THE GROCERS, CHARITY ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST JULY 2024 "fj Charity Registration Number: 255230
THE GROCERS, cHARy CONTENTS Pa8e REPORT OF THE TRUSTEE REFERENCE AND ADMINISTRATIVE DETAILS STATEMENT OF TRUSTEE'S RESPONSIBILITIES io INDEPENDENT AUDITOR'S REPORT 11-13 STATEMENT OF FINANCIAL ACTIVITIES 14 BALANCE SHEET Is CASH FLOW STATEMENT 16 NOTES TO THE ACCOUNTS 17-29
THE GROCERS, CHARITY REPORTOF THE TRUSTEE FOR THE YEAR ENDED 31STJVLY 2024 The Trustee presents its annual report and the accounts for the year ended 31st July 2024. The accounts have been prepared in accordance wlth the CharitS Trust Deed. the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS1021, Accounting and Reportin8 by Charities: Statement of Recommended Practice applicable to charitles preparingtheir occount5 in accordance with the Flnancial Reporting Standard applicable in the VK and Republlc of Ireland IFRS 1021, and the Charities Act 2011. OBJECTIVES AND AcfiviTIES ObJertlve5 As a small 8rant.awardlng body, our mission is to invest in and support a broa(1 ran8e of small and medium sized UK re815tered charitie5 that make a demonstrable positlve impact on public benefit. The Grocers, Charlty Is the charitable arm of the Grocers, Company 1.the CompanVI, and connects the Grocers, past, present and future commitments 'to be o nursery of churltles ond o semlnary of good citizens,. Hlstorlcally, educatSon has been the prlmary focus. Nevertheless, other major causes benefittlng from the Charity include churches with whom we have a historic link as well as support for the relief of poverty. youth, health, the arts, heritage, the elderly* environment, mllltary, and disabled people. While our fundlng prlorltles remaSn the same, we are flexlble enough to respond to ur8ent needs for support, such a5 the Ukraine War crisis. The Trustee has had regard to the Charlty Commlsslon's 8uldance on public beneflt and belSeves the wlde-ranging and numerous charltles supported by the Charlty to be beneficial to the publSc at lar8e. Further detail on the number and type of grants awarded is provided in the Achlevements and Performance sectlon below. All appllcants for charStable donatlons are requlred to demon51rate how the donatlon would be used for publlc beneflt, state the antlclpated outcomes of the grant, and are asked to provlde evidence of those outcomes should thelr appllcations be successful. Gvant-maklng Poll<v The CharSty1s proud to be able help smaller charilies, which may not be In the publlc eye, and where our award could make a slgnlflcant dlfference. Each year, the CharSty sets a bud8et that establlshes expected income for the perlod and sets a target for grant-givlng. There Is a broad categorlsatlon of the nature of the bud8eted 8ranls, which is adv150ry, and does not restrict the type5 of grant allocated during the year. Once the over311 financial parameters have been set, the policy on awarding granls is flexible. This flexibility enables due conslderation of the worthiness of applications received from charlties durlng the year. Awards are accordln8ly made on merit. Over tlme. different cate8orles of need may attract varying degrees of support, although there are certain charities to which the Chartty contribute5 on a regular basis. Amongst these, educatlon contlnues to be a high priority. A significant proportion of the Charity'5 expenditure is committed to thls category in the form of bursaries land scholar5hipsl at schools, universities and colleges with which the Company has historic links. Donation5 to churche5 under the patronage of the Company and payment5 to their respective Parochial Church Counclls also feature annualty.
Consideration of Grants The consideratlon of grants is delegated to the Educatlon & Charities Committee, which normally meet5 five tiffles a year. Grant applications are considered from UK-registered charities only that must comply with current guideline5, includln8 restriLtions, as detailed on the Companws webslte httP5.'118rocer5hall.co.uVthe-charityl. The Charitv Uses an onllne eliqibility checklist to ensure applications fall within the funding powers of the Trust Deed, and an initial application Is made If an applicant meets the minlmum criteria. For those eli8lble applications, an assessment Is then made of the balance of benefit and risk, the value of the proposed work, and likelihood of delivery. Should the a55e55ment be favourable, an applicant Is sent a Ilnk to fill In a Stage 2 form, whlch requires further details of Its flnances and project delivery plan. The Charity Manager shortlists the application5. These then are distributed to the Charlty Llalson Team, conslstlng of volunteer Freemen, Liverymen, and Court members, who conduct further due dS1i8ence, that will normally Include contacting the applicant and site visits. The resulting assessment report, provided to the Educatlon & Charftles Commlttee, includes recommendatlons, supported by a short summary of reasons drawn from Ihe assessment section, to enable declsion-makers to clearly see where the benefits and risk5 lie. Declslon-m•kin8 Generally, declsion-maklng involves one of the followlng recommendatlons.. award funding as requested,. award fundlng at a different level (lower or hi8herl,' award fundlngi sublect to certaln condltlons,. reject the application,. or defer a decision for addltlonal Information or expert advlce. Grant recommendatlons then are revlewed by the Court and recommended to the Trvstee for r¥tlflcatlon or relectlon. The Charlty Manager notifle5 appllcanls as to the outcome in wrltlng as soon as possible thereafter. Communitatln8 Our Declslons Feedback, when requested, Is dellvered by the Charity Manager and 15 aimed to help the appllcant to Improve or better target future appllcatlons. Where we reject an appllcation It 15 generally for one or more of four rea50n5'. the bld is Inell8ible; or the bld does not sufficiently meet the criteria for the programme; or we have reason to doubt the dellverability of the work or the capacity of the or8anisatlon,' or we have Ilmited fund5 and have to make choices between equally deserylng applications. Monltorlng Achievement All Memorial Grant5 must state the outcomes of any grant awarded at the application stage.. these are confirmed again when a grant Is awarded. Charities are asked, a year after the grant has been made or when the pruject has come to an end (whichever is sooner?, to Submit a report explaining how the outcomes were met, any challenges eXperIend and the number of people supported. The Education & Charities Commlttee and Trustee reviews these report5 regularlv. Charities, churches and educatlonal establi5hment5 Wlth which we have historic connections, are invited to submlt regular reports of their activities, such as school report5 and newsletters. These grantees also provide annual summaries of grant expendtlure as well a5 updated reports on their Performan$. The Charity hosts bi-annual luncheons for our scholars and church incumbents, where we are able to monitor the progress of 8rant-funded projerts and activities,
celebrate successes and build relationshlps between the Charity and our beneficiaries. Further monitoring of all grants may include visits by officers and members of the Company. ACHIEVEMENTS AND PERFORMANCE Total income received was £1,127,160 12023-£1,349,2951. This included investment income of £768,208 12023- £791,167). In the past year, the Groters, Charity received over 1,100 grant applications. It is clear that the charitable sector remains under considerable pressure from rising costs, Increased demand for setvlces and the challenges of prornotingtheir work to grant makers deallng wlth iricreasing numbers of funding applications. Despite these challenges, the charities we have 5UPPOrted continue to address social needs.. from after school events to support children and thelr parents, to cleaning up the environment and planting trees for future generatlDns, to providing nutritious meals, to offerin8 safe spaces to heal, learn and Brow for all ages and circumstances, to supporting the brave men and women working in the mllltary providing aid and protection. It is clear that the third sector Is full of dedicated, skilled and remarkable people. Grant-Glvlng and Fundralsln8 This year the Grocers, Charlty awarded 2118rants to 199 charStles totalling £1,152,59812023- £1,140,9851. Numb•r Cat•gory 2024 V•lu• awarded rants 2024 Gril l)t <lWcl r(l.s l)y C¢ltè gory Arts £53,997 £44,598 £61,274 £357,494 £48,310 £23,081 £206,259 £15,250 £43,803 £179,663 £118,869 £1,152,598 Church HoEilili. 1206.259 D150blllty Educollon Povcdily, ¢l79,662 26 Elderly Envlronmtrnt Heolih 27 Herltuge Milltary Pov¢rly Youth Art: £53,997 Ecliicfillon, QSi7,494 riiuich. £¢14.5 39 Throughout the year. members donated thelr time or flnanclally contributed to the Charity. Members tullective donations contribute to circa 50% of the grants awarded for our openlmemorlal programme. Collettlvely, members donated an incredlble 1,994 hours to support the Charity by revlewin8 Brant application5, being a student menlor for our Livery Academy Awards and Mentoring evenings, or being a School governor, for which the Charlty is immensely grateful. We were delighted to be able to support Samaritans, Central London Branch and the National office wlth our annual fundraising dinner event. Every 10 seconds, Samaritans respond to a call for help. They are available day or night. for anyone who Is stwggling to cope. who needs someone to listen without jud8ement or pressure. Samaritans are not only fDr the moment of crisis. they take actSon to prevent the cri515 by providing tools to cope and the ski115 to be there for others. Samaritans offer listenlng and support services in prisons. schools, hospitals, and rail networks. Every life lost to suicide is a traBedy, and Samaritans, vision is that fewer people dle by suSclde.
The Matched Fundin8 Scheme, launched in 2007, continued in 202312024, with the Charity sponsoring 39 applications from Members who raised a combined sum of £253,435, including the Charity's contribution of £79,090. The Companv members are very appreciative that personal fundraising efforts for their chosen charities can be boosted in this wav. The Trustee Intends to continue this worthwhile scheme in the coming years. Le8acSes Thanks to the generosity of our predece550rs and current Members of the Company, we are in a position to make grants to support education and a broad range of UK-reglstered charlties working in our chosen flelds of Poverty, Youth, Elderlv, Disablllty, Health, Military Herltage, Arts, and Environment. The Charity has received many bequests over its long history, that have benefited its tharitable work. For example, slnce 1612 the Dame Margèret Slaney Fund has commemorated Dame Margaret's commitment to church preservation. Since 2015, a member's family trust has made annual contributions to the Charlty. Three le8acles were received In 202312024 1202212023- 21, All such bequests wlll support our 8rant pro8rammes into the foreseeable future. IMPAcr Educatlon Bur5arles and scholarships play an important part in helpin8to drive attalnment and encourage retentlon among talented student5 who benefit from flnancial support. We malntaln a close working relatlon5hip with the schoo15 we fund annually, follow the progress of individual pupils, and attend award ceremonies and student performances. Many Companv members also serve on the GovernlnB Bodles of the schoo15 the Charity supports. Churches The Charlty make5 regular grants to the churches, with which the Company is affiliated, to support the incumbents, upkeep of the fabric and buildlngs and any community-focu5ed programmes. Addltionally. the Dame Mar8aret Slanev Fund 8Sves an annual donation of £5,CLIO to a selected church. In 2024, St Stephen Walbrook recelved the award to support a series of events commemoratSn8 the Samarltans, 70th annlversary. Samarltans trace their roots back to the Grocer Church of St Stephen Walbrook, where Chad Varah, founder of Samarltans and vlcar, answeied the first call to the helpline In 1953 with Grocer5, SUPPQrt. The ori8inal phone is on display in the church. Memorlal Grants VK-re8lstered charltie5 may apply to the Memorlal Grants Programme through the Charity's webslte pages to be considered for a grant of up to £5,000, occa51ona11y more. During the last year. we recelved 1,100 12023 - 8121 applicatlons and funded appioximately 18% of the applications recelved. Below are some examples of how the GI0r$, fundin8 made a difference in the word5 of the appllcant5. Bh Phllharmonl4 The grant from the Grocers, Charity enabled u5 to brin8 youn8 carers with a flalr for songwriting to co-create a song and ccompanying orchestral 'backin8 track,. On Valentine's Day 2024. we premiered Love Is Enough, a co-created song written by young adult carers from Bath, Bournemouth, Bristol, Plymouth and Wiltshire and accompanied by Bath Philharmonia'5 orchestra to an audience of 1,400 people. Contact H05tel After living with herfoster carer for many years, Imogen came to Contact in 2023. Initialty Shy and unsure of Contact, her confidence Brew 85 she developed frlendships Wlth fellow residents and began to trust staff. Guided by our experienced team, ImoEen resumed her studies at college in September and remained in education throughout her stay. In November 2023 Imogen secured a flat, and we provided support throughout the move-on prOss. After her farewell meal with her fellow residents she said.. My time at Contact has been transformative. The stafPs wamith and encouragement have been invaluable."
GASP CA is a Year 10 student wlth an EducatSon and Heah Care Plan and a diagnosis of Autism and ADHD. He struggles with anxiety and social communication and interaction. He has been a school refuser and wa5 llot attendin8 school at the beglnnlng of the academic year. Since joining GASP, he 15 now able to communlcate how he Is feeling and has formed positive relationships with his peei group, his instructors, and the wider GASP team based on 51te. He is making excellent progress with his knowledge and skills, Improvlng all the time. Hi5 GASP attendance is currently 100%, and he 15 llow attending school two days a week and a college course in mechanics one day a week. My Llfe My Cholce The Computer Buildy project provides free devices and trainin8 to adults with learning dlsabllltle5. Jererny, who lives in supported livin8, loves spending time with his farnlly and watching football. De5Ptte owning a laptopi he didn't have the skills to use it, and his support staff dldn't have the time to train him. Over three months, Jeremy received one-on-one training from MLMC, learnln8 to Use hls device, send emai15, and even follow hls favourlte football team onllne. Moor Trees Our Impact extends beyond comb3ttln8 the climate and nature crlses. We empower volunteers from a diverse range of backgrounds by providing a range of actlvitles. As Malcolm expresse5, 'Yhis 15 my chance to do sornething practlcal for nature, plantlng trees on land that would take years to regenerate on thelr own" Llz, another valued volunteer, shares simllar sentlments, statin& .1 wa5 inspired to join Moor Tree5 as I wanted to repair the damage to nature that humans have caused and Increase the blodlversity on the moors. I love meeting like-mlnded people and enloy dolng somethlng practlcal to make a dlfference." Dlg In I Is a 57.year-old Army veteran with 17 years of service, having served in Gulf War I, Northern Ireland, and B05nla. HIS servlce erided prematurely due to severe mental health issues that surfaced after his tour of Bosnla, leadlng to difficultles in securing employment, a traumatic marrlaBe breakdown, and eventually a mental health crisis that requSred lonB-term hospital admlsslon for thought5 of 5elf-harm. Diagnosed wlth PTSD, anxlety, and depresslon, J began treatment and was referred to Dig In by his mental health nurse post-(lischar8e. Initially, J wa5 Wlthdrawn, reluctant to engage, and stru8gled with low mood, lack of sell-worth, lack of motlvatlon, and social Isolatlon. l enrolled in a baslc woodworkin8 course funded by the charlty, reklndllng hls passion for woodworklng from his School days. He excelled on the course. forming bond5 wlth peels who Shared simllar struggles, which alleviated his sense of isolation. A full list of grants awarded in 202312024 is included In Note 15 to the accounts. FINANCIAL REVIEW The terms of the governlng Trust Deed requlre Income to be applled for charitable purposes only, but, at the Trustee's dlscretion, permlt its accumulation whilst it remains lawful. Incomels derlved from Investments, fundralsln8, donatlons from the Company and its membeis, and other sources. As at 31st July 2024, the Charity's net assets totalled £37,705.632, an annual Increase of 9.4%12023- £34.474,690. an annual increase of 0.4%). The annual performance of the Charity's investment portfolio, after management fees, was an increase of 15.4%, compared with a benchmark increase of 17.9% before fees12023- 5.5% compared with a benchmark increase of 9.7%). De5Plte continuin8 uncertainty in the 8lobal and UK economie5, the Trustee considers that the CharSty has sufficient assets to conllnue to fulfll Its obligations for the long term. Investment Policy and Management From 1st May 2021, Rathbone Investment Management Llmlted has managed the Investment portfollo on a dlscretlonary mandate, wlth an overall objective to generate a total return of inflation las measured by CPI) plu5 5% per annum on average over the long term. The Trustee'5 investment wwers are unrestrirted. The portfolio of the Charlty Is made up of direct investments and collective investment funds that provide a wlde spread of Investments. The principal objectives are to provide a blend of Sustainable income in the short-to-medium term, growth of income over the lon8 term and long-term capStal growth.
The reporting and control meèsures employed include gUlar updates from the Investment Managers of performan against the investment fun(Is' benchmarks, a5 well as comparisons of investment income against budget. The Trustee re8ularly reviews investments and is satisfied with the performances of the Charity's investments, and that the investment pollcy has been met. Reserves Pollcy As a grant-making body that provides neither services nor materials and ha5 no long-term grant commitments to whlch it 15 legally bound, the Charlty has no requirement for reserves In the normal sense. The Charrly Is, however, committed to the continulng 5UPPOrt of a number of beneficiaries, primarily schools and church patronages and would aim to maintaln, and ideally increase, It5 current level of grant givlng to them, whlle ensuring It retains sufflclent reserves to enable the Charity to exist in perpetuity. The expendable endowment 15 a capital fund by nature and 15 held on terms whlch allow the Trustee to draw on it to provide additional resources to fund charitable spendlng which cannot be fully met from income. The Ch3ritV'5 nvestment strategy aims to ensure that long term capital 8rowth of the expendable endowrnent will exceed the levels requlred to protect the capltal fund from the effects of inflation. Subject to achlevement of that alm, the Charity may ch005e to allocate some of that growth to support expenditure wlthout reducin8 the value of the fund in real terms. Rlsk Management The Educatlon & Charilles Commltlee, having been delegated the task of producinB a rlsk reglster, considers the major risks facin8 the Charriy. In respect of each rlsk, the potentlal impact Is revlewed, and appropriate measures are adopted to mhlgate the level of risk to an acceptable level in the Charity's day to day operations. The risk re8lSter Is revlewed by the Education and Charltles Committee and approved annually by the Trustee, The prlnclpal rlsks faced by the Charbty lie in the performance of Investments, other Income. and operatlonal rlsks from ineffective 8rant-makin8. The financial risk associated with the variability of investment return$15 mltlgated b¥ devolvlng Investment management and declslon-making to Rathbones Investment Mana8ement Limited on a discretionary mandate, and by maintalning a diversified portfollo of investments. Operatlonal risk from Ineffectlve grant-makln8 Is mltigated by the use of documented 8rant-makin8 procedures. As stated in the Brant-maklng policy on page one, all applicants must 51ale how a successful grant awar(I would deliver publlc beneflt as part of the applicatlon procedure. All reciplents of charltable donation5 are required to confirm that It will be used as speclfled In their applications. Each Is asked to pr¢)duce an end-of-grant report and summory of grant expendlture. Further monltorlng rray include visits by Officers and members of the Companv, The Charity is a signatory of the Assoclation of Charitable Foundatlon's Funder Commitment on Cllmate Change. It 15 holistic, hi8h-level framework to SUPPOrt funders tackling the cau5e5 and impacts of cllmate chan8e. Consequently, we created a Climate Action Risk Register to annually measure our progress, and we consider environmental i55ues as part of our Investment strate8V. Fundralsing Statement We are committed to our alm of provldlng grant5 to charities and charltable Instltutions, in support of a broad range of charitable causes. Generatin8 income through fundraising allows the Charlty to maintain and grow it5 grant-maklng activities. The Charity uses a Small range of fundraising approaches to ralse money* for example, by communicating with Company members and a bi-annual fundraisin8 event where guests are Invfted, and we manage all our own fundraising. Hen. we are not re815tered with ihe Fundraising Regulator, but acknowledge and follow the principles of its code of conduct.
The Charity does everything possible to meet the needs of potential supporters and protect vulnerable people. We occasionally contact members both to raise funds and to set out in-kind options of donating. We strive for best practice in fundraislng and to comply wlth all relevant statutory regulations. including the Charities Act 2011, the Chaflties (Protectlon and Soclal Investment) Art 2016, the Data Protection Act 2018 and the General Data Protection Regulation 2018, and we are a member of the Association of Charitable Foundatlons. The Charity communicate5 Wlth its supporter5 in letters, email and telephone calls, and through our annual review. We ensure our members and guests feel resperted and valued. The Charity alms to protect personal data, and never sells to, or exchanges such data with, othei organisations. We are always happyto receive feedback on any aspect of our work, and we alm to deal with any problems or complaints quickly and efficiently. There have been no complalnts about fundraisin8 in the lasl year. PLANS FOR FUTURE PERIODS The Company has an hlstorSc tradition of dlspenslng monles to dlverse charitable causes. and r¢ 15 the intention of the Trustee to malntaln thls tradltion in the future. The Trustee is satisfied with the policy for awarding grants and with the funding of the Charity. For 202412025, the level of charltable 8ivlng is expected to be In the order of £1.4 million. excluding fundraising events. This fi8ure has been set assumln8 that the Company will not be in a position to make a slgniflcant donatlon to the Charity in the coming year. With careful financlal management, the Charlty hopes that It wlll be able to maintaln Its total glvln8 of at least an annual sum of £1 mllllon. The demand for fundin& conslderlng the number of appllcations we contlnue to recelve. is likely lo remaln hlgh. We w511 need to focus and make dlfficull decisions about which applications are approved and which ones a not. In addition to our regular grant-maklng, the key alm next year Is to review our fundln8 crlteria to achieve a hlgher conversion rate from applicatlon to grant award. STRUCTURE, GOVERNANCE & MANAGEMENT 8ack8found The Grocer5, Trust Company LlmSted 1.the Trustee'l, wa5 established In 1968 as a Corporate Trustee, wlth a pald-up share capital of £ltsJ, and it5 shares are wholly-owned by The Worshlpful Company of Grocer51"the Company"). The Trustee's directors are ihe Master and Second Warden of the Company, tO8ether wlth the Senlor Member, Chairmen of the Educatlon & Charitle5 and the Flnance Committees, and the Clerk. The Grocer5, Charlty 1.the Charity") was establlshed by deed of trust also In 1968 and Is adminlstered by the the Trustee. The Charrty operates as the charitable arm of the Company, a Clty of London Llvery Company that has been In existence since the Middle Ages. All offl¢ers of the Charlty are either members or employees of the Company. The Charlty Is supported financially by the Company and by personal contributlons from Its members. The Trustee is responsible for: Approving the annual budget of the Charity. Revlewin8 the management accounts of the Charitv. Approving the ChaTity'5 statutory annual account5. Approving the Trustee'5 annual report on the Ch8rr(y. • Submission of the Charf(y's Statutory accounts to the Charity Commi55ion. Scrutlny and approval, if appropriate, of recommendations made by the Court of Assistants of the Company 1.the Court"). relating to grant5 and associated activities of the Chartty. Oversight of the Charlty's Investments.
In order not to increase costs, most of the above-listed duties have been delegated to the Company or external advlsers. as detalled below: The Flnance Committee of the Company- Financial oversight of the Charity, preparation of the annual budget, management and statutory accounts and the Tru5tee'5 annual report. The Education & Charitie5 Committee of the Company- Responsibility for Brant-making. The Master and Second Warden together with up to 5iK Other Court Members, all of whom are elected for a fixed term of office, form the Committee. This Committee recommends 8rants to suitable appllcants to the Court, whlch in turn conslders such grants for recommendatlon to the Trustee. Rathbone Investment Management Limlted - Tnanagement and custody of the CharTty'5 Investments. Day to day mana8ement of the Charity is carrled out bythe Clerktothe Company. He is supported by the Charity Manager and the Company's Flnance Director. Inductlon and Tralnln8 01 members of the Educatlon & CharStle$ Commlttee Court Members are elected from the Livery In accordance wlth the constitution of the Company. Following their electlon, newW appointed Court Members are brSefed by the Clerk. In hls capacity as Secretary to the Trustee, a5 lo the objectlves and activliles of the Charlty. Member5 of the Charlty Lialson Team, consisting of selected Freemen, Llverymen and Court member5, are brlefed and provlded wf(h ongoing guldance by the Charlty Manager. Key M•nagement Personnel Remuner*lon The Oirectors of the Trustee, the member5 Ofthe Educatlon and Charltles Commlttee and the Clerk of the Company have responsibS1Sty for ihe mona8ement of the Charlty. Neither the Diiectors, nor any members of the Committee, nor the Clerk recelve any remuneration from the Charlty or the Trustee. The Clerk15 remunerated by the Grocers, Companv, Related Portle5 As noted earlier, the Charity acts as the charitable arm of the Company with whlch It has an Integral relatlonshlp. A5 the act of charitable givlnB Is regarded as a tenet of the Company, it wlll endeavour to secure the continued existence of the Charlty. From a legal perspectlve, the Company Is related io the Charity as owner of all the share capital of the Trustee. The Charity is a partlcipatSng employer of ihe Grocers, Group Personal Pen51on Plan. Court Members who may have conflirts of Inte5t are required to advise the Charlty accordingly, and to abstain from all related declslon-maklng dlscusslons. Deta115 of related party transactlons are dlsclosed In the notes to the accounts.
REFERENCE AND ADMINISTrATIVE DETAILS CHARITY REGISTRATION NUMBER: 255230 CORPORATE TRUSTEE: The Grocers, Trust Company Llmlted DIRECTORS OF THE CORPORATE Mr Guy Chisenhale-marsh TRUSTEE.. Sir Charles Bowman Mr Henry Colthurst His Honour Simon Coltart Mr Toblas Stubbs Brigadier Greville Bibby C8E SETTLOR: The Grocers. Company SECRETARY TO THE TRUSTEE: erigadler Grevllle Blbby C8E CHARITY MANAGER: Ms Michelle mOneuX PRINCIPAL OFFICE: Grocers, Hall Princes Street London EC2R 8AD AUDITOR: Buzzacott LLP 130 Wood Street London EC2V 6DL BANKER: Bank of Scotland plc 25 Gresham Street London EC2V 7HN INVESTMENT CUSTODIANS: Rathbone Nomlnees Llmlted Port of Liverpool Buildin8 Pler Head LSverpool L3 INW INVESTMENT MANAGER: Rathbone Investment Mana8ement Llmlted 30 Gresham Street London EC2V 7QN SOLICITORS: Charle5 Russell Speechtys LLP 5 Fleet Place London EC4M 7RD
10 THE GROCERS. CHARITY srATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustee is responsible for preparlng the Trustee's report and accounts In accordance with applScable law and United Kingdorn Accountin8 Standards (United Kingdom Generally Accepted Accounting Practicel. The law appllcable to charities in England and Wale5 requires the Trustee to prepare accounts for each financial year which give a true and fair view of the State of affairs of the Charity and of the income and expenditure of the Charlty for that perlod. In preparing these accounts. the Trustee is requlred to: select 5Ultable accounting policies and then apply them consistentty,. observe the methods and principle5 In Accountlng and Reporting by Charities.. Statement of Recommended Practlce applicable to charities preparlng their accounts in accordance wlth the Financial Reportlng Standard applicable In the UK and Republlc of Ireland IFRS 1021,. make ludgements and estimate5 that are reasonable and prudent,. state whether appllcable Unlted Kln8dom AccoLbnting Standards have been followed, subject to any material departures dlsc105ed and explained in the accounts,. and prepare the accounts on the going concern basls unless It Is Snappropriate to presume that the Charity will contlnue In operation. The Trustee is re5ponslble for keeping adequate actountlng records that are 5ufflcient to show and explain the Charity's transactions and disclose wlth reasonable accuracy at any time the flnanclal posltlon of the CharSty and enable it to ensure that the accounts comply with the Charlties Act 2011, applicable Charlty IAccount5 and Reportsl Regulations and the provlsions of the trust deed. It also Is respon51ble for 5afeguardlng the asset5 of the Charlty, and hence for taking reasonable steps for the prevention and detectSon of fraud and other irregularltles. Approved by the Trustee on and slgned by: Mr Henry Colthurst Dlrector of The Grocers, Trust Company Limlted
INDEPENDENT AUDITOR'S REPORTTOTHETRusfEEOFTHEGROCERS'CHARITY Opinion We have audited the accounts of The Grocer5, Charity (the 'Charity'l foi the year ended 315t July 2024 which comprise the statement of financial activities, the balance sheet, the cash flow statement and the notes to the accounts including a Summary of principal accounting pollcies. The financial reporting framework that has been applled In their preparation Is appllcable law and Llnited Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republlc of Ireland, Iuhited Kingdom Generally Accepted Accounting Practice). In our opinion, the accounts: Bive a true and fair view of the state of the Charity's affaSrs as at 31st July 2024 and of Its Income and expenditure for the year then ended,. have been properly prepared in accordance wlth United Kingdom Generally Acceptetl Accountln8 Pradlce; and have been prepared in accordance with the requlrements of the Charltles Act 2011. Basis for opinion We conducted our audlt In accordance with Internatlonal Standards on Audltlng IUKI IISAS IUKII and appllcable law. Our responsibilitles under those 51andards are further described in the audltorfs responsibilities for the audit of the accounts section of our report. We are Independent of the Charlty In accordance wlth the ethical requirement5, that are relevant to our audlt of the accounts in the UK. Includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We belleve that the audlt evidence we have obtalned Is sufficient and approprlate to provide a ba515 for oplnion. Conclusions relatin8 to 8oin8 concern In auditing the accounts, we have concluded that the Trustee's use of the 8oln8 concern ba51s of accountSn8 in the preparatlon of the accounts Is approprSate, Based on the work we have performed, we have not identified any materi61 uncertainties relating to event5 or conditions that, Individually or collectlvely. may cast $18nificant doubt on the Charity's ablllty to contlnue as a 80Sng concern for a period of at least twelve months from when the accounts are authorlsed for issue. Our re5ponslbilltie5 and the responslbllltles of the Trustee wlth respect to 8olng concern are descrlbed In the relevant sections of thi5 report. Other Informatlon The other information comprlses the information included In the annual report and accounts, other than the account5 and our audltor'5 report thereon. The Trustee Is responglble for the other Information. Our opinion on the accounts does not cover the other Informatlon and we do not express any form of assurance conclusion thereon. Our re5ponslbllSty Is to read the other informailon and, in doin8 50, consSder whether the other Informatlon is materially Inconsistent with the accounts or our knowledge obtalned In the audit or otherwise appears to be materialty misstated. If we identify such materSal Inconslstencies or apparent material mi55tatements, we are qUired to determine whether this glves rlse to a material misstatement In ihe accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothln8 to report in thSs regard.
12 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 misstatement5 in the Tru5tee'5 report. We have nothing to report In respect of the following matters In relation to which the Charit*s IAccounts and Reports l Regulatlons 2008 requires us to report to you If, In our opinion: the information Biven in the report of the Trustee is inconsistent in any materlal respect with the accounts; or sufficient accounting records have not been kept.. or the accounts are not in a8reement wlth the accounting records and returns- or we have not reiVed all the information and explanations we require for our audlt. Respon51bllltles of Trustee As explalned more fully in the statement of Trustee's responslbllltie5, the Trustee is responslble for the preparation of the accounts and for being satisfied that they Blve a true and falr view, and for such Internal control as the Trustee determines is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparlng the accounts. the Trustee Is responsible for assesslng the Charitws ablllty to continue as a golng concern, dlsclosing, a5 applicable, matters related to golng concern and uslng the golng concern bas15 of accountin8 unless the Trustee esther Intends to liquldate the Charlty or to cease operatlons, or has no realistic alternatlve but to do 50. Audltorfs responslbilities fi)r the audlt ot the accounts We have been appointed as audStor under sedion 144 of the Charities Act 2011 and report In accordance with the Act nd relevant regulations made or havln8 an effect thereunder. Our objectlves are to obtain reasonable assurance about whether the accounts as a whole are free from material misslatement, whether due lo fraud or error, and tolssue an aydltorfs report that Includes our opinion. Reasonable assurance is a hi8h level ol a55urance, but 15 not a 8uarantee that an audit conducted in accordance wlth ISAS IUKI wlll always detect a materlal mSsstatement when It exlsts. Misstatements can arise from fraud or error and are considered material rf, indlvidually or In the aggregate, they could reasonably be expected to influence the econornlc declslons of users taken on the basls of these atcounts. Irregularlties, Sncludin8 fraud, are instances of non-compliance with laws and re8ulations. We design procedures In Ilne with our responsibilltle5, Outlined above, to detect material mi55tatements in respect of Irre8ularities, includin8 fraud. Our approach to identlfyln8 and assesslng the risks of material mSsstatement In respect of irre8ularlties, includin8 fraud and non-compliance with laws and re8ulatlons, was as follows: the en8agement partner ensured that the engagement team collectivety had the approprlate competence, capabilities and skllls to identify or recognise non-compliance wlth applicable laws and regulations,. we identlfied the laws and regulations applicable to the Charlty through discussions wlth those char8ed wlth governance and other management, and from our knowled8e and experlence of the sector; we focused on specSfic law5 and re8ulations which we considered may have a direct material effect on the accounts or the operations of the Charity, includin6 the Charlties Act 2011 and the financial reportln8 framework referred to above,. and we understood how the Charity is complying with those legal and regulatory frameworks by maklng enquiries ol management. We corroborated our enqulrles through our review of the minutes of meeting5 of those charged wlth governance. We assessed the susteptibillty of the Charity's accounts to material Misstatement, including obtalning an understandSng of how fraud might occur. Audit procedures performed by the en8a8ement team included: making enquiries of managemeht as to their knowledge of actual, suspected and alleged fraud.. and considering the internal controls in place to miti8ate risks of fraud and non-compliance wf(h laws and regulations.
13 Auditorfs responsibilities for thè audit of the a¢tounts Icontinuedl To address the risk of fraud through management bias and overrlde of controls, we.. performed analytical procedures to Identify any unusual or unexpected financial relationships: tested journal entries to identify unusual tran5actions,' performed substantive testing of expenditure including testlng the authorisation thereof. In response to the risk of irregularltles and non-compliance wlth laws and regulations, we designed procedures whlch included. but were not limlted to: rea(1Sn8 the minutes of meeting5 Of those charged with governance,. and enquiring of management as to actual an(1 potential litigation and claims. There are Inherent Ilmitatlons in our audit procedures described above. The more removed thatlaws and regulations are from financial transactions, the less Ilkely It is that we would become aware of non.compliance. AudStlng standards also limit the audit procedures requlred to Identify non-compliance with laws and regulatlons to enquiry of the Trustee and other managernent and the inspection of regulatory and le8al correspondence, if any. Materlal misstatements that arise due to fraud can be harder to detect than those that arlse from error a5 they mav Involve dellberate concealment or collusion. A further descrlptlon of our responsibilltles fof the audlt of the accounts Is located on the Flnanclal Reportln8 Council's web51te at www.frc.org,uVauditorsresponsibilities. Thls description forms part of our auditor's report. Use ofourreport Thi5 report is made solely to the Charit5 Trustee, as a body, in accordance with Part 4 of the Charltle5 IAccounts and Reports) Re8ulatSons 2008. Our audlt work has been undertaken so that we mlght state to the Charlt¢s Trustee th05e matters we are requSied to stote to it in an auditor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbility to anyone other than the Charlty and the Charltrfs Trustee as a bodyi for our audlt work, for this report, or for ihe oplnlons we have formed. Buziacott LLP Statutory Audltor 130 Wood Street London EC2V 60L Buzzacott LLP is eligible to acl as an audltor in terms of sectlon 1212 of the Companie5 Att 26
14 THE GROCERS. CHARITY STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31ST JULY 2024 Pèrmanent Expendable Endowment Endowment Restrlcted Unrestrlrted Total Funds Total Funds Funds Funds Funds Funds 2024 2023 Note In¢ome and endowments from.. Donatlons Le8acies Investments 151,509 144,473 295,982 405,628 62,970 152,500 768 208 791,167 1,127,160 1349,295 62,970 28,974 180.483 739.234 883.707 Total Income 62,970 Expenditure on., Ralslng funds Fundralslng expenses Investment manager lees Expendlture on ¢harltable actlvltles Grant-makin8 Total expendlture 35,344 35,344 109.122 31,418 98,983 50,680 57,380 1.062 4,5.6 150,215 185,559 1,110,154 1260 369 1 236 182 1111216 1404 835 1366 $83 $0.680 57,380 Net lexpendlturell incorne before investment galns and losses Net gain5 Qn Investments 150,6801 5.590 1,627,263 1799 693 15,0761 1227.5091 1277,67SI 81,661 3 508 617 117,2881 165 119 NET114COMEIIEXPENDITUREI 1,576,583 L805,283 15,0761 1145.8481 3,230,942 147,831 Transfers between funds 12 1,201 11.2011 NET MOVEMENT IN FUNDS 1,576,583 1.805,283 {3,8751 1147,0491 3,230.942 147,831 Balances brought lorward at beglnnlng of year 15,942,748 18.039.983 167A79 324.480 34,474,690 34,326,859 8alantes ¢arrled forward at 10.11. end of year 12 17,519,331 19 845 266 177,431 £37 705 632 £34 The result for the year Is wholly attributable to contlnuln8 operations. There are no recognised gains or losses or other movements in fund5 for the year, other than as stated above. The 2023 amounts are analysed by fund In note 2 to the accounts, The notes on pages 17 10 29 form parl of these accounts
15 THE GROCERS, CHARITY BALANCE SHEET 31ST JULY 2024 Permanent Expendablè Endowrnent Endowment Funds Fund5 Restrieted Unrestrlrted Total Funds Funds Funds 2024 Total Funds 2023 Not• FIXED ASSETS Investments 17 457,903 17 457 903 19,307,812 19,307,812 796 611 37 562 326 796.611 37,562 326 33 939.225 33 939 225 CURRENT ASSETS Debtors Cash at bank 2,433 163,604 166,037 5.468 615552 1610.0841 7,901 156 223 164.124 6,295 546.498 552,793 65,783 65,783 542.388 542,388 CURRENT LIABILITIES Creditors 14,3551 14.9341 12,4331 19,0961 120,8181 117,3281 NET CURRENT ASSET5 1 ILIA81LITIESI 537 454 163.604 619 180 143 306 535 465 TOTAL ASSETS LESS CURRENT LIABIIITIES 17 519 331 19 845 266 li 177 431 £37 705 632 £34 474 69) Nott io 12 The 2023 amounts are analysed in note 3 to the account5. Approved by the Trustee on and signed on it5 behalf by.. Mr Henry Colthurst Dlrector of The Grocers, Trust Company Limited The rK)les on pages 17 to 29 form part of these accounts
16 THE GROCERS, CHARITY CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST JULY 2024 2024 2023 Cash flows from operatlng activitle5: Net cash used In operatlng actlvltles 11.017,829) 809,3411 Cash Ilows from inve5tln8 actlvltles: Dividends and interest Proceed5 from the sales of financial Investments Purchase of financial investments Net cash provlded by Investln8 actlvltles 742,038 12,107,558 112,192,075) 657,521 791,CK)6 7,738,282 18,143,999) 385,289 Chan8e In $h and cash equlvalents In the reportin8 p¢rlod £1360,3081 £1424,0521 Change in cash and cash equivalent5 in the reporting perlod Cash at the be8innln8 of the reporting perlod Exchange differences on investment cash Cash and cash equlvalents at the end of the reportlng perlod 1360,3081 611,380 6,477 £257,549 1424,0521 1,019,655 15,777 £611.380 Reconclllatlon of net Income to operatlng cash Ilows Not Income forthe year 3,230,942 147,831 Adjustments for: Dividends and interest Gains on investments Increase in debtors Increase In credltors Net ash used In operatlng actl¥lties 1742,0381 13,508,617) 11,6061 3,490 £(1,017,829 1791,0061 116S,1191 11,4731 426 £1809,341) Analysls of cash and cash equlvalents and reconclll•tlon of net fund5 I Au8USt 2023 Cash flows Other non- cash movements 31 July 2024 Cash at bank and in hand Cash held by investment managers Totsl $h and cash equlvalents 546,498 64,882 611,380 1390,2751 29,967 360,3081 156,223 101,326 257,549 6,477 6,477 The notes on pages 17 to 29 fomi part of these accounts
17 THE GROCERS, CHARITY NOTES TO THE ACCOUNTS 31STJULY 2024 I. ACCOUNTING POUCIES al Basls of accountlng The account5 have been prepared in accordance with the Charity's Trust Deed, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, Accounting and Reporting by Charities.. Statement of Retommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021, and the Charities Act 2011. The Charity constitutes a pub15c benefit entlty as defined by FRS 102. The Charity has one subsidiary fund, The Grocers, Company Queen's Golden Jubilee Scholarship Fund. The Charity is exempt from the requirement to prepare group account5 a5 the subsidiary is a special trust and its accounts are a88regated within those presenled here. The Trustee considers that there are no materlal uncertalntles about the Charlty's abillty to continue as a 80in8 concern. No 518nificant estlmote5 or jud8ement5 have been applied by the Trustee in preparin8 the accounts. The accounts are presented In sterling, rounded to the nearest pound. b) Income recognltlon All Income Is reco8nised when the Charlty has entltlement to the Income, it is probable that the income will be received, and the amount of income can be measured reliably. Donatlons and similar Incorne are included In the year in whlch they are recelvable, which is when the Charlty become5 entitled to the resource. Legac5es are reco8nised on a case by case basis following the granting of probate, when an executor for the estate has confSmed in writin8 both the amount and expected settlement date. In the absence of any specific direction, le8acies are recognised a5 expendable endowment. Gift5 Qf investments are recorded at thelr market value5 at the date of transfer. In the event that a Bift Is in the form of an asset other than cash or investments, recogllition 15 subject to the value of the gift being measured reliably and the title to the assel havlng been transferred to the Charity. Investment income, comprising dividends and interest from investments and bank interest on deposits held, 15 recognised when recelvable. c} ExpendItU recognition All expenditure is included on an accrua15 ba515 and 15 recognised when there is a legal or constructive obligation to make the payment. it is probable that settlement will be required, and the amount can be measured reliably.
18 THE GROCERS, CHARITY NOTES TO THE ACCOUNTS 31STJULY 2024 I. ACCOUNTING POLICIE5 Icontlnued} Grants payable are included in the statement of financial activities when approved and the intended recipient has been informed of the decision to make the grant, unless the 8rant 15 dependent on performance conditions set by the Charity that result in the Charity retaining the discretion to avoid the expenditure. Where such conditions are set, the future grant is di5c105ed as a commitment. d) Donated A55ets As stated previouslyi in the event that a gift is in the form of an assel other than cash Of investments, recognltion is subject to the value of the gift being measured liablY and the title to the asset having been transferred to the Charity. e) Investments Investments are initially recogni5ed at theif transaction values and are subsequently valued at their fair values as at the balance sheet date usin8 their closlng quoted market price5. Galns and 1055es on disposal and revaluation of investments are credited or char8ed to the statement of flnanclal activitie5. fl Fund accountlng Endowment funds comprise monles which must be held as capital. Permanent endowment funds must be permanently retained by the Trustee, and cannot be Spent as if they were income. Where the Trustee ha5 power of discretlon to convert endowed capital into income, the fund is known as an expendable endowment. Income arisln8 from the permanent and expendable endowment funds is credited to general fund5 and applied for general purposes, except where the terms of the endowment state that it must be used for a specific purpose, when the income 15 credited to restricted funds. The Trust Deed allows the Trustee to transfer, at any time, part of the general funds to elther the permanent or expendable endowment funds. Restricted fund5 comprise monies raised for, or whose use is restricted to. a speciflc purpose, or contributions subject to donor-imposed conditions. General fvnds represent those monies which are freely available for application towards achieving anv charitable purpose that falls within the Charltvs charitable objects. g) Penslons Contributions to the Grocers, Group Personal Pension Plan are included in the statement of financlal activities when payable. h) Taxation The Grocers, Charlty is a registered charlty and. therefore, 15 not liable for income or corporation tax on Income and gains derived from its charitable and investin8 activities.
19 THE GROCERS. CHARITY NOTES TO THE ACCOUNTS 31ST JULY 2024 2. PRIOR YEAR COMPARATIVES STA TEMENT OF FINANCIAL AcrivinES Permonent Expendoble Endowment Endowment Rtstrlcted Unrestricted Totul Funds Funds Funds Funds Funds 2023 Nots Income andendowments Imm.. Donotlons Leqocle5 Investments 255.734 149,894 405.628 152,500 791,167 913 552 1349 295 152,500 27,509 283 243 763 658 Totallncoffle Expendlture on,. Rotslnqlunds Fundroislng expenses Investment munogerfee5 Ejrpendlture on chorftoble octlvltles Grt7nt-mt7klng Toft¥lexpendltur• 31,418 31.418 98,983 45.925 51,583 1.475 4,5,6 167 03S 1 068 967 1236 182 1 070 *142 1366,543 hlet leKpenditure)/income before Investment goin5 und losses Net golns on Investment5 146,10SJ I1,9]? 84,790 (156,890J 117,288) 165 119 NETINCOME/{EXPENDITUREI 31,174 186,496 84790 1154,729J 147,831 Tmnsftrs betweenfunds 12 1,134 fl1341 AIETMOVEMENTIN FUNDS 31,274 186,4 85,924 (155 8631 147,831 Balt7nces brouohtfvffwgrd (rt beqlnnlnq ojyear 15,911,474 17.853.487 81,5S5 480,3th13 34,326.859 Baloncts ¢arrledfvrtvord ot 10.11, endof year 12 039.983 324 480 £34 474.690
20 THE GROCERS. CHARITY NOTESTO THE ACCOUNTS 31ST JULY Z024 3. PRIOR YEAR COMPARATIVES BALANCESHEET Permanent Expend?ble Endowment Endowment Funds Funds Restrlcted Unrrstrftted Totk71 Funds Funds Fund5 2023 Note FIXED ASSETS Investments 15 880 735 17.563 509 17563509 494 981 33,939,225 494 981 33 939 225 15.880,735 CURRENT ASSETS Debtors C05h ut bonk 885 166.594 167,479 5,410 166 472 1161,062) 6.295 546 498 552,793 65. 730 65, 730 480,646 480,646 CURRENTLIABILifiES Credltor5 13.717J 14,172? (9,439) (17,3281 NETCURRENT ASSETS/ fLIA8ILITIESI 476474 167479 170501 535 465 TOTAL ASSETS LESS CURRENfuA8ILITIES 15 942 748 18 039 983 io li 324 480 £34 474 690 Note 12
21 THE GROCERS, CHARITY NOTES TOTHE ACCOUNTS 31STJULY 2024 4. EXPENDITURE ON CHARITABLE ACTIVITIES Grants Payable Staff and Govemance Costs Total Grant-making 2024 Gront-moking 2023 1 152 598 1.140 985 107,771 95,197 £1,260 369 £1,236,182 Grants payable were made in the following categories: 2024 2023 Education Relief of Povertv Health Youth Disability Envlronment The Elderly Churches Arts & Heritage Military Total 357,494 179,663 206,259 118,869 61,274 23,081 48,310 44,598 69,247 43,803 £1,152,598 336,740 262,383 71,528 206,746 50,662 24,000 47,411 41,800 67,715 32,OCKI £1,140,985 A list of all grants of £l,C(rfJ or more payable in the year Is presented in Note IS. No grants are payable to indivlduals. Although no legal obligation exists, the Charity is committed to grant5 totalling approximatelv £400,000 per annum on a continulng basls. 5. STAFF COSTS Staff costs relate to one full-time member of staff12023- 11: 1024 2023 Salaries Social securSty costs Pension costs Temporary staff Other staff costs Total 53,829 6,173 14,224 17,068 3,318 £94,612 49,838 5,747 11,322 15,565 1,992 £84,464 Temporary staff costs relate to two Freelance Charity Assistants engaged to liaise with our partners in the education sector and support the Fundraising Dlnner. There were no employees who recewed remuneration of more than £60.00012023- none).
22 THE GROCERS, CHARITY NOTES TO THE ACCOUNTS 31ST JULY 2024 6. GOVERNANCE COST5 2024 2023 Audlt fee5 Sub5crlptions, printing and bank costs Totsl 9,341 3,818 £13,159 7,946 2,787 £10,733 7. INVESTMENTS 2024 2023 Quoted Securltles Market value At beglnning of year 33,874,343 33,319.284 Additlons Dlsposals Gains At end of year Cash held by Investment managers Total market value at 31st July 2024 H15torlcal cost At end of year 12,192,075 112,107.5581 3 502 140 37,461,000 101 326 £37 562 326 8,143,999 17,738,2821 149 342 33,874,343 £33 939 225 £31954 810 E30 964 421 Exchange gains on investment cash of £6,477 12023-£15,7771 form part of the investment 8aln5 in the statement of financial activities. The only significant holding as at 31st July 2024 was SPDR Series Trust S&P 5C() ETF which represented 16.8% of the total portfolio12023- SPDR Series Trust Russell 2000 US Small Cap115.6%1, 8. DEBTORS 2024 2023 Income tax recoveTable Prepayments and accrued Interest 7,743 158 5,279
23 THE GROCERS. CHARITY NOTES TOTHE ACCOUNTS 31STJULY 2024 9. CREDITORS- amounts falllng due wlthln one yeai 2024 2023 Accruals and deferred Sncome Other creditors 20,368 450 £20,818 16,000 1,328 £17,328 10. PERMANENT ENDOWMENT FUNDS Balance as at 1st August 2023 Expendlture, Galns and Losses Balance as at 31st July 2024 Grocer5, Companv Dame Margaret Slaney Mercers, and Waterford Total 15.730,134 191,685 20,929 £15,942,748 1,557,6LXJ 18,998 1151 £1,576,583 17,287,734 210,683 20,914 £17,519,331 olance as at 1st August 2022 Expendlture. Golns und Losses Bulance as at 31stJuly 2023 Grocers, CLvnpony Dt7me Morgoret Slaney Mercer5' and Woterford Total 15,699,060 191,305 21,109 £15,911,474 31,074 380 (180) £31,274 15,730,134 191,685 20,929 £15,942,748 The main fund comprises the value of the orlglnal funds and subsequent donations settled into the Charity by the Grocers, Company and it5 subsidiary company, The Grocers, Investment Company Limited, together wllh the associated net appreciation or dlminution in the market value, as well as any realised gains or10sses on disposal of the underlylng investments. On 6th July 2006, with the concurrence of the Charity Commission, the assets of the Darne MarBaret Slaney charity were transferred to the Charity under S.74 Charities Acr 1993. Income ari5in8 is restricted to Church Living5. The Mercers, and Waterford endowments are held to support an educational scholarship and to meet Specific church expenditure respectively. These funds must be retained by the Trustee and hence are not available for distribution.
24 THE GROCERS. CHARI NOTES TO THE ACCOUNTS 31STJULY 2024 11. EXPENDA8LE ENDOWMENT FUNDS Balance as at 1st August Z023 Income Expendlture, Gain5 and Losses 8alance as at 31st July 2024 Grocers, Companv Queen's Golden Jubilee Scholar5hlp Tot?1 16.502,951 62,970 1,591.938 18,157,859 1,537,032 £18,039,983 150,375 £1,742,313 1,687,407 £19,845,266 62,970 Balance 0$ ot 1st Auqust2022 Income Expendlture, Gains and Losses Balance q5 Ilt 31st July2023 Grocers, Company Queen 5 Golden Jubilee Scholarship Totql 16,319.407 152,500 31,044 16,502.951 1.534,080 £17,853,487 2,952 £33,996 1,537,032 £18,039.983 152,500 The Grocers, Company fund was establlshed in 2007, using donatlons from the Companyi enabling Income recelved thereon, and capltal If required. to be used In support of the Charlty's objectives. The Grocers, Company Queen's GolLlerb Jubilee Scholarshlp Fund was establlshed In 2003 a5 a speclal trust to commemorate the Golden jubilee of Her Majestv Queen E112abeth11. It was funded by a donation of £500,CK)O from the Company. The Fund 15 held for the advancement of educatlon by the provision of scholarships. In particular (but without limitation) to students in tertiary education.
25 THE GROCERS, CHARITY NOTES TO THE ACCOUNTS 31ST JULY 2024 12. RESTRicfED FUNDS Balance as at 1st August 2023 Income Expendlture Transfers between fund5 Balance as at 31st July 2024 Dame Mar8aret Slaney Mercers, and Waterford Queen's Golden Jubilee Scholarship Fundraising Campaigns and Events Restrlcted donation5 Total 4,288 311 I5,Cl0> 18CQI 712 489 84,148 24,375 125,2501 83,273 151,509 1151,5091 13,0001 £1185,559) 83,331 £167,479 80.331 £163,604 £180,483 £1.201 Balance as at 1st Auqu5t 2022 Income Expenditure Tronsftrs between funds Balance as ot 31stJuly 2023 Dome Marguret Sloney Mercers, and Woterford Queen's Golden Jubilee Scholarship Fundroislng Compuign5 and Events Restricted donorions Total 250 4.416 (5.OOOJ f800J 334 800 81.305 23.093 (20,250) 84.148 151,374 104,360 £283,243 (151,374J 121,029) £(198,453J 83,331 £167,479 £81,555 £1,134 The deflcltson the Mercers, and Waterford endowmentsof£489, and Dame Margaret Slaneyendowment of £712, have been cleared by transfer5 from unrestricted funds.
26 THE GROCERS, CHARITY NOTES TO THE ACCOUNTS 31ST JULY 2024 13. TRANSAcnoNS WITH THE TRUSTEE AND CONNECTED PERSONS The Trustee and It5 directors received neither remuneration nor reimbursement of expenses during the years ended 31st July 2023 and 2024 from the Charity. The Clerk of the Grocers, Company. who is a Director of the Grocers, Trust Company Limited ITru5teel, Is remunerated by the Grocers, Companv. The Charity awarded £175,CMY) In the financial year12023- £175,000) to Oundle School's bursary program. The Grocers, Company has been supporting the School since it5 foundation. Oundle's Governing Body consists of seventeen members, including eight Governor5 nominated by the Court of the Grocers, Companv. The Charity awarded £42,800 in the financial year12023- £43,800) to the M055bourne Charitable Trust. The Grocers, Charlty has been supportlng schools within the Mossbourne Federation slnce the foundation of the Mossbourne Community Academy in 2004. Acr055 the four Mossbourne schools, there are eleven Grocer Governors, Including four of the eight Mossbourne Federation Governors. The Mossbourne Federation nominates all Governors across the four schools and the Federation. On occaslon, a member of the Education and Charities Sub-committee is a150 the Trustee of a charlty that Is the sublect of a grant fundlng request being considered at an Education and Charitie5 Sub-committee meetln8 or Trustee meetin8. In these ca5e5 the Charity follow5 it usual procedures regardlng conflicts of interest and the member is excused ffom di5cusslons or decisions relatlng to the application. The Grocers, Company made a restrlcted donation to the Grocers, Charity Fundraisin8 Dinner of £35,000. In 2023, the Company made a donation of £19,000 to the Fundra551n8 Dinner and £40,OW to the Disaster'5 Emergency Commlttee Ukrabne Appeal. 14. PENSION COMMITMENTS Deflned contrlbutlon scheme New employees are entltled to join the Grocers, Group Personal Pension Scheme, wlth the Charity contributing between IO% and 25% of their pensionable salarles to their personal pension funds, after an Initial period of employment. The employee's contribution15 between 3% and 5% of pensionable salary. From Augu512022, employees were given the option to join a salary sacrifice scherne, where an amount equal to the sum of the employee's and employer'5 contributlon is contrlbuted solely by the employer. in return for a equivalent reduction in the employee's salary. The o55ets of the Scheme are held separately from those of the Charlty in Independently managed investment funds.
27 THE GROCER5. CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2024 15. LIST OF GRANTS Multiple 8rants to one charity are totalled together. Arts & Heritage Anthem Music Fund Wale5 Bath Philharmonla Imagine If Theatre Outside Edge Theatre Companv Phosphoros Theatre Talk About Art Educatlon £5,000 £5,WO £5,(QO £5,ThJO £5,000 £5,000 £5.000 £5,000 £5,000 £4,422 £4,000 £3,000 £3,000 £2,600 £2,500 £1,100 £1,000 £i,cco Oundle School £175,000 £42,800 £16,645 £is,000 £12,500 £10,000 £10,947 £10,352 £10,250 £iO,(KJO £8,000 £8.000 £7,500 £6,000 £5,000 £4,750 £3,000 £1,000 £750 Mos5bourne Charltable Trust The Elms School Imperial College London Clty & Guilds of London Art School The Gulldhall School of Muslc & Drama Clly of London School for Girls 5t Paul'5 Cathedral School The Nucleo Project Llncoln Cathedral St Paul's Cathedral Foundation Univer51ty College London Manslon House Scholarshlp Scheme CSty of London Freemen'5 School Clty of London School for Boy5 Reed'5 School Royal Colle8e of Art Kin8sley Academy Orlel Colle8e Development Trust City & Gullds of London Institute Telos Foundatlon Allna Orchestra Art5 and Minds Royal Soclety of Llterature Hlstorlc Suffolk RA8BLE Theatre Commonwealth Youth Orchestra & Choir Purbeck Intern, Chamber Mu51c Festlval Henry Box Collectlon Guildhall School of Muslc and Drama Under £l,O(KJ131 Under £l,000121 £69,247 £357.494 Churches Dlsabllity Date5-n-Mates St Stephen, Walbrook St Mary-le-Bow, CheapsSde All Hallows, 8romley-by-8ow St Mlchael and All Angels, Waterford All Saints Church, Caldecote Milton Lilbourne PCC £10,000 £5,fKKI £4,998 £2,800 £2,000 £2,000 £2,0 £2,OC(S £2,( E2,000 £2,000 £2,000 £2,000 £2,000 £1,5¢YJ £3CX) £5,000 £5,OC() £s,oc*) £S,(3 £5.000 £5,000 £5,000 £s,000 £s,000 £4,950 £3,712 £2,820 £2,400 £1,017 £1,375 Different Strokes Oi5ability Support My Llfe My Cholce Reachlng Families Read Easy UK Silverlinlng Braln Inlury Charlty Toucari Employment Usher Kids UK St Barnabas, Homerton St John the Baptist, Parish of Stone St Ladoca. Ladock St Mary 8ow & Holy Trinity Bow Church St Mary Vir8in, Northill St Mary's Church, Bucknell Sl Matthew, Highfield St Peter'5 Church, Ugborough Oundle Parish Church 4SIGHT vision Support Afasic North Tyneslde Di5abllity Forum Whizz-Kidz The CRUMBS Project Llnder £l,000121 Under £l.000111 £44.598 £61,274
28 THE GROCERS, CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2024 15. LIST OF GRANTS Icontinuedl Elderlv Age Contern Barnstaple & North Devon Bucksvision Clevèland Housing Advice Centre Friends of Stour Connect Homeshare InlefnatSonal Shopper-Aide Ltd The Helpful Bureau Celynen Collerles Institute Good Companlons Glve a Do8 a Bone & an animal a home Older Cltizens Advocacy York Environment £5,WO £5,000 £5,000 £5.000 £5.000 £5,(X)O £S,OCKI £4,590 £3,720 £3.(KJO £2,000 £48,310 CleanupUK Ecological Continulty Trust Moor Trees E5,0(X) E5,000 £5,000 £4,000 £2.8th) £1,281 The Art Station Hornbeamwood Hedgehog Sanctuary Atlantic Salmon Trust £23 081 Health Sarnarltans Centra1 London Samarllans Mllltary Flrst Aid Nursln8 Yeomanry East Durharn Veteran5 Trust Hounds for Heroes £78,654 £39,944 £9,392 £5,607 £5,000 £S.(MJ) £5,0(M) £5,000 £5,000 £5,0(M) £s.c(Jo £5,CQO £5,000 £5,000 £5,OC#) £5,000 £3,4¢X) £2.674 £2,0 £2,000 £1,460 £5,500 £5,000 £5.000 £4,4¢XI £3,OCQ £3,OC(I £3.000 £3,000 £2,603 £2,500 £2,000 £2,000 £1,500 £i,(MJO £300 Royal Humane Society Parklnwn's UK Dl8 In Coldstream Guards Charity Fund G Company Rifles HMS Queen Ellzabeth XI IF) Squadron RAF Waterloo Uncovered 8ody and Soul Build on Bellef Cancer Research UK Gynaecology Cancer Research Fund HSTAR Scotland Juvenlle Dlabetes Research Foundatlon My Black 008 Platform for Llfe Veterans, Growth ABF The Soldiers. Charltv Housln8 Options Scotland QDG Heritage Trust BulldlnÉ Heroes Under £1,000 Ill Redthread SLOW Unlque Woman's Trust The Children's Heart Federation The Candlelighters Trust Clarlty Oakhaven Hospice Trust Macmillan Cancer Support Under £l,l)JO151 £206.259 £43 803
29 ThE GROCERS, CHARrrY NOTES TO THE ACCOUNTS YEAR ENDED 31ST JUIY 2024 15. LIST OF GRANTS Icontlnuedl Rellef of Povertv No GoinÈ Back VSO (Voluntary Servlces Overseas) Aspirations Pro8rarnme Beyond Limits Canaan Trust Youth 100 Black Men of London Charlotte's Bri8htside Contact Hostel ElO,000 ElO,000 £5,000 £5,000 £5.000 £5,000 E5,000 £5,000 £5,000 £s.000 £5,0th) £s,o £5,OCQ £5,OCQ £5,Crf)) £5,0 £5.000 £5,000 £5,000 £5,000 £5,000 £5,000 £5,C(O £5.0(Kl £5.thXI £4,936 £4,850 £4,400 £4,C#J) £3.960 £3,442 E3,Ix)o £3,000 £3,000 £2,800 £2,675 £2,500 £i,ioo £5,(rf)O £5,000 £5,000 £5,000 £5,000 ES,000 E5,000 £5,OG¥J £5,OCKJ E5,000 £5,000 £4,800 £4,500 £4,325 £4,306 £4,200 £4,200 E4,000 £4,OC¥) E4.000 £4.000 £3,760 £3,500 £3,370 £3,118 £2,700 £2.340 £2,OLfl £750 Flnding Rhythms GASP Motor Project Give a Book Ipswich Comrnunity Playbus Lewlsham Youth Theatre Pan Intercultural Arts Connecting Communltles In Berkshlre Grèater Together Manchester HERA Home-start Northampton Homele55 People and Oxford Churches Hot Line Meals Servi SATEDA Tran58èneratlonal Change limited Thanet Community Development Warnln8 Zone Chlldren's Safety Centre Confllct Re501utSon EdUtIon Sheffleld Just Kidz London Manna House Off the Streets Pathway5 For All People Reach Communlty Proletts Room to Heal St Luke's Advlce Servlce Sunshlne Wlshes Children's Charltv The Hardman Trust The Parker Trust Hopscotch Children's Charitv The Island Nl Seesaw The AHOY Centre The Recrultment Jun¢tlon White City Theatre Project Promlse Works The Lord Mayor's Appeal The No Way Trust The Paient House Aspatria Dreamscheme Swltch180 Volunteerin8 Hebrldes Wellfleld Church Asslstlng Befkshlre Chlldren To Read KICK London Footprlnts Project The Chlld AccSdent Preventlon Trust Harpurhey Nelghbourhood Project Helpin8 Hearts Fylde Cornerstone 8enwell Brighter Future5 Throu8h Sport Escapellne Under £l,000121 Leicester CharSty Link Cumbernauld and Kilsyth Care Dorchester Poverty Action The Carpenters and Docklands Centre New Forest 83slcs Bank Trinity Centre Winchester Sandwich Community Hub Connection at St Martln-in-the-Fields Foodcycle Marylebone £179 663 £118 869 Grand Totsl