## **WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

## **Registered Charity No: 235467** 

**Annual Report and Financial Statements for the year ended 30 September 2024** 



|**C O N T E N T S**|**Pages**|
|---|---|
|GENERAL INFORMATION|1|
|STATEMENT OF TRUSTEES’ RESPONSIBILITIES|2|
|TRUSTEES’ REPORT|3-6|
|INDEPENDENT AUDITORS’ REPORT|7-10|
|STATEMENT OF FINANCIAL ACTIVITIES|11|
|BALANCE SHEET|12|
|NOTES TO THE ACCOUNTS|13-16|
|APPENDICES||
|-<br>SUMMARY OF GRANTS AND DONATIONS|A|
|-<br>SUMMARY OF QUOTED INVESTMENTS|B|





**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

## **GENERAL INFORMATION** 

|**Principal Office:**|4 Warwick Lane|
|---|---|
||London|
||EC4M 7BR|
|**Auditors:**|Hazlewoods LLP|
||Registered Auditors|
||Staverton Court|
||Staverton|
||Cheltenham|
||GL51 0UX|
|**Bankers:**|CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4TA|
|**Investment Managers:**|Sarasin & Partners LLP|
||100 St. Paul's Churchyard|
||London|
||EC4M 8BU|
|**Trustees:**|Alan Hawkins (Master)|
||Andrew Brian Williamson|
||Howard Grant|
||Philippa Anne Joan (Pippa) Latham|
||Stephen Boyer|
|**Bursar:**|Julie Langford|
|**Almoner:**|John C. Poore, BEM|



- 1 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

**STATEMENT OF TRUSTEES’ RESPONSIBILITIES** 

The Charities Act 2011 requires the Trustees of the Charity to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. 

In preparing the financial statements the Trustees should follow best practice and: 

- select suitable accounting policies and apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation. 

The Trustees are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the Charity at any time, and to enable them as trustees to ensure that the financial statements comply with charity law. The Trustees are also responsible for safeguarding the Charity’s assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In addition, at the date of approval of the financial statements, in so far as the Trustees are aware, all relevant audit information has been provided to the auditors and the Trustees have taken steps to ensure that they have made themselves aware of any relevant audit information and to establish that the auditors are aware of such information. 

- 2 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

**TRUSTEES’ REPORT for the year ended 30 September 2024** 

The Trustees present their report and the accounts for the year ended 30 September 2024. 

Worshipful Company of Builders’ Merchants Charitable Fund (‘the Charity’) is a Registered Charity: Number 235467. 

## **1 CONSTITUTION AND PRINCIPAL AIMS AND OBJECTIVES** 

The Charity is constituted by Trust Deeds dated 14 May 1964 and 2 December 1980 to provide for the charitable objectives of the Worshipful Company of Builders’ Merchants (WCoBM). 

WCoBM’s objectives include the creation and accumulation of funds for the benefit of members of the Company and the application of the same for the purposes of advancement of the interests of the Company and its members, the relief of existing members, retired members suffering hardship and the wives, widows, children and others depending on them and for education and training in matters relating to the building industry and scholarships, prizes and research in connection therewith, including the establishment and maintenance of schools and colleges and for any other charitable objects. 

To have an open heart and an attentive ear to the pressing need of all those engaged in the business of a Builders’ Merchant and to give such assistance and to dispense such other charity as may be considered deserved and possible. 

## **2 GOVERNANCE** 

The Trustees conduct the Charity in accordance with the Declaration of Trust dated 14 May 1964 and the Variation of Trust approved by the Charity Commission on 2 December 1980 (Trust Deed). 

The Trust Deed provides for 4 Trustees, 3 of whom are appointed by the Court of Assistants of the Worshipful Company of Builders’ Merchants (WCoBM). The fourth, ex officio, Trustee is the Master for the time being of WCoBM. The Trustees for the year ended 30 September 2024 were: 

Alan Hawkins (appointed 27 October 2023) Andrew Williamson Howard Grant Philippa Anne Joan (Pippa) Latham Richard Hill (resigned 27 October 2023) 

Trustee, Stephen Boyer, was appointed after the year-end on 18 October 2024. 

Following the year end John Poore stood down from his role of Almoner after several years of proactive and successful service. This was a period in which our donations made have quadrupled. 

We thank John for his great contribution to the Charity. Charles Ledigo has now taken on the role of Almoner. 

Apart from the Master, who holds office for a year, Trustees are appointed for a term of three years on a rotating basis, one being appointed by the Court of Assistants of WCoBM at each January Court meeting. A Trustee may be reappointed for further terms of three years. New Trustees are selected from professionally and suitably experienced members of WCoBM, who may be but need not be members of the Court and who are willing to serve as Trustee. 

- 3 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

**TRUSTEES’ REPORT for the year ended 30 September 2024** 

The Trustees are supported in their work by the Charities Committee of WCoBM, which is chaired by the Almoner, John Poore. For the year ended 30 September 2024, the members of the Charities Committee were John Poore (Chairman), Charles Ledigo (Vice Chair), Pippa Latham (Past Master and Trustee), Alan Hawkins (Master and Trustee ex officio), Stephen Boyer (Senior Warden and Trustee), Howard Grant (Trustee), Andrew Williamson (Past Master and Trustee), Julie Langford (Bursar), Lucia Di Stazio (Junior Warden), Simon Bicknell (Liveryman), Steve Dunkley (Liveryman). 

The Trustees of the Charity receive advice on the investment of funds from Sarasin & Partners LLP, Investment Managers, while the Charities Committee makes recommendations to the Trustees on matters concerning charitable donations.  The major risks of the Charity are also reviewed in order to ensure the systems and controls that are in place are sufficient to manage those risks appropriately. 

The current Trustees are members of the Court of Assistants of WCoBM. All individuals selected for appointment as Trustees are considered qualified through their business standing, professional qualifications and/or charitable experience. Trustees receive regular updates from the Charity Commission on their role and take up appropriate training opportunities. As a body, Trustees seek external advice when appropriate on legal, financial and other matters. All Trustees are expected to attend Charities Committee meetings, as well as Trustee meetings. 

The Trustees recognise their legal obligation to act in the best interests of the Charity and to avoid situations where there may be a potential conflict of interest. Accordingly, the Charity maintains a Register of Interests, and all Trustees complete, and regularly update, a Declaration of Interests form. 

The Trustees confirm that they have had due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant. 

The Bursar of the Worshipful Company of Builders’ Merchants, Julie Langford, prepares the accounts for audit. Administrative support is provided by the Clerk to the Company, Jane Hilliard. 

## **3 INVESTMENT POLICY** 

Prudent investment of the Fund aims to produce real growth in the Fund after withdrawing sufficient monies to finance our ongoing donations. 

## **4 ACTIVITY REPORT** 

Donations to the Fund in the year totalled £51,174 (2023: £41,991) made up of gifts and donations under Gift Aid from members of WCoBM. Charitable grants amounting to £129,777 (2023: £104,747) are detailed in Appendix A. 

During the year, the charitable fund repaid the loan to the Worshipful Company of Builders Merchants in full. 

## **5 ANNUAL ACCOUNTS** 

The accounts are presented to include a Statement of Financial Activities to comply with the Charity Commissioners’ Statement of Recommended Practice. This combines the investment income and donations received from members as incoming resources and also shows unrealised investment gains or losses, as investments have to be valued at market value. 

- 4 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

**TRUSTEES’ REPORT for the year ended 30 September 2024** 

Donations received fund outgoing donations and are supported by prudent withdrawals from the fund. Investment income is reinvested in the Fund. 

The investment portfolio has realised a gain of £71,507 (2023: £46,308) on investments sold in the year whilst also reporting unrealised gains of £261,103 (2023: £60,942). Overall the performance of the portfolio in the year ended 30 September 2024 was considered to have been in line with the market average. 

The Statement of Financial Activities (page 11) shows the fund balance of £2,946,020 (2023: £2,642,372) as at 30 September 2024. 

## **6 POLICY ON RESERVES AND INVESTMENTS** 

The Charity invests its reserves into quoted stocks, equities, unit trusts and bonds in order to maintain a consistent annual return in the form of dividends, similar income and capital gains. This income is primarily used in the fulfilment of the Charity’s objects. This income is reinvested into the fund. 

Early in 2023, the Trustees agreed that it was time to review the Investment Broker market. Five brokers (including Quilter Cheviot) were invited to tender and following a thorough review it was decided in June to change broker to Sarasin & Partners. The transfers of all funds were completed in December 2023 and invested in two accounts within the Sarasin & Partners Charity Growth Fund. 

The role of Sarasin & Partners LLP is that of Discretionary management of the Charity’s investment portfolio. 

## **7 GOING CONCERN** 

After reviewing the charity’s financial position and considering the expected future cash flows, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.   The charity has few ongoing fixed overheads and charitable giving in any particular year is determined based on the resources available. The Trustees continue to take professional advice to manage the portfolio. 

The charity’s reserves are substantial and, based on the expenditure level of recent financial years, capable of supporting the charities activities for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its accounts. 

## **8 PLANS FOR THE FUTURE** 

The Trustees intend to continue with the present investment policy with a view to being able to continue to meet the charitable objectives as defined in the Charity’s Trust Deed. 

In all their charitable activity, the Trustees and Charities Committee endeavour to support charities, worthy causes and individuals where a donation from the Worshipful Company of Builders’ Merchants Charitable Fund will make a significant difference, add value and enable positive change. 

- 5 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

**TRUSTEES’ REPORT for the year ended 30 September 2024** 

## **9 AUDITORS** 

Hazlewoods LLP have expressed their willingness to continue in office. 

## **10 STATEMENT OF DISCLOSURE TO AUDITORS** 

So far as the Trustees are aware, there is no relevant information of which the Charity’s auditors are unaware and each Trustee has taken steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Charity’s Auditors are aware of such information. 

H Grant J Langford **TRUSTEE BURSAR** 

………………………………………………….2025 

Principal Office: 4 Warwick Lane, London EC4M 7BR 

- 6 - 



**INDEPENDENT AUDITORS’ REPORT** 

## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS** 

## **CHARITABLE FUND** 

We have audited the financial statements of the Worshipful Company of Builders’ Merchants Charitable Fund for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice). 

## **Opinion on the financial statements** 

In our opinion the financial statements: 

- give a true and fair view of the state of the Charity’s affairs as at 30 September 2024, and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 

- 7 - 



**INDEPENDENT AUDITORS’ REPORT** 

## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS** 

## **CHARITABLE FUND** 

In connection with the audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. 

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: 

- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement, set out on page 2, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

- 8 - 



**INDEPENDENT AUDITORS’ REPORT** 

## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS** 

## **CHARITABLE FUND** 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the charity’s audit. We remain solely responsible for our audit opinion. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

_**Extent to which the audit was capable of detecting irregularities, including fraud**_ Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We considered the nature of the charity’s industry and its control environment and reviewed the charity’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. 

We obtained an understanding of the legal and regulatory framework that the charity operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Charities Act and tax legislation, and those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty. 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. 

- 9 - 



**INDEPENDENT AUDITORS’ REPORT** 

## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS** 

## **CHARITABLE FUND** 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. 

In addition to the above, our procedures to respond to the risks identified included the following: 

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; 

- enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and 

- reading minutes of meetings of those charged with governance. 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the Charity’s Trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 

………………….……………………….. Ryan Hancock (Senior Statutory Auditor) 

……………………….….2025 

For and on behalf of Hazlewoods LLP, Statutory Auditor 

Staverton Court Staverton Cheltenham GL51 0UX 

Hazlewoods LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

- 10 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

## **STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 September 2024** 

|**Note**<br>Incoming resources<br>Income from:<br>Donations<br>2<br>Investments<br>3<br>Interest received<br>Total income<br>**Resources expended**<br>Expenditure on:<br>Raising funds<br>Investment management<br>costs<br>Foreign exchange<br>Bank charges<br>Charitable activities<br>Grants and donations<br>4<br>Other costs<br>Management and<br>administration of the<br>Charity<br>5<br>**Total expenditure**<br>**Net income and net**<br>**movement in funds before**<br>**gains and losses on**<br>**investments**<br>Net gains/(losses) on<br>investments<br>Realised<br>6<br>Unrealised<br>**Net movement in funds**<br>Total fund brought forward<br>**Total fund carried forward**|**Unrestricted**<br>**2024**<br>**£**<br>51,174<br>47,683<br>376<br>99,233<br>7,215<br>8<br>94<br>65,430<br>2,250<br>74,997<br>24,236<br>78,227<br>221,669<br>299,896<br>324,132<br>2,032,304<br>**2,356,436**|**Restricted**<br>**2024**<br>**£**<br>-<br>8,649<br>-<br>8,649<br>-<br>-<br>-<br>64,347<br>2,500<br>66,847<br>(58,198)<br>(6,720)<br>39,434<br>32,714<br>(25,484)<br>615,068<br>**589,584 **|**Total**<br>**2024**<br>**£**<br>51,174<br>56,332<br>376<br>107,882<br>7,215<br>8<br>94<br>129,777<br>4,750<br>141,844<br>(33,962)<br>71,507<br>261,103<br>332,610<br>298,648<br>2,647,372<br>**2,946,020**|**Total**<br>**2023**<br>**£**<br>41,991<br>55,232<br>92|
|---|---|---|---|---|
|||||97,315|
|||||12,165<br>288<br>60<br>104,747<br>4,750|
|||||122,010|
|||||(24,695)<br>46,308<br>60,942|
|||||107,250|
|||||82,555<br>2,564,817|
|||||**2,647,372**|



- 11 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

## **BALANCE SHEET 30 September 2024** 

|**Fixed assets**<br>**Note**<br>Investments<br>**6**<br>**Current assets**<br>Bank and brokers deposit accounts<br>**Liabilities**<br>**Due within one year**<br>Loan from Corporate Fund<br>**Net current assets**<br>**Net assets**<br>**The funds of the charity**<br>Unrestricted<br>**7**<br>Restricted<br>**7**|**2024**<br>**£**<br>2,882,727<br>63,293<br>-<br>63,293<br>**2,946,020**<br>**2,356,436**<br>**589,584**<br>**2,946,020**|**2023**<br>**£**<br>2,645,411|
|---|---|---|
|||51,649<br>49,688|
|||1,961|
|||**2,647,372**|
|||**2,032,304**<br>**615,068**|
|||**2,647,372**|



Approved by the Trustees and signed on their behalf on ………………… 

H Grant J Langford **TRUSTEE BURSAR** 

- 12 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

## **NOTES TO THE ACCOUNTS** 

**for the year ended 30 September 2024** 

## **1 ACCOUNTING POLICIES** 

The accounts have been prepared under the historical cost convention adopting the following principal accounting policies, all of which are in accordance with Accounting by Charities - Statement of Recommended Practice (SORP) and applicable Accounting Standards. 

## **Incoming Resources** 

Income and expenditure have been accounted for on an accruals basis. 

Dividends received from UK investments are included at the net amount received. 

Income received from overseas investments are credited net of withholding taxes. 

## **Cash flow statement** 

The Charity has not presented a cash flow statement as the Charity qualifies as a small charity. The Trustees are of the opinion that the costs of preparing such a statement would outweigh the benefits to the Charity. 

## **Quoted investments** 

Quoted investments have been included in the balance sheet at mid-market value at 30 September 2024, on an individual holding basis. The valuation has been made by the Charity’s Investment Manager. All movements in value arising from investment changes and revaluation are included in the Statement of Financial Activities. 

## **Going concern** 

After reviewing the charity’s financial position and considering the expected future cash flows, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.   The charity has few ongoing fixed overheads and charitable giving in any particular year is determined based on the resources available. The Trustees continue to take professional advice to manage the portfolio. 

The charity’s reserves are substantial and, based on the expenditure level of recent financial years, capable of supporting the charities activities for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its accounts. 

- 13 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

**NOTES TO THE ACCOUNTS for the year ended 30 September 2024** 

|**2**|**INCOMING RESOURCES**|||
|---|---|---|---|
||**Donations**|**2024**|**2023**|
|||**£**|**£**|
||**Unrestricted**|||
||Gift Aid, legacies and Deeds of Covenant – gross|51,174|41,991|
|**3**|**INCOMING RESOURCES**|**2024**|**2023**|
|||**£**|**£**|
||**Investments**|||
||**Unrestricted**|||
||Income from quoted investments (note 6)|56,332|55,232|
|**4**|**CHARITABLE ACTIVITIES**|**2024**|**2023**|
|||**£**|**£**|
||**Unrestricted**|||
||Grants and donations|65,430|64,301|
||**Restricted**<br>Grants and donations|64,347|40,446|
||An analysis of grants and donations made in the period can be found at Appendix A.|||
|**5**|**OTHER COSTS**|**2024**|**2023**|
|||**£**|**£**|
||**Unrestricted**|||
||Management fee|2,250|3,750|
||**Restricted**|||
||Management fee|2,500|1,000|



The above management fee is payable to Worshipful Company of Builders’ Merchants, for the administrative services of the Clerk and office costs. 

- 14 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

## **NOTES TO THE ACCOUNTS for the year ended 30 September 2024** 

## **6 INVESTMENTS** 

|**Quoted investments**<br>**- unrestricted**<br>Bonds and<br>Government Stocks<br>Equities and Unit Trusts<br>Charitable Growth Fund<br>**Quoted and other**<br>**investments – restricted**<br>Charifund Equities<br>Investment Fund<br>Educational Growth<br>Fund|**Cost at**<br>**30.09.23**<br>**£**<br> <br>119,069<br>1,610,990<br>-<br>1,730,059<br>511,614<br>-<br> <br>2,241,673|**Cost at**<br>**30.09.24**<br>**£**<br> <br>-<br> <br>-<br>2,096,372<br>2,096,372<br>-<br>527,087<br> <br>2,623,459|**Market**<br>**value at**<br>**30.09.24**<br>**£**<br>-<br>-<br>2,293,166<br>2,293,166<br>-<br>589,561<br> <br>2,882,727|**Gain on**<br>**disposal**<br>**from**<br>**30.09.23**<br>**Valuation**<br>**£**<br> <br>5,978<br>72,249<br>-<br>78,227<br>(6,720)<br>-<br>71,507|**Gross**<br>**Income**<br>**£**<br>-<br> <br>15,232<br> <br>32,451|
|---|---|---|---|---|---|
||||||47,683<br>-<br>8,649|
||||||56,332|



## **7 MOVEMENT IN FUNDS** 

|**Restricted**<br>Educational Fund<br>**Unrestricted**|**At 01.10.23**<br>**£**<br> <br> <br>615,068<br>2,032,304<br> <br>2,647,372|**Incoming**<br>**resources**<br>**£**<br> <br> <br>8,649<br>99,233<br> <br>107,882|**Outgoing**<br>**resources**<br>**£**<br> <br>(66,847)<br>(74,997)<br> <br>(141,844)|**Net gains**<br>**£**<br>32,714<br>299,896<br> <br>332,610|**At 30.09.24**<br>**£**<br>589,584<br>2,356,436|
|---|---|---|---|---|---|
||||||2,946,020|



- 15 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND** 

## **NOTES TO THE ACCOUNTS for the year ended 30 September 2024** 

## **7 MOVEMENT IN FUNDS (continued)** 

## **Purpose of restricted funds** 

The Educational Fund can only be used to support training and education initiatives in the Building Materials and Construction sectors. 

## **8 ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|Investments<br>Current assets|**Unrestricted**<br>**Funds**<br>**£**<br>2,293,166<br>63,270<br>**2,356,436**|**Restricted**<br>**Funds**<br>**£**<br>589,561<br>23<br>**589,584 **|**Total**<br>**£**<br>2,882,727<br>63,293|
|---|---|---|---|
||||**2,946,020**|



- 16 - 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE  FUND SUMMARY OF GRANTS AND DONATIONS for the year ended 30 September 2024** 

**APPENDIX A** 

## **Unrestricted donations** 

## **General Donations** 

|ABF Soldiers Charity Curry Lunch<br>Army Cadet Charitable Trust<br>Breast Cancer(UK) in Memory of Katja Hill<br>British Airborne Forces Club<br>Cavell Nurse’s Trust<br>Challengers<br>Chicken Shed Theatre Trust<br>Clapton Common Boys Club<br>Crackerjack Children’s Trust Crisis Appeal<br>Deafblind UK<br>Disaster Emer Committee – Turkey Earthquake<br>Disaster Emergencies Committee - Ukraine<br>Ealing Read Easy<br>Fine Cell Work<br>Frontline Organisation<br>Glass Door<br>Hackney Carr. Drivers Charity<br>Industry Ride for Youth via Dave Robertson<br>Ironbridge Gorge Museum<br>Ken Hawley Collection Trust<br>Kent Air Ambulance<br>London Air Ambulance<br>Lonsar Rescue<br>Mates in Mind (Mental Health)<br>Miracle the Charity & Feed London<br>Oasis Community Partnership<br>Pancreatic Cancer<br>Royal British Legion<br>Royal Free Charity - Amyloidosis (PM D Hesketh)<br>Royal National Lifeboat Institution<br>S. Pinter Youth Trust<br>Second Chance Children’s Charity<br>Spirit of Normandy Trust<br>Spitalfields Crypt Trust<br>Step Together Volunteering<br>St Edward the Professor Parachial Church<br>Team Up<br>Treloar’s Trust<br>Winston’s Wish<br>Workbridge St Andrew’s Healthcare<br>World Heartbeat Music Academy<br>WCOBM corporate account (includes trophies and prizes)<br>Hetherington International<br>Other general donations<br>Carried forward to page (ii)|**2024**<br>**£**<br>500<br>-<br>-<br>-<br>-<br>500<br>1,000<br>-<br>550<br>-<br>-<br>3,000<br>-<br>500<br>-<br>2,000<br>1,500<br>-<br>500<br>1,000<br>2,250<br>2,000<br>500<br>-<br>1,500<br>1,000<br>500<br>1,000<br>1,000<br>500<br>1,000<br>1,000<br>500<br>1,000<br>1,000<br>-<br>1,000<br>2,000<br>500<br>750<br>-<br>-<br>950<br>500<br>31,500|**2023**<br>**£**<br>-<br>500<br>2,500<br>500<br>500<br>-<br>2,000<br>500<br>550<br>500<br>3,000<br>3,000<br>500<br>-<br>500<br>1,000<br>1,500<br>500<br>1,000<br>1,000<br>-<br>1,000<br>1,500<br>1,500<br>500<br>-<br>500<br>1,000<br>-<br>1,000<br>500<br>-<br>500<br>500<br>500<br>1,000<br>2,000<br>500<br>-<br>-<br>6,097<br>-<br>-|
|---|---|---|
|||38,147|



(i) 



## **CHARITABLE FUND** 

**SUMMARY OF GRANTS AND DONATIONS (continued)** 

|<br>Carried forward from page (i)<br>**City**<br>Awards Lunch<br>Barts Charity<br>British Red Cross (Lady Mayoress Appeal)<br>City Harvest Ltd (Livery Charity Chairs Group)<br>C&G London Art School<br>Garden of Remembrance<br>Guildhall School of Music & Drama<br>Lord Mayor’s Appeal<br>Lord Mayor’s Royal Mathematical Scholarship<br>Mansion House Scholarship Scheme<br>Sheriffs & Recorders Fund<br>Shrieval Badge Bronek Masojada<br>Shrieval Badge David Chalk<br>Shrieval Badge Gregory Jones<br>Shrieval Badge Sue Langley<br>St Paul’s Cathedral Foundation<br>Trial & Error Events<br>United Guilds Service Trustees<br>**Company**<br>Master’s Donation to Cure Leukemia<br>Master’s Donation to RDT<br>Master’s Donation to Sea Change Sailing Trust<br>Master’s Donation to Shelter<br>Almoner – Rennie Grove<br>Animal Rescue<br>Awards Lunch<br>BBMF RAF Memorial Flight O.C.<br>Bliss N.Charity for Newborn (Almoner Donation)<br>B&P Sea Cadets<br>Dun-Roamin' Rehoming<br>GL11 Community Project<br>HMS Forth Welfare Fund<br>HM Tower of London Chapel<br>Junior Warden - S Boyer - RNLI<br>Mini Village (L. Ambulia)<br>Past Master’s Christmas Flowers<br>PWRR 3rdBatallion Welfare<br>Retired Liverymen<br>Rory Peck Trust - Clerks Donation<br>Royal British Legion<br>Senior Warden - Alan Hawkins - RDT<br>id fd t  iii|**2024**<br>**£**<br>31,500<br>250<br>-<br>250<br>1,500<br>1,000<br>200<br>500<br>1,000<br>500<br>500<br>500<br>-<br>60<br>60<br>-<br>500<br>200<br>250<br>7,270<br>500<br>-<br>1,000<br>500<br>500<br>1,000<br>1,650<br>2,500<br>-<br>2,500<br>500<br>500<br>2,500<br>1,000<br>-<br>500<br>610<br>2,500<br>650<br>-<br>250<br>-<br>19,160<br>57,930|**2023**<br>**£**<br>38,147<br>250<br>900<br>-<br>1,500<br>1,000<br>-<br>500<br>1,000<br>-<br>500<br>500<br>50<br>-<br>-<br>50<br>500<br>-<br>500|
|---|---|---|
|||7,250|
|||500<br>2,000<br>-<br>-<br>-<br>-<br>1,900<br>2,500<br>500<br>2,500<br>500<br>2,500<br>1,000<br>500<br>-<br>504<br>2,500<br>-<br>500<br>-<br>500|
|||18,404|
|||63,801|



Carried forward to page (iii) 

(ii) 



## **CHARITABLE FUND** 

## **SUMMARY OF GRANTS AND DONATIONS (continued)** 

|Carried forward from page (ii)<br>**Builders Merchants**<br>Band of Builders<br>Crash<br>Lighthouse Construction Industry Trust<br>Mates In Mind<br>Timber Trades Benevolent Society<br>**Total unrestricted donations**<br>**Restricted donations**<br>**Education and Training**<br>Awards Lunch<br>BMF Sponsorship<br>Building Heroes Foundation<br>Building People<br>Build Up Foundation - Materials<br>Build Up Foundation – Curtis Holt Ltd<br>Build Up Foundation – Jaydiene Ramsay<br>City & Guilds Livery Prize<br>Communicators Trust (Court Training)<br>Construction Youth Trust – Maddie Rose Project<br>Cowal B&P Merchants<br>IBT Merchants – Gerry Carney<br>JH Young – George Bonnie<br>John Stephens / Jonathan Rawson<br>JKW Marketing<br>Kings Foundation Trust<br>No Going Back<br>Princes Foundation<br>Rainy Day Trust<br>Toolbank<br>**Total restricted donations**<br>**Total of all donations made**|**2024**<br> **£**<br>57,930<br>1,500<br>1,500<br>1,500<br>1,500<br>1,500<br>7,500<br>**65,430**<br>5,234<br>2,000<br>2,500<br>-<br>19,057<br>-<br>2,060<br>500<br>-<br>5,000<br>2,000<br>4,000<br>4,000<br>2,000<br>3,270<br>2,500<br>5,000<br>-<br>5,000<br>226<br>**64,347**<br>**129,777**|**2023**<br> **£**<br>63,801<br>1,000<br>1,500<br>1,500<br>-<br>1,500|
|---|---|---|
|||5,500|
|||**69,301**|
|||2,500<br>2,000<br>2,500<br>1,000<br>13,185<br>2,261<br>-<br>500<br>500<br>5,000<br>-<br>-<br>-<br>-<br>-<br>-<br>5,000<br>2,000<br>4,000<br>-|
|||**40,446**|
||||
|||**109,747**|



(iii) 



**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS** 

**APPENDIX B** 

## **CHARITABLE FUND** 

## **SUMMARY OF QUOTED INVESTMENTS for the year ended 30 September 2024** 

|**Bonds and Government Stocks**<br>£30,000 5.875% Gtd Bonds<br>£27,800 4.25% Snr Bds<br>£26,800 4.5% Gilt Snr ‘Regs’<br>£17,500 4.75% Snr Gilt Bds<br>£18,100 5% Snr Bds<br>**Equities and Trusts**<br>Advanced Micro Devices Inc<br>310 USD 0.01 shares<br>Allianz SE<br>115 shares<br>Alphabet Inc Google<br>340 Capital Stock USD 0.001 shares<br>Amazon Com<br>340 USD 0.01 shares<br>Anglo American<br>495 USD 0.54945 shares<br>Apple Inc Com<br>135 USD 0.00001 shares<br>Astrazeneca<br>295 ord shares<br>ASML Holdings<br>42 NV EUR 9p shares<br>Baillie Gifford<br>30,000 Japanese Growth shares<br>BBGI SICAV<br>18,400 ord shares<br>BP Amoco Plc<br>3,595 USD0.25 ord shares<br>Cellnex Telecom SA<br>316 EUR 0.25 shares<br>Charities Prop Fd<br>40,000 Property Fund Income<br>Chevron Corporation Com<br>310 USD 0.75 shares<br>Coca Cola Co Com<br>570 USD0.25 ord shares<br>Compass Group Plc<br>700 11.05p ord shares<br>Diageo Plc<br>655 25p ord shares<br>Experian<br>900 10c ord shares<br>Exxon Mobil Corporation Com NPV<br>215 ord shares<br>Grafton Group<br>2,300 ord EUR 0.05 shares<br>GSK PLC<br>464 ord GBP 0.3125 shares<br>Haleon PLC<br>2,170 ord GBP 0.01 shares<br>**Carried forward to page (ii)**|**Cost at**<br>**30.09.23**<br>**£**<br>29,423<br>26,855<br>26,833<br>17,929<br>18,029<br>**119,069**<br>20,138<br>19,433<br>6,004<br>11,689<br>16,493<br>19,206<br>29,915<br>16,661<br>35,727<br>29,992<br>18,406<br>12,414<br>40,876<br>20,254<br>20,959<br>12,450<br>446<br>6,897<br>15,229<br>11,994<br>8,210<br>6,825<br>**380,218**|**Cost at**<br>**30.09.24**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>**-**|**Market**<br>**Value at**<br>**30.09.24**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>**-**|**Gain**<br>**(loss) on**<br>**Disposal**<br>**from**<br>**30.09.23**<br>**Valuation**<br>**£**<br>468<br>2,510<br>2,175<br>753<br>72|
|---|---|---|---|---|
|||||**5,978**|
|||||7,615<br>1,663<br>(930)<br>4,528<br>(2,331)<br>2,004<br>(1,461)<br>4,602<br>(870)<br>(122)<br>(2,215)<br>931<br>(3,302)<br>(7,424)<br>600<br>777<br>(790)<br>4,782<br>(3,862)<br>164<br>(97)<br>(341)<br>**3,921**|



(i) 



**APPENDIX B** 

## **WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS** 

## **CHARITABLE FUND** 

**SUMMARY OF QUOTED INVESTMENTS (continued) For the year ended 30 September 2024 Equities and Trusts (continued)** 

|**SUMMARY OF QUOTED INVESTMENTS**<br>**(continued)**<br>**For the year ended 30 September 2024**<br>**Equities and Trusts (continued)**|||||
|---|---|---|---|---|
|||||**Gain**|
|||||**(loss) on**|
||||**Market**|**Disposal**|
||**Cost at**|**Cost at**|**Value at**|**from**|
|||||**30.09.23**|
||**30.09.23**|**30.09.24**|**30.09.24**|**Valuation**|
||**£**|**£**|**£**|**£**|
|**Brought forward from page (i)**|**380,218**|**-**|**-**|**3,921**|
|Halma|||||
|600 ord GBP 0.10 shares|14,981|**-**|**-**|2,086|
|Honeywell International Inc Com|||||
|100 USD 1.00 shares|14,456|-|-|840|
|HICL Infrastructure|||||
|13,500 ord GBP 0.0001 shares|22,140|-|-|1,138|
|HSBC Holdings plc|||||
|3,420 75p ord shares|21,766|-|-|(754)|
|International Public Partner|||||
|18,958 GBP 0.0001 shares|32,199|-|-|1,939|
|Intuit Inc Com|||||
|30 USD 0.01 shares|9,914|-|-|1,822|
|Ishares VII Plc|||||
|7,400 GBP dist|51,208|-|-|4,988|
|JD Sports Fashion plc|||||
|9,250 ord GBP 0.0005 shares|15,078|-|-|2,390|
|JP Morgan Chase & Co|||||
|290 USD 1.00 shares|21,452|-|-|2,295|
|Legal & General|||||
|4,300 ord GBP 0.025 shares|11,261|-|-|1,115|
|Legal & General|||||
|2,200 Rob & Auto|25,342|-|-|1,931|
|Lloyds Banking Group|||||
|25,065 GBP 10p shares|16,256|-|-|892|
|London Stock Exchange Group|||||
|160 GBP 0.06918604 shares|14,785|-|-|1,864|
|LVMH Moet Hennessy Vuitton SE|||||
|43 EUR 0.30 shares|19,743|-|-|1,099|
|M&G Investment Funds|||||
|36,000 Japan Sterling Dis|41,449|-|-|(1,321)|
|Marriott International Inc Com Stk|||||
|230 USD0.01 Class A shares|19,105|-|-|2,451|
|Mayfair Capital Investment Mgm Ltd|||||
|Property Inc Trust for Charities (54,993 shares)|50,000|-|-|(2,255)|
|Medtronic plc|||||
|240 USD 0.0001 shares|19,670|-|-|146|
|Mercantile Investment Trust plc|||||
|14,500 ord GBP 0.025 shares|35,077|-|-|3,260|
|Merck & Co Inc Com|||||
|240 USD 0.50 shares|13,210|-|-|(133)|
|Microsoft Corp Com|||||
|150 USD 0.00000625 shares|39,166|-|-|5,048|
|Mondelez Intl Inc Com NPV|||||
|290 ord shares|14,950|-|-|7|
|National Grid|||||
|1,180 ord GBP 0.12431289 shares|10,914|-|-|1,363|
|NatWest Group Plc|||||
|3,930 ord GBP1.0769 shares|10,166|-|-|(438)|
|Nestle SA|||||
|150 CHF010 shares|14,806|-|-|(427)|
|**Carried forward to page (iii)**|**939,312**|<br>**-**|**-**|**35,267**|



(ii) 



|**CHARITABLE FUND**|||||
|---|---|---|---|---|
|||||**Gain**|
|**SUMMARY OF QUOTED INVESTMENTS**||||**(loss) on**|
|**(continued)**|||**Market**|**Disposal**|
|**For the year ended 30 September 2024**|**Cost at**|**Cost at**|**Value at**|**from**|
|**Equities and Trusts (continued)**|**30.09.23**|**30.09.24**|**30.09.24**|**30.09.23**|
|||||**Valuation**|
||**£**|**£**|**£**|**£**|
|**Brought forward from page (ii)**|**939,312**|**-**|**-**|**35,267**|
|Netflix Inc Com|||||
|40 USD 0.001 shares|15,945|-|-|2,673|
|Novartis Ag|||||
|300 CHF 0.50 shares|12,797|-|-|(1,576)|
|Nvidia Corp Com|||||
|USD 0.001 shares|10,013|-|-|558|
|Pacific Capital UCITS Funds Plc|||||
|3,655 ord shares|43,915|-|-|194|
|Palo Alto Networks Inc Com|||||
|69 USD0.0001 shares|9,801|-|-|3,769|
|Pfizer Inc Com|||||
|225 USD 0.05 shares|9,853|-|-|(1,403)|
|Philip Morris International Inc Com NPV|||||
|125 ord shares|9,841|-|-|(183)|
|Pimco Global Advisors Irl Ltd Global Inv Grade|||||
|Cred Hgd Instl Inc Nav (2,500 shares)|35,250|-|-|525|
|Prudential|||||
|1,340 5p ord|9,908|-|-|127|
|Prusik Umbrella UCITS Fund PLC|||||
|185 ord shares|30,526|-|-|(887)|
|Rio Tinto|||||
|520 10p ord shares|29,905|-|-|2,823|
|Roche Holdings AG|||||
|85 Genusscheine|15,603|-|-|437|
|Rockwell Automation Inc Com|||||
|80 USD 1.00 shares|14,532|-|-|(256)|
|Royal London Bond Funds ICVC|||||
|25,700 Sterling Credit Z GBP|29,890|-|-|385|
|Salesforce Inc Com|||||
|71 USD 0.001|12,158|-|-|2,467|
|Sandoz Group|||||
|60 CHF 28.14|-|-|-|1,534|
|Sarasin Growth Fund|||||
|A Inc|-|-|-|2,016|
|Schindler-Hldg AG|||||
|100 CHF 0.10 shares|19,496|-|-|2,538|
|Segro Plc|||||
|1,550 ord 10p shares|15,039|-|-|2,669|
|Shell PLC|||||
|1,696 0.07 Euro ord Shares|17,274|-|-|(1,403)|
|Smith and Nephew|||||
|1,300 USD 0.20 ord shares|5,616|-|-|783|
|Smith (DS)|||||
|4,186 ord 10p|13,312|-|-|618|
|T-Mobile US Inc Com|||||
|210 USD 0.00001 shares|19,789|-|-|1,963|
|Taiwan Semiconductor Manufacturing Spon|||||
|ADS Each Rep 5 Ord TWD10 (160 shares)|14,683|-|-|1,544|
|Templeton Ems Mkt|||||
|31,000 5p ord shares|52,437|-|-|(272)|
|Thermo Fisher Scientific Inc Com|||||
|55 USD 1.00 shares|20,752|-|-|(2)|
|**Carried forward to page (iv)**|**1,407,647**|**-**|**-**|**56,908**|



**Carried forward to page (iv)** 

(iii) 



## **CHARITABLE FUND** 

## **SUMMARY OF QUOTED INVESTMENTS (continued) For the year ended 30 September 2024 Equities and Trusts (continued)** 

|**Brought forward from page (iii)**<br>Unilever plc<br>700 0.031111 ord shares<br>Union Pacific Crop Com STK<br>57 USD 2.50 shares<br>United Rentals Inc 200 Com Stk<br>110 USD 0.01 shares<br>Vanguard Index Funds<br>435 S&P 500 ETF USD shares<br>Veritas Funds PLC Veritas Asian D GBP<br>22 ord shares<br>Visa Inc Com Stk<br>125 USD 0.0001 ord shares<br>Volkswagen Ag Non Vtg Prf<br>120 shares<br>VH Gbl Sustainable Energy<br>29, 600 ord GBP0.01<br>Whitbread<br>430 ord GBP 0.76797385 shares<br>**Other investments**<br>Charifund Equities Investment Fund|**Cost at**<br>**30.09.23**<br>**£**<br>**Cost at**<br>**30.09.24**<br>**£**<br>**Market**<br>**Value at**<br>**30.09.24**<br>**£**<br>**Gain**<br>**(loss) on**<br>**Disposal**<br>**from**<br>**30.09.23**<br>**Valuation**<br>**£**<br>**1,407,647**<br>**-**<br>**-**<br>**56,908**<br>2,154<br>-<br>-<br>(1,717)<br>9,906<br>-<br>-<br>1,204<br>11,891<br>-<br>-<br>6,502<br>75,908<br>-<br>-<br>7,996<br>19,982<br>-<br>-<br>5<br>13,284<br>-<br>-<br>2,181<br>25,344<br>-<br>-<br>723<br>30,044<br>-<br>-<br>(1,550)<br>14,830<br>-<br>-<br>(3)<br>**1,610,990**<br>**-**<br>**-**<br>**72,249**<br>511,614<br>-<br>-<br>(6,720)|
|---|---|



(iv)