THE GROCERS, CHARITY
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31ST JULY 2025
Charity Registration Number: 255230

THE GROCERS, CHARITY
CONTENTS
Page
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
17-30

THE GROCERS, CHARITY
REPORTOFTHETRUSTEE FOR THE YEAR ENDED 31STJULY 2025
The Trustee Presents its annual report and the accounts for the year ended 31st July 2025. The accounts have been
prepared in accordance with the Charity's Trust Deed. the Financial Reportingstandard applicable in the UK and Elepublic
of Ireland IFRS1021, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities
preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021, and the Charities Act 2011.
OBJECTIVES AND ACTIVITIES
Objectives
The Grocers, Charity is the charitable arm of the Grocers, Company I'the Companv'l, and connects the Grocers, past,
present and future commitments to be o nursery of chorltles ond o semlntyry of good citizens.
As a grant-awarding body, our mission is to invest in and support a broad range of small and medium-sized UK-
registered charities.
The Grocers, Charity has worked with hundreds of registered charities across the UK of different types that
improve the quality of life for people and communities. The major causes we support are Education, Churches,
Relief of Hardship, the Elderly, Disability, Arts and Heritage, Health, Military, Environment, and Children and
Young People.
The Trustee ha5 had regard to the Charity Commission's guldance on publlc beneflt and believes the wide-ranEing and
numerous charities 5UPPOrted by the Charity to be beneficial to the public at large.
Further detail on the number and type of grants awarded is provided in the Achievements and Performance sectlon
below.
All applicant5 for charitable donations are required to demonstrate how the donation would be used for public benefit,
state the anticipated outcomes of the grant, and are asked to provide evidence of those outcomes should their
applications be successful.
Grant-making Policy
The Charity is proud to be able help smaller charities. which may not be in the public eye. and where our award could
make a significant difference.
Each year, the Charity sets a budget that establishes expected income for the period and sets a tarBet for 8rant-givin8.
There is a broad cate8orisation of the nature of the budgeted grants, which is advisory, and does not restrict the types
of grant allocated during the year. Once the overall financial parameters have been set. the policy on awarding grant5 is
flexible. This flexibility enables due consideration of the worthiness of applications received from charities durin8 the
year. Awards are accordingly made on merit.
Over tlme, different categorles of need may attract varying degrees of support, although there are certain charitie5 to
which the Charity contributes on a regular basis. Amongst these, education continues to be a high priority. A significant
proportion of the Charittys expenditure is committed to this category in the form of bursaries land scholarshipsl at
schools, universities and colleges with which the Company has historic link5.
Donation5 to churches under the patronage of the Company and payments to thelr respective Parochial Church Councils
also feature annually.

Consideratlon of Grants
The consideration of grants is delegated to the Education & Charitie5 Commlttee, which normalty meets five times a year.
Grant application5 are considered from UK-registered charities only that must comply with current guidelines, including
restrictions, as detailed on the Company's website https'.Ilgrocershall.co.uk/the-charityl.
The Charity uses an online eligibility checklist to ensure application5 fall wlthin the funding powers of the Trust Deed,
and an initial application Is made if an 4pplicant meets the minimum criteria. For Éh05e eligible applications, an
assessment Is then made of the balance of benefit and risk, the value of the proposed work, 8nd likelihood of delivery.
should the assessment be favourable, an applicant is sent a link to fill in a Stage 2 form, which requires further details of
its finances and project delivery plan.
The Charity Manager shortlists the applications. These then are distributed to the Charity Liaison Team, consisting of
volunteer Freemen and Liverymen members, who conduct further due diligence, that will normally include contacting
the applicant and sometimes slte vi51ts.
The resulting assessment report, provided to the Education & Charities Committee, includes recommendations,
supported by a short summary of reasons drawn from the assessment section, to enable decision-makers to clearly see
where the benefits and risks lie.
De¢ision-making
Generally, decision-making involves one of the following recommendations:
award fundinE as requested-
award funding at a different level Ilower or higher),.
award funding subjert to certain conditions,.
reject the application; or
defer a decision for addttional information or expert advice.
Grant recommendations are then reviewed by the Court and recommended to the Trustee for ratrfication or rejection.
The Charity Manager notifies applicants as to the outcome in writing as soon as possible thereafter.
Communr¢ating Our Decistons
Feedback, when requested. is delwered by the Charity Manager and is aimed to help the applicant to improve or better
target future applications.
whe￿ we rejert an application it is generally for une or more of four reasons:
the bid is ineligible,. or
the bid does not sufficiently meet the crlterla for the programme,- or
we have reason to doubt the deliverability of the work or the opacity of the organisation- or
we have limited fund5 and have to make cholce5 between equally deserving applications.
Monitorlng Achlevement
All Memorial Grants must state the outcomes of any grant awarded at the application stage.. these are confirmed again
when a grant is awarded. Charitie5 are asked. a year after the grant has been made or when the project has come to an
end Iwhichever is sooner), to submit a report explaining how the outcomes were met, any challenges experienced and
the number of people sUPPOrted. The Education & Charities Committee and Trustee reviews these reports regularlv.
Charities, churches and educational establishments Wlth which we have historic connections, are invited to submit
regular report5 of their activities, such as school reports and new51etter5. These grantees also provlde annual summaries
of grant expenditure as we51 as updated reports on their performan￿5. The Charity hosts bi-annual luncheons for our
scholars and church incumbents, where we are able to monitor the progress of grant-funded projects and activities,

celebrate 5ucce55es and build relatior15hips between the Charity and our beneficiaries. Further monitorinE of all grants
may include vi51ts by officers and members of the Companv.
ACHIEVEMENTS AND PERFORMANCE
Total income received was £868,16512024.' £1,127,160). This included investment income of £583,51512024: £768,208).
In the past year, the Grocers, Charity received over 1,000 grant applications. The UK charity sector ha5 navigated a
complex landscape in 2024125, characterised by finaneial fluctuations, evolving funding dynamics, and workforce
challenges. Nearly half of UK charities reported a positive financial outlook for 2D24125. However, this optimism wa5
tempered by rising operational cost5, Wlth 81% of charities experiencing higher wage expenses, 76% facing increased
energy bills, and 78% struggling to cope with elevated service user numbers.
Grant-Giving and Fundralsin8
This year, the Grocers, Charity awarded 222 grants to 213 charities totalling £1,540,32912024- £1,152,598).
Number,..
2025 Grant Awards by Category
.Category .
2025 Value
awarded
grants '
Arts&
Heritage
Church
Arts &
Heritage
Youth
£69,043
18
Church
£45,5CrfJ
17
¢.:::45#.
Disabilitv
Education
£61,401
13
Povertv
£645,937
17
Elder
£49,340
li
Military
Environment
£57,3CtJ
io
Health
Education
Health
£144,874
39
Envlronment
Military
£31,190
Poverty
£244,425
43
Youth
£191,319
36
£1.540,329
213,
Throughout the year, member5 donated their time or financially contributed to the Charity. Members collective
donatlons contrlbute to circa 39% of the grants awarded for our openlmemorial programme. Collectively, members
donated an incredible 3,387 hours to support the Charity by reviewing grant application5, volunteering for our work
experience and mentoring programmes or acting as a school governor, and supporting our annual Chartty Fundraisin8
Dinner for which the Charity is immensely grateful.
We were delighted to be able to support 3 Pillars Projett and Escapellne with ourfun(Iralsing dinner held In May 2025.
The impact of the funds Eenerated was transformatlve for Escapellne, which works to prevent the criminal exploitation
of young people across county lines, and 3Pillars, which support5 individuals in custody and after release to thrive beyond
prison through the power of team sport, especially rugby.
The Matched Funding Scheme, launched in 2007, continued in 202412025, with the Charity sponsoring 43 applications
from Members who raised a combined sum of £192,802. including the Charity's cotitribution of £88,908. The Companv
members are very appreciative that personal fundraising efforts for their chosen charities can be boosted in this way.
The Trustee intends to continue thi5 Worthwhile scheme in the coming years.

Legacies
Thanks to the generosity of our predecessor5 and current Members of the Company, we are in a posf(ion to make grants
to support education and a broad range of UK-reglstered charitles working In our chosen flelds of Poverty. Youth, Elderly.
Dlsablllty, Health, Mllitary, Herttage, Arts, and Environment.
The Charity has received many bequests over its long history, that have benefr(ed its charltable work. For example, since
1612 the Dame Marsaret Slaney Fund has commemorated Dame Margaret's comTnitment to church preservation. The
Charity is also extremely grateful to supporters who have informed the Charity they have included a gift in their will.
IMPAcr
Education
Bursaries and scholarship5 play an important part in helping to drive attainment and encourage retention amongtalented
students who benefit from financial sUPPOrt. We maintain a close working relatlonshlp with the schools we fund annualty,
follow the progress of indwidual pupils, and attend award ceremonie5 and student performances. Many Company
members also serve on the Governing Bodies of the 5choo15 the Charity supports, or volunteer as mentor5 for our work
experience and mentoring programmes.
Churche5
The Charity makes regular grants to the churches, with which the Company is affiliated, to support the incumbents,
upkeep of the fabric and building5 and any community-focused programmes. Addr(ionally, the Dame Margaret Slaney
Fund gives an annual donation of £5,000 to a selected church. In 2025, St Mary le Bow received the award to support
the refurbishment and repairs of its three-bedroom lodge. Architects have noted that the lodging requires extensive
improvement and modernisation. The church is also continuing with a programme of Internal flecoratlon, which includes
repainting the ceilin8 in the chapel, restoring the church flooring, and rnaking lime mortar repair5.
Memorial Grants
UK-registered charities may apply to the Memorial Grants Programme through the Charity's website pages to be
considered for a grant of up to £5,0(K), occasionally fflore. During the last year, we received 1,017 12024.. 1,1001
applications and funded approximately 18% of the applications received.
Below are some examples of how the Grocers, funding made a difference in the words of the applicants.
4Si
ht Vision su
ort
"Your funding significantly helped u5 durin8 our financial challenges, which were exacerbated by rising costs and
decreasing donations.
The Grocers, Charity funded specialist counselling and advocacy for those after a sight loss
diagnosis, from initial assessment to long-term sUPPOrt.
Be
ond Limits
"The project b005ted community resiliencethrough immediate relief and long-term support. Many beneficiaries received
additional services, including wellbeing 5e55ions and safe housing. Our volunteer team grew in size and confidence, and
collaboration with local partners expanded our reach." The Grocers, Charity funded emergency aid for those with
financial challenges and the homeless by supplying weekly food and essential packages.
Conflict Resolution Education in Sheffield Schools
"In a 4-month follow-up. 78% Df children reported that peer mediation had a positive impart on them; 42% said it
Improved their school experience, such as reducing the number of fights. One youth said, '1 am not as judgmental as
before. . The Grocers. Charity funded training for primary school children to seNe as peer mediators in three schools
through their Young Peacemakers Project.

Friends of Cotterid e Park
'It'll be a while before animals and birds fully utilise the new habitats, but changes are already underway. The projert
transformed the damaged watercourse into a healthy, attractive area for nature and visitors for years.
The Grocer5,
Charlty supported the restoratlon of the 133-metre stream through Cotteridge Park.
Housin
O tions Scotland
"The project helped 263 Armed FOr￿S Communily Members (including dependents), 122 of whom were homeless. with
securing a home. ClSent survey scores indicated that they felt supported,1Sstened to, and understood. 'Yhe Grocers,
Charity funded thelr programme, Milltary Matters, deliverlng free, expert housing advlce, information and support.
The Recruitment Junction
"Up to 73% of prison leavers re-offend within a year without work. However, none of our candidates have re-offended,
Showing this projert helps young people leave crime and find purpose. It also helps families escape poverty and debt bv
providing financial support. "The Grocers, Charty funded the charity's service of placing ex-offenders into 5UStainable
paid employment.
A full list of grants awarded in 202412025 15 included in Note 15 to the accounts.
FINANCIAL REWEW
The terms of the governinE Trust Deed require income to be applied for charitable purposes only, but, at the Trustee'5
discretion, permit its accumulation whilst it remains lawful. Income is derived from investments, fundraisin& donations
from the Company and its mernbers. and other sources.
As at 31st July 2025, the Charity's net assets totalled £38,609,903, an annual increase of 2.4%12024- £37,705,632, an
annual increase of 9.4%1. The annual performance ofthe CharitV'5 investment portfolio, after management fees, was an
increase of 1.3%, compared with a benchmark increase of 7.6% before fees12024.' 15.4% compared wf(h a benchmark
increase of 17.9%). De5Plte continuing uncertainty in the global and UK economies, the Trustee considers that the Charity
has sufficient assets to continue to fulfil its obligations for the long term.
Investmertt Policy and Management
From 1st May 2021, Rathbone Investment Management Limited has managed the investment portfolio on a discretionary
Tnandate, with an overall objective to generate a total return of inflation las measured by CPI) plus 5% per annum on
average over the long term.
The Trustee's investment powers are unrestricte(J. The portfolio of the Charity is made up of direct investments and
collective investment funds that provide a wide 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 long term and long-term capital growth.
The reporting and control measure5 employed include regular updates from the Investment Managers of performance
against the investment funds, benchmarks, as well as comparisons of investment income against budget. The Trustee
regularly reviews investments and is sat15fied with the performan￿5 of the Charity's investments, and that the
investment policy has been met.
Reserves Pollcy
As a grant-making body that provide5 neither services nor materials and has no long-term grant commitments to which
it is legally bound, the Charity has no requirement for reserves in the normal sense.
Furthermore, the expendable endowment is a capital fund by nature but 15 held on term5 which allow the Trustee to
draw on it to provide additional resources to fund charitable spending which cannot be fully met from income. The
Charity's investment strategy aims to ensure that long term capital growth of the expendable endowment will exceed
the levels required to protect the capital fund from the efferts of inflation. Subject to achievement of that aim, the
CharÉy may choose to allocate some of that growth to support expenditure without reducing the valije of the fund in
real term5.

The Charity 15, however, committed to the continuing support of a number of beneficiaries, primarily schools and church
patronages and would aim to maintain, and ideally increase, it5 current level of grant giving to them, while ensuring it
retains sufficient reserves to enable the Charity to exist in perpetuity.
Risk Management
The Education & Charities Committee. having been delegated the task of producing a Yisk register, conslders the major
risks facing the Charity. In respect of each risk. the potential impact is reviewed, and appropriate rneasures are adopted
to mitigate the level of risk to an acceptable level in the Charlty's day to day operations. The risk register is reviewed bv
the Education and Charities Committee and approved annually by the Trustee.
The principal ri5k5 fated by the Charity lie in the performance of investments, other income, and operational risk5 f rom
ineffective grant-making.
The financial risk a550ciated with the variability of investment returns 15 mitigated by devolving investment management
and deci5ion-making to Rathbones Investment Management Limf(ed on a discretionary mandate, and by maintainlng a
diversif5ed portfolio of investments.
Operational risk from ineffective grant-making 15 mitigated by the use of documented Brant-making procedures. As
stated in the grant-making policy on page one. all applicants must State how a su£ce55ful grant award would deliver
public benefit as part of the application procedure. All recipients of charitable donations are required to confirm that it
will be used a5 specified in their applications. Each is asked to produce an end-of-grant report and summary of grant
expenditure. Further monitoring may include visits by Officers and members of the Company.
The Charity is a signatory of the Association of Charitable Foundation'5 Funder Commitment on Climate Change. It is a
holistic, high-level framework to stspport funders tackling the causes and impacts of climate change. Consequently, we
created a Climate Action Risk Register to annually measure our progress, and we consider environment31 issues as part
of our investment strategy.
Fundralsing Statement
We are committed to our aim of providing grant5 to charities and charitable institutions, in support of a broad range of
charitable causes. Generating income through fundraising allow5 the Charrty to maintain and grow its grant-maklng
activities.
The Charity uses a small range of fundraising approaches to raise money, for example, by communicating with Company
members and an annual fundraising event where guests are invlted, and we manage all our own fundraising. Hence. we
are not registered with the Fundraising Regulator, but acknowledge and follow the princlples of its code of conduct.
The Charity does everything possible to meet the needs of potential supporters and protect vulnerable people. We
occaslonally contact members both to raise funds and to set out in-kind optiorhs of donating. We strive for best practice
in fundraising and to compW with all relevant statutory regulations, including the Charities Act 2011, the Charities
(Protection and Social 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 Foundations.
The Charity communicates with its supporters in letters, emall and telephone calls, and through our annual review. We
ensure our members and guest5 feel respected and valued. The Chartly aims to protect personal data, and never sells
to, or exchanges such data with, other organisations.
We are always happy to receive feedback on any aspert of ourwork, and we aim to deal with any problem5 or complaints
quickly and efficiently. There have been no complaints about fundraising in the last year.

PLANS FOR FLrruRE PERIODS
The Company ha5 an historit tradltlon of dispensing monies to diverse charitable causes, and it is the intentlon of the
Trustee to maintain thi5 tradition in the future. The Trustee 15 satisfied with the policy for awarding grants and with the
funding of the Charity. For 202512026. the level of charitable giving is expected to be in the order of £1.3 million,
excluding furidraising events. This figure has been set assuming that the Company will not be in 8 position to make
signrficant donation to the Charity in the coming year.
The demand for fundin& con5iderin8 the number of applicatlons we continue to receive, is likely to remain high. We will
need to focus and make difficult decisions about which applicatlons are approved and which ones are not. In addition to
our regulargrant-making, the key alm next year ts to review our funding criteria to achieve a higher conversion rate from
application to grant award.
STRUCTURE. GOVERNANCE & MANAGEMENT
Bad(ground
The Grocer5, Trust Company Limited 1.the Trustee'l, was established in 1968 as a Corporate Trustee, with a paid-up
share tapital of £100, and its 5h3res are wholly-owned by The Worshipful Company of Grocers 1.the Company"). The
Trustee's dlrectors are the Master and Second Warden of the Company, together with the Senior Member, Chairmen of
the Education & Chartlies and the Finance Committees, and the Clerk.
The Grocers, Charity I'the Chariv) wa5 established by deed of trust also in 1968 and is administered by the Trustee.
The Charity operates as the chaTltèble arm of the Company, a City of London Livery Company that has been in existence
since the Middle Ages. All officers of the Charity are either members or employees of the Company. The Charity is
supported financially by the Company and by personal contribution5 from its members.
The Trustee 15 responsible for:
Approving the annual budget of the Charitv.
Reviewing the management accounts of the Charity.
Approving the Charity's statutory annual accounts.
Approving the Trustee's annual report on the Charity.
SubTnission of the Charity's statutory account5 to the Charity Commission.
• Scrutiny and approval, if appropriate, of recommendations made by the Court of A5SiStants of the Company
I'the Court"), relating to grants and associated activities of the Charity.
Oversight of the Charity's investments.
In order not to increase costs. most of the above-listed duties have been delegated to the Company or external advisers,
as detailed below..
The Finance Committee of the Company- Financial oversight of the Charity, prepaiatlon of the annual budget,
management and statutory actounts and the Trustee's annual report.
The Education & Charities Committee of the Company- Responsibility forErant-making. The Master and Second
Warden together with up to six other Court Members, all of whom are elerted for a fixed term of office, form
the Committee. This Committee recommends grants to 5Ultable applicants to the Court, which in turn considers
such grants for recommendation to the Trustee.
Rathbone Investment Management Limited - management and custody of the Charity's investments.
Dayto day management of the Charity 15 carried out bythe Clerkto the Company. He is supported bythe Chartty Manager
3nd the Company's Finance Dlrecior.

Inductlon and Training of members of the Education & Charities Committee
Court Members are elected from the Livery in accordance with the constitution of the Cornpany. Followingtheir election,
newly appointed Court Members are briefed by the Clerk, in his capacity as Secretary to the Trustee. as to the objectives
and activitie5 of the Charity. Members of the Charity Liaison Team, consÉsting of selected Freemen, Liverymen and Court
member5, are briefed and provided with ongoing guidan￿ by the Charity Manager.
Key Management Personnel Remuneratlon
The Directors of the Trustee, the rnembers of the Educatlon and Charitles Committee and the Clerk of the Company have
responsibility for the management of the Charity. Neither the Directors, nor any member5 of the Committee, nor the
Clerk receive any remuneration from the Charity or the Trustee. The Clerk is remunerated by the Grocers, Companv.
Related Parties
As noted earlier, the Charity acts as the charitable arm of the Company with which it has an integral relationship. As the
act of charitable 8ivin8 is regarded as a tenet of the Company, it will endeavour to secure the continued existence of the
Charity.
From a legal perspective, the Company is related to the Charity as owner of all the Share capital of the Trustee. The
Charity is a participating employer of the Grocers. Group Personal Pension Plan.
Court Members who may have conflicts of interest are required to advise the Charity accordingly. and to abstain from all
related deci5ion-making discu55ion5. Detai15 of related party transactions are disc105ed in the note5 to the accounts.

REFERENCE AND ADMINISTRATIVE DETAIL5
CHARITY REGISTRATION NUMBER: 255230
CORPORATE TRUSTEE..
The Grocers, Trust Company Limited
DIRECTORS OF THE CORPORATE Mr Guy Chisenhale-marsh Ire5igned 31" July 20251
TRUSTEE..
Sir Charles Bowman Iresigned I" August 20241
Mr Edward Campbell-johnston (appointed l August 20241
Mr Henry Colthurst
Mr Timothy Guinness Iresigned l August 20241
Mr Giles Mounsey-Heysham (appointed I" August 20241
Mr Edmund Stewart Smith lappointed I" August 20251
Mr Tobias Stubbs
Brigadier Greville Bibby CBE
SEThLOR:
The Grocers, Company
SECRETARY TO THE TRUSTEE..
Brigadier Grevllle Blbby CBE
CHARITY MANAGER:
Ms Michelle Molyneux
PRINCIPAL OFFICE:
Grocers, Hall
Prince5 Street
London
EC2R 8AD
AUDITOR:
Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
BANKER:
Bank of Scotland plc
25 Gresham Street
London
EC2V 7HN
INVESTMENT CUSTODIANS..
Rathbone Nominees Limited
Port of Liverpool BuildSng
Pier Head
Liverpool
L3 INW
INVESTMENT MANAGER:
Rathbone Investment Management Limited
30 Gresham Street
London
EC2V 7QN
SOLICITORS..
Charlès Russell Speechlys LLP
5 Fleet Place
London
EC4M 7RD

10
THE GROCERS, CHARITY
STATEMENT OF TRUSTEE'S RESPONSIBIUTIES
The Trustee is responsible for preparing the Tru5tee'5 report and accounts in accordance with applicable law and United
Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 Charity for
that period. In preparinE these account5. the Trustee is required to..
select sultable accounting policies and then apply them consistentlyi
observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practlce
applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021,.
make judgements and estimates that are reasonable and prudent,.
State whether applicable United Kingdom Accounting Standard5 have been followed, subject to any materlal
departures disclosed and explained in the accounts,. and
prepare the accounts on the going concern basis unless tt is Inappropriate to presume that the Charlty will continue
in operation.
The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the ChaTiVs
transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable it to
ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and
the provision5 of the trust deed. It also 15 re5pon5ible for safeguarding the assets of the Charity, and hence for taking
reasonable steps for the preventoon and detection of fraud and other irregularities.
Approved by the Trustee on
and signed by..
kEJ f
Mr Henry Colthurst
Director of The Grocers, Trust Comp3ny Limited

INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEE OFTHE GROCERS, CHARITY
Opinion
We have audited the accounts of The Grocers, Charity (the 'ChartWI for the year ended 31st Juty 2025 which comprise
the statement of financial activities, the balance sheet. the cash flow statement and the notes to the accounts includin8
a summary of principal accounting policies. The financial reporting framework that has been applied in their preparation
is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland, Iunrted Kingdom Generally Accepted Accounting
Practicel.
In our opinion, the accounts..
give a true and fair view of the state of the Charity's affaiTS a5 at 31st july 2025 and of its income and expenditure
for the year then ended-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our
respctnsibilitles under those standards are further described in the auditor's responsibilities forthe audit of the accounts
section of our report. We are independent of the Charity In accordance wtth the ethieal requirements, that are relevant
to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evi(lence we have obtalned Is sufflclent
and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the accounts, we have concluded that the Trustee's use of the going concern basis of accounting in the
preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relatingto events or conditions
that, individually or collectively, may East significant doubt on the CharitV'5 ability to continue as a going concern for a
period of at least twelve months from when the accounts are authorised for issue.
Our responsibllitles and the responsibilities of the Trustee wtth respect to going concern are described in the relevant
sections of thi5 report.
Other information
The other information comprises the information included in the annual report and accounts. other than the accounts
and our auditor'5 report thereon. The Trustee is responsible for the other information. Our opinion on the accounts
does not cover the other information and we do not express any form of assurance conclusion thereon.
Our re5POf15ibility is to read the other information and, in doing 50, consider whether the other information is rnaterially
inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misStatement5, we are required to determine whether
this gives rise to a material misstatement in the accounts themselves. If. based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

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 mi55tatements in the ￿pOrt of the Trustee. We have nothin8 to report in respect of the
following matters in relation to which the Charities IAccounts and Report51 Regulations 2008 requires us to report to you
if, in our opiz)ion:
the information given in the report of the Trustee is inconsistent in any materlal respect with the accounts,. or
sufficient accountinB records have not been kept; or
the accounts are not in agreement with the accounting records and returns,. or
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustee
As explained more fully in the statement of Trustee's respon5ibilitie5, the Trustee 15 responsible for the preparation of
the accounts and for being satisfied that they Eive a true and fair view. and for such internal control as the Trustee
determines is nece55ary to enable the preparation of accounts that are free from material misstatement, whether due
to fraud or error.
In preparing the accounts, the Trustee Is responslble for assessing the Charitws ability to continue as a goin8 concern,
di5c105ing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
Trustee either intends to liquldate the Charity or to cease operations, or has no realistic ilternative but to do so.
Audito¢s responsibilities for the audit of the accounts
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan￿ with the Act
and relevant regulation5 made or havin8 an effect thereunder.
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material
misstatement. whether due to fraud or error, and to issue an auditorfs report that Includes our opinlon. Reasonable
a$5urance is a high level of assurance, but is not a Buarantee that an audit conducted in accordance with 15As IUKI will
alway5 detect a materi31 mlsstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the ba515 of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulatior15. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respert of irregularities, including fraud.
Our approach to identrfying and assessing the risks of material misstatement in respect of irregularities, including frau(I
and non-compliance with laws and regulation5, was a5 follow5-
the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilitie5 and skills to identify or recognise non-compliance with applicable laws and Tegulations,.
we identified the law5 and regulations applicable to the Charity through discussions with those charged with
governance and other management. and from our knowledge and experien￿ of the sector,.
we focused on specific laws and regulations which we considered may have 3 direct material effect on the accounts
or the operations of the Charity, including the Charities Act 2011 and the financial reportingframework referred to
above- and
we understood how the Charity Is complying wlth those legal and regulatory frameworks by making enquiries of
managernent. We corroborated our enquiries through our review of the minutes of meetings of those charged with
governance.
We assessed the susceptibility of the Charity's accounts to material misstatement. including obtaining an ttnderstanding
of how fraud might occur. Audit procedure5 performed by the engagement team included..
making enquirie5 of management as to their knowledge of actual, suspected and alleged fraud- and
considering the internal controls in place to mitEate ri5k5 of fraud and non-compliance with laws and regulations.

13
Auditorfs responsibilities for the audit of the accounts Icontinuedl
To address the risk of fraud through management bia5 and override of controls, we..
performed analytiC31 pro￿du￿$ to identify any unusual or unexpected financial relationships,.
• tested journal entries to identify unusual transactions,.
performed substantive testing of expenditure including testing the authorisation thereof.
Sn response to the rlsk of Irregularities and non-compliance with laws and regulations. we designed prO￿dureS which
included, but were rhot limited to..
reading the minutes of meetings of those charged with governance,. and
enquiring of management a5 to aLtual and potential litigation and claiffl5.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are
from financial tran5attions, the less likely it is that we would become aware of non-compliance. Auditing standards also
limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and
other management and the inspection of regulatory and legal correspondence. if any.
Material mlsstatements that arlse due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or colluslon.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's
web51te at www.frc.org.uk/auditorsre5ponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Charltvs Trustee, as a body, in accordance with Part 4 of the Charities (Accourbts and
Reports) Regulations 2008. Our audit work has been undertaken so that we might State to the Charity's Trustee those
matters we are required to State to it in an auditor's report and for no other purpose. To the fullest exlent permitted by
law, we do not accept or assume responsibility to anyone otherthan the Charity and the Charity's Trustee as a body. for
our audit work, for thi5 report, or for the opinions we have formed.
Buzzacott Audit LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
11 kn 2o)LS
Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companie5 Act 2006

14
THE GROCERS, CHARITY
STATEMENT OF FINANCIAL ACTIWTIES
FOR THE YEAR ENDED 31ST JULY 2025
Permanent Expendable
Endowment Endowment Restricted UnrÈstricted Totèl Funds Total Funds
Funds
Funds
Funds
Funds
2025
2024
Note
Income and endt)wments
from..
Donations
Legacies
Investments
Total income
135,297
149,353
284,650
295,982
62.970
768,208
1 127.160
22.270
157,567
561,245
710,598
583,515
868.165
EKpènditure on:
Raising funds
Fundraising expenses
Investment manager fees
Expenditure on charitable
activitles
Grant-making
Total expendlture
30,816
30,816
111.757
35,344
109.122
52,365
59,301
91
4,5,6
138,531
169J47
1.515.982
1.516,073
1,654.513 1,260,369
1,797.086
IA04.835
SL365
Net expenditure before
investment gains
Net gains Dn investments
152,3651
859,507
159,3011 111,7801 1805.4751 1928.9211 1277.6751
950,584
23,101
1.833.192
3 508,617
NET INCOME/IEXPENDITUREI
807.142
891,283
111.7801 1782,3741
904,271
3,230,942
Transfers between funds
11,12
11,000,000)
2,105
997.895
NET MOVEMENTIN FUNDS
807,142
{108,7171
19.6751
215.521
904,271
3.230,942
Balances brought forward
at begirtrting of year
17.519.331 19,845.266
163,604
177,431 37,705,632 34h74,690
Balan￿$ carried fonvard at io,ii,
end of year
12
18.326A73 19.736.549
153.929
392.952 £38,609.903 £37,705,632
The result for the year is wholly attributable to continuing operations. There are no recognised gains or losses or
other movements in funds for the year, other than as stated above.
The 2024 amounts are analysed by fund in note 2 to the accounts.
The notes on pages 17 10 30 form part of these aGcounts

15
THE GROCERS, CHARITY
BALANCE SHEEr
31STJULY 2025
Permanent Expendable
Endowment Endowment
Fund5
Furtds
Re5tri¢ted
Funds
Unrestrlcted Total Funds
Fund5
2025
Total Funds
2024
Note
FIXED Ass￿5
Investments
18 264.851
18.264,851
19,741339
19741,339
474.428 38,480,618
474.428 38,480,618
37 562 326
37,562,326
CURRENT ASSETS
Debtor5
Cash at bank
75
154 029
6,S47
75.5581
169,0111
6.622
144,541
151.163
7,901
156,223
164.124
66.070
66,070
154.104
CURRENT LIABILITIES
Creditors
14,4481
14,7901
11751
112,4651
121,8781
120,8181
NET CURRENT ASSETS I
ILIABILITIESI
61,622
153 929
81,476
129.285
143.306
TOTAL ASSETS LESS
CURRENT LIABILITIES
18326,473
io
19.736 549
li
153 929
392.952 £38,609 903 £37.705,632
Note
12
The 2024 amounts are analysed in note 3 to the ateounts.
Approved by the Trustee on
and signed on its behalf bv-
iolIAl3oas
Mr Henry Colthurst
Director of The Grocers. Trust Company Limited
The notes on pages 17 to 30 fomi part of these accounts

16
THE GROCERS, CHARITY
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31sr JULY 2025
2025
2024
Cash flows from operating activities:
Net cash used in operating activities
11,490,560)
1,017,829)
Cash flow5 from investing acttvities:
Dividends and interest
Proceeds from the sales of financial investments
Purchase of financial investments
Net ¢a5h provided by investlng actlvltles
563,978
10,742,718
19,778,478)
1,528,218
742,038
12,107,558
112,192,075)
657,521
Change in cash and cash equivalents in the reporting perlod
£37,658
£(360,308)
Change in cash and cash equivalents in the reporting period
Cash at the beginning of the reporting period
Exthange differences on investment cash
Cash and osh equivalents at the end of the reporting period
37,658
257,549
9,067
£304,274
1360,3081
611,380
6,477
£257.549
Reconciliation of net income to operatlng cash flows
Net income for the year
904,271
3,230,942
Adjustments for:
Dividends and interest
Gains on investments
Decrease/llncreasel in debtors
Increase in creditors
Net cash used in operating artivities
1563,9781
11,833,192)
1.279
1,060
£11,490,560)
1742,0381
13,508,617)
11,6061
3,490
£11,017,829)
Analysls of cash and cash equivalents and reconciliation of net funds
l August
2024
Cash flows
Other non-
cash
movements
31 Julv
2025
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents
156.223
101,326
257.549
111,6821
49,340
37,658
144,541
159,733
£304,274
9,067
9,067
The notes on pages 17 to 30 form part of these accounts

17
ThE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
31ST JULY 2025
I. ACCOUNTING POLICIES
a) Basis of accounting
The accounts 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 Charitie5:
statement of Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. and the Charities Act
2011.
The Charity constitutes a public benefit entity as defined by FRS 102.
The Charity has one subsidiary fund. The Grocer5, Company Queen's Golden jubilee Scholarship Fund. The
Charity is exempt from the requirement to prepare group accounts as the subsidiary is a Special trust and its
accounts are aggregated within those presented here.
The Trustee considers that there are no material uncertainties about the Chariffs ability to continue as a
going concern.
No Significant estimate5 orjudgements have been applied by the Trustee in preparing the accounts.
The accounts are presente(l in sterlin& rounded to the nearest pound.
b) Income recognition
All income is recognised when the Charlty has entitlement to the income, it is probable that the income will
be received, and the amount of income can be measured reliably.
Donation5 and similar income are included in the year in which they are receivable. which is when the Charity
becomes entitled to the resource.
Legacies are recognised on a case by case basis following the granting of probate, when an executor for the
estate has confirmed in writing both the amount and expected settlement date. In the absence of any
specific direction, legacies are recogni5ed as expendable endowment.
Gifts of investments are recorded at their market values at the date of transfer. In the event that a Eift is in
the form of an 05set other than cash or investments, recognition 15 subject to the value of the gift being
measured reliably and the title to the asset having been transferred to the Charity.
Investment income, comprising dividends and interest from investments and bank interest on deposits held,
is recognised when re￿ivable.
c) Expenditure recognltlon
All expenditure 15 included on an accruals basis and is recognlsed when there 15 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
NOTE5 TO THE ACCOUNTS
31STJULY2025
I. ACCOUNTING POLICIES {continuedl
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 grant is 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 disclosed as a commitment.
dl Donated A55ets
As stated previously, in the event that a gift is in the form of an asset other than cash or investments,
recognition is subject to the value of the gift being measured reliably and the title to the asset having been
transferred to the Charity.
el Investments
Investments are initially recognised at their transaction values and are subsequently valued at their fair
value5 as at the balance sheet date using their closing quoted market prices.
Gains and losses on disposal and revaluation of investments are credited or charged to the statement of
financial activities.
Fund accountlng
Endowment funds comprise monie5 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 has a
power of discretion to convert endowed capital into income, the fund is known as an expendable
endowment. Income arising from the permanent and expendable endowment funds is credited to general
funds 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 either the permanent or expendable endowment funds.
Restritted funds comprise monies raised for, or whose use is restricted to, a specific purpose, or contributions
subject to donor-imposed conditions.
General funds represent those monies which are freely available for application towards achieving any
charitable purpose that falls within the Charlty's charitsble objects.
gl 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 ￿gIStered charity and, therefore, 15 not liable for income or corporation tax on
income and gains derived from its tharitable and investing activities.

19
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
31STJULY 2025
2. PRIOR YEAR COMPARAnvES
STA TEMEAITOF FINANCIAL AcfiviTIES
Permanent Expendttble
Endowment Endowment Restrfrted Unre5trirted Totol Fund5
Funds
Funds
Fund5
Funds
2024
llote
Income undEndowments
Donotions
Legucies
Investments
151,509
144.473
295,982
62,970
739,234
768,208
883 707 1,127,160
62,970
Total Income
62,970
180,483
Expenditure on..
Roisingfvnds
Fundmising expenses
Investment mtsrtogerfees
Expenditure on churitsble
uctivities
Gnint-moking
rotalexpenditure
35.344
35,344
109.122
50,680
57.380
1,062
4.5.6
150 215
1,110,154
1.111216
1,260,369
1,404,835
50.680
185.559
Net fexpenditure}/income
befvre investment gains t7nd
1055g5
Netgains on Investments
150.6801
5,590
1,627,263 1 799.693
15,Q761 f227.509) (277.675)
81,661
3.508.617
NETINCOME/{EXPENDITUREI
1.576,583 1,805.283
{5.076J f145,848) 3,Z30,942
Transfers betweenfunds
12
1,201
fi,201)
NETMOVEMENTIN FUNDS
1.576.583 1.805,283
13,8751 1147.049)
3,230.942
Bolunce5 broughtforword
ot beginnlng olyeor
15,942,748 I8.039.￿93
16Y,479
324,480 34.474.690
Bolances corrledforward at 10,11,
end of yeor
12
17.519.331 19.845.266
163,604
177431 £37.705.632

20
THE GROCERS. CHARITY
NOTES TO THE ACCOUNTS
315TJULY 2025
3. PRIOR YEAR COMPARATIVES
BALANCESHEET
Pern70ftent Expenduble
Endowment Endowment
Funds
Funds
Restrirted
Funds
Unrestricted fotal Fund5
Funds
2024
Note
FIXED ASSETS
Investments
17.457,903
17.457.903
19,307.812
19,307,812
796,611 37,562,326
796,511 37,562,326
CURRENT A55ET5
Debtors
Cosh ttthonk
2.433
163.604
166,037
5,468
615,552
f610,084J
7,901
156.223
164,124
65.783
65.783
542,388
542,388
CURRENTLIABILITIE5
CTeditors
14.355)
14,934)
r2,433y
{9,096)
(20,818J
NET CURRENT ASSET5 1
ILIABILITIESJ
61,428
537.454
163,604
619.180
143.306
roTAL ASSETS LESS
CURRENT UABILITIES
17,519,331
io
19.845.266
li
163.604
12
177 431 £37 705.632
Note

21
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
31ST JULY 2025
4. EXPENDITURE ON CHARITABLE ACTIVITIES
Grants
Payable
Staff and
Governance
Costs
Total
Grant-making 2025
Grant-mgking 2024
1,540,329
1,152,598
114.184
107,771
£1,654,513
£1 260.369
Grants payable were made in the following categories..
2025
2024
Education
Relief of Povertv
Health
Youth
Disability
Environment
The Elderly
Churches
Arts & Heritage
Mi5itary
Total
645,937
244,425
144,874
191,319
61,401
57,300
49,340
45,5
69,043
31.190
EI,540,329
357,494
179,663
206,259
118.869
61,274
23,081
48,310
44,598
69.247
43,803
£1,152,598
A list of all grants of £1,000 or more payable in the year is presented in Note 15. No grants are payable to
individuals. Although no legal obligation exists, the Charity is committed to grants totalling approximately
£400,000 per annum on a continuing ba51S.
5. STAFF COSTS
staff costs relate to one full-time member of stsff12024- 11=
2025
2024
Salaries
Social security cost5
Pension costs
Temporary staff
Other staff costs
Totsl
56,516
6,934
15,368
21,101
2,379
£102,298
53,829
6.173
14,224
17,068
3.318
£94,612
Temporary staff costs relate to two Freelance Charity Assistants engaged to 5iaise with our partners in the
education sector and support the Charity Fundraising Dinner. There were no employees who received
remuneration of more than E60,00012024- none).
The Directors of the Trustee, the members of the Education and Charities Committee and the Clerk of the
Company have responsibility for the management of the Charity. Neither the Directors, nor any members of
the Committee, nor the Clerk receive any remuneration from the Charity or the Trustee. The Clerk is
remunerated by the Grocers, Company.

22
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
31ST JULY 2025
6. GOVERNANCE COSTS
2025
2024
Audit fee5
Subscriptions, printing and bank costs
Total
8.898
2,988
£11,886
9,341
3,818
£13,159
7. INVESTMENTS
2025
2024
Quoted Securitles
Market Value
At beginning of year
37.461,000
33,874,343
Additions
Disposals
Gains
At end ofyear
Cash held by investment managers
Total market value at 31st July 2025
Historical cost
At end of year
9,778,478
110,742,718)
1,824,125
38,320,885
159,733
£38,480.618
12,192,075
112,107,558)
3 502,140
37,461,000
101326
£37 $62,326
£30 510.845
£31954 810
Exchange gains on investment cash of £9,067 12024: £6.4771 form part of the investment gains in the
statement of financial activities.
The only significant holding as at 31st July 2025 was SPDR Series Trust S&P 500 ETF which represented 17.1%
of the total portfolio12024- SPDR Series Trust S&P 500 ETF116.8%1.
8. DEBTORS
2025
2024
Income tax recoverable
Prepayments and accrued interest
5,596
1,026
E6,622
7,743
158
£7,901

23
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
31STJULY2025
9. CREDITORS- amounts falling due within one year
2025
2024
Accruals and deferred income
Other creditors
18,958
20,368
450
£20,818
£21,878
10. PERMANENT ENDOWMENT FUNDS
Balance as at
1st August 2024
Expendlture,
Gains and Losses
Balance 45 at
31st July 2025
Grocer5, Conipany
Dame Margaret Slaney
Mercers, and Waterford
Total
17,287,734
210,683
20,914
£17,519,331
797,467
9,727
1521
£807,142
18,085,201
220,410
20.862
£18.326.473
Bulance a5 at
IstAugust 2023
Expenditure,
Galns and Losses
Bolance as ut
31st July 2024
Grocer5, Company
Dume Morgoret Sloney
Mercers. ond Waterford
Totol
15,730.134
191,685
20,929
£15,942,748
1.557,600
18,998
{15J
£1,576,583
17,287, 734
210,683
20,914
£17,519.331
The main fund comprise5 the value of the original funds and subsequent donation5 settled into the Charity
by the Grocers, Company and its subsidiary company, The Grocers, Investment Company Limited, together
with the associated net appreciation or diminution in the market value, as well as any realised gains or losses
on disposal of the underlying investments.
On 6th July 2006, with the concsjrrence of the Charity Commission, the assets of the Dame Margaret Slaney
charity were transferred to the Charity ullder 5.74 Charities Act 1993. Income arising is restricted to Church
Livings.
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, CHARITY
NOTE5 TO THE ACCOUNTS
31ST JULY 20Z5
11. EXPENDABLE ENDOWMENT FUNDS
Balance as at
1st August 2024
Income
Expenditure,
Gains and
L05se5
Transfers
Balance as at
31st July 2025
Grocer5, Company
Queen's Golden
Jubilee Scholarship
Total
18,157,859
814,320 11,OOD,0001
17,972,179
1.687,407
£19.845,266
76,963
£891,283 (1.000.oooI
1,764,370
£19,736.549
Bolonce as Gt
15tAugust2023
Income
Expenditure,
Guins and
Losses
Tran5fer5
Bulttnce 05 at
31st July 2024
Grocpts, Company
Queen s Golden
Jubilee ScholorshAP
Total
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
The Grocers. Company fund was established in 2007, using donations from the Company, enabling income
recelved thereon, and capital if required. to be used in support of the Charitys objective5.
The Grocers, Company Queen's Golden Jubilee Scholarship Fund wa5 established in 2003 as a special trust to
commemorate the Golden Jubilee of Her Majesty Queen Elizabeth11. It was funded by a donation of £500,000
from the Company. The Fund is held for the advancement of education by the provision of scholarships, in
particular (but without limitation) to students in tertiary education.
As at 31" July 2025, £1,000,00012024-nill was transferred from the Grocers, Company Endowment Fund to
unrestricted fund5. This was made up of a transfer of investment cash of £604,208 and investment funds of
£395,792.

25
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
31sfJuLY 2025
12. RESTRicfED FUNDS
Balance as at
1st August
2024
Income
Expendlture
Transfers
between
funds
Balance as
at 31st July
2025
Dame Margaret Slaney
Mercers, and Waterford
Queen'5 Golden
jubilee Scholarship
Fundraising Campaigns
and Events
Restricted donations
Total
3,292
403
(5,0(KJl
18CX)I
1,708
397
83,273
18,575
125,2501
76,598
129,397
5.900
£157.567
1129,3971
18,9001
£1169,347)
80,331
£163,61)4
77,331
£153,929
£2,105
Bolonce a5 at
1st August
2023
Income
Expenditure
Transfers
between
fund5
Balance as
at 31stJuly
2024
Dome Marg(JretSloney
Mercers, and Woterford
aueen's Golden
Jubilee Scholorshlp
Fundraising Campoigns
t7nd Events
Restricted donotion5
Total
4,288
311
15,0(lOJ
(800)
712
489
84,148
24,375
125,250)
83,273
151,509
f151,509J
3,000)
£1185 559)
83,331
£167,479
80,331
£163.604
£180,483
£1,201
The deficits on the Mercers, and Waterford endowments, and Dame Margaret Slaney en(lowment, are
cleared by transfers from unrestricted funds as nece55ary, on an annual basis.

26
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
31ST JULY 2025
13. TRANSACTIONS WITH THE TRUSTEE AND CONNEcfED PERSONS
The Trustee and its director5 received neither remuneration nor reimbursement of expenses during the years
ended 31st July 2024 and 2025 from the Charity. The Clerk of the Grocers, Company, who is a Director of the
Grocers, Trust Company Limited ITrusteel, 15 remunerated by the Grocer5, Company.
The Charity awarded a total of £475,000 in the financial year12024'. £175,000) to Oundle School. This
comprised £175,000 to support the Schoool's bursary programme, and a £300,000 donation to the Oundle
School Development Fund. The Grocers, Company has been supporting the School since its foundation.
Oundle's Governing Body consists of seventeen members, including eight Governors nominated by the Court
of the Grocers, Company.
The Charity awarded £42,800 in the financial year12024'. £42,800) to the Mossbourne Charitable Trust. The
Grocers, Charity has been supporting schools within the M055bourne Federation since the foundation of the
Mossbourne Community Academy in 2004. Across the four Mossbourne Schools, there are eleven Grocer
Governors, including four of the eight Dirertors of the Mossbourne Federation. The Mossbourne Federation
nominates all Governors across the four schools and the Directors of the Federation.
On occasion, a member of the Education and Charities Sub-committee, or a director of the Trustee, is also
the Trustee of a charity that is the subjert of a grant funding request being considered at an Education and
Charitie5 Sub-committee meeting orTrustee meeting. In these case5, the Charity follows its usual procedures
regarding conflict5 of interest and the member is excused from discussions or decisions relating to the
app5ication.
The Grocers, Company made a restricted donation to the Grocers, Charity Fundraising Dinner of £30.CMJo
{2024'. £35,000). It made further restricted donations of £2,000 for the Snow Camp Charity and £3,000 to the
Coldstream Guard5, Charitv.
14. PENSION COMMITMENTS
Defined contribution Scheme
New employees are entitled to join the Grocers, Group Personal Pension Scheme, with the Charity
contribtjting between IO% and 25% of their pensionable Salaries to their personal pension funds, after an
initial period of employment. The employee's contribution is between 3% and 5% of pensionable salary. From
August 2022, employees were given the option to join a salary sacrifice scheme, where an amount equal to
the Sum of the employee's and employerfs contribution is contributed solely by the employer. in return for a
equivalent reduction in the employee's salary.
The assets of the Scheme a￿ held separatelyfrom those of the Charity in independently managed investment
fund5.

27
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31sr JULY 2025
15. UST OF GRANTS
Multiple grants to one charity are totalled together.
Arts & Heritage
Art History Link-up
Ealing Croquet Club
Ffotogallery
Good Vibrations
Sheffield General Cemetery Trust
St Paul's Cathedral Foundation
The Boston Preservation Trust
Stitches in Time
Finborough Theatre
Twisting Ducks Theatre Companv
English National Ballet
Embracing Arts
4BBLE Theatre
Magic Lantern
Bristol Women's Voice
Oxford Oratory of St. Philip Neri
Under £l,000121
Disability
Families in Care
Access Adventures
Blind in Business Trust
FAIR Ltd.
Idlewild Animal Sanctuary
Just The Job Enterprise
Limbless Association
New Forest Mencap
Opening Doors
Remap
WC Crash Wheelchair Rugby
Up on Downs
Living It Up
£5,000
£5,000
£5,000
£5,000
£5,000
£5,OCx)
£5,000
£4,950
£4,500
£4.493
£4,200
£4,000
£3,500
£3,000
£2,500
£2,000
£900
£8,000
£5,000
£s.000
£5,C￿0
£5,000
£5,000
£5,000
£5,000
£5.000
£5,000
£5,000
£1,960
£1,441
£69,043
£61,401
Elderly
Age Concerrb North Norfolk
Basingstoke Neighbourcare
Brighter Together
Easington Lane Community Access
Heron Corn Mill IBeethaml Ltd
Men in Sheds C&G
Omega
Pennywell Neighbourhood Centre
The McCarthy-Dixon Foundation
Nephra Good Neighbours
Under £l,000111
Environment
Atlantic Salmon Trust
HiEhlands Environment Foundation
Friends of Cotteridge Park
Plastic Free North Devon
Red squirrel survival Trust
SHARE Oxford
SongBird Survival
Strathglass Community Fund
Trussell Trust
8orde Hill Garden Limited
£5,000
£5,000
£5,000
£5,000
£5,000
£5,000
£5,000
£5,000
£4,940
£3,900
£500
£io,o(J)
£10,000
£5,OC
£5.0(J)
£5,OCKJ
£5,OCK)
£5,OCX)
£5,0(X)
£5,0
£2.3CrfJ
£49,340
£57,300

28
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST JULY 2025
15. LIST OF GRANTS Icontinuedl
Health
The Brendoncare Foundation
Action on Postpartum Psychosis
Be Free Young Carer5
BEAT
BEfriend
GOSH
Growing Well
Home-start Reading
InterAct Stroke Support
MQ Mental Health Research
My Life
Neuroblastoma UK
Orchid Cancer Appeal
Our Special Friends
Project MAMA
Restored
Youth
Escapeline
Wytombe Youth Action
BelEve
Beyond the Horizon Charity
Charlie Waller Trust
Circle Community
First Star scholars UK
Just-lce Poynton
Link to Change
London Village Network
Minority Matters LTD
Naked Truth Project
Nottingham CYF Project
OurTime
Pedestrian Ltd
Revive Healthy Living
£10,000
£5,000
£5.000
£5,000
£5,ODO
£5,000
£5,000
f 5,0(X)
£5,OCM)
£5,000
£5,000
£5,000
£5,000
£5,000
£5,0(X)
E5,OtK)
£50,791
£5,400
£5,(K)O
£5,000
£5,OC()
£5,0(Kl
£5,0(JJ
£5,000
£5,000
£5,000
£5,000
£5,0(K)
£5,OQX)
£5,OCK)
£5,0(JJ
£5,000
IILI
Teapot Trust SCIO
The Royal Marsden Cancer Charity
Underground Lights
West Kent Mind
The Ickle Pickle Partnership
Whittington Hospital
The Compassionate Friends
Sarcoma UK
Diversity Matters North West
The Anthony 5eddorb Fund
Blythe House Hospice
Treatment Bag
Rainbows Hospice
Oakhaven Hospice Trust
Royal Humane Society (The)
Alzheimer's Society
Under £l,CA)0171
£5,OQKJ
£5,000
£5,000
£5,000
£4,750
£4,741
£4,500
£4,324
£3,500
£2,800
£2.6(XJ
£2,5CIJ
£2.444
£2,000
£1,608
£1,512
£2,595
Speakers, Trust
SPLASH
Start Young UK
The 81G Project
The Kiyan Prince Foundation
The Stockwell Charitable Trust
The Ulysses Trust
With Insight Education
JIGSAW Thornbury
Godolphin Cross Community
Young Minds Matter
Snow Camp
Chichester City Centre Drop In
BME Young People's Project
Under El,000161
£5,000
£5,000
£5,LKIO
£5,(KJO
£5,000
£5,000
£5,000
E5,OCMJ
£4,936
£4,620
£4,012
£3,620
£3,000
£2,000
£2,940
£144,874
£191,319

29
THE GROCERS. CHARITY
NOTESTO THE ACCOUNTS
YEAR ENDED 31ST JULY Z025
15. LIST OF GRANTS Icontinuedl
Churches
St Mary-le-Bow, Cheapside
St Peter's Church, Wrockwardine
St Stephen. Walbrook
St Michael & All Angels, Waterford
All Ha51ows, Bromley-by-Bow PCC
All Saints Church PCC, Caldecote
St 8arnabas. Homerton
St John the Baptist, Parish of Stone
St Ladoca, Ladock
St Mary Bow & HolyTrinity Bow
St Mary Virgin, Northill PCC
St Mary's Church, Bucknell
St Matthew, Highfield
St Peterfs Church. Ugborough
Oundle Parish Church (St Peter'sl
Under £l,000121
Military
Anxious Mind5
Little Troopers
M.M. National Gulf VeteranslFamilies
UK Veterans Hearing Foundation
First Aid Nursing Yeomanry
The Coldstream Guards Charity
ABF The Soldiers, Charity
Armed Forces Para-snowsport Team
Under £l,LKJO111
£10,000
£5,000
£5,000
£2,800
£2,QKJO
£2,000
£2,0
£2,OCKJ
E2,Otx)
£2.OCtJ
£2,OCX)
£2,00
£2,000
£2,000
£1,500
£5.000
£5,000
£5,000
£5,IX)O
£4,000
£3,CKJO
£2.000
£2,000
£190
Irr. I
£1,200
E45,500
£31,190

30
THE GROCERS, CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 315TJULY 2025
15. UST OF GRANTS Icontinuedl
Relief of Poverty
3 Pillars Projert
Bramber Bakehouse
No Going Back
SJ Noble Trust
Voluntary Service5 Overseas
The One Love Project
Barons Court Project
Citizen5 Advice Dacorurn
Fat Macy's Foundation
Gloucestershire Bundles
Homeless Support Project
Humans MCR
Lifeshare Ltd
Melton District Money Advice
POW Nottingham
REFEO
RESTART Lives
Richmond Furniture Scheme
Sal's Shoes
Severn Angels Housing and Support
Sheriffs & Recorder's Fund
Splott Community Volunteers
The Bus Shelter MK
The Lord Mayor's Appeal
Tools 4 Teen5
Trailblazers Mentoring
Uplift (Devon)
Visit From the Stork
Pet Foodbank Service
First Stop Darlington
Derby Food 4 Thought Alliance
GIos50pdale Furniture Project
Sleep Pod
Bassuah Legacy Foundation
West Lothian Women's Aid
Bexhill Rother Homelessness Unity
South Craven Evangelical Church
Frank Longford Charitable Trust
New Forest Basics Bank
Home-start North West Hampshire
Under El,000131
Education
Oundle School
Mossbourne Charitable Trust
The Elms Icolwalll Limited
Imperial College London
City & Guilds of London Art School
City of London School for Girls
St Paul's Cathedral School
University College London
City of London School for Boy5
Guildhall School of Music & Drama
City of London Freemen's School
Reed's School
Royal College of Art
Mansion House Scholarship Scheme
City & Guilds of London Institute
College of St Mary Magdalene
Mossbourne Victoria Park Academy
£47,790
£io,(x)o
£10,000
£10,000
£10,000
£5,4CtJ
£5,000
£5,000
£5,000
£5,000
£5,000
£5,OC
£5,OCMJ
£5,000
£5,000
£5,000
£5,0
£5,0(X)
£5,000
£5,000
E5,0(N)
£5,QOO
E5,000
£5,000
£5,OtK)
£5,0(X)
£5,OCMJ
£5,OCKJ
£4,725
£4,580
£4,500
£4,500
£3,6(X)
£3,OCKJ
£3,000
£2,500
£2,500
£2,200
£2,200
£2,140
£1,790
£475,000
£42,800
£15,645
£15,000
£12,500
£10,947
£10,352
EIO,250
£10,000
£10,000
£8,000
£7,500
£6,OC()
£5,0(X)
£3,OCtJ
£2,000
£1,943
£244,425
£645,937
£1,540,329