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2022-03-31-accounts

Sir Thomas Gresham Charity

Annual Report and Financial Statements for the year ended 31 March 2022

Charity registration number 221982

CONTENTS

ORIGINS OF THE CHARITY ............................................................................................... 1 STRUCTURE AND GOVERNANCE .................................................................................... 2 ACHIEVEMENTS AND PERFORMANCE ........................................................................... 4 FINANCIAL REVIEW ........................................................................................................... 5 TRUSTEE’S RESPONSIBILITIES ....................................................................................... 7 INDEPENDENT EXAMINER’S REPORT ............................................................................ 9 STATEMENT OF FINANCIAL ACTIVITIES ....................................................................... 10 BALANCE SHEET ............................................................................................................. 11 NOTES TO THE FINANCIAL STATEMENTS .................................................................... 12 REFERENCE AND ADMINISTRATION DETAILS ............................................................. 19

Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

ORIGINS OF THE CHARITY

Sir Thomas Gresham (1519-1579) built his London Mansion House, Gresham House in Bishopsgate, in collegiate form. In his Will, Gresham House and the Royal Exchange were left to the City Corporation and the Worshipful Company of Mercers.

From the income of the Royal Exchange the two parties were to select professors in Divinity, Astronomy, Music, Geometry, Law, Physic and Rhetoric and pay each of the seven professors the annual sum stated in the will. The first four subjects were the responsibility of the City Corporation whilst the last three were the responsibility of the Mercers' Company.

The City Corporation was also obliged to maintain Sir Thomas' eight almshouses and pay each almsfolk a yearly allowance.

The Sir Thomas Gresham Charity continues to carry out the obligations of Sir Thomas’ will in that; it continues to maintain the almshouses, ensuring that they remain occupied with routine repairs and maintenance carried out as and when required. It also continues to pay the almsfolk an annual allowance and provides the residents with a Christmas hamper each year. The four Gresham lecturers all continue to be paid an annual sum of £100.

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

TRUSTEE’S ANNUAL REPORT STRUCTURE AND GOVERNANCE

GOVERNING DOCUMENTS

The governing document is the will of Sir Thomas Gresham Charity dated 5 July 1575. The charity is constituted as a charitable trust.

GOVERNANCE ARRANGEMENTS

The Mayor and Commonalty and Citizens of the City of London (also referred to as ‘the City Corporation’ or ‘the City of London Corporation’), a body corporate and politic, is the Trustee of Sir Thomas Gresham Charity. The City Corporation is Trustee acting by the Court of Common Council of the City of London in its general corporate capacity and that executive body has delegated responsibility in respect of the administration and management of this charity to various committees and sub-committees of the Common Council, membership of which is drawn from 125 elected Members of the Common Council and external appointees to those committees. In making appointments to committees, the Court of Common Council will take into consideration any particular expertise and knowledge of the elected Members, and where relevant, external appointees. External appointments are made after due advertisement and rigorous selection to fill gaps in skills.

Members of the Court of Common Council are unpaid and are elected by the electorate of the City of London. The Key Committees which had responsibility for directly managing matters related to the charity during 2021/22 were as follows:

The Gresham Committee (City Side) of the City of London Corporation administers the charity on behalf of the Trustee. This committee comprises Aldermen and Common Councilmen elected to the City of London Corporation and appointed to this committee in accordance with the usual procedures of committee membership of the City of London Corporation.

The above committee is ultimately responsible to the Court of Common Council of the City of London. Committee meetings are held in public, enabling the decision-making process to be clear, transparent and publicly accountable. Details of the membership of Committees of the City Corporation are available at www.cityoflondon.gov.uk

The charity is consolidated within City’s Cash as the City of London Corporation exercises operational control over their activities. City’s Cash is a fund of the City Corporation that can be traced back to the 15th century and has been built up from a combination of properties, land, bequests and transfers under statute since that time. Investments in properties, stocks and shares are managed to provide a total return that:

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

The Trustee believes that good governance is fundamental to the success of the charity. A comprehensive review of governance commenced during the year and is ongoing to ensure that the charity is effective in fulfilling its objectives. Reference is being made to the good practices recommended within the Charity Governance Code throughout this review. Focus is being placed on ensuring regulatory compliance and the ongoing maintenance of an efficient and effective portfolio of charities that maximise impact for beneficiaries.

OBJECTIVES AND ACTIVITIES

The objectives of the charity are the provision of eight Almshouses known as the Gresham Almshouses; the annual payment of an allowance to the almsfolk; and the annual payment to the four Gresham college lecturers as detailed below.

The aims for the Sir Thomas Gresham Charity are:

Investment Policy

The charity’s investments are held in units of the City of London Charities Pool (registered charity 1021138). The investment policy of the Charities Pool is to provide a real increase in annual income in the long term whilst preserving the value of the capital base. The annual report and financial statements of the Charities Pool (which include an analysis of investment performance against objectives set) are available from the Chamberlain of London, at the email address stated on page 19.

Public benefit statement

The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Sir Thomas Gresham Charity’s aims and objectives and in planning future activities. The purposes of the charity are the provision of eight Almshouses known as the Gresham Almshouses; the annual payment of an allowance to the almsfolk; and the annual payment to the four Gresham college lecturers.

Consequently, the Trustee considers that the Sir Thomas Gresham Charity operates to benefit the general public and satisfies the public benefit test.

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

REFERENCE AND ADMINISTRATIVE DETAILS

The administrative details of the charity are stated on page 19.

ACHIEVEMENTS AND PERFORMANCE

Gresham Almshouses

During 2021/22 all targets in relation to the Gresham Almshouses were achieved except for maintaining 100 per cent occupancy levels as one of the properties became empty due to the previous resident passing away. Routine repairs and maintenance were promptly carried out, an annual allowance was paid to the almsfolk and all residents were provided with a hamper at Christmas.

The programme of refurbishment works to the Almshouses approved by the Trustee in 2018/19 were also completed during the year.

Gresham Lecturers

A programme of public lectures was provided at Gresham College throughout the year and the annual payment of £100 was paid to each of the four Gresham College lecturers in Divinity, Astronomy, Music and Geometry.

PLANS FOR FUTURE PERIODS

The objectives for 2022/23 are to meet all the objectives set out on page 3 of this report, and:

Gresham Lecturers

The Trustees do not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 12.

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

FINANCIAL REVIEW

Overview of Financial Performance

Income

In 2021/22 the charity’s total income for the year was £66,718, an overall increase of £2,120 against the previous year (2020/21: £64,598).

The key contributor to income was an amount of £66,682 (2020/21: £64,571) received from the City of London Corporation’s City’s Cash Fund as a contribution towards the running costs of the charity. This grant funds the excess of expenditure over income, excluding lease amortisation.

A small amount of income is received from investments held.

Expenditure

Total expenditure for the year was £68,181, all being for the category charitable activities (2020/21: £66,647).

Expenditure on charitable activities consisted of: maintenance of the Almshouses at £58,678 (2020/21: £57,532) including lease amortisation of £1,463 (2020/21: £2,049); almsfolk allowances costing £7,353 (2020/21: £8,715), independent examiners’ fees of £1,750 (2020/21: £0) and Gresham Lecturers’ fees of £400 (2020/21: £400).

Funds held

The charity’s total funds held decreased by £1,432 or 1% to £141,173 as at 31 March 2022 (2020/21: £142,605).

Details of all funds held, including their purposes, is set out within note 8 to the financial statements.

Investments performance

Over the course of 2021/22 the Charities Pool investment strategy delivered an absolute return (gross of fees) of 11.1% which was below the FTSE All Share Index benchmark return of 13.0%, although this followed a period of outperformance in the prior year (the investment strategy gained 30.7% in 2020/21 versus 26.7% from the benchmark). The Charities Pool invests in an actively managed, high conviction strategy where performance is expected to be volatile over the short term. Over the longer term three and five year horizon, the Charities Pool continues to outperform the FTSE All Share Index as shown below.

Investments performance

Investments performance
2021/22 2020/21
3 year
5 year		 3 year
5 year
Fund 7.3%
6.2%		 5.0%
7.2%
FTSE All Share 5.3%
4.7%		 3.2%
6.3%
Fund outperformance 2.0%
1.5%		 1.80%
0.90%

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

Reserves

The charity is wholly supported by the City of London Corporation which owns and maintains the Almshouses provided by the charity out of its City’s Cash Fund. This Fund is used to meet the deficit on running expenses on a year by year basis. Consequently, this charity has no free reserves and a reserves policy is considered by the Trustee to be inappropriate.

Principal Risks and Uncertainties

The charity is committed to a programme of risk management as an element of its strategy to preserve the charity’s assets. In order to embed sound practice the senior leadership team ensures that risk management policies are applied, that there is an on-going review of activity and that appropriate advice and support is provided. A key risk register has been prepared for the charity, which has been reviewed by the Trustee. This identifies the potential impact of key risks and the measures which are in place to mitigate such risks.

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustee must not approve the financial statements unless the Trustee is satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011. The Trustee is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the Trustee’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Trustee’s website is the responsibility of the Trustee. The Trustee’s responsibility also extends to the ongoing integrity of the financial statements contained therein.

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

Adopted and signed for on behalf of the Trustee.

Henry Colthurst Randall Anderson

Chairman of Finance Committee of The City of London Corporation Guildhall, London 30 January 2023

Deputy Chairman of Finance Committee of The City of London Corporation Guildhall, London

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF SIR THOMAS GRESHAM CHARITY

I report to the Trustee on my examination of the accounts of Sir Thomas Gresham Charity for the year ended 31 March 2022 which are set out on pages 10 to 19.

This report is made solely to the charity’s Trustee, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s Trustee those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s Trustee as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity Trustee of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Tina Allison, FCCA

Crowe U.K LLP, 55 Ludgate Hill, London, EC4M 7JW

31 January 2023

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Unrestricted
Funds Funds
Notes 2021/22 2020/21
£ £
Income from:
Grant from City of London Corporation 2 66,682 64,571
Investments 3 36 27
Total income 66,718 64,598
Expenditure on:
Charitable activities 4 68,181 66,647
Total expenditure 68,181 66,647
Net gains on investments 7 31 129
Net (expenditure) and net movement
in funds (1,432) (1,920)
Reconciliation of funds:
Total funds brought forward 9 142,605 144,525
Total funds carried forward 9 141,173 142,605

All of the above results are derived from continuing activities.

There were no other recognised gains and losses other than those shown above. The notes on pages 12 to 19 form part of these financial statements.

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

BALANCE SHEET

AS AT 31 MARCH 2022

Notes 2022 2021
Total Total
£ £
Fixed assets
Investments 7 685 654
Total fixed assets 685 654
Long term assets
Debtor - operating lease 8 140,488 141,951
Total net assets 8 141,173 142,605
The funds of the charity:
Designated funds 9 140,488 141,951
Unrestricted income funds 9 685 654
Total funds 141,173 142,605

The notes on pages 12 to 19 form part of these financial statements

Approved and signed on behalf of the Trustee.

Caroline Al-Beyerty

Chamberlain of London and Chief Financial Officer

30 January 2023

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charity.

(a) Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011.

(b) Going concern

The financial statements have been prepared on a going concern basis as the Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern. Funding is provided from the City of London Corporation’s City’s Cash. The Trustee considers the level of grant funding received and plans activities as a result of this. On an annual basis, a medium-term financial forecast is prepared for City’s Cash, covering the next 5 years from the period covered by these financial statements. The latest forecast anticipates that adequate funds will be available in the 12 months from the date of these financial statements being signed to enable the charity to continue to fulfil its obligations.

In making this assessment, the Trustee has given regard to future income levels and the liquidity of the charity over the next 12-month period from the date of these financial statements being signed, and has not identified any indication that the charity will not be able to meet liabilities, including planned liabilities, as they fall due. For this reason, the Trustee continues to adopt a going concern basis for the preparation of the financial statements.

(c) Key management judgements and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure.

(d) Statement of Cash Flows

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

The charity has taken advantage of the exemption in FRS102 (paragraph 1.12b) from the requirements to produce a statement of cash flows on the grounds that it is a small charity.

(e) Income

All income is included in the Statements of Financial Activities (SOFA) when the charity is legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of grants and investment income.

The City of London Corporation’s City’s Cash Fund meets the deficit on running expenses of the charity. This income is considered due each year end once the deficit on running expenses and capital works funding has been confirmed and is recognised in the SOFA at this point.

(f) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under the category of ‘expenditure on charitable activities’. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. From 2021/22 the City Corporation, as Trustee, has taken a decision to seek reimbursement for the administration fees incurred from each of its charities.

(g) Taxation

The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

(h) Investments

Investments are made in the City of London Charities Pool (charity number 1021138) which is an investment mechanism operating in a similar way to a unit trust. This enables the City of London Corporation to “pool” small charitable investments together and consequently obtain better returns than would be the case if investments were made individually.

Investments are valued at bid price. Gains and losses for the year on investments held as fixed assets are included in the Statement of Financial Activities.

(i) Funds structure

Income, expenditure and gains/losses are allocated to the unrestricted general fund, the purpose of which is shown below:

Unrestricted general funds – these funds can be used in accordance with the charitable objects at the discretion of the Trustee and include income generated by assets held

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

representing unrestricted funds. Specifically, this represents any surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves.

– Unrestricted designated funds these funds represent the value of the lease of the Almshouses site.

(j) Lease of Almshouses site

The City of London Almshouses (CoLA, charity number 1005857) owns the site on which the Gresham Almshouses are situated. An agreement was entered into with CoLA dated 7 December 1994 for the lease of the site for the next 123 years for the sum of £180,000 (with no further rent payable). The value of the lease is amortised on a straight-line basis to the end of the term in 2118/19, with the remaining value recorded as a long-term debtor as set out in note 8. The Trustee considers the upfront payment to be a prepayment of rent over the life of the lease, and so considers the treatment as a debtor (as opposed to a tangible fixed asset) to be appropriate.

(k) Indemnity insurance

The charity, elected Members and staff supporting the charity’s administration are covered by the City Corporation’s insurance liability policies, and otherwise under the indemnity the City Corporation provides to Members and staff, funded from City’s Cash.

2. INCOME FROM THE CITY OF LONDON CORPORATION

Unrestricted
Unrestricted
funds
funds
2021/22
2020/21
£
£
66,682
64,571
Revenue grant from City of London
Corporation

3. INCOME FROM INVESTMENTS

Unrestricted
Unrestricted
funds
funds
2021/22
2020/21
£
£
Interest 36
27

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

4. CHARITABLE EXPENDITURE

4.
CHARITABLE EXPENDITURE
Total Total
2021/22 2020/21
£ £
Almshouses running costs 58,678
57,532
Almsfolk allowances 7,353
8,715
Independent Examiner’s fee 1,750 -
Mandatory element of lecturers'fees 400
400
Total 68,181 66,647

5. INDEPENDENT EXAMINER’S REMUNERATION

Crowe LLP are the auditors of the City of London’s Cash Fund and provide assurance services to all of the different charities of which it is Trustee. The City of London Corporation charges the fee to its City’s Cash Fund. From 2021/22, the City Corporation, as Trustee, seeks reimbursement for the fee incurred for the independent examination of each of its charities, which was previously funded by City’s Cash. In 2021/22 an independent examiner’s fee of £1,750 was recharged (2020/21: £nil). No other services were provided to the charity by its independent examiners during the year (2020/21: £nil).

6. TRUSTEE EXPENSES

Members of the City of London Corporation acting on behalf of the Trustee did not receive any remuneration or reimbursement of expenses during 2021/22 (2020/21: nil).

7. INVESTMENTS

The investments are held in the City of London Corporation Charities Pool, a charity registered in the UK with the Charity Commission (charity number: 1021138). The Charities Pool is a UK registered unit trust.

The value of investments held by the charity are as follows:

2022 2021
£ £
Market value 1 April 654 525
Gain for theyear 31 129
Market value 31 March 685 654
Cost 31 March 366 366
Units held in Charities Pool 74 74

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

The geographical spread of listed investments as at 31 March was as follows:

Held Total at Total at Held Total at
Held in outside 31 March Held in outside
31 March
the UK the UK 2022 the UK the UK
2021
£ £ £ £ £ £
Equities 557 78 635 505 76
581
Pooled Units 40 - 40 47 -
47
Cash held by
Fund Manager 10 - 10 26 -
26
Total 607 78 685 578 76
654
8. ANALYSIS OF NET ASSETS BY FUND
At 31 March 2022 Unrestricted
funds		 Unrestricted
funds
Total at 31 Total at 31
March 2022 March 2021
£ £
Fixed assets - investments 685 654
Long term assets - debtor 140,488 141,951
Total 141,173 142,605
Unrestricted Unrestricted
At 31 March 2021 funds funds
Total at 31 Total at 31
March 2021 March 2020
£ £
Fixed assets - investments 654 525
Longterm assets - debtor 141,951 144,000
Total 142,605 144,525

Long term assets – debtor: CoLA owns the site on which the Gresham Almshouses are situated. An agreement was entered into with CoLA dated 7 December 1994 for the lease of the site for the next 123 years for the sum of £180,000. The value of the lease is amortised on a straight-line basis to the end of the term in 2118/19, with the remaining value recorded as a long-term debtor.

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

9. MOVEMENT IN FUNDS

Total as Total as at
At 31 March at 1 April 31 March
2022 2021 Income Expenditure Gains 2022
£ £ £ £ £
Unrestricted
funds:
General funds 654 66,718
(66,718)		 31 685
Designated
funds 141,951 - (1,463) - 140,488
Total as Total as at
At 31 March at 1 April 31 March
2021 2020 Income Expenditure Gains 2021
£ £ £ £ £
Unrestricted
funds:
General funds 525 64,598
(64,598)		 129 654
Designated
funds 144,000 - (2,049) - 141,951

The designated fund represents the remaining value of the lease of the Almshouse site.

10. RELATED PARTY TRANSACTIONS

The City Corporation is the sole Trustee of the charity, as described on page 2.

The charity is consolidated within the accounts of City’s Cash, a fund of the City of London Corporation (the City Corporation, the Corporate Trustee of the charity), by virtue of the deemed control arising from the provision of the shortfall between the charity’s income and expenditure by City’s Cash, whose place of business is Guildhall, London EC2P 2EJ. The principal purpose of City’s Cash is to manage its investments in properties, stocks and shares to provide returns which allows the City Corporation to use the income for the provision of services that are of importance to the City and Greater London as well as nationally and internationally, and to maintain the asset base so that income will be available to fund services for the benefit of future generations. The financial statements of City’s Cash can be obtained from the address provided above.

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk.

Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions.

Figures in brackets represent the amounts due at the balance sheet date. Other figures represent the value of the transactions during the year.

Related
party		 Connected party 2021/22
£		 2021/22
£		 2020/21
£		 2020/21
£		 Detail of transaction
The City of London
Corporation is the
Trustee for CoLA, The charity entered into
City of which owns the site a 125 year lease of the
London on which the site from CoLA as per
Almshouses Gresham Almshouses 2,049 the agreement dated 7
(CoLA) are situated 1,463 (nil) (nil)
December 1994
The City of London
Corporation's City's
Cash meets the deficit
on running expenses of
the charity (income of
66,682 64,571 £66,682), and recharges
income, income, expenditure on staff
City of The City of London 32,276 34,279 time (£30,461) and
London Corporation is the expenditure expend. other administrative
Corporation Trustee for the charity (nil) (nil)
costs (£1,815)
Charities The Trustee of the Distribution from the
Pool Charity 36 (nil) 27 (nil)
Charities Pool

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Sir Thomas Gresham Charity | Annual Report and Financial Statements 2021/22

REFERENCE AND ADMINISTRATION DETAILS

CHARITY NAME: Sir Thomas Gresham Charity

Registered charity number: 221982

PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:

Guildhall, London, EC2P 2EJ

TRUSTEE:

The Mayor and Commonalty & Citizens of the City of London

SENIOR MANAGEMENT:

Chief Executive

John Barradell OBE - The Town Clerk and Chief Executive of the City of London Corporation (retired 31 December 2022)

Treasurer

Caroline Al-Beyerty - The Chamberlain & Chief Financial Officer of the City of London Corporation (appointed 1 May 2021)

Dr Peter Kane – The Chamberlain of the City of London Corporation (retired 30 April 2021)

Solicitor

Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation

Community and Children’s Services

Andrew Carter – Director of Community and Children’s Services

INDEPENDENT EXAMINERS

Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW

BANKERS:

Lloyds Bank Plc., P.O. Box 72, Bailey Drive, Gillingham Business Park, Kent ME8 0LS

INVESTMENT ADVISORS:

Artemis Investment Management Limited, Cassini House, 57 St. James's Street, London, SW1A 1LD

Contact for The Chamberlain, to request copies of governance documents & of the Annual Report of City’s Cash:

PA-DeputyChamberlain@cityoflondon.gov.uk

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