THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT Reglstered Charlty Numbèr 1142506 ANNUAL REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT ANNUAL REPORT OF THETRUSTEE AND ACCOUNTS FOR THE YEAR ENDED S APRIL 2024 The Truslee presents the annual reptsri and the ac£ounls of the charlty lor the year ended 5 Aprll 2024 whlch have been wepared In accordan¢¢ wllh current statutory r8qulrements. the accounllng policies set out in Notes fj and 2 to the a¢cwn18, the charily's govetnlng document and the Slalemenl of Rewmmended PraCtI- AKounling and Reporting by Charitie8 Icharllles SORP FRS 1021. ADNIINISTRATIVE INFORMATION The charity 1$ regl8tered with tho Charity CDmmi$sion alld numbered 1142506. Its Trustee and principal advlsers are:. Trustee: The Wor8hiplul Cotnpany ol Glovers of London Regi81er8d Address.. 65 Leadeohall Slregt London EC3A 2A0 Bankers.. 8ardays Bank pl¢ 128 Mooroate Londort EC2M 6SX Indepervjent Examlner.. Gr89 Slevensoft FCA Knox Cropper LLP 65 Leadenhall Street Lottdon EC3A 2A0 lThvestment Advl3gr¥'. Fluffer LLP eo Vidoria Stl Lot)don SWlEL Cazenove Capital ManagemBnt 1 London W#ll Place London Wall Londo EC2Y SAW STRUCTURE. GOVERNANCE AND MANAGEMENT The charlty was establi8hed by s Deed of Trust csaled 8 F8bruaiy 2011. The Master and Wardens ol the Worshipful Company of Glovors ol London have appointed that Cotnpany as a ¢orporale trustee olthe Chw*lable Endowment. By d&Slon ol the Company'8 Court, a charitab Trust Board h8s btsen appolnted lo act with full delegaled powers to manage the ¢harlly. The Court taInS the power to appoint and remove member8 of the Chorqlable Trust Board. During IIP y8ar, and slnce, the mernbers of the Board were.. SCN SomeNHle (Chalrl AJC Cdlell JM Barker JD Cr05STY5an C Grkny A Hlcks Iresl9ned 20th Strplember 20231 C Hawklns Ireslgned 151 Novetnbgr 20231 M Hairls lappolnled 3181 May 20231 C Donaldson leppdnted 23rd Novembar 20231
THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2024 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the charity have remalned unchanged since ils establlshment and are to raise funds and to make charitable grants for the lurtherance of such charilable objects and purposes for the public benellt or such charitsble instilulions or charitable foundations in SLEch manner and in such proportlons as the Trustee shall in ils ab501ule discretion thlnk fit. The charity was speclll¢alty established lo build up a long t8rm sourGe of ftjture charitable fundlng. The Trustee may, in its discretion, for the period of 21 years from the dale of establishment of the charity. instead of applying the income in any year, accumulate all or any part of the income by Investing il and the resulting income. The Trustee confirms that il has referred lo the guidan contalned in the Charity Commission's general guldan* on public benelil when revlewing the charity's aims and objectives and in planning future a¢tlvitie8, specificalty in respect of conslderallon of future re¢ipients of ¢harilable grants. ACHIEVEMENTS AND FINANCIAL REVIEW Donallons re¢elved in the year lotalled £27,50012023 £27,675). This sum entirely comprised a grant of £27.50012023 £27.0001 paid from the unreslricled funds of the Company's related ¢harily. the Worshipful Company of Glovers of London Charitable Trust. The grant paid from the Charitable Trust represent the value of donations made for the specific purpose of growing the Company's charltable funds. The Trustee considers that they are most approprlalely held wllhin the Charitable Endowment. The charity's inve$lmenl policy is lo maximlse the monetary value of its funds. There are no restrictions on investrnent. The charitls unreslricled assets are managed by Ruffer LLP, who are required to ensure that the portfolio provides a spread between risk and balance. The assets held in the Ralph Waggell restricted fund are managed by Cazenove with a vlew lo providing an n¢ome. Both investment managers adhere lo ESG princlples. Invested assets at the end ol the financlal year were similar al £533,472 compared with £534.914 at the start. The Trustee considers that the financial slate of the charity is sat18faclory and adequate to continue to fulfll its objectivè$. The Trustee has kept under revkw the poli¢y on the level of reserves maintained and this is sel out On page 3 of this report.
THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED S APRIL 2024 GOING CONCERN The Trustee considers there lo be no material un[laintIeS ovgr the charity's ability lo continue as a going concern with ils annual funding from a pail of the charllable donations from members of the Company intended lo enable il to grow its capital funds. RESERVES The Charity has no CLtrrenl commitments while it seeks to accumulate a long term source of charitable funding. 11 has no other requirement lo maintain free reserves other Ihan retaining a small bank balance lo meet the expenditure necessary lo deal with Its administration. Al 5 April 2024, the charity's lolal reserves wer& £533,758 (2023 - £536,221 }. Ils uninvesled resetves tolalled £28612023- £1,307). PLANS FOR FUTURE YEARS The Trustee has Considered plans lor the fvture development of the charlty. It alms lo grow the ¢apilal value by accumulating donatlons and investing these and the resulting income over the period of 21 years permitted In ils trust deed. On behalf of the Trustee 8nof he Charitable Trnst Board 28 NovembeT 2024
THE WORSHIPFUL COMPANY OF GLoveRS OF LONErf)t4 CHAR¢TAOLE ENDQWMENT 8TATEMENT OF FINArtCNL ACTIVITIES YEAR ENDED 5 APRIL 2024 Noies 2024 2024 2024 2023 2023 2023 Unrestrkied Restrkni81 Funds Funds Tolal Funds Unreslrf¢tod Restrlcted Totsi Funds Funds Funds As re51ated As r88tal INCOME DonalioD5 Leggcy Invè51tDenl Incomè TOTAL INCOME 27.500 27,500 27,675 27.675 1,310 12.435 7,146 8.442 38.117 38.825 EXPENDITURE Charitablè actl¥lites Glft aid wri18 off Gran1$ Ralslng fvDds'. In¥e51rwnt managem&nl C0S18 TOTAL EXPENDITURE 896 25 996 25 1.055 1,055 95 94 NEf INCOME 8EFORE GAINS ON INVESTMENTS 37.604 1215 38,819 99,766 f,Z02 34,ge8 liossyGaln r8valuallon of In¥estsnent$ 6 1.800 3153 NET MOVEMENT IN FUNDS 15,4761 3,Ots 12.4631 29,913 11,39BI 28.517 ReconclVgU(vi of fwdts FUNDS AT6 APRIL 2023 505.518 538.221 482749 32101 514B50 FLINDS AT 5 APRIL 2024 500 038 33.720 533 758 5f2 662 30.705 543 387 The $lal8m8nl Includes all g&lrn3 and kns5e5 re0188 durfng Iheyear. l attllviuos aw regwded a$conilnuiDg.
THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes FIXED ASSETS Investments 533,472 534,914 CURRENT ASSErs Debtors Cash al bank 25 3,237 3,262 3,237 3,237 CREDITORS DUE WITHIN ONE YEAR 2,951 1,955 NET CURRENT ASSETS 1,307 NET ASSETS 533,758 536,221 UNRESTRICTED FUNDS RESTRICTED FUNDS 500,038 33,720 533,758 505,516 30,705 536,221 Approved on behalf of the Trustee: nof he Charitable Trust Board 28 November 2024
THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED S APRIL 2024 1 BASIS OF PREPARATION 1.1 BASIS OF PREPARATION OF ACCOUNTS The financial slalemenls of the ¢harKy heve been prepared Sn accordance th the CharStle8 SORP IFRS 1021'A¢wunling and Reporting by Chailll&8 ,' Slalerllonl ol Rewmm¢nd¢d Practice applicable to charilles prep8rln9 Ihelr accounls In accordan with the Financlal Reportlng Stsndard applIcab in the UK and Republic of Iréland IFRS 1021 leffecllve 1 January 20191, and the Chatltl8s Aol 2011. The pre88nlallonal currgngy of the flnanclal slalernenls Is Pound Sterling. 1.2 GOING CONCERN The Tru$16e conslders that there are no mal8rl81 un¢ertalnlle8 over th& charhy's abillty lo continue as a going concern. Thg charlly aims lo grow ils capital value by auMUlatIng donati$ over Ihe period 0121 years pemittèd In Ils Iwst dèad. 1.3 PUBLIC BENEFIT Th6 charlty m6ets the deflnltlon of a publlc benelS1 enllly as defingd by FRS 102. 2 ACCOUNTING POLICIES 2.1 INCOME Donatlons are renI88 on rec6iPt. Glft Ald Is reco9nlsed when the income lo whlch il relates is reIved. Legacles are accounted for once the charlly has evldence of probabllSty of recelpl and the value of the legacy can be rellably mèasured. Inveslmgnl In¢omo1s accoullted for whe# reCeable. 2.2 EXPENDITURE AND LIABILITIES Llabllilies are recognl8ed once there Is a legal or constructive obligatn lo pay and 8ellEemenl 18 probable and quanlifiabl8. 2.3 INVESTMENTS Invesltllonls arè slated al market value. Unrealised gain8 and10sse8 on revaluallon are Included in the Slalemenl of FlnanGlo1 Actlvllle5. 2.4 CASH AT BANK Cash al bank comprSses bank deposits repayable upon domand. 2.5 RESTRICTED FUNDS These are lund$ that ¢an only be used for parti¢ular reslricled purposes within the objects of the charity. Reslricllons arisè whèn speclfied by the donor or when funds a ralsed for particular restricted purpose8. 3 DONATIONS Tho amount of £27,50012023- £27,675) credited In the year Includes £27,50D12023 £27,000} paid over IrDm a related ¢hadty, tho Worshlplul Company ol Glovers of London Charltable Trusl. Thls sum represented the value of donation8 made lo that charlly durlng 2022-23 bul Intended by the donors lo be held lo grow the Company's charitable lufids. Accordlngly, the Tiuslee consldered It appropriate that they be paid lo the Char51able Endowmènl.
THE WORSHIPFUL COMPANY OF GLOVER$ OF LONDON CHARITABLE ENDOWMENT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 6 APRIL 2024 4 TRANSACTION8 WITH TRUSTEE Th8 Truslee racelved no femunerèiion for sérvlces P023- £01. No expense6 ha been relmbursed lo Ihe Trvslee or m9tnbeis of Ihe Charllabla Tru81 Board 12023- £01. S EXPENDITURE ON GHARITABLE ACTIVITIES 2Q24 2023 SUPPORT COSTS Governance cost- Ind9pendÈni èxamin8fs f88 1,055 6 INVESTMENTS 2024 Unrfrgtrl¢tvRg¥lrlded Total 2023 Total Markel value 815 Aprll 2024 Cash held wmh InveslmÉnl man8g8rs 472.231 31,261 503,492 2,459 29 980 33 720 533,472 506,670 499,752 Markgt value al 6 Apr412023 Adlllllons Accumulated Income iMr68llsed galnsllloss881 477.209 29.481 508.670 26.979 26.979 11,125 43,082 472,231 513,121 7.124 13.575 606,670 41.282 31.261 503,492 Cost at 5 Apdl 2024 427,303 29,958 457.26f 419,157 InvFslm8nis ctrnprlso.. Unrèsirlcled.. RuNerTotal Return C A(uMUla110Tr Unll8188.739 Urfsl Re51rlGled.. Cazenove CharEly mullAse1 Fund S Uftlls153,899 Unllsl 7 DEBTORS 2024 2023 GEft Ald 25 25 CREDITORS DUE WITHIN ONE YEAR Examlfftvs lee- pald by ChaillabbTwsl Accruals 1.95S 998 2,951 964 1,ODI 1.955 9 RESTRICTED Ful) Rèlph Wagoell Educallon Fund Balawe 818 Aprfl 2022 N81 movement In year 30,7D5 3,015 32,101 Bélar èl S Aprfl 2024 38,720
THE WORSHIPFUL COP4lPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 10 RELATED PARTY TRANSACTIONS The charlly and Its related charity, The Worshipful Company of Gk)vers of London Chartlable Trust, are under the common control of the Worshipful Company of Glover8. During the year £27.500 12023 £27,000) was pald lo the charity by the Charitable Trust, representing the value of donations made to Ihal charity during 2023 but intended by th8 donors to be held for the long term tcs grow the Company's charitable funds.
THE WORSHIPFUL COPJtPANY OF GLOVERS OF LONDON CHARITABLE ENDOWMENT Independent Examlnerfs report to the Worshlpful Company of Glovers of London Charltable Endowment for tho ygar ended 5 Aprll 2024 I report on the accounts of the Chartty for the year ended 5 April 2024, whlch comprise the Staternent of Financial Aolivilies, the Balance Sheet and related notes. This report is made lo the Trustee in accordance wlth the terms of my engagement. My work has been undertaken so that I might carry out an Indep8ndenl Examinatlon of the flnanclal statements in a¢¢ordan¢e with the Genefal 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 Charitls Trustee for My examination, for this report or for the opinlons I have formed. RESPECTIVE RESPONSIBILITIES OF THE TRUSTEE AND EXAMINER The Charity's Trustee is responsible for the preparats'on of the flnancial slalemenls. The Charlvs Tru51ee considers that an audit is not required for this year (under secllon 145 of the Charities Act 2011 Ilhe A¢ll and that an independent examinalion is needed. It is my responsibility lo examine the fi'nancial slalements (under section 145{1)(a) of the Acll, lo follow procedure$ laid down in the General Directions given by the Charity Commlssioners under section 14515llbl of the Act and to slat8 whether partiGular matters havè come to my allenlion. 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 acwunls presenl&d with those records.lt also includes consideration of any unusual items or disclosures in the accounts and seeking explanallons Irom you as Trustee concernlng any such mattors, The procedures Ltnderlaken do not provide all the evidence that woukl be required In an audit and consequently no opinion is given as lo whether the accounts present a 'Irue and falr view and the report is limlled lo those matters sel out In the slalement below. INDEPENDENT EXAMINER'S STATEMENT In oonnection with my examination, no malerlal maller$ have Come lo my attention which glve me cause lo believe that in any malerlal re$pect.' the accounting records were not kept in accordan with sectior¢ 130 of Ihe Charlties A¢l', or the accounts did not accord with the accountlng records,. or the accounts did not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities {Accounl$ and Reports) Regulations 2008 ather than any requirement that the accounts give a true and fair view whlch is not a maller considered as part of an Independent examination. I have come across no other mallers In Connection wilh the examination lo whlch allenlion should be dra n in this report in order to enable a proper understanding of the accounts lo be aChed. Greg Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD - 2024