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.
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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.
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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.
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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 reqUI￿d 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.
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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 reqUI￿d 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 deteCt￿n 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 p￿pared 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 tr￿e1ve 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.,
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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 (A￿OuntS 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
NetI￿Gi)Me belore ttanslers aF
inve51menl gains and losses
Netgains Ilossèsl on investmenls
Ttsn6fsrb8lw&8n ffunds
N8tlncoms andn81 M0￿m￿nI 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 Un￿strICted 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.
Depr￿latIOn 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, wh￿h include debtors and cash and bank balan￿s, 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 Under￿ing 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 In￿Me
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 defer￿d 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
. Eng￿n￿ & Wales SchoDI
1.490,538
279.510
190,063
38,870
241,231
9,426
68,9$4
2,094
1163,1941
39,001
4,54S
1.608,476
283,486
192,867
39,B81
. Sehools, Reserve fu
Thp London Sthtstsl fund
RedemplipD of Slaves fund
12,0931
1.010
Thomas Batton's Charity for
Pènsions and Rellef in Need
General fund
1,507,759
13,473,368
171,042
931,818
49,226
377,248
1,568,249
37,8DS 14.004.949
Movemenl in lunds
8alanc8 81
31 MSK
2024
InvE5tllTEnl
l Apn12023
ExpÈndhure
rh6 Ironmory9￿'FG{jnoal
. General lund
3.832.082
370.192
1389.9Jl)
3.927.4S4
SirRobèrt Geffery's Landrak9 SGhool
I.QB&564
21.330
151,5881
1.051506
Thoffias B8tton* GFrt8ralEslg19
Gfjngril
4,829,798
59.S18
159.508}
154.060
4.983,858
Thomas Bettons ChaTty fEtht¢4k)n811
. Engl8nd & Wele5 &b￿1fv￿d
. S¢h¢ols' R&s&rve fuft
Th& London Schoollund
. Red9mpii¢n ofsi&veS lund
1.390.284
267.858
210.485
9.027
6&420
1144240)
(1.7051
147.1681
12,005)
38,1109
4,330
1.490.53B
279.510
190,063
38.8TO
)T,908
962
Thofftas 59fion¥ Ch$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&
T￿n6[￿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 ￿p￿Sented￿y.
Tafi￿ble 8ssels
Herit￿e 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 hO￿S
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
makebel￿Ve Arts- Hdicopler Ironmongers SthgD15
Make Some No￿e 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 SkI￿n9 Su[pl￿- Lord M8yc¢s Appeal
Abbey Communily Centre
Aclion foi Kids charilab￿ Trust
Archaeology Scotland
Bambo￿le The81re
B8rkshire Aullslic SocY&ty
Change ol s￿￿e
City Of Lor￿On Acl WeN8re Fund
Clly ol London 8nd North Easl Sector Army Calel Force
Colonel's Fund Glenad1￿ Guards
Go Youlh Trust
GUE￿￿211 School Trusl
London Village Nelw(Kk
klansion House Scholarship Scheme
Mercers. Compary LDiery Inlllallve- No Going B￿k
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 E￿IneerIng 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 CO￿eye 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
AP￿10 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
COMM￿rtY Focus Indusive Arts
Down SyndroTne Trainiru & 5UPPOrt se[vi￿ L
Eye Music Trust
For Re Work Limile
Free al Last
Frlends of BI￿lon Wndmill Gardens
Gk)uceslershlre Rural C￿m￿nIty 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 Pr￿uC110￿5
Sheiiffs and Recorders FurKS
sDUlh￿Je 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