2025-03-31-accounts

Appendix A

Sir Thomas Gresham Charities

Annual Report and Financial Statements for the year ended 31 March 2025

Charity registration number 221982

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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 ............................................................. 20

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ORIGINS OF THE CHARITY

Sir Thomas Gresham (1519-1579) built his London Mansion House, Gresham House in Bishopsgate, in collegiate form. In his Will dated 5 July 1575 (the Will) Sir Thomas Gresham devised the Royal Exchange to the City Corporation and the Worshipful Company of Mercers (the Mercers), subject to specific payments. Under the Will the City Corporation was also separately bequeathed eight Alms Houses and had obligations to place or put “poor or impotent” persons into the Alms Houses. In addition, under the Will, the City Corporation and the Mercers were bequeathed Gresham’s mansion house and were required jointly with the Mercers to use it to provide lodgings for certain lecturers and to provide a place read their lectures. These obligations relating to the Alms Houses and the lecturers/lectures were amended by an Act of Parliament of 1768 by which the Gresham mansion house and Alms Houses were sold to the Crown in return for a £500 annuity from the Crown in perpetuity.

Sir Thomas Gresham Charities now carries out the following obligations which derive from the Will as supplement by the Act of Parliament of 1768:

• i. to pay £53.6s.8d (£6.13s.4d each) per annum to the Almsfolk;

• ii. to pay £50 per annum each to four lecturers in Divinity, Astronomy, Music and Geometry;

• iii. to provide proper alternative accommodation for the eight Almsfolk and

• iv. to provide the lecturers with £50 in lieu of lodgings.

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TRUSTEE’S ANNUAL REPORT STRUCTURE AND GOVERNANCE

GOVERNING DOCUMENTS

The governing document is the will of Sir Thomas Gresham Charities dated 5 July 1575 as supplemented by an Act of Parliament in 1768. The obligations undertaken by Sir Thomas Gresham Charities are trusts or undertakings and therefore institutions and charities within the meaning of the Charities Act 2011.

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 Charities. 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 these charities 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 elected by the electorate of the City of London. The Key Committees which had responsibility for directly managing matters related to the charities during 2024/25 were as follows:

The Gresham Committee (City Side) of the City of London Corporation administers the charities 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. In 2024/25 the membership of the committee was as follows:

Deputy Charles Edward Lord OBE JP (Chair)

Deputy Nighat Quereshi (Deputy Chair)

Alderman Alexander Robertson Martin Barr

Deputy Keith David Forbes Bottomley

Deputy Simon Duckworth OBE DL Deputy Christopher Michael Hayward

Alderman Vincent Keaveny, CBE

Wendy Mead OBE

Deputy Henry Pollard Deputy Dr Giles Shilson Deputy Philip Woodhouse

The Rt. Hon. The Lord Mayor, Professor Michael Mainelli (Ex-Officio Member)

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The above committee is ultimately responsible to the Court of Common Council of the City of London.

The charities are consolidated within City’s Estates as the City of London Corporation exercises operational control over their activities. City’s Estates are 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:

• Allows City’s Estates to use the income for the provision of services that are of importance nationally and internationally as well as to the City and Greater London;

• Maintains the asset base so that income will be available to fund services for the benefit of future generations.

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 accommodation for the eight Almsfolk,; the annual payment of the required sum to the Almsfolk; and the required annual payments to the four Gresham college lecturers in Divinity, Astronomy, Music and Geometry as detailed below.

The aims for the Sir Thomas Gresham Charities are:

• To ensure all the Gresham Almshouses properties continue to remain occupied and that the residents are satisfied with the management of their home;

• To ensure routine repairs are completed within specified response times;

• To pay the Almsfolk an allowance each year in accordance with terms of the Sir Thomas Gresham will and funding policy and to provide all residents with a hamper at Christmas;

• That all the occupants of the Almshouses continue to meet the current eligibility criteria and adhere to their letter of appointment; and

• To pay annual payments of a total of £100 to each of the four Gresham College lecturers in Divinity, Astronomy, Music and Geometry.

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 20.

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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 Charities’ aims and objectives and in planning future activities. The purposes of the charities are the provision of accommodation for the eight Almsfolk (known as the Gresham Almshouses); the annual payment of an allowance to the Almsfolk; and the annual payments to the four Gresham college lecturers in Divinity, Astronomy, Music and Geometry.

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

REFERENCE AND ADMINISTRATIVE DETAILS

The administrative details of the charity are stated on page 20.

ACHIEVEMENTS AND PERFORMANCE

Gresham Almshouses

During 2023/24 all targets in relation to the Gresham Almshouses were achieved. Work to review the quality of accommodation is ongoing with a program of remedial works being identified and actioned in 24-25 and continuing throughout 25/26.

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.

Gresham Lecturers

The annual payments totalling 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 2024/25 are to meet all the objectives set out on page 3 of this report, and:

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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FINANCIAL REVIEW

Overview of Financial Performance

Income

In 2024/25 the charity’s total income for the year was £92,050 an overall decrease of £13,463 against the previous year (2023/24: £105,513).

The key contributor to income was an amount of £87,941 (2023/24: £101,714) received from the City of London Corporation’s City’s Estate 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 £93,513 all being for the category charitable activities (2023/24: £106,976).

Expenditure on charitable activities consisted of: maintenance of the Almshouses at £81,960 (2023/24: £95,341) including lease amortisation of £1,463 (2023/24: £1,463); almsfolk allowances costing £8,533 (2023/24: £8,715), independent examiners’ fees of £2,620 (2023/24: £2,520) and Gresham Lecturers’ payments of £400 (2023/24: £400).

Funds held

The charity total funds held decreased by £1,409 or 1% to £136,889 as at 31 March 2024 (2023/24: £138,298).

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

Investments performance

Over the course of 2024/25 the Charities Pool investment strategy delivered an absolute return (gross of fees) of +11.44% which was above the FTSE All Share Index benchmark return of +10.46% (2023/24: the investment strategy gained +14.18% versus +8.43% from the benchmark) . Over the longer term three and five year horizon, the Charities Pool continues to outperform the FTSE All Share Index as shown in the table below. The Charities Pool invests in the Artemis Income (Exclusions) Fund, which is an unconstrained, multi-cap strategy that aims to generate a rising income stream combined with long-term capital growth. The Fund invests in UK equities, and can also hold international equities and bonds. Shares in companies that derive more than 20% of their revenues from tobacco, gambling, weapons and fossil fuels are excluded.

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Investments performance
	31 March 2025		31 March	2024
	3 year	5 year	3 year	5 year
Fund	9.16%	13.56%	9.03%	7.62%
FTSE All Share	7.22%	12.04%	8.05%	5.44%
Fund outperformance	1.94%	1.52%	0.98%	2.18%

Reserves

The charity is supported by the City of London Corporation which owns and maintains the Almshouses provided by the charity out of its City’s Estates 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 ongoing review of activity and that appropriate advice and support is provided. A key risk register is prepared for the charity and reviewed annually 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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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:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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.

In so far as the Trustee is aware:

• there is no relevant audit information of which the charity’s auditors are unaware; and

• the Trustee has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

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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Adopted and signed for on behalf of the Trustee.

Henry Colthurst Andrien Meyers Chairman of Finance Committee Deputy Chairman of Finance of The City of London Corporation Committee of The City of London Corporation Guildhall, London Guildhall, London

7[th] January 2026

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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 2025 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.

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Vincent Marke, FCA

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

15 January 2026

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

		Unrestricted	Unrestricted
		Funds	Funds
	Notes	2024/25	2023/24
		£	£
Income from:
Grant from City of London Corporation	2	87,941	101,714
Investments	3	4,109	3,799
Total income		92,050	105,513
Expenditure on:
Charitable activities	4	93,513	106,976
Total expenditure		93,513	106,976
Net gains on investments	8	54	66
Net (expenditure) and net movement
in funds		(1,409)	(1,397)
Reconciliation of funds:
Total funds brought forward	10	138,298	139,695
Total funds carried forward	10	136,899	138,298

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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BALANCE SHEET

AS AT 31 MARCH 2025

	Notes	2025	2025
		Total	Total
		£	£
Fixed assets
Investments	8	790	736
Total fixed assets		790	736
Long term assets
Debtor - operating lease	9	136,099	137,562
Total net assets	10	136,889	138,298
The funds of the charities:
Designated funds	11	136,099	137,562
Unrestricted income funds	11	790	736
Total funds		136,889	138,298

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

7[th] January 2026

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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 Estate. 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 Estate, 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.

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(d) Statement of Cash Flows

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 Estate 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, took 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:

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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 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 9. 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 Estate.

2. INCOME FROM THE CITY OF LONDON CORPORATION

	Unrestricted Unrestricted funds funds 2024/25 2023/24 £ £
Revenue grant from City of London Corporation	87,941 101,714

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3. INCOME FROM INVESTMENTS

	Unrestricted Unrestricted Funds funds 2024/25 2023/24 £ £ 27 22 4,082 3,777
Income from investments
Interest Income
Total	4,109 3,799

4. CHARITABLE EXPENDITURE

	Total	Total	Total
	2024/25		2023/24
	£		£
Almshouses running costs		81,960	95,341
Almsfolk allowances		8,533	8,715
Independent Examiner’s fee		2,620	2,520
Mandatory element of lecturers'fees		400	400
Total		93,513	106,976

5. DETAILS OF STAFF COSTS

All staff that work on behalf of the charity are employed by the City Corporation. The average number of people directly undertaking activities on behalf of the charity during the year was 8 (2023/24: 8)

Amounts paid in respect of employees directly undertaking activities on behalf of the charity were as follows:

	2024/25	2023/24
	£
Salaries and wages	22,192	20,529
NI	2,439	2,196
Employers pension contributions	4,803	4,404
Total emoluments of employees	29,434	27,129

The number of directly charged employees whose emoluments (excluding employer’s pension contribution and national insurance contribution) for the year were over £60,000 was nil (2023/24: nil).

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6. INDEPENDENT EXAMINER’S REMUNERATION

Crowe LLP are the auditors of the City of London’s City’s Estate 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 2024/25, 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 2024/25 an independent examiner’s fee of £2,620 (2023/24: £2,520). No other services were provided to the charity by its independent examiners during the year (2023/24: £nil).

7. 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 2024/25 (2023/24: nil).

8. 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:

	2025	2024
	£	£
Market value 1 April	736	670
Gain for theyear	54	66
Market value 31 March	790	736
Cost 31 March	366	366
Units held in Charities Pool	74	74

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

		Held	Total at		Held	Total at
	Held in	outside	31 March	Held in	outside	31 March
	the UK	the UK	2025	the UK	the UK	2024
	£	£	£	£	£	£
Equities	706	50	756	618	81	699
Pooled Units	24	-	24	29	-	29
Cash held by
Fund Manager	10	-	10	7	-	7
Total	740	50	790	654	81	736

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9. DEBTORS

9. DEBTORS
	Total at 31	Total at 31
	March 2025	March 2024
	£	£
Operating Lease Debtor	136,099	137,562
Split between:
Amounts due not later than one year	1,463	1,463
Amounts due later than one year and
not later than five years	134,636	136,099
Total	136,099	137,562

10. ANALYSIS OF NET ASSETS BY FUND

At 31 March 2025	Unrestricted funds	Unrestricted funds
	Total at 31	Total at 31
	March 2025	March 2024
	£	£
Fixed assets - investments	790	736
Longterm assets - debtor	136,099	137,562
Total	136,889	138,298

	Unrestricted	Unrestricted
At 31 March 2024	funds	funds
	Total at 31	Total at 31
	March 2024	March 2023
	£	£
Fixed assets - investments	736	670
Longterm assets - debtor	137,562	139,025
Total	138,298	139,695

Long term assets – debtor: City of London Almshouses (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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11. MOVEMENT IN FUNDS

	Total as				Total as at
At 31 March	at 1 April				31 March
2025	2024	Income	Expenditure	Gains	2025
	£	£	£	£	£
Unrestricted
funds:
General funds	736	91,950	(91,950)	54	790
Designated
funds	137,562	-	(1,463)	-	136,099
Total Funds	138,298	91,950	(93,413)	54	136,889
	Total as				Total as at
At 31 March	at 1 April				31 March
2024	2023	Income	Expenditure	Gains	2024
	£	£	£	£	£
Unrestricted
funds:
General funds	670	105,513	(105,513)	66	736
Designated
funds	139,025	-	(1,463)	-	137,562
Total funds	139,695	105,513	(106,976)	66	138,298

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

12. 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 Estate, 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 Estate, whose place of business is Guildhall, London EC2P 2EJ. The principal purpose of City’s Estate 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

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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 Estate can be obtained from the address provided above.

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.

Related party	Connected party	2024/25 £	2023/24 £	Detail of transaction
	The City of London
	Corporation is the			The charity entered
	Trustee for CoLA,			into a 125 year lease
City of	which owns the site			of the site from CoLA
London	on which the			as per the agreement
Almshouses	Gresham Almshouses			dated 7 December
(CoLA)	are situated	1,463	1,463	1994
				The City of London
				Corporation's City's
				Estate meets the
				deficit on running
				expenses of the charity
				(income of £87,841),
				and recharges
		87,841	101,714	expenditure on staff
City of	The City of London	income,	income,	(£29,435) and other
London	Corporation is the	36,093	38,200	administrative costs
Corporation	Trustee for the charity	expenditure	expend	(£6,658)
Charities	The Trustee of the			Distribution from the
Pool	Charity	27	22	Charities Pool

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Appendix A

REFERENCE AND ADMINISTRATION DETAILS

CHARITY NAME: Sir Thomas Gresham Charities

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

Ian Thomas CBE – The Town Clerk and Chief Executive of the City of London Corporation

Treasurer

Caroline Al-Beyerty - The Chamberlain & Chief Financial Officer of the City of London Corporation

Solicitor

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

Community and Children’s Services

Judith Finlay – Executive Director of Community and Children’s Services

Independent Examiner

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

BANKERS:

Lloyds Bank Plc., P.O. Box 1000, BX1 1LT

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 and of the Annual Report of City’s Estates:

[e-mail]

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