The FISHMONGERS, Company'5 CHARITABLE TRUST Annual Report and Financial Statements for the year ended 31 December 2024 Reglstered Charity number 263690
The Flshmongers, Company's charltablè Trust Contents Reference and Administrative Details.. TrLJStees.............-............................................................................................................................................................... Tru5tees' Report for the year ended 31 December 2024................................................................................................. Independent auditorf5 report to the Trustees..................................................... .14 Statement of financial activities for the year ended 31 Dernber 2024.. Balance sheet as at 31 December 2024................................................................................................................. .18 .19 Statement of cash flow5 for the year ended 31 December 2024................................. Notes to the flnanclal statements...................................................................................................................................21 .20
The Flshmongers. Company's Charitable Trust Reference and Administrative Details Addyess for enquiyies Grants Officer Fishmongers, Hall London Bridge London EC4R 9EL Principal Investment ManaEers CCLA Fund ManaEers Limited Senator House 85 Queen Victoria Street London EC4V 4ET Email.. rants fishmon ers.or .uk Troy Asset Management Link Fund Solution5 Limited PO Box 389 Darlington DLI 9UF Independent Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Chelverton Asset Management Colchester Road Chelmsford Essex CM2 5PW 50licltors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A3LH Prlnclpal Bai)kers HSBC Bank plc 1-3 Bishopsgate London EC2N 3AQ
The Flshmongers, Company's Chayltable Trust Trustees The Trustees at the date of this report are the Fishmongers, Company Ithe corporate trustee) an(5 Amelia Fitzalan Howard (appointed 16 October 20241. The Fishmongers, Company Is one of the Great Twelve Livery Companies of the City of London and received its first Royal Charter in 1272. The governing body of the Company 15 the Court of Assistants, whose members at the date of thi5 report are listed below. The Court appoSnts a member, who shall be neither Prime Warden nor a voting member of the Trust's advisory committee, to act as Chair of the Ctsrporate Trustee for a two-year term. The current Chair is Charles Spicer Esq (appointed 9 November 20231. Ms Fitzalan Howard is a senior member of the Livery of the Company and, not being a Member of Court, acts as the 'Independent Trustee, of the Trust. She was appolnted for an initial 3-year term as a replacement for Michael Nicholson (resigned as Trustee on 16 October 20241. Members of the Court of the Flshmongers. Company: Andrew Sutcliffe Esq KC (Prime Warden from 19 June 20241 Fred Stroyan Esq IPrime Warden from 21 June 2023 to 19 lune 20241 Charles 5plcer Esq (Chair of Corporate Tru5teel Simon Barrowcliff Esq Dr Natalia Mi5ciattelli Mocenigo Soranzo Blll S Mills Esq Evy Hambro Esq The Earl of Erroll Andrew Martln Smlth Esq R G Holland-martin Esq Andrew Morgan Esq James fforde Esq The Hon Michael McLaren KC Nigel Bankes Esq HRH The Princess Royal KG KT GCVO QSO David Robertson Esq David Jones Esq DL Alderman Sir Alan Yarrow Jolyon Thornton Esq Mrs Charlotte Newson The Earl of Darnley Dr Henrietta Boyd Aldred Drummond Esq Richard Wills Esq Duncan Stirling Esq Rupert Cotterell Esq Gareth Neame Esq OBE DL
The Flshmongeis. Company's Charltable Trust Trustees, Report for the year ended 31 December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT The FSshmongers' Companvs Charitable Trust (the Trustl is an unincorporated Trust, @c>verned by a Trust deed dated 21 January 1972, a5 amended by Deed5 of Variation dated 16 November 2011 and 9 February 2012. It is registered with the Charity Commission, Registration Number 263690. The Trustees at the date of this report are the Fishmonger5' Company (the Corporate Trustee) and Amelia Fitzalan Howard, who is not a rNember of the governing body of the Company but is a senior member of the Livery of the Company and acts as the Independent Trustee of the Trust. The governing body of the Corporate Trustee is the Court. Members of Court are drawn from the Livery of the Corporate Trustee and are selected so as to ensure that St 3nd its charities Can draw on a wide range of appropriate experience and expertise. New members of Court are given an indurtlon to the finance5 and affair5 Of the Corporate Trustee and the Trust by the Companvs senior executive officer, The Clerk, and by other members of Court. To ensure effective separation of Trust busine55 from the business of the Corporate Trustee, the Court has created the position of Chair of the Corporate Trustee and has stipulated that the Chair should be neither the Prime Warden nor a serving member of the Trust's advisory Commlttee. The current Chair of the Corporate Trustee 15 Charles Spicer Esq. The Court has established a Phllanthropy and Grants Committee comprised of members of Court and co-opted members of the Livery. Its purpose is to promote, develop and deliver the Corporate Trustee's non-fisheries charitable and philanthropic work, particularly in the field of education. When actin8 on behalf of the Trust, the Committee Chair is accountable to the Chair of the Corporate Trustee. In respect of the Trust, the Committee'5 tasks include: To understand the philanthropic and charitable sectors within the chosen flelds of Interest. To consider and make recommendations on the Trust's philanthropic policv. To prepare and submit an annual Business Plan for the following year with an outlSne up to 5 year5 ahead. To implement and control the budget and oversee the awards of grants, due diligence and management of the Trusvs funds. During the year day to day management and administration of the Corporate Trustee was delegated to Its senior Executlve Offlcer, the Clerk, Toby William50n MVO. In addition, the Court has appointed the Corporate TrLJStee's Deputy Clerk and COO, Joanna Allinson, as Executive Director responsible for leading the Company's Support to the Trust, and Sts Flnance Dlrector, Steve Maile, undertake5 the same role for the Trust. Togetherthey comprise the Trust's Key Management Personnel. Their remuneration 15 set by the Court, having regard to the market rate for similar roles. Neither Amelia Fltzalan Howard nor Michael Nlcho150n, the appointed Trustees of the Charity, receSved any remuneration or expenses in respett of their Trustee5hip5. Any expenses incurred by Members of the Court of the Corporate Trustee in relatlon to Trust buslness, are reimbursed by the Corporate Trustee. Staff of the Corporate Trustee are also jointly employed by the Trust and by the Fishmongers, Company's Fisheries Charitable Trust (Charity No. 2848881. In 2024 the Trust reimbursed the Corporate Trustee £IOOk in respect of lolnt employment costs and £50k for administration services.
The FlshmongeTS' Company'5 Charltable Trust Trustèèg Rèport for the year ended 31 December 2024 Icontlnuedl OBJECTIVES AND ACTIVITIES The objects of the Trust as set out in its Trust Deed are= The relief of poverty, annuol or other poyments to poorpensioner5 otherpoorper50llsi purposes of educG¢tion, and generalpublic purposes in sofar us they tyre legrJlly thoritable. The Trust is a charitable arm of the Fishmongers, Company, 3nd its activities closely align with that part of the Company's mission that relates to making a difference in todavs society and to enabling people to live healthy, Charitable giving is mainly focused on Educatlon Iprlmary, secondary and tertlaryl, multi-year grants across three thematic areas IEducation in Prisons, Food & Nutrition, Mental Health,} and 5UPPOrt for the Tru5Ys '51Ster' charity the Fishmongers, Company's Fisheries Charitable Trust IFCFCTI. (More information about the FCFCt's principal oble¢tlves and attlvitie5 15 available in it5 accounts). The Trust also gives to several charitable organisations associated with the City of London and to affiliated military regiments for welfare. Occasional small (under £5kl donations are also made, generally for appeals of a time-5en51tive nature or where there Is a Company connection. The Trustees approve the Trust's overall strategic direction, annual business plan and budget, which they review annLJally. The delivery of the Trust's attivities, including the approval of grants of up to £50k lor £150k over three years), is delegated to the Philanthropy & Grants Committee, which is made up of Fishmongers, Company members with relevant ski115 and expertise. Through its support for Education, the Trust aims to treate life opportunity, enabling young people to develop the skills and abilities to reach theSr potential. The Trust looks to ensure its funding makes the greatest possible difference and therefore focuses Its support on dlsadvantaged student5. The Trust funds bursaries at selected schools and higher education institutions where the Fishmonger5' Company ha5 established links. As part of the Trust's funding for higher education, some core funding and support for widening access and outreach activity is also provided. In 2018, the Trust embarked on a 10-year strategy whlch Sncluded awardlng three-year grants, Subject to annual review, in the focus areas of Mental Health, Education in Prisons and Food & Nutrition. Funding in each area is often underpinned by educational enrichment and most of the grants also benefit people experiencing poverty or disadvantage. The present strategy will continue until 2027/2028, when a new strateglc plan will be initiated. GRANT-MAKING POLICY The Trust accepts 8rant applications for awards of up to £50k, but more typically c.£20-30k per year, payable for up to 3 year5 for activities relating to one of the three focus areas- Food & Nutrltlon, Mental Health, Education in Pri50n5. Appllcatlons are typlcally considered 3 times per year in March, lune and Ortober,. they must: Fit clearly within one, or more, of the stated fields,. Be from a registered Charity, social enterprise or Community Interest Company Clearly identify key oblect1ves and planned outcomes,. Be made by the organisation delivering the activity, service or output li.e. not by a third partvl,. Be from organisatlons wlth an annual income of between £IOOk arid £5m,' and Request funding for a speciflc project or PLJrpose, although contributions to core costs as part of this can be considered.
The Flshmonger5' Company'5 Charitable Trust Trustee5' Report for the year ended 31 December 2024 Icontinuedl GRANT-MAKING POLICY Icontlnuedl For Food & Nutrition and Mental Health grants, the Trust's focus is on the City of London, the City of Westminster and the boroughs of Camden, Hackney, Islington, Lambeth, Southwark, Tower Hamlets, and Newham. Grants to support Education in Prisons are provided to charitable organisations working both in and outside London. Grant application5 are assessed on a number of factors, for exarnple, the evidence given for the need for the activityi the potential for impact, the potential for collaboration (to avoid duplication) and how well an organisation is positioned to deliver the work. The Trust does not seek to be the sole funder of any charity and grant5 will only be awarded where there is other financial support in place to ensure the recipient'5 financial viability. The Executive team shortlists the applications and conducts further due diligence on the applicant charity itself, its governance, staffin& and financial stability and budgeting before submitting assessment reports to the Philanthropy & Grants Committee along with the original applications for a consideration. Where multi-year grant5 are awarded, release of each instalrnent of funding is contingent upon the receipt of reports, includlng financlal ac¢ounts, demonstrating satisfactory progress agalnst the objectives of the project. SOCIAL INVESTMENT POLICY The Trustees do not actively seek to make social investments but tonsider social investment requests on a case-by- case basis as an alternative to grant-making where potential beneflclarles requlre longer term equity or debt ftnance to meet thelr oble¢tlves. In 2012113 the Trust invested £IOOk in 2. Non-cumulative Redeemable Preference Shares in the New Model School Company Ltd INMSI, a non-charitable company which provides low-cost private primary education in London. The investment contributed to the Trust's aim to advance education by strengthening NMS'S balance sheet, allowing it to increase its own investment in providing high quality, low-cost education. In 2020, the Trust accepted a gift of £IOOk of Non-cumulative Redeemable Preference Shares and as a result now hDld5 35.8% of voting rights meaning that NMS is now classified as an Associate of the Trust. Safeguards exist to prevent the invested funds being used for non- charitable purposes or excessive private benefit. FUNDRAISING DISCLOSURE Member5 of the Livery and Freedom of the corporate Trustee, the Fi5hmonger5' Company, have always been encouraged to support the work of its associated charltles, elther by the rneans of regular donations or by giving their time, energy and expert15e. In March 2025, the Company wrote to the Mernbers of the Livery asking that all member5 contribute to its charitable work, with a suggested minimum donation of £120 pa Ito either the Trust or its sister charity FCFCtI with the aim of universal partiapation. The Trust doe5 not engage in fundraising to the general public, norworked with professional fundraisers or commercial participators. Consequently, the Tru5tee5 have not regarded it 3$ nece55ary to sub5ciibe to any voluntary fundraising standard5. PUBLIC BENEFIT The Trustees continue to have regard to the Charity Commission gLJidance on public benefit in settlng theSr grant making policies and future plans and are satisfied that the grants that have been made provide public benefit to the community.
The Fishmongeis, Company's Charltable Trust Trustees, Report for the year ended 31 December 2024 {contlnuedl FINANCIAL REVIEW Historically the Trust has been reliant upon annual donations from the Fishmongers, Company. In 2000 and 2001 the Company endowed the Trust wlth around £12m, which has now grown to the extent that the Trust is financially Independent of the Company and its princlpal source of fundlng Is from its own investments. The TrLJSt received donatlons of £223k12023'. £295kl as well as Investsnent Income of El,051k12023'. £1,078kl. During the year, the Trust expended £2,527k12023'. El,989kl in charltable donations and grants. Of this sum, £702k12023: £603kl was given in educational grants, £230k12023.' £185kl was donated to education in prisons, £942k12023: £630kl in fishery grants, £308k12023'. £266kl in mental health grants, £284k12023- £268kl in grants related to food and nutrition, £62k12023'. £65kl in Erants for military welfare and small civic donations. REVIEW OF THE YEAR Achlevements and Perfomiance Awards by Area 2024 £000 OrBan15atltsn5 supported £942 37% Educatlon £702 28% 15 Mental HEalth- Malor Grants Fuod & Nutritlon- Major Grants Edutstlon In Prlsons- Major Grants £308 12% 14 £284 11% 12 f230 9% £62 2k Tot £2.527 77 2024 Saw an increase in charitable grants expenditure compared to the previou5 year, with over £2,527k12023'. £1,989kl awarded to over 75 educatlonal InstltutSons and charltable organlsatSDns. F15h & Flsheries An unrestricted grant of £871k 12023.. £nill was made to the Fishmongers, Company's Fisheries Charitable Trust IFCFCTI. Further detailed information about the achievements and Performan of the FCFCT this year is available in the charity's accounts. Grènts were also made to several fish & fisheries prDgrammes from restricted funds, including support for education and training for industry-related careers, and for environmental projects. Educatlon The Trust'5 support for Education expanded in this year of financlal pressure upon the Sector. While It rnaintained support for 10 educational in5titution5 which have been supported for 3 number of years, It also embarked on new initiatives. One of these was a three-year grant awarded to Ballykelly PrSmary School, origSnally founded by the Fi5hmongers' Company in 1828, and located in an area of high deprivation in Northern Ireland. The funding is being Used to provide targeted support for literacy and maths to expand opportunities for artistic and cultural engagement and to alleviate child food poverty. It is anticipated that this funding will make a substantial, material difference to the attainment of this small, rural school's most disadvantaged pupils.
The Flshmongers, Company's charltable Trust Trustees, Report for the year ended 31 December 2024 Icontlnuedl Education Icontlnuedl The Trust also widened its funding for Arts Educatlon with new funding relationships with Trinity Laban, Royal Central School of Speech and Drama, the Lyric Theatre IBelfa5tl, Restore the Music and the London Musical Theatre Orchestra. The Érants funded actess to hi8h-quality arts education, either in secondary 5choo15 or at the tertiary level through means-tested bursarles. These additional awards were agreed by the Philanthropy & Grant5 Committee in recognition of the need for greater access to music in many state schoo15 and the growin8 need for bursary funding. The Trust also contlnued to support asslsted pla$ at several london conservatoires with which it has an established relationship* as well as an award at the Clty & GLJilds of London Art School. In 2024, some 18 talented students undertaking undergraduate or postgraduate training in the Arts without the me3ns to study full time received the support of the Trust. City & Guilds of London Art School continued to use part of a grant from the Trustto develop Its Wldening Participatio activity. In 2024, this included the launch of a new Tutors into Schools programme which has seen the school's art, design and craft tutors run bespoke workshops in 8 local secondary schools, enablin8 1,000 young people to try out specialist skills and learn about potential creative pathways for future tralninE and employment. At UCL, the Trust's Elizabeth Garrett Andeison bursarie5 (for medics experiencing financial hardship during clinical trainin@) benefited 11 student5. The largest single beneficiary of an educational grant in 2024 was the Gresham's Foundation, which received £268k to Support meaNs-te5ted bur5arie5 at Gresham'5 School in Norfolk. The grant funds seven assisted places, with bursarles covering between 76% and 100% of senior school fees. At a primary level, the Trust continued to support the Fi5hmongers' Faraday Award5, a bursary programme at Faraday School In Tower Hamlets. Faraday School is part of the New Model School Company, in which the Trust holds a social Investment. In 2024, four means-te5ted Fishmongers, Faraday Awards of over 100% were provided to local children. Chlldren supported by the Flshmongers, Faraday Awards thrlve at the school, with the rnajority going on to gain assisted places at selectlve independent sthools. In 2024, Faraday 5¢htsol wa5 named Independent Prep School of the Year by Independent School Parent Magazine. Malor Grants- Food & NutrltFOt1, Mental Hèalth, Edutatlon in Pri50hS In 2024, many charities continued to face the'triple squeeze, of increasing costs, reduced funding, and higher demand. The Trust aimed to be responsive to the needs of charities and the individuals who they help. By providing Major Grants funding for three years, subject to annual review, the Trust endeavours to support organisations, sustainability. Across the Trust's Major Grants programme supporting Food & Nutrition, Mental Health and Education in Prisons, IS new multi-year award5 were made in 2024 and 17 other charitable organisations received further grant instalments toward5 0ngoSng projects. £284k was provided in grant funding for Food & Nutrition projects. Supported activity fell broadly into the categories of vocational training In catering and h05Pltality for individuals experiencing barriers to the labour rnarket,. nutritional education for children and young people and vulnerable adults,. and food aid, corllmunity mea15 and prartical support de51gned to help people facing food insecurlty. The charlty Foodcycle received a grant to pilot its first school community meal at Ark Globe Academy, Southwark. The project aims to support families experiencing poverty or Isolatlon, strenÉthen connections within the school community and contrlbute to children'5 knowledge of a nutritious ijlet.
The Fishmongers, Company's Charltable Trust Trusteeg Report for the year ended 31 December 2024 {contlnued) Major Grants- Food & Nutrition, Mental Health, Education in Prisons {contlnuedl £292k was provided in grant funding for Mental Health projects. Withln Mental Health, the Trust continued to have a particular focus on projects supporting people affected by suicidal ideatSon. Thls artlvlty has been prompted bv awareness of increasing rates of suicide, recognition of the need for a whole-society approach and evidence of the effectiveness of third sector organisations working in this area. New grants were awarded in 2024 to the Charltles Suicide & Co, OIIVS Future and the Consortium for the Prevention of SuitSde, and the Trust continued Its support for The Listening Place and James, Place. Other types of Mental Health projects also received funding. Claremont, an Islington-ba5ed charity, was awarded a grant towards its psychologically-lnformed work wlth older people and counselling service. A grant to Interact Stroke Support is enabling the charity to deliver its reading Servi to benefit patients, physical recovery and mental health in five London h05Pltals. Edijcation in Prison5 remained a focus for the Trust with grants of a total value of £230k provided. Prisoners who engage in education are more likely to be able to be able to rebuild their lives on release, and the voluntary sector makes a valuable contribution, providing a breadth of opportunities and through-the-gate Support. A new grant awarded thi5 year to the charity Switchback 15 funding switchback Mentors who work with 18-30-year-old prisoners, providing educational support on the realities of release and motivational coaching. A further 8 organisations working in thi5 area received further grant instalments. The grant awarded to Prisoners, Education Trust has supported the ch3rity to progre5S Wlth the digitisation of educational resources. A secure version of the charity's website is now avallable In all prlsons In England and Wales Improving prisoners, acce55 to learning materials and enhancing their learning experience. Performance agalnst oblectlves The Philanthropy & Grants Committee regularly monitors funded activity. Annual reports are supplied by the Trusys principal education partners and update letter5 are received from supported students. Recipients of Major Grants submit an annual report account and budgets, a prerequisite for the release of a subsequent year's fundin& as well as a final report at the end of the grant terrn. The Committee look5 to See whether objectives and outcomes have been met and to understand how the activity has made a p051tive difference to the lives of beneficiaries. The Trust is committed to learning from Its grant making, and to a relationa5 approach with grantees where challenge5 can be openly discussed. The Trust will continue to develop its funding practices in response to its learnings and wider sector developments. Provldln8 Added Value In line with its belief that 'Gifts und good intentions (Fre not enough, we must give of ourselves, our energy ond time, experience ondskills... the Fishmongers, Company has provided in-kind donations to further the impact of the Trust'5 funding and to give additional support to beneficiaries. In 2024, three charities supported by the Trust received in- kind support to hold successful fundraising events at Fishmongers, Hall. Rooms have also been provided at no cost to Trust beneficiaries for occasional meetinES. A number of the Companvs Members give their time in support of the Trust's beneficiaries, partlcularly In the area of Education. The Company contribute5 five governors to Gresham's School and a number of members have voluntary liaison role5 Wlth other educational institutions or are trustees of charities. Other members have significant voluntary roles within the charities supported by the Trust. The Company plans to identify more opportunities for Members to use their ski115 and expert15e to further add value to the Trust's activitie5.
The Flshmongers, Company's Charitable Trust Trustees, Report for the year ended 31 December 2024 (contlnuedl FISHMONGERS. COMPANY MEMBERSHIP GIVING The Flshmongers, Company encourages Its members to make an attive contribution to the work of the Trust, either by giving their time and expertise or by way of making a regular voluntary contribution. In recognition of its 750 year as a Company governed by Royal Charter, it announced that it would match and double all donations made by its members to the Trust between October 2023 and October 2024 lup to a cap of £SOOkl. At 31 December 2024, £500k had been raised, including matched fundinE. The Beyond Food Foundation, Catzero, Chefs in Schools and the DEC Ukraine Appeal were selected by the Trustees as beneficiaries in 2024. Donations were also received for the benefit of the Fish & Fisheries sectors. Other unrestricted donations received will be allocated at the Trustees, Discretion. INVESTMENT REVIEW The Trust'5 Statement of Investment Principles and Policy states that its investment objective is: To maintain its (Issets in real termsfrom generation to generation, while spending at a sustainable level. The Charity's assets will therefore tend to be invested in real assets (property and equitiesj which typically huve un underlying income. The Charity wouldlike to spend IF growing streom of income anddesires (F higher current return than the MSCI World without undue risk to thefuture growth of that income orsacrifice of totol return. The Charity regards equffties global a55et class yet has sterling needs und does not wish to pay unnecessary tax (Indfees. Sterling Income Is o welcome match ogoinstshort term needs, but not u permanent requirement. The ChurAty ha5 ethlcul constroint, which thqt it expects that it5 investment managers ensure thut there is good or Improving corporote governance tst the comptsnies in which it Invests, ond itseeks to understt7ndhow the mt7nogers link thls responsibility to shureholder returns. The Chority will not second guess the monoger but impress on them the mportonce of this responsibility. Investment income in 2024 was £1.051m, representing a very slight decrease on the previous yearfs £1.078m. However, the Trust sold £0.926m of investments during the year as part of its plan to spend c. £14m of capital between 202[) and 2029 and therefore underlying income was more or less flat. Net of assetsales, the investment portfolio ended the year virtually unchanged in value at £33.7m, with the investment gain of 2.6% offsetting the realisations. Inclusive of income, the total return of the portfolio was c. 5.7%, ahead of domestic inflation and the return on cash but lagging the return on UK equitie5 of 9%. The Trust'5 main holding in CCLA COIF returned a disappointing 5% in the year, while the Trojan Income Fund delivered 6.5% and Chelverton UK Equity Income Fund managed 8.0%. In late 2024 and early 2025 the Trustees conducted a review of the Tru5t'5 investments which concluded that, while the Trojan Income Fund had broadly performed as expected, it no longer met the investment case for which it was purchased in 2018. The Trustees agreed to divest from the fund and also to reduce exposure to CCLA, moving the proceeds into a new discretionary mandate with Waverton Asset Managernent. This process is expected to complete in spring 2025.
'.:.1 The Flshmongerg Company's Charitable Trust Trustees, Report for the year ended 31 December 2024 Icontlnued) RESERVES POLICY The Trust's Reserves Policy states that.. The bolonce on the Charity s generul (i.e., unrestricted, undesignotedjfunds should be set at 15% +2% of anticipated incomefor the year. The policy reflects the Trustees, desire to avoid unplanned investment sales to fund current cashflow needs, although as noted above, the Trust expects to sell c £14m of capital between 2020 and 2029. At the end of the year, the Trust held total funds of £34,784k12023'. £35,332kl of which £3,912k12023.' £3,917kl were restricted and not available for the general purposes of theTrust; £30,080k12023'. £30,219kl were expendable endowment and £792k12023.' £1,196kl were unrestricted. Included within unre5trirted fund5 were £187k12023= £134kl of desisnated fijnds. £178k12023.' £IOOkl of this total is the Livery Fund. This represents the current balance available out of the money raised from an appeal to the Livery of the Fishmongers, Company. The Tru5tee5 envisage spending these funds on specific projects In the next i to 3 years. The Trust holds £200k of investments in The New Model School Company Ltd INMSI within unrestrlcted funds. These investments are not readily reali5able, although the Trustees expect to be able to redeem thern at par within the next 5 years. The Trustee5 have revlewed the financlal posltion of NMS and have concluded there is no reason to impair the investment. Total reserves avallable after ijeductlng deslEnated funds and investments in assocSates from unrestricted funds are £405k12023.' £862kl. This compares to a target range under the Reserves Policy of £150k-£170k. The surplu5 is due to the sale of £925k of expendable endowment investments during 202412023.. £884kl, the proceeds of which have been transferred to unrestricted funds, the unspent balance of which is intended to be applied towards 2025's budgeted expenditure. RISK MANAGEMENT The Trustees have assessed the major risks to which the Trust is exposed. The most Significant risk 15 assessed to be dlsunity with the CorporateTrustee leading to a significant reduction in income and other resources. Thi5 is addressed by keeping the strategic objectives of the Trust aligned with the interests of the Corporate Trustee and carefully handling the interface between the Trust and the Corporate Trustee. The Trustees also attach hlgh Importance to addressing the risk of bad governance and continue to undertake a thorough review of all governance strLJCtures. processes and documentation. As the Trust currently spends all of it5 investment incorne and has embarked on a modest program of spending capital, the major financial risk derives from market volat111ty and the potentlal knock-on effect on theTrusVs income if markets struggle. The Tru5tee5 are keeping under reviewthe increased level of spending from the portfolio following the restructuring of investment5 in 2018. Additionally, the Trust's policy is to fund speciflc projects rather than the core costs of other organisations and to ensure a balance of single-year and rnultl-year projects. Taken together, these should provide the flexibility to tempor3rlly reduce the level of 8rants awarded if required without damaging existing projects. PLANS FOR THE FUTURE The Philanthropy and Grants Commlttee has now completed its strategic review of its activities and adopted a revised set of grant guidelines. These will be kept under review as the new model develops. The Trustees hope now to develop several deeper, longer-term relationships with suitable organisation5.
The Fishmongers, Company's Charltable Trust Tru5tee5' Report for the year ended 31 December 2024 Icontlnuedl STATEMENT OF TRUSTEE5' RESPONSIBILITIES The Trustees are responslble for preparlng the Trustees, Report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in EnÉland and Wales require5 the Tru5tee5 to prepare financial statement5 for each financial year which give a true and fair view of the state of affairs of the Charlty and of the income and expenditure of the Charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them conslstentlv observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 make judgements and estimates that are reasonable and prudent State whether applicable accounting standard5 have been followed, subject to any material departures disc105ed and explained in the financial statements prepare the financial statement5 on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tlme the financial posstion of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provision5 of the Trust deed. They are a150 responsible for safeguarding the assets of the Charity and hersce for taking reasonable steps for the prevention and detection of fraud and other irregularities. Charles Spicer Esq On behalf of the Trustees 20 March 2025
The Flshmonger5' Company's Charitable Trust Independent auditor's report to the Trustees Opinion We have audlted the financial statements of the Fishmongers, Company's Charitable Trust I'the Charity'l for the year ended 31 December 2024 which comprise the statement of financial actwities, the balance sheet, the statement of cash flows and the notes to the financial statements, Includlng slgnlfS¢ant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Klngdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republit of Ireland (United Kingdom Generally Accepted Accounting Practlcel. In our opinion the financial statements.. give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally A¢¢epted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011, Basls for oplnlon We conducted our audit in accordance with International standards on Audltlng IUKI115As IUKII and applicable law. Our responsibilities under those stsndard5 are further described in the Auditor's responslbS1itles for the audit of the financial 5tatement5 section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the flnanclal statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that theTrustees' use of the golng concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditlons that, individually or collectlvely, may cast significant doubt on the Charity's ability to continue as a Eoing concern for a period of at least twelve months from when the financial statements are authorised for issue. Our re5ponsibilitie5 and the re5ponsibilitie5 of the Trustees with respect to going concern are described In the relevant section5 of thi5 report. Other Informatlon The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other Information. Our oplnion on the financial statements doe5 not cover the other information and we do not express any form of assurance conclusion thereon.
The FSshmongers' Company's Charltable Trust Independent audltor's report to the Trustees Icontlnuedl Other Informatlon Icontlnuedl Our responsibility is to read the other information and, In dolng so, conslder whether the other information is materlally Sntonsistent with the financial statements or our knowledge obtained in the course of the atjdit or otherwise appears to be materially mlsstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determine whether thls Elves rlse to a material misstatement in the financial statements them5elve5. 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 reEard. Matters on whlch we are requlred to report by exceptlon 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 materlal mSsstatements the Trustees, report. We have nothing to report in respect of the followine matters in relation to which the Charities (Accounts and Reports) Regulation5 2008 requires us to report to you if, in our opinion: the Informatlon glven In the Trustee5' Report 15 inconsistent in any material respect with the flnan¢lal statements,. or sufficient accountSng records have not been kept,. or the financial statements are not in agreement with the accounting record5; or we have not reIVed all the information and explanations we require for our audit. Responslbilities of Tru5tses As explained more fully In the Statement of Trustees, Responsibilities, the Trustees are responsible for the preparatlon of the financial statements and for being satisfied that they sive a true and fair view, and for such internal control as the Trustee5 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or errtsr. In preparing the financial statements, the Trustees are responsible for asse55ing the Charity's ability to continue as a going concern, disclosin& as applicable, matters related to golng concern and uslng the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles lor the audlt of the financlal ststements We have been appointed as auditor under sertion 144 of the Charltie5 Act 2011 and report in accordance with the Act and relevant regulations rnade or having effect thereunder. Our objectives are to obtain reasonable a$5urance about whether the financial statements a5 a whole are free from material mi55tatement, whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detert a materlal misstatement when it exlsts. Misstatements can arise from Iraud or errof and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instance5 Of non-compliance with laws and regulations. We design procedures in Ilne wlth our responsibilities, outlined above, to detect material misststements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irreEularities, including fraud Is detalled below.
The F15hmongers' Compan5 Charltable Trust Independent audltor's report to the Trustees Icontlnuedl Audltorfs responslbllltles for the audlt of the flnanclal ststsments Icontlnued} Our approach to identifying and assessing the risks of materlal mlsstatement In respect of Irregularities, Including fraud and non-compliance with law5 and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, cap3bilitie5, and skills to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to the Charity through discussions with those charged wlth governance and other management, and from our knowledge and experience of the sector,. we fotU5ed on specifit law5 3nd regulations which we considered may have a direct material effect on the financial statements or the operations of the Charlty, Including the Charitie5 Act 2011 and the financial reporting framework referred to above,. and we understood how the Charity Is complying with those legal and regulatory frameworks by making enquiries of rnanagement and those responsible for legal and compliance procedure5 and through our review of the minutes of meetings of those charged with governance. We assessed the susceptibility of the Charity's financlal statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures 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 mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through rllanagement bias and override of controls, we.. performed analytical procedures to identlfy any unusual or unexpected fbnanclal relationships,. tested journal entries to identify unusual transactions,. performed substantive testing of expenditure including testing the authorisation thereof,. and assessed whether ludgements and assumptlons made In determining the accounting estimates were indicative of potential bias. In response to the rlsk of irregularltles and non-compllance wlth laws and regulations, we designed proCedUS which included, but were not limited to.. reading the minutes of meeting5 of those charged with governance,. and enquiring of those Charged with governance and rllanagement a5 to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it 15 that we would become aware of non-compliance. Audltlng standards also limlt the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if anv. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further descrlption of our responsibilltles for the audlt of the flnanclal statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
The FlshmonEers' Compan5 Charltable Trust Indepèndent audltorf5 report to the Trustees Icontlnuedl Use of our report This report is made solely to the Charity's Trustees, as a body, in accordance wlth Part 4 of the Charltles IAccounts and Reports) Regulation5 2008. Our audit work ha5 been undertaken so that we might state to the Trustees those matters we are required to State to thern in an auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a bodv, for our audit work, for this report, or for the opinion5 we have formed. Buzzacott LLP 130 Wood Street London EC2V 6DL Statutory Auditor Date.. 20 March 2025 Bu21acott LLP is ellgible to att as an auditor in terms of section 1212 of the Companies Act 2006
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The FishmongefS' Company'5 Charitable Trust Statement of cash flows for the year ended 31 December 2024 2024 2023 £000 Éooo Cash flows from operatlng actlvltles Net cash used in operating activities 12,4271 11,8751 Cash flows from Snvestlng actlvltles Dividends, interest and rents from investments Proceeds from the sale of investments 1,052 926 1761 1,902 1,078 884 Purchase of investments 1311 1,931 Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at l January Cash and cash equivalents at 31 December 15251 1,449 924 56 1,393 1,449 Retontillatlon of net leMpendlture}/ln¢ome to net cash flow from operatlng actlvltles Net lexpendlture)15ncome for the reportlng perlod las per the SOFA) Adjustments for.. (Gain51 on investments Dividends, interest and rents from investments Decreaselllncreasel in debtors (Decrease) in creditors Net cash used In operatinE activitie5 15481 1,176 18371 11,0511 11,9251 11,0781 181 1401 11,8751 12.4271 Analy515 of cash and cash equlvalents Cash at bank and in hand Total cash and cash equivalents 924 1,449 1,449 924 Split between.- Restricted Fund5 Unrestricted Funds Expendable Endowment Funds 321 445 603 1,004 Analysls of change5 In net debt Cash and tash equivalertts at l January Cashflows Cash and cash equivalents at 31 December 1,449 15251 924 1,393 56 1,449
The Flshmongers, Company's Charitable Trust Notes to the financial statements I. ACCOUNTING POLICIES The principal accounting policie5 adoptedi judgements and key sources of estlmation uncertainty in the preparation of the financial statements are as follows: Basls of Preparatlon The accounts have been prepared under the historical cost conventSon, as modified by the revaluation of certain fixed asset investments, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting 5taNdard applicable in the UK and Republlc of Ireland IFRS 1021. The Charity constitutes a PLJblic Benefit Entlty as defined by FRS 102. The financial statements have been prep3red to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view, This departure ha5 involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the AccountSng and Reporting by Charitie5.' Statement of Recommended Practice effectlve from l April 2005 which has since been withdrawn. The fun¢tlonal currency is GBP £OOOs. Preparation of the account5 on a golng concern basls The Trustees have considered the Trust's forecast income and expendlture and ca5hflow for the next 12 rnonths and are satisfied that the Trust is a going concern and have prepared these financial statements on that basis. Income Donation income Is recognised when the Trust has entitlement to the funds, St is probable that the income will be received, and the amount can be measured reliably and is not deferred. Investment Income, includin8 interest, is recognised when receivable. Fund accountlng Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the CharSty whlch the Tru5tee5 have decided at their discretion to set aside for a specific purpose. Restricted fLJnds are donations which the donor has specified are to be solely used for particular areas of the Trust's work. Expendable Endowment Funds are fund5 which the Trustees intend to hold and Invest on a long-term basis for the purpose of generating investment income, but on which there is no formal restriction on the disposal of capital. From time to time the Trustees may elect to spend Expendable Endowment Funds in furtherance of the Charity's objectives. Incorne arising from Expendable Endowment investments accrues to Unrestricted Income. Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obli8ation can be measured reliably. Expenditure is lassified under the following headings.. Investment Management Fees in Expenditure on Raising Fund5 represent the Trust's share of fees charged to collective investments schemes in which it has holdlngs where these are clearly identifiable. Expendlture on Charltable Activities includes both grants awarded and thelr a$50ciated support costs. Irrecoverable VAT is charged as a cost against the activity for which expenditure was Incurred.
The Flshmongers, Company's charltable frust Notes to the flnanclal statements Icontlnuedl I. ACCOUNTING POLICIES Icontlnuedl Allocation of sUPPOrt Costs Support cost$ are those functions that assist the work of the Trust but do not directly undertake charitable activities. Support ¢05ts include the Trust's share of employment costs for staff jointly employed by the Fi5hrnongers' Company and the Fishmon8ers' Company's Fisheries Charitable Trust. administration expenses, and audit fees. Support C05t5 have been wholly allocated to Charitable Expendlture. Investmènts Investments are stated at market value. Realised and unreallsed galns and losses are comblned on the Statement of Financial Activities. Investments In Assoclates Investments in Associates are investments in entities where the Trust is able to exercise significant influence that falls Short of overall control by virtue of holding more than 20% but less than 50% of total shareholder votes. The Trust's Investments in Associates are all Programme Related Investments whose primary intention is to further the Trust's charitable objectives ratherthan make a financial return. Investments in Associates are included on the Balance Sheet at cost less impairments, which are charged to the Statement of Financial Activities. Impairments arlse if information becomes available which indicates that the recoverable value of the Investment has fallen below its cost. Debtors Trade and other debtors are recognised at the settlement amount due. Credltors and provlsions Creditor5 and provisions are recogni5ed where the Charity ha5 a present obligation resulting from a past event that will probably result in the transfer of funds tts a third party and the amount due to settle the obligation can be measured or estlmated rellably. Credltors and provlslons are normally re¢ognised at thelr settlement amount due. Flnan¢lal Instruments The Trust has only financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic finantial instruments are initially recognised at transaction value and subsequently measured at their settlement value except Investments whlch are stated at market value. Penslons The Trust jointly ernploys staff with the Fishmongers, Company and Fishmongers, Company's Fisheries Charitable Trust. The Fishmongers, Company meets the obli@ations of the employers in respect to auto enrolment legislation. Accountlng estlmates and ludgements The most significant areas of judgement and key assumptions that affect items in the accounts relate tothe recognition of multi-year grant commitments. In respect of the next reporting period the rnost significant areas of uncertalnty that affect the carrying value of assets are the level of investment return and the performance of investment markets.
The Flshmongers, Company's Charltable Trust Note5 to the financial statements Icontinuedl 2. INVESTMENT INCOME 2024 2023 Restrlrtèd funds St Peter's Hospital Fund Elizabeth Garrett Anderson Fund Ben Traver5 Fund Mark Quested Memorial Fund I EL Beckwith Fund Yarrow Fund for Convalescent Children Total Restricted funds £000 £000 51 50 42 40 99 95 Unrestritted funds 953 983 Total investmènt income 1,052 1,078 3. DONATIONS AND LEGACIES 2024 £000 12 2023 £000 102 Restricted funds Mernbership Giving Initiatlve Elisabeth Garrett Ander50n Fund Ballykelly Fund Yarrow Fund for Convalesclng Chlldren Donations from The Fishmonger5' Company Legacy Total Restricted funds 13 25 44 50 125 13 131 Deslgnated funds LiveryAppeal Donations from the Livery Low cost education 83 41 other unrestrlcted funds Don3tions from the Fishmongers, Company other donations Total Unrestrlcted funds 93 42 Total donations 224 294 23 | Page
The Flshmongers, Company's Charltable Trust Notes to the Ilnanclal statements Icontlnuedl 4. GRANTS Grant5 comprised.. 2024 2023 Educatlonal grants The Gresham's Foundation New Model School Company Ltd Ballykelly Primary School City and Guilds of London Art School Elizabeth Garrett Anderson Scholarships Lyric Theatre Royal College of Music Guildhall School of Music & Drama Restore The Music i London Musltal Theatre Orchestra Trinity Laban I St Paul'5 Chorister Trust Central School of Speech & Drama Royal Academy of Music Christ's H05Pltal Donations below £5k IEdLJcation Organisationsl Yotal educatlonal grants to organlsations £000 £000 268 268 91 76 74 64 66 33 25 41 22 60 20 58 20 20 17 15 15 15 12 12 702 603 Expenditure on educational grants was f 702k12023.' £603kl of whlch £183k was restrltteii12023.' £127kl and £519k was unrestricted12023: £476kl. 2024 2023 Prlson educatlonal grants Pri50ner5 Education Trust (PET) Beating Time Pri50n Radlo Association Irene Taylor Trust Switchback The Longford Trust Fulham Reach Boat Club The Right Course Liberty Choir Total prison educational grants to organisation5 £000 £000 30 30 30 20 30 30 30 30 30 25 25 25 20 20 20 io io 230 185 Expenditure on prison educational grants was £230k12023.' £18Skl none of which was restricted 12023.. £60k was restricted and £125k and was unrestrictedl. 24 | Page
The Flshmongeys, Company's Charltable TrLbSt Notes to the flnanclal statements Icontlnuedl 4. GRANTS Icontlnuedl 2024 2023 Fisheries Brants to organlsatlons Fishmongers, Company Fisheries Charitable Trust Food Teachers Centre Cat Zero £000 £000 871 450 20 63 20 45 CCDL Innovation 13 City and Guilds Foundation River Woods I Seafood Grimsby & Humber Alliance University of Lincoln Thames21 io io 40 io io Donations below £5k (Fisheries) Total fisherles grants 942 630 Expendlture on flsherles Brants was £942k12023'. £630kl, £71k of which was restricted12023.' £180kl and £871k unrestri¢ted12023'. £450kl. 2024 2023 Health and wellbeing grants to organisations Claremont Suicide & Co Oasis Hub Waterloo Islington Mind The Listening Place Interact Stroke Support Olly's Future Woman's TrLJSt James Place Charity Justice & Care Room to Heal Central London Samaritan5 Con50rtium for Suicide Prevention Thames Skills Academv Future Men Lambeth & Southwark Mind Body & Soul Total health and wellbeing 8rant5 £000 £000 30 30 30 29 27 25 25 26 25 22 21 20 20 50 20 15 15 15 14 15 13 14 28 23 22 308 266 Expenditure oft mental health Erants was £308k12023.' £266kl, all of which was unrestricted.12023: £34k restricted and £232k unrestrlctedl.
The Flshmongers, Company's Charltable Trust Notes to the flnanclal statements Icontlnuedl 4. GRANTS Icontinuedl 2024 £000 2023 £000 Food and nutrltion grants to organlsatlons Chefs in Schools Manna Society Share Community Alexandr3 Rose 37 33 35 18 30 30 Beyond Food Foundation Bromley by Bow Centre School Food Matters Bow Food Bank Providence Row Foodcycle City Harvest Pembroke House Total food and nutrltlon grant5 29 29 30 24 22 22 33 20 20 io 49 io 26 284 268 Expendlture on food and nutrStlon grants was £284k12023'. £268kl of whlch £57k was restrSrted12023.' £50kl and £227k was unrestricted12023.. £218kl. 2024 2023 Mllltary and Clvlc grants to organlsatlons First Aid Nursing Yeomanry The Lord Mayor's Appeal Brigade of Gurkhas South Norwood Cornmunity Kitchen DEC Ukraine Appea Donations below £5k (Military and Civic Organi5ationsl Total civic grants £000 £000 17 36 32 62 65 Expenditure on mllStary and cSvic grants was £62k12023'. £65kl of which £5k was restricted12023: £23kl and £57k was unrestrirted12023.' £42kl. 2024 £000 2023 £000 Total grants 2.527 2.019 Future commitment cancelled 1301 Total grants 2.527 1.989 261Page
The Fishmongers, Company'5 Charitable Trust Notes to the flnan¢lal statements l¢ontlnuedl 4. GRANTS Icontlnuedl Of the total grants figure of £2,52712023.' £1,989) £317k were restricted12023'. £474kl and £2,210k unrestrlcteij 12023.. £1,515kl. In addition to the sums above there are grant commitments of £1,350k payable in 202512024: £477kl and another £1,108k payable in 202612024.. £272kl from multi-year grants awarded previously by the Trust but where payments are conditional upon continued satisfactory performance of the project funded. 5. ANALYSIS OF SUPPORT COSTS 2024 2023 £000 £000 Grant Grant Making loo Making 103 Staff Costs Administration expenses Governance 50 48 13 13 Other expenditure Total Support Costs 165 165 The Trust does not engage in activities other than grant making and, accordingly, 100% of Support Costs have been allocated to Grant Making. ALL Support Costs were unrestricted. Staff Costs comprise the Trusvs share of the employment cost of staff who are also jointty employed by the Fishmonger5' Company and the Fishrnongers, Company's Fisheries Charitable Trust. The payroll is administered by the Fishmongers, Company and the appropriate proportion of the employment costs of the relevant employees is recharged to the Trust. Administration Expenses relate to the provision of other administrative support service5 to the Trust by the Fishmongers, Company in connection with the operation and implementation of the objective5 of the Trust, the managernent of the Trust's assets and compliance with constitutional and statutory requirements. Governance expenditure includes an audit fee of £13k12023- £13kl.
If i The Fishmongers. Company's Charltable Trust Note5 to the financial statements Icontlnuedl 6. ANALYSIS OF STAFF COSTS 2024 £000 75 17 2023 £000 77 18 Salarie5 and wages Soclal security costs Pension costs Total Staff Costs loo 103 There were no employees12023: none) for whom the Trust'5 share of employee benefits exceeded £60k. Staff Costs includes £21k12023.' £17kl in respect of the proportion of the remuneratlon lincluding Nl and Pension Contributions) of Trust'5 Key Management Personnel which wa5 recharged from the Fishmongers, Company. The proportion of Staff cost5 that were recharged to the Trust represent approximately 1.9 people12023'. 1.61. 7. INVESTMENT5 2024 2023 £000 £000 Market value at l Januarv Purchases at market value Sales proceeds Reallsed and unrealised gains Investment management fees Market value at 31 December 33,725 44 32,653 19261 1,121 12521 33,712 18841 2,211 12551 33,725 Consisting of.. Restricted funds Expendable endowment funds Total funds 3,632 30,080 33,712 3,506 30,219 33,725 Investments in collertive investrllent funds are quoted at their Bid Prite at year end. Investment management fees represent the Trust's notional share of fees charged to its holdings in collective investment funds. They have been calculated by applyin8 the published Ongoina Charges Figure to a simple average of each fund's value lopenlng balance plus closSng balance divided by two). Investment management fees are deducted from the capital of each of the funds held and the galns and losses shown in the financial statements have therefore been grossed up by the amount of the notional fee.
The Fishmonger5' Company's Charltable Trust Notes to the flnanclal statements {contlnuedl 8. INVESTMENTS IN ASSOCIATES In 2012113 the Trust invested £IOOk of 2. Non-cumulatlve Redeemable Preference Share5 in the New Model School Company Ltd INMSI, a non-charitable company which provides low-cost private primary education in London. Prior to makin8 the investment, the Trustees considered the Charity Commission's guidance on investment in the equity capital of non-charitable companie5 in CC14 and sought independent legal advice. The Trustees consider that the investment furthers the Trust's aims in respect of the advancement of education and are satisfied that Safeguards exist to prevent the funds being used for non-charitable purpose5 or excessive private benefit. In particular, the board of the New Model School have entered into a binding commitment to redeem the shares at the request of the Trustees in the following circumstances.. l. the Trustees decide that the company's activities no longer correspond with its own charitable purposes,. andlor 2. the company de¢ldes to pay any dividend whlch, In the oplnion of the Trustees could be consldered to provide excessive and/or unreasonable private benefit to other investors. In 2021, the Trust accepted a glft of £IOOk of Non-cumulatlve Redeemable Preference Shares In NMS, taklng Its total holding in NMS to £200k. The non-2nd Share class does not benefit from the protections stated above in relation to the original investment, however the Trust now holds 39.9% of total share capital and the Trustees are satlsfied that the significant influence thls gives the Trust is a SLJfflcient safeguard. The Trustees have revlewed the fbnantlal forecasts for the company and conslder that It remalns appropriate to value the investments at tost. If the Trust prepared consolldated accounts and used the Equlty Method, then Its share of NMS'S profSt for the year- ended 31 December 2024 which would have appeared in these accounts is £9k12023'. £35kl and its share of the companvs net assets at 31 December 2024 is £296k12023.' £276kl. The New Model School Company Ltd has also benefited from donations from the Trust for educational purposes of £91k12023.' £76kl.
The Fishmongers, Company's Charitable Trust Notes to the f5nanclal statements Icontlnuedl 9. DEBTORS 2024 2023 £000 £000 Prepayments and accrued Income 12 12 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 £000 £000 Grants payable Accruals and deferred income 36 26 13 13 Other creditors 55 39 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 £000 £000 Grants payable 14
The Fishmongers, Company'5 Charltablè Trust Notes to the flnan¢lal statements l¢ontlnuedl 12. MOVEMENT IN UNRESTRICTED FUNDS 2024 Balance Balance Transfer 31 December £000 £000 I january £000 Income Expenditure £000 £000 Deslgnutedfunds Livery Fund Low Cost Education l(M) 112 1341 1281 178 34 Income Reserve 1,062 1,196 931 12,3131 12,3751 925 605 792 1,046 925 2023 Balance I lanuarv £000 Balance Transfer 31 Detember £000 £000 Income Expenditure £000 EOOO Deslgnutedfunds Livery Fund Low C05t Education 72 28 loo li 41 1181 34 Income Reserve 885 955 11,6621 11,6801 884 1,062 1,196 968 1,024 884 Llvery Fund In 2010 an appeal was launched to the Livery of the Fishmonge¥s' Company. The above Livery Fund represents the balance of funds that the Trustees expect to be available for grant giving in 2024 and beyond. Low Cost Educatlon Fund The Low Cost Education Fund represents funds to be applied towards educational purposes and bur53rie5 at the New Model School Company Ltd. In¢ome Reserve The Income Reserve represents the balance of the Trust's uNde5ignated unrestricted funds and cornprises the historlc excess of unrestrirted income over expenditure (including future commitment51. It therefore includes any excess Investment income above the figure designated as being available for current usage under the Trust's Total Return investment policy.
*'1 The Flshmongers, Company's charltable Trust Notes to the flnanclal statements {contlnued) 13. MOVEMENT IN RESTRICTED FUNDS 2024 Balance Balance 31 December £000 l January Income £000 £000 Expenditure GainsllLossesl £000 £0 Doggett s Legucy Principal Legacy and Interest 35 35 Membership Giving Initlative Cabs for the NHS St Peter's Hospital Fund Elizabeth Garrett Anderson Fund Ben Travers Fund EL Beckwith Fund Ballykelly Fund Yarrow Fund for Convalescent Children 198 12 11681 42 1,931 1,576 165 51 1511 1441 58 1,989 1,620 169 42 46 75 1741 45 121 108 43 3.917 230 13431 3,912 2023 Balance l January Income £000 £000 Balance 31 December £000 Expenditure Gain5llLossesl £000 £000 Doggett s Legu¢y Principal Legacy and Interest 35 35 Membership Giving Initiative Cab5 for the NHS The Colyer-Edwards Bequest St Peter's Hospital Fund Elizabeth Garrett Anderson Fund Ben Travers Fund Mark Quested Fund EL Beckwith Fund 297 228 13271 198 60 1,741 1,435 155 13 50 53 1731 1331 1511 181 iii 161 14991 173 139 14 1,931 1,576 165 3,737 349 330 3,917 The Doggett's Lega¢y represents a bequest from Beatrice Maud Odell used to provide financial a5SlStance to the Doggett's Coat and Badge Race. Thi5 assi5t3nce may take the form of funding running c05t5, such a5 training expenditure, or capltal Items, such as boat renewal.
The Flshmongers. Compan5 Charitable Trust Notes to the flnanclal statements (contlnuedl 14. MOVEMENT IN RESTRICTED FUND5 l¢ontlnuedl The Colyer-Edwards Bequest is to enable talented young muslclans to attend ¢our5e5 of study at the Royal College of Music and the Guildhall School of MLJSIC and Drama. In October 2021, the Fishmongers, Company launched a new Membershlp Glvlng Inltlatlve. In recognition of it5 750 year as a Company governed by Royal Charter, and to encourage a sense of contribution by 311, the Company pledged to match and double the value of every donation made by its membership to the Trust until October 2024 Icapped at £0.5ml. The Trustees have chosen to direct the majority of donations resulting from the initiative to The Beyond Food Foundation, Catzero and Chefs in Schools. Cabs for NHS was to support free cab journeys for NHS staff in partnership wlth Mlnl¢ablt In response to the Covid-19 pandemic. The St Petey's H05pltal Fund represents the proceeds from the sale of St Peter's Hospital in the 1920s and is for the pievention and relief of poverty. The Elizabeth Garrett Anderson Fund provides bursarie5 to students studying medicine at University College London. The Ben Travers Fund is for a drama scholarship at the Guildhall School of Music and Drama. The Mark Quested Fund is for a three-year Exhibition at the Universitie5 of Oxford and Cambridge in alternation and the Trustees agreed to spend thls In full during 2024. The EL Beckwlth Fund Is for a music scholarshlp at the Royal College of Music and a sculpture scholarship at the City and Guilds of London Art School. The Ballykelly Fund comprises restricted donations for the advancement of educatlon at Ballykelly School, Northern Ireland. The Yarrow Fund for Convalescent Chlldren represents the resldual Investments and cash that were gifted to the Trust from the dissolved charity of the same name. In line with the objects of that charity, the fund5 are restricted for the benefit of children in need of assistance who are or who have been patients in any convalesnt home or hospital in England or Wales and the families of such children. The Trustees will consider how best to utillse these fund5 during 2025. 33 | Page
The Flshmongers. Company's Charltable Trust Notes to the flnanclal statements l¢ontlnued) 15. MOVEMENT IN EXPENDABLE ENDOWMENT FUNDS 2024 Balance l January £000 Balance 31 December £000 Expenditure £000 £000 Gain5 Transfer £000 Livery Fund.. Education and General Fish and Fisheries 543 141 141 16 16 555 541 529 Other Endowment Funds 29,147 30.219 12191 981 12271 1,013 19251 19251 28,984 30,080 2023 Balance l January £000 Balance 31 December £000 Expenditure £000 Gains Transfer £000 Livery Fund.. EdLJcatlon and General Fish and Fisheries 499 485 141 141 48 48 543 529 Other Endowment Funds 28,468 29.452 12221 12301 1,785 1.881 18841 18841 29,147 30,219 Llvery Fund In 2010 an appeal was launched to the Livery of the Fi5hTllongers' Company. Some donors indicated a preference for their gifts to be used for Fishery or Educ3tional projects, although the Trustee5 retained ultimate discretion over all expenditure. Furthermore, some donors Indlcated a preference for their donations to be used for immediate charitable purposes or to forrn part of the Tru5Ys expendable endowment. The above balance represents all such donations over £2,500 where no preference was indicated and includes subsequent investment gains. Other Endowment Funds Other endowment funds are mainly derlved from donatlons from the Corporate Trustee. During 2024 the Trustees approved a transfer of £925k from expendable endowment funds to unrestricted fund5, representing the proceeds from the sale of investments which are intended to be used to fund current expenditure. 34 | Page
The Fishmongers, Company's Charltable Trust Note5 to the flnancial statements {continued) 16. CONNECTED CHARITIE5 AND RELATED PARTIES The Trust shares common Trustees with the FSshmongers' Company's Fisheries Charitable Trust. Grants made to the Fishmongers. Company's Fisheries Charitable Trust are shown in Note 4. Payment of administrdtion chèrges to the Fishmongers, Company were £50k12023.. £48kl. The Flshmongers, Company made no donations12023.' £125kl to the Trust during the year. During the year, the Trust donated £91k12023'. £76kl to the New Model school Company Ltd INMSI to fijnd bur5arie5 at it5 schools. A Member of the Court of the Fishmongers, Company, D Jones Esq DL, was a director (resigned l March 20241 and shareholder of NMS during the year. He recelved no prlvate beneflt from the donations. The Trust also holds £Ik of 2 Non-cumulative Redeemable preferen Shares and £IIX)k of Non-cumulative Redeemable Preference Shares in NMS. During the year, the Trust donated £268k12023'. £268kl to the Gresham's Foundation, a charitable company limited by guarantee whose object is the advancement and promotion of charitable purposes connected with Gresham's School. The Corporate Trustee is one of three members of the company (the others being Gresham's School and the Old Greshamian Clubl, each of which ha5 the right to appoint up to 3 trustees lout of a maximum of 91. During the vear, and at the date of this report, Member of Court Andrew Martin Smith Esq was a trustee. Additionally, Member of Court and Warden Bill Mills Esq, wa5 a governor of the Gresham's School during the year and at the date of this report. The Prime Warden of the Corporate Trustee serves as an ex officio governor and the Corporate Trustee has the power to nominate up to seven governor5 in total.