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2021-04-05-accounts

THE WORSHIPFUL COMPANY OF GLOVERS

OF LONDON CHARITABLE TRUST

Registered Charity Number 269091

ANNUAL REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

1

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

The Trustee presents the annual report and the accounts of the charity for the year ended 5 April 2021, which have been prepared in accordance with current statutory requirements, the accounting policies set out in Notes 1 and 2 to the accounts, the charity's governing document and the Statement of Recommended Practice - Accounting and Reporting by Charities (Charities SORP FRS 102).

REFERENCE AND ADMINISTRATIVE DETAILS

The charity is registered with the Charity Commission and numbered 269091.

Its Trustee and principal advisers are :-

Trustee: The Worshipful Company of Glovers of London
Registered Address: 65 Leadenhall Street
London
EC3A 2AD
Bankers: Barclays Bank plc
128 Moorgate
London
EC2M 6SX
Independent Examiner: Greg Stevenson FCA
Knox Cropper LLP
65 Leadenhall Street
London
EC3A 2AD
Investment Advisers: Cazenove Capital Management
100 Wood Street
London
EC2V 7ER

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was formed by a Deed of Trust dated 21 January 1975.

The Master and Wardens of The Worshipful Company of Glovers of London have appointed that Company as a corporate trustee of the charitable trust. By decision of the Company's Court, a Charitable Trust Board has been appointed to act on their behalf with full delegated powers to manage the charity. The Court retains the power to appoint and remove members of the Charitable Trust Board. During the year, and since, the members of the Board were:

AJC Collett (Chair) D Cave (apponted 3 November 2020) R De Courcey (retired 3 November 2020) TR Morris AD Seth-Smith CA Smith (appointed 25 November 2020) SCN Somerville D Stone (retired 16 September 2020) AJ Wadsworth (retired 27 May 2021)

2

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2021

RISK POLICY

The Trustee has considered the risks faced by the charity and identified the major risks to which it is exposed. It has reviewed those risks and satisfied itself that there are controls in place to mitigate their potential effect.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The objects of the charity have remained unchanged throughout the year and subsequently and are to raise funds and to make charitable grants.

The charity's policy is to provide support to charitable causes, which satisfy one or more of the following guidelines:-

a) Are glove-related in the form of gifts of gloves to national or City charitable projects resourced from the Glove Trade

b) Are City-based in the form of support to City charitable institutions or e.g. provide bursaries at City schools

c) Are specifically identified, whether City-based or national, where members of the Livery can be closely involved

d) Provide relief for needy persons, who have been Liverymen or their widows or orphans e) Support associated military units of the Glovers' Company by the provision of equipment that has the widest possible use by the units as a whole and/or by events or materials that are designed to boost the morale of the members of the associated units and/or their families.

The Trustee confirms that it has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

The Livery's Charity Projects Committee meets four times a year to identify projects worthy of support and to consider the form in which the charity's income is to be spent in order to provide benefit to the public within the guidelines above.

The Trustee aims to distribute all investment income, annually in the next following year. As agreed by the Court following Common Hall in April 2017, 50% of the sums donated by liverymen each year are also to be expended by the Charity Projects Committee in the next following year and the balance paid by grant to The Worshipful Company of Glovers Charitable Endowment.

ACHIEVEMENTS AND FINANCIAL REVIEW

In the year ended 5 April 2021, grants totalling £54,409 were made from unrestricted funds, on the recommendation of the Charity Projects Committee, compared with £54,976 last year. The Trustee wishes to record that the monetary values of gifts and grants do not reflect the indirect help given by members of the Livery, whether through the provision of gloves or otherwise.

A further £5,000 was allocated from general funds to our designated Prosthetics fund.

Donations into the Prosthetics fund totalled £50,873, inclusive of an estimated gift aid recovery, thanks in large part to the response to an appeal from the Master in September 2020. £35,290 (2019-20 - £23,000) was expended to benefit four very deserving individuals through the provision of bionic arms.

Consideration is being given to a suitable project for the Education fund.

A further grant of £26,000 (2019-20 - £25,000) was paid to the Company's related charity, the Worshipful Company of Glovers Charitable Endowment. This sum represented the value of donations made during 2019-20 for the purpose of growing the Company's charitable funds. The Trustee considers that they are most appropriately held within the Charitable Endowment.

3

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2021

The value of the charity's investments rose significantly during the year from a low level after the general market falls in March 2020.

The charity's investment policy is to generate a return above inflation over a five year period whilst obtaining a level of income agreed annually by the Trustee as required to meet their obligations in terms of the award of grants and gifts.

There are no restrictions on investment. The charity's assets are currently managed by Cazenove Capital Management who regularly review the investments to ensure that the portfolio provides a spread of risk and balance between equity, fixed interest and other classes of investment, adhering to ESG principles.

The Trustee considers that the financial state of the charity is satisfactory and adequate to continue to fulfil its objectives and that an appropriate level of grants and gifts has been made from the income generated. The Trustee has kept under review its policy on the level of reserves maintained and this is set out below.

GOING CONCERN AND COVID-19

The Trustee considers that there are no material uncertainties over the charity's ability to continue as a going concern. It has significant reserves and derives regular income from donations from members of the livery, as well as from its investments. While the charity expects to at least maintain its income, any decline would be manageable as the level of its grant-making is determined annually with regard to the income generated.

The charity has sufficient funds within its current year budget to support additional funding requests from supported charities in need because of Covid-19. The Trustee does not expect the pandemic to adversly affect its plans.

RESERVES POLICY

The income of the charity derives from donations from Liverymen and income from the charity's investments. These investments are necessary to generate income at a level sufficient to meet the charity's objects involving the provision of grants and gifts.

The charity requires reserves to protect its current activities and to ensure that it may continue on a going concern basis. It also requires reserves to enable it to give adequate consideration to more substantial projects as may be mooted from time to time. The Trustee has examined the needs, risks and challenges faced by the charity in both the short and medium term, recognising the need to maintain invested funds to generate income and to retain a balance of immediately available funds to meet commitments as they arise.

At 5 April 2021, the charity's total reserves held in the unrestricted general and designated funds totalled £904,436 (2020 - £748,407). The amount of uninvested reserves held for charitable distribution was £74,793 (2020 - £55,504).

PLANS FOR FUTURE YEARS

The Trustee has considered plans for the future development of the charity. It aims to enhance the existing level of funds raised from members of the Livery in order to extend the scope of its charitable giving.

On behalf of the Trustee

TR Morris Master 22 September 2021

4

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 5 APRIL 2021

YEAR ENDED 5 APRIL 2021
Notes
INCOME
Donations
Legacy
Income from fundraising events
Investment income
TOTAL INCOME
EXPENDITURE
Charitable activities:
Grants
3
Grant to Charitable Endowment
4
Governance
6
Raising funds:
Investment management costs
TOTAL EXPENDITURE
NET INCOME BEFORE
GAINS ON INVESTMENTS
Gain on revaluation of investments
7
NET MOVEMENT IN FUNDS
Transfers between funds
TOTAL FUNDS AT 6 APRIL 2020
TOTAL FUNDS AT 5 APRIL 2021		 Unrestricted Unrestricted
General
Designated
Total
Total
Funds
Funds
Funds
Funds
2021
2021
2021
2020
£
£
£
£
54,815
50,873
105,688
52,912
-
-
-
3,000
-
-
-
2,155
54,815
50,873
105,688
58,067
33,423
-
33,423
33,805
88,238
50,873
139,111
91,872
54,409
35,290
89,699
77,976
26,000
-
26,000
25,000
1,753
-
1,753
1,680
82,162
35,290
117,452
104,656
2,370
-
2,370
2,382
84,532
35,290
119,822
107,038
3,706
15,583
19,289
(15,166)
136,740
-
136,740
(87,502)
140,446
15,583
156,029
(102,668)
(5,000)
5,000
-
-
700,506
47,901
748,407
851,075
835,952
68,484
904,436
748,407

The statement includes all gains and losses recognised during the year. All activities are regarded as continuing.

5

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

BALANCE SHEET

5 APRIL 2021
Notes
INVESTMENTS
7
CURRENT ASSETS
Debtors
8
Cash at bank
CREDITORS FALLING DUE
WITHIN ONE YEAR
9
NET CURRENT ASSETS
NET ASSETS
FUNDS
UNRESTRICTED GENERAL FUND
DESIGNATED FUNDS
10		 2021
2020
£
£
£
£
829,643
692,903
20,318
10,390
62,503
55,655
82,821
66,045
8,028
10,541
74,793
55,504
904,436
748,407
835,952
700,506
68,484
47,901
904,436
748,407		 2021
2020
£
£
£
£
829,643
692,903
20,318
10,390
62,503
55,655
82,821
66,045
8,028
10,541
74,793
55,504
904,436
748,407
835,952
700,506
68,484
47,901
904,436
748,407
748,407
700,506
47,901
748,407

Approved on behalf of the Trustee:

TR Morris

Master

AJC Collett

Chairman of the Charitable Trust Board

22 September 2021

6

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

1 BASIS OF PREPARATION

1.1 BASIS OF PREPARATION OF ACCOUNTS

The financial statements of the charity have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)' and the Charities Act 2011.

1.2 GOING CONCERN

The Trustee considers that there are no material uncertainties over the charity's ability to continue as a going concern. The charity's donated income derives from the current members of the Company and is expected to continue at least at current levels. Its charitable giving programme is able to be adjusted in the event of a downturn in income, were that to be significant.

1.3 PUBLIC BENEFIT

The charity meets the definition of a public benefit entity as defined by FRS 102.

2 ACCOUNTING POLICIES

2.1 INCOME

Donations are recognised on receipt. Gift Aid is recognised when the income to which it relates is received. Legacies are accounted for once the charity has evidence of probability of receipt and the value can be reliably measured. Investment income is accounted for when receivable.

2.2 EXPENDITURE AND LIABILITIES

Liabilities are recognised once there is a legal or constructive obligation to pay and settlement is probable and quantifiable. Grants are accounted for when awarded if that creates a binding or constructive obligation on the charity.

Expenditure on raising funds includes all costs incurred by the charity to raise funds for its charitable purposes.

2.3 INVESTMENTS

Investments are stated at market value. Unrealised gains and losses on revaluation are included in the Statement of Financial Activities.

2.4 CASH AT BANK

Cash at bank comprises deposits repayable upon demand.

2.5 DESIGNATED FUNDS

Designated funds comprise those funds raised for purposes specified by the Trustee or legacy or donated funds allocated by the Trustee for a specific purpose.

7

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

3 CHARITABLE GRANTS
GLOVES AND GLOVE RELATED PROJECTS
Portsmouth Hospital - gloves for cancer patients
Gloves for homeless charities
Glove Design Competition - prizes
The Pace Centre
University of the Arts - gloving course
Others £1,500 and under
CHARITABLE GRANTS
Prosthetics - provision of devices
King Edward's School, Witley - bursary
City of London School for Girls - bursary
City of London School - bursary
St Paul's Cathedral School - bursary
Rhythm Studio Academy
Lord Mayor's Charities
Church of St Margaret, Lothbury
University of West London - bursary
Others £1,500 and under		 2021
2020
£
£
5,000
-
4,687
4,851
2,250
2,250
1,639
-
-
2,000
7,984
7,677
35,290
23,000
6,000
7,693
5,500
7,370
5,500
5,468
5,000
5,167
2,500
-
2,000
2,000
2,000
2,000
-
4,250
4,349
4,250
89,699
77,976

4 GRANT TO CHARITABLE ENDOWMENT

The amount of £26,000 (2020 - £25,000) represents the value of donations made to and held by the charity during 2019-20 but intended by the donors to be held for the long term to grow the Company's charitable funds. Accordingly, the Trustee considered it approriate that they be transferred to the Charitable Endowment.

5 TRUSTEE

The Trustee received no remuneration for services (2020 - £nil). No expenses (2020 - £nil) have been reimbursed to the Trustee or to members of the . Charitable Trust Board.

6 GOVERNANCE COSTS

Independent examiner's fee
Bank charges		 2021
2020
£
£
1,716
1,680
37
-
1,753
1,680

8

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

7 INVESTMENTS
Market value at 6 April 2020
Gain/(Loss) on revaluation
Market value at 5 April 2021
The charity's investments comprise:
1,443,936 Cazenove Charity NURS Fund
Class S units - GBP income
Cash
Market value at 5 April 2020
Cost at 5 April 2020
8 DEBTORS
Gift Aid
Grant prepaid
9 CREDITORS FALLING DUE WITHIN ONE YEAR
Grants payable
Accruals
10 DESIGNATED FUNDS
Prosthetics
Balance at 6 April 2020
Funds from prior years transferred
Income in year
Transfer from unrestricted general fund
Expenditure in year
Balance at 5 April 2021
Education
Balance at 6 April 2020
Funds from prior years transferred
Income in year
Balance at 5 April 2021
Total designated funds at year end		 2021
2020
£
£
692,903
780,405
136,740
(87,502)
829,643
692,903
Market
Value
Cost
£
£
829,397
664,938
246
246
829,643
665,184
692,903
665,184
2021
2020
£
£
19,568
9,890
750
500
20,318
10,390
5,700
8,280
2,328
2,261
8,028
10,541
18,901
-
-
39,746
50,873
2,155
5,000
-
(35,290)
(23,000)
39,484
18,901
29,000
-
-
26,000
-
3,000
29,000
29,000
68,484
47,901

The Prosthetics fund comprises funds raised for the purpose of providing prosthetic devices to assist beneficiaries' lives. The Education fund is held for general educational purposes.

9

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

11 RELATED PARTY TRANSACTIONS

The charity and its related charity, The Worshipful Company of Glovers of London Charitable Endowment, are under the common control of the Worshipful Company of Glovers. During the year, £26,000 (2020 - £25,000) was paid to the Endowment by the charity representing the value of donations made to the Trust during 201920 but intended by the donors to be held to grow the Company's charitable funds.

INCOME
Donations
Legacy
Income from fundraising events
Investment income
TOTAL INCOME
EXPENDITURE
Charitable activities
Grants
Grant to Charitable Endowment
Governance
Investment management costs
TOTAL EXPENDITURE
NET INCOME BEFORE (LOSSES)/
GAINS ON INVESTMENTS
Loss on revaluation of investments
NET MOVEMENT IN FUNDS
TOTAL FUNDS AT 6 APRIL 2019
Transfer between funds
TOTAL FUNDS AT 5 APRIL 2020		 Unrestricted
Unrestricted
Total
General
Designated
Funds
Funds
Funds
£
£
£
52,912
-
52,912
-
3,000
3,000
-
2,155
2,155
52,912
5,155
58,067
33,805
-
33,805
86,717
5,155
91,872
54,976
23,000
77,976
25,000
-
25,000
1,680
-
1,680
81,656
23,000
104,656
2,382
-
2,382
84,038
23,000
107,038
2,679
(17,845)
(15,166)
(87,502)
-
(87,502)
(84,823)
(17,845)
(102,668)
851,075
-
851,075
(65,746)
65,746
-
700,506
47,901
748,407

10

THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST

Independent Examiner's report to the Worshipful Company of Glovers of London Charitable Trust for the year ended 5 April 2021

I report on the accounts of the Charity for the year ended 5 April 2021, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made to the Trustee in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustee for my examination, for this report or for the opinions I have formed.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEE AND EXAMINER

The Charity's Trustee is responsible for the preparation of the financial statements. The Charity's Trustee considers that an audit is not required for this year (under section 145 of the Charities Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to examine the financial statements (under section 145(1)(a) of the Act), to follow procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act and to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER'S STATEMENT

In connection with my examination, no material matters have come to my attention which give me cause to believe that in any material respect:

I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Greg Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD

22 September 2021