THE ROBERT ROGER5 AND ELIZABETH GRASVENOR TRUST Charity Number 264889 TRUSTEE'S ANNUAL REPORT AND ACCOUNTS Year ended 30 June 2025 THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST The Trustee's Annual Report for the year to 30 June 2025 The Robert Rogers and Elizabeth Grasvenor Trust (the 'charity? is registered with the Charity Commission (No. 2648891 and constituted by a Scheme of the Chancery Court dated 1845. The Scheme covers the Will Trust of Robert Rogers dated 11 September 1601 and the Will Trust of Elizabeth Grasvenor dated 30 November 1555. The charity's registered address is 7 St Helen's Place London EC3A 6AB. The charity Trustee is The Leathersellers, Company acting through its Court of Assistants. The members of the Court are listed on page 2. The objert of the charity is to provide benefactions to registered charities for the relief of the poor and the Robert Rogers Educational Foundationlregister charity number.. 12112751 in equal parts. 5ncome is provided from permanent endowments, held in the form of investment funds and cash deposits as showr) on page 7. The charity made payments to the beneficiaries in the year to June 2025 totalling £66.020. When setting the objectives and planning the work of the charity for the year, the Trustee has given careful consideration to the Charity Commission's general guidance on public benefit. ststement of TNstee's responsibilities The Trustee is responsible for keeping proper accounting record5 which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the charity's trust deed. The Trustee is also responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and det￿tIOn of fraud and other irregularities. In accordance with Section 133 of the Charities Act 2011, as the Charity's gross income does not exceed £250,000, the Trustee has elected to prepare a receipts and payments account and a statement of assets and liabilities as its annual statement of accounts. Approved by the Trustee on 3 December 2025 and signed on its behalf by. M DJ Dove THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST Members of the Court of Asslstants of the Leathersellers, Company for the year ended 30 June 2025 R N Tusting MA CANT8 MBA MDJDove MDJDove Master To 23 July 2025 From 23 July 2025 To 23 July 2025 From 23 July 2025 To 23 July 2025 From 23 July 2025 To 23 July 2025 From 23 July 2025 Master Second Warden Second Warden Third Warderb Thifd Warden Fourth Warden Fourth Warden D.H. Barrow R T Preston C.J. Curtis S Cheng KC EA.W. Dove Assistsnts: R N Tusting MACANTB M8A M G Williams C J Lennon G G Bacon C P Barrow J A M Muirhead OBE DL C C Barrow M J Bradly Russell FCA A A Barrow M W Pebody BA M P E Pellereau BSC FRICS WJCLang R J Chard Dr T J C Fooks FRCGP H G Williams S M G Williams C T G Williams WRJCock A E Tusting M T Berman J S Holmes JDGCurtlS C J V Williams (from 4 December 20241 Prof A B Brueggemann MSC DPhil (from 4 December 20241 Changes after Ihe Year end On 23 July 2025 M D J Dove was elected Master and D H Barrow was elected Second Warden. The Third and Fourth Wardens retire from the Court annually. On 23 July 2025 C J Curtis and E A W Dove were elected Third and Fourth Wardens. respectively. C P B Barrow retired from the Court on 23 Jtjly 2025 and A P Rothery was elected a5 an Assistant to the Court on 15 October 2025. With these exceptions and as noted above all the people listed were members of the Court of Assistanls on 3 December 2025. THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST Independent Auditorfs Report to the Trustee of The Robert Rogers and Elizabeth Grasvenor Trust Opinion We have audited the account and statement of The Robert Roger5 and Elizabeth Grasvenor Trust (the 'charity'l for the year ended 30 June 2025 which comprise the receipts and payments account the year ended 301une 2025 which comprise the receipts and payments account. the statement of assets and liabilities and the notes to the accounts, including the principal accounting policy. The financial reporting framework that has been applied in their preparation is applicable law and the receipts and payments basis. In our opinion, the account and ststement properly present the receipts and payments of the charity for the year ended 30 June 2025 and its assets and liabilities as at the end of that year,. • adequately distinguish any material special trust or other fund of the charity other than an unrestricted fund,. and • have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing lu￿ IISAS IUKII, and applicable law. Our responsibilities under those standards are further described in the auditor's respDngibilities for the audit of the account and statement section of our reF￿r1. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the account and statement in the UK including the Financial Rèporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the account and statement, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the account and statement is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the account and statement are authorised for i55ue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sectioris of this report. Other infomation The Trustee is responsible for the other information. The other information comprises the information included in the Trustee's annual report and accounts other than the account and statement and our auditor's report thereon. Our opinion on the account and Statement does not cover the other information and we do not express any form of assurance conclusion thereon. THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST Independent Auditorfs Report to the Trustee of The Robert Rogers and Elizabeth Grasvenor Trust Other Informatlon (continued) Our responsibility is to read the other infoimation and, in doing so, consider whether the other information is materially inconsistent with the account and statement or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material fflisstatement in the account and statement. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to ieport that fact. We have nothing to report in this regard. Matlers on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have riot identified material misstatements in the Trustee's annual report. We have nothir)g to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. • the information given in the Tnjstee's annual report is inconsistent in any material respect with the account and statement,. or * sufficient accounting records have not been kept,. or • the account and statement are not in agreement with the accounting records.. or + we have not received all the information and explanations we require for our audit. Responsibilitie5 of Trustee As explained more fully in the statement of Trustee's responsibilities, the Trustee is responsible for the preparation of the account and slalement, and for such internal control as the Trustee determine is necessary to enable the preparation of an account and statement that is free from material misstatement. whether due to fraud or error. In preparing the account and statement. the Trustee is responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. Audltoffs responsibilities for the audit of the account and statement We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect theieunder. Our objectives are to obtain reasonable assurance about whether the account and statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that inclijdes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UKI will always detect a material misstatement when it exists. THE ROBERT ROGERS AND ELIZABETH GRP4SVENOR TRUST Independent Auditorfs Report to the Trustee of The Robert Rogers and Elizabeth Grasvenor Trust Audttorfs responsibilities for the audit of the account and statement Icontinuedl Misstatements can arise from fraL¢d or error and are considered materral if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this account and statement. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is d4tailed below: Our approach to idèntifying and assessing the risks of material misstatement in respect of irregularff(ies, including fraud and non-compliance with laws and re9ulations, was as follows.. • we identified the laws and regulations applicable to the charity through discussions with those charged with governance and other management, and from our knowledge and experience of the sector. We assessed the susceptibility of the charity's account and statement to material rnisstatement including obtaining an understanding of how fraud might occur by.. making enquiries 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 management bias and override of controls, we perfomied analytical procedures to identify any unusual or unexpected financial relationships. In response to the risk of irregularities and non-compliance with law5 and regulations, we designed procedures which included, but were not limited to.. reading the minutes of meetirsgs of those charged with governance., and enquiring of those charged with governance and management as 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 is that we would become aware of non-compliance. AuditiTrg slandards also limit the audit procedures required to identify non- compliance with laws and regulations to enquiry of the Trustee and other management and the inspection of regulatory and legal correspondence, rf any. 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 description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST Independent Auditorfs Report To The Trustee Of The National Leathersellers, College Use of our report This report is made solely lo the charity's Trustee, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's Trustee those matters we are required to stale to it in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charitys Trustee as a body, for our audit Work for this reporL or for the opinions we have formed. Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL 5 December 2025 Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST Receipts And Payments Account for the Year Ended 30 June 2025 2025 2024 Re￿[pts Rents Recewed Investment Income Interest Received 435 68,799 187 485 66,034 205 Totsl Receipts 69.421 6&724 pa￿nents Direct Charitsble Expenditure Payments to Beneficiaries The Leathersellers. Foundation The Robert Rogers Educational Fund 33,010 33,010 31,932 31,932 Totsl to Beneficiaries 66,020 Other Expendrture Audit Fees Other expenses 2,340 20 2,840 20 Totsl Payments 68,380 66,724 Net Receipts for the Year 1.041 Cash and Bank Balances at 30 June 2024 Cash and Bank Balance5 at 30 June 2025 1.041 The notes on pages 8 and 9 formpart of these accounts THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST Statement of Assets and Liabilities at 30 June 2025 2025 2024 Monetary Assets Bank and Cash Balances Dep051t account CCLA COIF Aggregate Permanent Endovnnents Investment Assets Land and Buildin95 (see note 21 Quoted Investments.. Units Cost Market Value Held by Trustee M & G Charifund Income Units CCLA COIF Income Units 50,447 40.953 635,608 789 340 793.S22 795 072 The account set out on page 6 for the year ended 30 June 2025 and the statement of assets and liabilities at that date set out above. together with the notes on page 8 and 9 were approved by the Trustee on the 3 December 2025 and were signed on its behalf by-. MDJDove rhe notes on pages 8 and9 formpart of these accounts THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST Notes to the Accounts for the year to 30 June 2025 Principal Accounting Pollcy- Basis of Accountlng The accounts have been prepared on a receipts and payments basis and comply with the requirements of Section 133 of the Charities Act 2011. Investrnent Assets Land and Buildings The investment assets are land endowed to the charity under the Vlills of Elizabeth Grasvenor 130 November 15551 and-Robert Rogers {11 September 16011. Land, situated at.. Great North Road, Barnet, Hertfordshire Controlling Entty and Connected Charitles The Leathersellers, Company and the Clerk of the Leathersellers, Company each a=t as a Trustee of the Leathersellers. Foundation. The Leathersellers, Company also acts as sole trustee, or its Me￿berS provide a majority of trustees, to other charities as below.. The National Leathersellers, College The Leathersellers, Barnet Charity The RobErt Rogers Educational Foundation Colfe's Educational Foundation Colfe's School The Leathersellers. Federation of Schools became a connected charity when it became a multi-acadprry Irust in January 2024 THE ROBERT ROGERS AND ELIZABETH GRASVENOR TRUST Notes to the Accounts for the year to 30 June 2025 Controlling Entty and Connected Chartties {conlinuedl The charity provides funds for othei charities of which The Leathersellers. Company is sole tiustee. Payments during the year were.. 2025 2024 The Leatherselleis, Foundation The Robert Rogers Educational Foundation Totsl 33.010 33,010 66.020 31,932 31.932 63,864 There were no other transactions with connected charities or The Leathersellers, Company during the year under review or the previous year.