THE GROCERS, CHARITY
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31ST JULY 2024
"fj
Charity Registration Number: 255230

THE GROCERS, cHAR￿y
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 Charit￿S 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 eXperIen￿d 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 GI0￿r$, fundin8 made a difference in the word5 of the appllcant5.
B*h 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 prO￿ss. 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 Hea￿h 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 Inte￿5t 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 mO￿neuX
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 re￿iVed 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 Charit￿5 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 2￿6

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
I￿1,9]?
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,C￿l0>
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 EdU￿tIon 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