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 De￿rnber 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 re￿IVed 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' Compan￿5 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 proCedU￿S 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' Compan￿5 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. Compan￿5 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 convales￿nt 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 £I￿k 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.