**Charity number: 227063**
## **Guild of Freemen of the City of London's Charity**
## **Unaudited**
**Trustees' report and financial statements**
**for the year ended 31 December 2023**
**Guild of Freemen of the City of London's Charity**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 15|
**Guild of Freemen of the City of London's Charity**
## **Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 December 2023**
|**Trustees**|Dorothy Saul-Pooley|
|---|---|
||Christopher Walton|
||Alistair John Mitchelhill|
||Ann-Marie Jefferys (Resigned 20 May 2024)|
||Stephen James Osborne|
|**Charity registered**
**number**
227063
**Registered address**
Guild of Freemen of the City of London's Charity
Rooms 78-79
65 London Wall
London
EC2M 5TU
**Accountants**
Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
**Bankers**
CAF Bank Limited
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ||
Page 1
**Guild of Freemen of the City of London's Charity**
## **Trustees' report**
## **for the year ended 31 December 2023**
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2023 to 31 December 2023.
## **Objectives and activities**
## **Policies and objectives**
The Charity's objects are as laid down in the Charity's Constitution and Rules. The Trustees shall hold the Charity’s property and its income upon trust to apply them for the following objects:
- the relief of financial hardship of members and former members of the Guild and their Dependants; and
- the advancement of education and such other objects which are regarded as exclusively charitable under the law of England and Wales as the Trustees from time to time think fit for the benefit of individuals, groups, organisations and/or institutions with preference to those living (in the case of individuals) or operating (in the case of groups, organisations and institutions) in the Greater London area or with a connection to the Greater London area.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Activities undertaken to achieve objectives**
The key objectives set out for the year were:
1) To support charitable organisations within the Greater London area through the award of grants to individuals and organisations.
2) To continue to raise funds to support our charitable objectives.
## **Grant-making policies**
The Charity's policy is to make awards that give educational, welfare and social support to the needy in Greater London area or with a connection to the Greater London area.
## **Achievements and performance**
## **Review of activities**
The benefits of the Charity's work are the relief of financial hardship of members and former members of the Guild and their Dependants and the advancement of education and such other objects which are regarded as exclusively charitable under the law of England and Wales as the Trustees from time to time think fit for the benefit of individuals, groups, organisations and/or institutions with preference to those living (in the case of individuals) or operating (in the case of groups, organisations and institutions) in the Greater London area or with a connection to the Greater London area. The Trustees are pleased that the activities of the Charity as set out below demonstrate progress in relation to such objectives.
The Trustees continue to support charitable organisations within the Greater London area. In 2023 the Charity awarded 19 grants totalling £40,550 (2022: 29 grants totalling £33,731) to give educational, welfare and social support to the needy in in the Greater London area or with a connection to the Greater London area.
Page 2
**Guild of Freemen of the City of London's Charity**
**Trustees' report (continued) for the year ended 31 December 2023**
## **Achievements and performance (continued)**
## **Investment policy and performance**
The investments held by the Charity have been managed in accordance with the powers available to the Trustees. The investment portfolio is managed by Rathbones Investment Management Limited.
The primary objective is to maintain the underlying value of the fund in real terms, with the secondary objective being to maintain income at the current level in real terms.
The manager should adopt a low risk profile and no restrictions have been placed upon specific geographical areas or sectors of the market.
## **Financial review**
## **Going concern**
The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
## **Reserves policy**
Reserves are held of an amount deemed necessary by the Trustees to produce the income required to enable them to maintain the level of payments in furtherance of the Charity's objectives.
At 1 January 2023 the Charity had brought forward reserves of £1,038,435. The Charity generated a gain of £22,829 in the year, resulting in carried forward reserves of £1,061,264 at the year ended 31 December 2023.
In the opinion of the Trustees, the Charity's assets are available and adequate to fulfil the obligations of the Charity.
## **Structure, governance and management**
## **Constitution**
The Charity was formed as an unincorporated association and was set up by a Constitution and Rules on 13 November 1918 as amended on 27 June 2012. It was registered with the Charity Comission on 4 March 1964.
## **Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Constitution.
## **Organisational structure and decision-making policies**
The Trustees who served during the year and since the year end are set out on page 1. The Court of Assistants of the Guild of Freemen of the City of London "the Guild" has the power to appoint new Trustees and any Trustees can retire at any time they see fit. There shall be at least three and no more than five Trustees.
The Trustees meet bi-annually and decisions are made at these meetings.
Page 3
Guild of Freemen the Clty of London's Clwity
Tntstses. report l¢ontlnued)
for the year ended 31 December 2023
stst•ment of Tnbsteos. rnspon8lblllti
The Trust8es are resp1b18 for prepari the Trustees. r8[m and ts financial StateMts in a¢0)rdan wilh
appIltle kw and Unikny Acci)unlwJ Starthrds (United Kts¥Jdom Generally A(tept AccounliTrJ
Prathce).
The law al(tle to chariiBs in EThJFand & Wales requwes ts Tnthos to prepare financial ststemants lor
eac* fina¥1 year which gNe a true and fair of Ihe state of affairs of the Charity and of its incoming
resourtEs and 8PF41¢Ic of resources, indudiThJ its VKxxne aNJ extwK*ttwe, forltrgt Fericd. In prepanng these
financFal stalements, th8 Tntstees are reqlired to..
observe the mettkids principles of the Charibes SORP (FRS 102).
make judgments accounting estimates thal are reasonable arKI Prentr.
state whether appli(st4e UK A¢ntIng StarKlards IFRS 102) have been folkywed. subj to any material
dePartuS disdowj aThJ explained the financial statements"
prepare the finanual statemenls on the goirrfJ basB unless it is inapp1Dl8le to wesume that the
Charity wll Lxjntinue in bugness.
The Trustees are resp)nsit4e for keqxng lequate accwntsng recdS that are sufficient to show and explain
the Charitys Irdnsactions and ithsciose reasonable accuracy at any lime the finanryal posrtion of the Charity
and enable them to ensure that the finala1 stsIemts CA)mFAy vitth the Charities Act 2011. the Charity
(Accounts and Reports) Regulati$ 2008 and the provisions of the Constitution. They are also responsible for
Safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of
fra1 and other Irregal7es.
e merrkn of the LrArd of Trustees and signed C their behalf ty.
alr John Mltchelhlll
Trustee
Date..
Page 4
**Guild of Freemen of the City of London's Charity**
## **Independent examiner's report**
## **for the year ended 31 December 2023**
## **Independent examiner's report to the Trustees of Guild of Freemen of the City of London's Charity ('the Charity')**
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees 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 and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 30 September 2024
Stephen Tanner BSC(Econ) FCA
Kreston Reeves LLP Chartered Accountants London
Page 5
**Guild of Freemen of the City of London's Charity**
## **Statement of financial activities for the year ended 31 December 2023**
|**Note**
**Income from:**
Donations and legacies
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
**Total expenditure**
**Net expenditure before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**9,446**
**27,847**
**37,293**
**5,554**
**43,492**
**49,046**
**(11,753)**
**34,582**
**22,829**
**1,038,435**
**22,829**
**1,061,264**|**Total**
**funds**
**2023**
**£**
**9,446**
**27,847**
**37,293**
**5,554**
**43,492**
**49,046**
**(11,753)**
**34,582**
**22,829**
**1,038,435**
**22,829**
**1,061,264**|Total
funds
2022
£
7,354
22,994|
|---|---|---|---|
||||30,348
5,680
34,153|
||||39,833
(9,485)
(234,173)|
||||(243,658)
1,282,093
(243,658)|
||||1,038,435|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 6
Gulld of Freemen of the Clty of London% Charity
Balan sheet
a8 at 31 December 2023
2022
Flx•d assgts
Inveslments
1,050,086
1.022263
1.050M6
1.022263
Current assets
Cash at bank in hand
14136
19.657
18,103
19.657
Creditors: anTh)unts faIng due within one
year
10
1fy925)
(3.4&5)
11,178
16.172
Total net assets
1.061.264
1,038.435
Charlty funds
Unrestricted funds
11
1.061264
1.038,435
Total funds
1.061264
1.038.435
ancial
were apwoved aUtrLv15 for iSe by the Trustees arnj sign•1 on Iheir bghaw by.
Istslr John Mltchelhill
Trustee
The notes on pages 8 to 15 f(Ym part ofttwe fvwrMJal statem.
Page 7
**Guild of Freemen of the City of London's Charity**
**Notes to the financial statements for the year ended 31 December 2023**
## **1. General information**
The charity is unincorporated. Its principal activity is to grant donations to ease the financial hardship of members and former members and the advancement of education. The members of the charity are the Trustees named on page 1.
The address of its registered office is Rooms 78-79, 65 London Wall, London, EC2M 5TU.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Guild of Freemen of the City of London's Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 8
**Guild of Freemen of the City of London's Charity**
**Notes to the financial statements for the year ended 31 December 2023**
## **2. Accounting policies (continued)**
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments held as fixed assets are shown at cost less provision for impairment.
## **2.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 9
**Guild of Freemen of the City of London's Charity**
**Notes to the financial statements for the year ended 31 December 2023**
## **2. Accounting policies (continued)**
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.9 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and legacies**
|**Unrestricted**
**funds**
**2023**
**£**
Donations
9,446
Unrestricted
funds
2022
£
Donations
7,354|**Total**
**funds**
**2023**
**£**
**9,446**|
|---|---|
||Total
funds
2022
£
7,354|
Page 10
**Guild of Freemen of the City of London's Charity**
## **Notes to the financial statements for the year ended 31 December 2023**
## **4. Investment income**
|Income from listed investments
Interest receivable
Income from listed investments
Interest receivable
**Investment management costs**
Investment management fees
Investment management fees|**Unrestricted**
**funds**
**2023**
**£**
27,564
283
27,847
Unrestricted
funds
2022
£
22,865
129
22,994
**Unrestricted**
**funds**
**2023**
**£**
5,554
Unrestricted
funds
2022
£
5,680|**Total**
**funds**
**2023**
**£**
**27,564**
**283**|
|---|---|---|
|||**27,847**|
|||Total
funds
2022
£
22,865
129|
|||22,994|
|||**Total**
**funds**
**2023**
**£**
**5,554**|
|||Total
funds
2022
£
5,680|
## **5. Investment management costs**
Page 11
**Guild of Freemen of the City of London's Charity**
## **Notes to the financial statements for the year ended 31 December 2023**
## **6. Analysis of grants**
|**Grants to**
**Institutions**
**2023**
**£**
Grants, Educational & Social Welfare
40,550
Grants to
Institutions
2022
£
Grants, Educational & Social Welfare
33,731
The Charity has made the following material grants to institutions during the year:
**2023**
**£**
**Name of institution**
Christ's Hospital
**20,450**
City of London Freemen's School
**4,750**
King Edward's School Witley
**3,150**
Lord Mayor’s Charity Appeal
**2,150**
Reeds School
**500**
Guildhall School of Music & Drama
**1,500**
Little Sisters of the Poor
**-**
The Sheriffs' and Recorder's Fund
**1,000**
Whitechapel Mission
**-**
**33,500**
Other grants to institutions
**7,050**
**40,550**|**Total**
**funds**
**2023**
**£**
**40,550**|
|---|---|
||Total
funds
2022
£
33,731|
||2022
£
11,950
4,750
3,150
2,125
500
1,000
1,000
1,000
1,000|
||26,475
7,256|
|||
||33,731|
Page 12
**Guild of Freemen of the City of London's Charity**
## **Notes to the financial statements for the year ended 31 December 2023**
## **7. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).
## **8. Fixed asset investments**
|**Cost or valuation**
At 1 January 2023
Additions
Disposals
Revaluations
Cash movement
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022
**9.**
**Debtors**
**Due within one year**
Prepayments and accrued income
**10.**
**Creditors: Amounts falling due within one year**
Trade creditors
Accruals and deferred income|**Listed**
**investments**
**£**
**1,005,959**
**116,500**
**(81,707)**
**8,313**
**-**
**1,049,065**
**1,049,065**
1,005,959|**Capital cash**
**£**
**16,304**
**-**
**-**
**-**
**(15,283)**
**1,021**
**1,021**
16,304
**2023**
**£**
**3,967**
**3,967**
**2023**
**£**
**-**
**6,925**
**6,925**|**Total**
**£**
**1,022,263**
**116,500**
**(81,707)**
**8,313**
**(15,283)**|
|---|---|---|---|
||||**1,050,086**
**1,050,086**|
||||1,022,263
2022
£
-|
||||-
2022
£
2,085
1,400|
||||3,485|
Page 13
**Guild of Freemen of the City of London's Charity**
## **Notes to the financial statements for the year ended 31 December 2023**
## **11. Statement of funds**
## **Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**||||**31**|
||**January**|||**Gains/**|**December**|
||**2023**|**Income**|**Expenditure**|**(Losses)**|**2023**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General funds|**1,038,435**|**37,293**|**(49,046)**|**34,582**|**1,061,264**|
|**Statement of funds - prior year**||||||
||||||Balance at|
||Balance at||||31|
||1 January|||Gains/|December|
||2022|Income|Expenditure|(Losses)|2022|
||£|£|£|£|£|
|**Unrestricted funds**||||||
|General funds|1,282,093|30,348|(39,833)|(234,173)|1,038,435|
## **12. Analysis of net assets between funds Analysis of net assets between funds - current year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2023**
**£**
1,050,086
18,103
(6,925)
1,061,264|**Total**
**funds**
**2023**
**£**
**1,050,086**
**18,103**
**(6,925)**|
|---|---|---|
|||**1,061,264**|
Page 14
**Guild of Freemen of the City of London's Charity**
## **Notes to the financial statements for the year ended 31 December 2023**
## **12. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2022
£
1,022,263
19,657
(3,485)
1,038,435|Total
funds
2022
£
1,022,263
19,657
(3,485)|
|---|---|---|
|||1,038,435|
## **13. Related party transactions**
The Guild of Freemen of the City of London provides administrative support to the Charity at no cost to the Charity.
During the year, Trustees made donations to the Charity totalling £300 (2022: £300).
Page 15