Alms- houses 2024 need 2026 Total 2025 need 2024 Tolal 2024 21J25 Staff costs Water. light and heal Repaits and mainlen3n Depreciallon Olher costs 77,219 137,ODg 189,771 416,765 32,722 853,486 77,219 168.439 189,771 466,946 35,497 927,872 126.641 265.622 85.302 403,299 15,986 896,850 126,641 297.705 85.302 4Q8.144 56.167 973,959 31,430 32,083 40,181 2,775 74,306 4.845 40.181 77.10g Grant fundlng of ¥cliv&tEs (see note 31 Support cosls (See note 41 125,891 572,399 1,551,776 484,332 256,572 815,290 610,223 828,971 2,367,066 34.665 535.782 1,467,297 504,948 268,455 8SO,512 539.613 804.237 2,317.809 Analys1$ by lund Unreslricled funds- general Reslricied funds 1,551,776 1,551,776 815,290 2,367,066 1,467.297 1.467,297 8JO,512 2.317,809 815,290 845,290 850.512 850.512 1.551,776 1.467.297 3 Grants payable 2D25 2024 Analysi8 by fund Sir Robert Geffery's Almshouse Trust Ironmong8rs' Foundation- Iron Corrmitte8 Ironmongers. Foundation- B8tton'5 Appeals Cornmitte8 Ironmongers, Foundation- STEM and Ggnei81 School Reserve Fund Thorna5 8etlon's Education England & Wales School Fund Thomas Belton's Education London School Fund Thotnas 8etton's Slave Fund Thomas Betton's R81ief in Need Fund Sir Robert Geffery's School Charity. Landrake 125.891 30,475 72,359 96,838 8,517 100,000 53,000 2.093 110,744 10,306 810,223 34,665 123,866 75,052 77.553 79,790 32,000 2,005 104.294 10.388 539.613 Further details of grants payable are included in note 21. Sir Robert Geffery's Almshouse Trust 23
Notes to the financial statements Year ended 31 Maich 2025 4 Support costs Edutauon Eoucalion ms- and ieliel in houses neèd 2024 2D24 Alms- house5 2025 need 2025 Total 2025 Tolal 2024 Governance ¢ostS Cotnrnillee Èxpenses Audil 18es 1.656 23,173 24.829 9,895 373 10,268 11,551 23.546 35,097 4.189 13,320 17,509 4.528 8,100 12.626 8.715 21.420 30,1S5 Other 5UPPDrt costs siaff costs Legal and professional 245,611 46,972 255.087 572,399 106,667 352,176 46.972 394,724 8ZB,974 245,639 17.174 255.480 535.782 118,241 361.880 17.174 395.048 804.237 139.637 256.572 139.588 268.455 Governance costs includes paymen15 to the auditors of £23,54612024'. £21,4201 ftsr audit fees. 5 Trustee The Trustee lor any persons connected) did not receive any reTnuneralion or benefits from the charity during the year. 6 Employees Nufnber of employees The average monthly number of employ&es during the year was.. 2025 2024 Administration Employment costs 2025 2024 Wages and salaries Social securily costs Olhei pension costs 344.550 35,266 49,580 429,396 399.720 35,237 54,828 489,785 There were no employees whose annual emoluments were £60,000 or more. Certain adminislralion and management staff have joint contracts of employment with Feironers PLC Isee 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 thè fotjr committees sel up lo manage the Almshouses and grant making function. These mernbers do not receive any remuneration for the sewices Ihoy provide to the Trust and the linked charities. There were no employees whose anllual remuneration was £60.000 or more. Sir Robert Geffery's Almshouse Trusl 24
Notes to the flnancial statements Year endèd 31 March 2025 7 Taxation The company is a registered charity and il is considered Ihal its activities are such that no Corporation laxalion liability will arise. 8 Tangible fixed assets Fixtures, Land and fillings and buildings equipment Total Cost Al 1 April 2024 Additions At 31 March 2025 9,777,175 125.766 12,291 138,057 9,902,941 12,291 9,916.232 9,777,175 Depreciation At 1 April 2024 Chaige lor the year At 31 March 2025 1,479.064 449,511 1,928,575 85,200 7.435 92,$3S 1,564,264 456,946 2,021.210 Carrylng amount At 31 Maich 2025 At 31 March 2024 7.848.600 8,298.111 45.422 40.566 7,894,022 8,338,677 9 Heritage assets 2025 Al 1 April 2024 and at 31 March 2025 4,732 The snuff box (valued at £4,250} was owned by the Company's major benefactor. Thomas Bellon. Thomas Bellon senior had been admitted lo the Con)pany by servitude lo tho then Master, George Poyner, In 1663. The George 111 silver nulmeg grater Iv¥lued at £4821 belonged to William Beckford. This item was ol particular interest because it was the only itern belonging lo the Company which is known lo have been in William Beckford's possession. The above assets were acquired in the year ended 31 March 2011 and brought into the Ironmonger's Foundation balance sheet. After the uniting direction in 2012, these assets have been reported in these financial slaternenls. There have been no other movements in heri18ge assets since 2011. Sir Robert Geffery's Almshouse Trust 25
Notes to the financial statements Year ended 31 March 2025 10 Fixed asset investments 2025 2024 Market valuè Al 1 April 2024 Additions Revaluation gains Al 31 March 2025 43,023,331 42,021.273 29,998 29,204 1,051,792 972.854 44,105,121 43.023.331 The investments represent units held in The Ironmongers, Common Inveslrnenl Fund, a charity registered in England and Wales. The individual charrties, fixed asset investments consist of 1 OOO/o of units issued by The Ironmongers, Common Inveslmenl Fund which was Created lo hold Sole the investments previously held by the charities undei the Irusleeship ol The Ironmongers, Trust Company. The aggregate value of the investments is therefore the balance sheet value of The IronmDngers' Common Investment Fund. The permanent endowment fund investments and movements in the unapplied total return are sel out below. Trust for Unapplied investment total r8turn 2025 Total At 1 April 2024 Bas8 value ol the permanent endowments Unapplied total tUrn Total 11,787,754 11,787,754 3,779.341 3.779,341 3,779.341 15.567,095 11,787,754 Movetnenls during the year.. Inv8sltnenl income Realised and unreali5ed gains 792,009 381.085 1,173,094 792,009 381,085 1.173,094 Extraction of income fr(m lot81 return 1779,3551 1779,3551 At 31 March 2025 11.787,754 4.173,080 15,960,834 When adopting total return a¢coiJnling with effeel from 1 April 2024, in Ihe absence of ieliable records of the original donations, the Trustee considered that the maikel values of the investments as recorded as al 31 March 2013 plus subseqLJent additions 10 31 March 2024 were appropriate lo be considered as the value of the trust for investment. Since that figu sets the baseline below which disposals may not be made, taking a higher value than the 8CtLJal original donations was considered lo be prudent. The values of the permanent endowmonl investments al as al 31 March 2024 less the trust for investment is Irealed as the opening balance for the unapplied lolal return. During the year, a Iranslerol £779,355 was made from the unapplied tol21 return lo reslri¢led and unieslricled funds. Sir Robert Geffery's Almshouse Trust 26
Notes to the financial statements Year ended 31 March 2025 11 Debtors 2025 2024 other debtors Prepayment5 and accrued InMe 107,948 138,516 246.464 115,848 105,056 220,904 12 Credltors.. amounts falling due within one year 2025 2024 Bank loans Trydde ditorS Amounts owed to group undertakings T8xes and Social security costs other ¢ditorS Accruals and deferd income 4,711 107.539 429 1.138 8,729 508,478 629.024 4,282 37,346 1,066 8.672 505,839 557,205 13 Creditors- amounts falling due after more than one year 2025 2024 Amount5 due to Feironers pl 8ènk loans 10.500,000 10,500,000 293,75U 298,469 10,793,758 10,798,469 Analysls of Bank loan 2025 2024 Not wholly paYable within five years Vvholly repayable within five years 272.313 26,156 14.7111 293,758 278,979 23.772 14,2821 298,469 Loan maturity analysis 2025 2024 Debt due in one year or18ss In mole than oTre year bul nol rn0 than iwo years In more than two years but not more than five years In more than five years 4,711 5,184 16,262 272,313 298,470 4.282 4,711 14.779 278,979 302,751 The loan matures in 2047 and has an interest rale of 9.790A. Sir Robert Geffery's Almshouse Trust 27
Notes to the financial statements Year ended 31 March 2025 13 Creditors: amounts falling due after rnore than one yèar l¢onlinuedl The Ferroners plc loans comprise TrancheA loans lolalling £3,500,000 and Tran¢he B loans tolalling £7,000,000 under the terms of the £10,500,000 Facility Agreement dated 5 April 2017. The Tranche A loans have a lerminalion fate of 5 April 2032 and carry fixed rale interest 813.23°h per annijm. The Tranche B loans have a lermin81ion dale 015 April 2042 and carry fixed rale interest of 3.480/0 per annum. The F8tilily was granted in connection with Loan Notes issued by Ferroners plc and a Security Tiusl Deed between Ferroners plc and the tiuslee of the Ironmongers, Common Investment Fund and the Iruslee of the various Ironmongers, charities. 14 Endowment funds Balancg at Balance al 31 March 2025 Investment gaSn8 2024 Incom8 Transfers Permanont endowrnents Sir Roberf Geffery's Almshouse Trusl 14,838,086 T1 Ironmortgers, Foundalion 338,942 . Slr Robert Geffevs School Gharity 327,768 15.504,798 753,409 26.977 22,270 802,6S6 362,781 6,570 11,734 381,085 1741,5501 15.212,728 357.275 122,5911 339,181 1779,35SI 15,909,184 8813r)ce 3È Inveslment Balance at g8lns 31 Mgrch (loss&sl 2024 l ApAI 2023 m?an8nl endowments SirRobert Gefferys Almshouse Twst . The Ironmongers, Foundallon . StrRob8rt Geffery'$ Schoolchanty 14.492.494 331.398 317.$02 75. 141.434 345.594 14,838,088 336.942 tLI,226 327, 768 349.709 t5,504,798 13,055 13.655 The Sir Robert Geffery's Almhouse Trust fund is repiesenled by investments in the Ironmongers Comrnon Inveslmenl Fund, the income from whi¢h is used lo support the provision of Almshouses Sir Robert Geffery's Almshouse Trusl 2B
Notes to the flnanclal statements Year ended 31 March 2025 15 Restricted funds Movement funds Balance at Balantè at 31 March 2025 Invgsimènt galns 2024 Incomg Expèndlture TransfeT4 The IronmongErg' Foundation Gener81 fund 3.927.464 379,496 {302,5141 120,045 15,214 4,140,505 Slr RobB Yt Geffery's Landrake School Educational Assistance fund 1,055,306 153,2071 1,002,099 Thomas Bellon's General Estslp Gener81 lund 4.983.8S8 59,575 ISl,721 22.591 5,169,3B6 Thomas 8otton'9 Ch&rlly . Engn & Wales SchoDI 1.490,538 279.510 190,063 38,870 241,231 9,426 68,9$4 2,094 1163,1941 39,001 4,54S 1.608,476 283,486 192,867 39,B81 . Sehools, Reserve fu Thp London Sthtstsl fund RedemplipD of Slaves fund 12,0931 1.010 Thomas Batton's Charity for Pènsions and Rellef in Need General fund 1,507,759 13,473,368 171,042 931,818 49,226 377,248 1,568,249 37,8DS 14.004.949 Movemenl in lunds 8alanc8 81 31 MSK 2024 InvE5tllTEnl l Apn12023 ExpÈndhure rh6 Ironmory9'FG{jnoal . General lund 3.832.082 370.192 1389.9Jl) 3.927.4S4 SirRobèrt Geffery's Landrak9 SGhool I.QB&564 21.330 151,5881 1.051506 Thoffias B8tton* GFrt8ralEslg19 Gfjngril 4,829,798 59.S18 159.508} 154.060 4.983,858 Thomas Bettons ChaTty fEtht¢4k)n811 . Engl8nd & Wele5 &b1fvd . S¢h¢ols' R&s&rve fuft Th& London Schoollund . Red9mpii¢n ofsi&veS lund 1.390.284 267.858 210.485 9.027 6&420 1144240) (1.7051 147.1681 12,005) 38,1109 4,330 1.490.53B 279.510 190,063 38.8TO )T,908 962 Thofftas 59fion¥ Ch$rKylorP8nsions and Ng&fl . GenEffjllund ,448.047 13.063.352 163.185 901.152 It50,36YI 1850,5121 46,694 t,507,759 559,376 13.473,368 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. Sir Robert Geffery's Almshouse Trust 29
Notès to the finan¢lal statements Year ended 31 March 2025 15 Restricted funds (continued} The Educational Assistance fund is for the purpose of maintaining Sir Robert Geffery's School and for assisting the School's governors in discharging their obligations. The Thomas Belloll's General Eslale fund is set up for the purpose of apportioning and dislribuling income lo Thomas Bellon's Charity IEducalionall and Thomas Betlon's Charity for Pensions and Relièf in Need. The England & Wales School Fund represents funds ac¢umulaled lo be applied for the benefit of qualified schoD15 in England and Wales outside the City of London. The School's Reserve fund is for th6 purpose of accumulation funds lo supplement the a¢livilies of the England and Wales and London Schools funds as needed. The London Schools Fund represents funds lo be applied for the benefit of qualified schools In th¢ Dioceses ol London and Southwark. The Redemption of Slaves fund represents funds accumulated for the redemption of Brrtish slaves in Turkey and Barbary. The Thomas Bellon's Charity for Pensions and Relief in Need general fund is a fund for the purpose of making gran15 for relief in need. 16 Dèsignated funds The income funds of the charity include the following designated funds which have been sel aside out ol unroslricled funds by the Trustee lor specific purposes.. Movomont In funds Balance at Balancè at 31 March 2025 Invosiment galn5 2024 Income Transfers MajDr Repalrs and Rebuild fund SinkiThJ furKI 2,144,519 346,441 2,490,960 500.000 2,644,519 372,379 3,01S.898 17,797 17,797 8,141 8,141 500,000 Movement in furtds BHlarpGe al l Apri12023 galance af 31 MaKh 2024 InvesEm6nl losses Incom& Tn6[r$ MaJorR8p81rs fund Siftkingfund 2, 144,519 337.4J1 2.481.950 2.144,519 346.441 2.490,960 16.343 16.343 700 Too 18.0331 18,0331 The purpose of the Major Repairs and Rebuild fund is to ensure sufticienl funds are retained and for the maintenance and replacement ol major items at the Almshouses and for future rebuilding costs. Provision has been made by reference lo the cost of maintaining or replacing, as appropiiale, and th¢ individual life cycles. Transfers are made out of the fund when major repairs are undertaken. Sir Robert Geffery's Almshouse Trust 30
Notes to the financial statemènt$ Year ended 31 March 2025 17 Analysis of net assets between funds Unrestrlcted Doslgnaled funds funds 2025 2025 Rgstrtcted Endowmènl lunds funds 2025 2D25 Total 2025 Fund balathcès at 31 Marth 2026 aro represented by.. Tangible asspls Herilage a55EIs Investments Current 8sselslllSabiliUÈ&l Long ierm IlabllStles 6,887,B18 1,005,204 4,732 15,73S,689 q,265,60D 14,007,2761 14,004,949 7,894,022 4.7J2 44,105,121 4,963,820 110,793,758> 46,173,937 12,046,624 1,094,947 16,786,482) 13,242,907 361,974 2,654,924 15,960,834 3,016,898 15,909,183 Unreslricled Designaled ffunds ts24 ReslnclEd Endowmenl fund5 2024 Total 2024 2024 2Q24 Fund b8I8nces ¥tJ1 March 2024 are pSentedy. Tafible 8ssels Herite assets Investn)$nts Currenl assets/lli8bilkiesl Lono lenn 7.292.292 1,046,385 4.732 J36,579 15.429.834 2, 154,381 13,007,583) 8.338.677 4,732 43,023,33f 3.983.483 110,798.4691 44.551.r54 It,689,823 4.898.982 11tr.798.4691 13.082.628 t5.$67,095 162,2971 2.490,960 lJ.473.368 15.504.796 18 Related parties The Worshipful Company of Ironmongers is the sole member of the Ironmongers. Trust Company and is the controlling party of Ferroners pl¢. The TNSI and linked charities owed Ferroners plc £10,500,000 under a facility agreement. The Ironmongers, Ttust Company is the sole Trustee of the Tiusl and linked charities. The Ironmongers. Common Inveslmenl Fund, in which the Trust and linked charilies hOS inveslmenls, is controlled by the Imnmongers, Trust Company. 19 CapStal commitments There were no oulslanding Commilmenls al the year end not a¢crued in these accounts 12024.. £nil). Sir Robert Geffery's Almshouse Trust 31
Not8s to the financial statements Year ended 31 March 2025 20 Cash absorbed by operations 2025 2024 Net Income 1,622,184 1,189,229 Adjvstrnents for: Investment incom8 recognised in profit and loss Investmen15 gain5 Deprecialitsn ol tangible fixed asset5 12.363.0811 12,099,455) 11,051,792) 1972,8541 4SG,946 420,817 Movement In worklng ¢apltsl= Increase in deblors In¢reas8 in cr8ditors 125,5601 71,390 11,289,913) 134,1691 61.834 1,434.598 21 Detailed schedule of grant expenditure 202S 2024 Slr Robort Goffery's Almhouse Trust City of London School for Glrls Ew Drama Scotush Charity IsL3nd Trust Lld Live Music Now Loughborou9h Jvnciion Aclion Gioup Lyric Thealie. Hammersmilh Makebelieve Arts- Helicopter Sloile8 Early Years Programme Makebelleve Arts- Helicopief S8nd Schools makebelVe Arts- Hdicopler Ironmongers SthgD15 Make Some Noe Iwesl Midlands) Move On North Glasgow Communily Food Initiative Olakar Kraus Music Trust Sl Vincent Family Projed The Èlhel TIu51 11,044 6,970 17,50D 2.642 3.110 8.916 25,000 16,562 8,427 1Z.138 7.987 3.150 4.0 4.860 25,000 3,250 125,B91 34.665 Ironmongo¥s' Founrtatlon- Iron CornmThittep Ellxabelh Le Duc 4,750 soo Halfield Memor181 Leclwe Hyde Park Plclule House Imperial College In51ilule ol Ca81 Meials Englneers Locomoiive conservalk)n and Learning Ttusl s¢01 olArchileGlure 15.0001 6,000 4,382 2,693 6.LXJO 5.890 Sir Robert Geffery's Almshouse Trust 32
Notes to the financial statements Year ended 31 March 2025 21 Detailed schedule of grant expenditure Iconlinuedl 2025 2024 ayman Anvil Trust Midland Arts Cenlie Nation81 Tiusl Charlecole P8rk Oxfoid Meoal Ioxloid Unive15ity sludenll Shabang Inclusive Leaiing SS Gre81 Bnl8in Sl Beurbo and Sl Mary's Church Sl Dentils Bells 3rMS Ringers Sl Oeny5 Church Sl George'8 Stockport pcc 51 Leonaro's Church Sl Marylebor* Parish CFwJrch Sl S8mpsons Church Sl Werburgh's Church Standard Sle8Tn Locomoiwe Techniuans Award Teclona Tiusl The Nalional Railway Museum Gaurfess University of Byrminghatn Universily of Cambridge UThversily of Cambridge University of ManGhesier Ut¥ver8ity of Oxford Urfversily ol Oxloid University of Sheffield Uplyme Partsh Church 3.678 3,996 3,039 soo 950 4.600 3,000 4,000 10,763 10,763 1,775 4,650 11,500 110,7631 1,000 9,474 6.300 250 4.dDO 115,0001 6,000 15,OQOI 5,000 8,000 15,0001 s,ooo 6.000 250 15.000 6,000 5.000 12,0 5.0(KJ 6,0 2.0 123.866 30,475 Ironmongors, Foundatlon- Betton's Appeals Commlltpe 2023124 GT 12 Sailing Surplus- Lord Mayor's Appeal 2023124 Interihfery SkIn9 Su[pl- Lord M8yc¢s Appeal Abbey Communily Centre Aclion foi Kids charilab Trust Archaeology Scotland Bambole The81re B8rkshire Aullslic SocY&ty Change ol se City Of LorOn Acl WeN8re Fund Clly ol London 8nd North Easl Sector Army Calel Force Colonel's Fund Glenad1 Guards Go Youlh Trust GUE211 School Trusl London Village Nelw(Kk klansion House Scholarship Scheme Mercers. Compary LDiery Inlllallve- No Going Bk Fllol Theatre Port15he3d YoLrfh CÈntrè Sl Pauls Cathedr81 School- Maslers. Fund The Bluecoal The Guitdhall Schoo1 Trust The Loid Mayor's Appeal The Maiine Society & Sea Cadels 4,207 12,866 9,2D4 4.706 10.557 3,113 7,346 7.875 3.990 3.963 1.0(N) 1.0(Kl 10,0(M) 4,0(M) 5,0(M) 10.000 5,000 I,0(M) 5.0 3.057 5,000 6,338 2,500 2.5DQ 3.891 S,500 2,000 2.400 72.359 2.000 2.400 75,052 Sir Robert Geffery's Almshouse Trust 33
Notes to the financial statements Year ended 31 March 2025 21 Detailed schedule of grant expenditure Iconlinuedl 2025 2024 Ironmongèrs, Fotsndatlon- STEM and General Arkwii9hl EIneerIng Scholarship Bloodhound EdLulion Ll 2,530 6,700 10.000 20,000 5,000 Do¢kla[S SeiiiemÈn DurhamlNorfhumberlatKI Wng ATC Welfare Cort¥nitlee EESW Engineeiing Edu SchetneW81es Erick Knows CIO STEM Grant Gasp Moior Project In2scien¢eUK.org IDslilule of Engineering and Technology Nova Young STEM Leaders Physks Partners Sandwell Youlh in Aclion South Easlern Regional COeye iyldge Swansea Unlvetsily Th8 Access Project The Mullany FurKI The Sm811 Piece TrtJ$l The Work Wlse Foundailon 4.800 9,575 9,540 Is,17) 7.500 10.000 6,079 9.840 9,675 3.92$ 7,390 10.WO 10,000 9,744 8,100 15.000 96,838 15.000 77.553 School Reserve Fund Keighley Crealive London Youih Choirs 4,993 3,524 8,517 Thomas Bètton's Educatlon England & WalB5 School Fund Belharw CE Junior School, Bournemoulh Christ'5 Hospital Foundation Emmaus CaiholiclCE Prlmary School. Sheffield King EdwaTd's School, Willey Scunlhoipe CE Piimary School Sl Andrevds Benn CE Primary School, Rugby Sl John's CE Primary School. Duih3m Sl Martin's CE Primary Schwl. S4lisbury The Bi5hop5 CE Piitnary SchDoI. Thelford 14.500 8.500 38.790 14.500 7,000 500 14.600 14,000 20,500 44,5UQ 100.000 7.000 8.500 8,5rM) 8,5 79,790 Thomas Betton's Educallon London Schools Fund Sl Mary's CE Primary School, Brent Sl Paul's Calhedral SchDd Sl Slephen's CE Pdmary Schwl. Soulhwaik 14,500 24,000 14,500 53,000 8.590 15.0 8.500 32,0ty) Thomas Bgtton's Slav9 Fund Uns Uk 2.092 2,093 2,005 Sir Robert Geffery's Almshouse Trust 34
Notès to the financial statements Year ended 31 March 2025 21 Detailed schedule of grant expenditure {conlinuedl 2025 2024 Thomas Bettoll's Relief In Need A Way Out Ltd Atter 18 AP10 Nlusic Prriecls Barnsley Museut Bollon Toy Llbrary Biockwell Park Cofflmunlly Greenhouses Burnpy Lld Cargfflel Rock Ltd Cenlial Ellham Youth Project Church House Bridgelon ISCIOI City of London and Norfh East seclor Clly ofLondon Pollce WKJows and Orphans Fund Coldhart)our Mill TrLFsI COMMrtY Focus Indusive Arts Down SyndroTne Trainiru & 5UPPOrt se[vi L Eye Music Trust For Re Work Limile Free al Last Frlends of BIlon Wndmill Gardens Gk)uceslershlre Rural CmnIty Councll Guildhall School of Muslc arKI Drama Hotne Slarf VQessex Immediale Thealre 5,598 7.000 6,000 4.750 S,SOO 3,770 4,OOD 4.OOD 5.000 3,814 11,000) 300 s,0 3,938 300 4.8S3 3.760 12,8641 2.4 8.800 7.896 2,705 15.LKIOI 4.700 3.5 4.500 Kazzurn Arts Project Lavérence Weslon Community Farm Lewsham Youth ThealFe Lill Aruel Theatre Ll11 Green Fig Lod)aber Hope Magpie DBnce Mane Chance Sanciuary Ltd Nollingham SchDoI of BoxiNJ Odd eyes Theatre Ouifil-MoTay Peer PruC1105 Sheiiffs and Recorders FurKS sDUlhJe Young Leaders Acadetny Sp8ech Bubb$ CIO SuctÈss Club CIO The Labumum Boat Club NPO The SeparHled Chlld Foundation Youw Lewlsham ProlÈci Urban Uprising Vauxhall Cty FaTtn Vvothing Activety 10 Change Hillfiekjs Lld Wherry FrEnds A5soclalion 4.000 3.871 4,490 3.830 5,064 4,200 6,780 4.950 6,501 4,350 4,80D 6,994 2.000 2.(M)O 3.945 8.673 4,000 7,SSO 2,940 10,000 2.814 9.676 8,931 2.430 104,294 110,744 Sir Robert Geffrey's Landrake School Charity Slr Robert Geft*ls School, Landrake 10,306 10,306 10.388 10.388 610,223 549.613 Sir Robert Geffery's Almshouse Trust 35