## **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 2025** ## **THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST** **ANNUAL REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** The Trustee presents the annual report and the accounts of the charity for the year ended 5 April 2025, 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 pie 128 Moorgate London EC2M 6SX Independent Examiner: Greg Stevenson FCA Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Investment Advisers: Cazenave Capital Management 1 London Wall Place London Wall London EC2Y 5AW ## **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: SCN SomeNille (Chair) AJC Collett JM Barker JD Crossman (resigned September 2025) C Grimley (resigned November 2024) C Donaldson G Dawson ( appointed September 2024) M.Dodd (appointed November 2024) M Harris 1 ## **THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST** ## **ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2025** ## **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. 2 ## **ACHIEVEMENTS AND FINANCIAL REVIEW** In the year ended 5 April 2025, grants totalling £62,930 were made from unrestricted funds, on the recommendation of the Charity Projects Committee, compared with £53,373 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 major fund raising event was held during the year, the Mistress Glover's Wing Walk, involving a number of the liverymen and their friends. This highly successful event raised £66,109 for the designated Prosthetics Fund. The Prosthetics Fund also benefitted from two generous anonymous donations in the year totalling £16,250. The designated Prosthetics Fund has been actively deployed in the year expending £33,250 (2024 - £26,566). The Trust contributed £16,250 to enable Open Bionics to provide a hero arm for a deserving young person, £12,000 towards the Big Hero three campaign and donated a further £5,000 to support Koalaa's Project Limitless in the provision of upper limbs. Voces Cantabiles, an educational charity involving a youth choir was supported during the year with £4,500 (2024 £4,645), £2,000 of which was expended from previous generous legacies. Two new legacies totalling £2,958 were received in the year from the estates of liverymen. A further grant of £28,500 (2024- £27,500) was paid to the Company's related charity, the Worshipful Company of Glovers of London Charitable Endowment. This sum represented the value of donations made during 2024-25 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 2025** 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 Cazenave 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** 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. ## **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 2025, the charity's total reserves held in the unrestricted general and designated funds totalled £899,461 (2024 - £861,676). The amount of uninvested reserves held for charitable distribution was £53,195 (2024- £26,484). ## **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 4 ## **THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **YEAR ENDED 5 APRIL 2025** |**YEAR ENDED 5 APRIL 2025**||| |---|---|---| |Notes
INCOME
Donations
Legacies
Income from fundraising events
Bank interest
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 /(Loss) on revaluation of investments
7
NET MOVEMENT IN FUNDS
TOTAL FUNDS AT 6 APRIL 2024
11
TOTAL FUNDS AT 5 APRIL 2025|**General**
**Designated**
**Total**
**Funds**
**Funds**
**Funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
59,739
16,250
75,989
-
2,958
2,958
-
66,109
66,109
59,739
85,317
145,056
749
-
749
34,649
-
34,649
95,137
85,317
180,454
62,930
35,250
98,180
28,500
-
28,500
2,040
-
2,040
93,470
35,250
128,720
2,507
-
2,507
95,977
35,250
131,227
(840)
50,067
49,227
(11,442)
-
(11,442)
(12,282)
50,067
37,785
834,262
27,414
861,676
821,980
77,481
899,461|**General**
**Designated**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
52,129
-
52,129
-
-
-
-
-
-| |||52,129
-
52,129
547
-
547
34,941
-
34,941| |||87,617
0
87,617| |||53,373
32,711
86,084
27,500
-
27,500
1,980
-
1,980| |||82,853
32,711
115,564
2,368
-
2,368| |||85,221
32,711
117,932| |||2,396
(32,711)
(30,315)
48,058
-
48,058| |||50,454
(32,711)
17,743
783,808
60,125
843,933| |||834,262
27,414
861,676| 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** ## **AS AT 5 APRIL 2025** **----- Start of picture text -----**
Notes 2025 2024
£ £ £ £
INVESTMENTS 7 846,266 835,192
CURRENT ASSETS
Debtors 8 20,163 13,233
Cash at bank 42,100 21,318
62,263 34,551
CREDITORS FALLING DUE
WITHIN ONE YEAR 9 (9,068) (8,067)
NET CURRENT ASSETS 53,195 26,484
NET ASSETS 899,461 861,676
FUNDS
GENERAL FUND 11 821,980 834,262
DESIGNATED FUNDS 10 77,481 27,414
899,461 861,676
**----- End of picture text -----**
Approved on behalf of the Trustee: 6 ## **THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** ## **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 ReportingStandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)' and the Charities Act 2011. The presentational currency of the financial statements is Pound Sterling. ## 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 forwhen ## 2.2 EXPENDITURE AND LIABILITIES Liabilities are recognised once there is a legal or constructive obligation to pay andsettlement 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 S APRIL 2025 CHARITABLE GRANTS (GENERAL AND DESIGNATED) 2025 2024 GLOVES AND GLOVE RELATED PROJECTS Gloves for honEless charities London College of Fashion Glove Desijn CoMpetit￿n - prizes The Pace Centre Thames Hospi MCC Foundath)n othe￿ £1,500 and under 8.180 3.810 1.500 1.500 1.000 4.000 9,943 4.333 2.200 2.250 1.500 1,000 3.500 9,462 CHARITABLE GRANTS King Edward's School. Wtley- bursary Sybil Elgar School City of London School- bursary St Paul's Cathedral School- bursary Rhythm Studio Academy Lord Mayorfs Charities Church of St Margaret. Lothbury vo￿5 Cantabiles London's AirAmbulance Charity Others £1.500 and under 6.000 4,000 6.000 5.500 6,000 6,000 2.500 2,000 2.000 2.500 2,000 5.997 2,000 2.000 1.500 2,000 4,128 DESIGNATED FUNDS Prosthetics- provision of devi(xs Voces Cantabiles Winchester Project 33,250 2,000 26,566 3,145 3.000 98.180 86.084 GRANT TO CHARITABLE ENDOWMENT The amount of £28.50012024- £27,500) represents the value of donations made to and held by the charity during 2024-25 but intended by the donors to be hekl for the k)ng term to grow the Company's charilable funds. Accordingly. the TTUStee consKlered it approriate th8t they be nsferred to the Charttable Endowment. TRUSTEE The Trustee recewed no reMUneral￿n forservi￿$ (2024-£nH}. No expenses (2024-£nil) have been reimbursed to the Tnjstee orto Mernbe￿ of the charitab￿ Twst Board. GOVERNANCE COSTS 2025 2024 Independent examinetrs fee Bank and othercharges 2,040 1,968 12 2.040 THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 INVESTMENTS 2025 2024 Market vafue at 6 April 2024 Addition Sale pro￿edS Gainl{Loss} on r8valuatKJn 834,620 25,000 (4.679) 11.442 843 499 789,256 12,694} 48,058 834 620 Cash wth Investment Manager Martet value at 5 Apr￿ 2025 2.767 846.266 572 835 192 The charrvs investments comprtse: Market Value Market Value 1.473,875 Cazenove Charity NURS Fund Class S unfts- GBP income Cash 843,499 2.767 846,266 834,620 572 835 192 Market value at 5 April 2025 846,266 835.192 DEB TORS 2025 2024 Gffl Aid w￿chesterd0￿at￿n - paid on behalf of Endowment Ex8minerfs fees - paid on behalf of EndowTn8nt Prepay￿nt 14,259 3,000 2,904 10,875 1,908 450 20.163 13.233 CREDITORS FALLING DUE WITHIN ONE YEAR 2025 2024 Grants payab18 Accruals - Ex8miner fees Legacy due to EndownEnt 1,408 2.660 5.000 9.068 5,468 2.599 8.067 DESIGNATED FUNDS 2025 2024 Prosthetics Balance al 6 April 2024 Income in year Expenditu￿ in year Balan￿ at 5 April 2025 21,329 82.359 33,250 70.438 47,895 26.566 21,329 Education Balance at 6 April 2024 Income in year- legacies Expenditure in year Balance at 5 April 2025 6.085 2,958 2.000 7.043 12,230 6.145 6.085 Total designated funds at year end 77.481 27.414 The Prosthetics fund comprises funds raised for the purpose of providing prosthet dev￿eS to assisl benefKiaiies' lives. The Education lund is held for general educatK)nal puwoses. 10 **THE WORSHIPFUL COMPANY OF GLOVERS OF LONDON CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** |11
GENERAL FUNDS
Balance at 6 April 2024
Net movement in funds
Balance at 5 April 2025|**2025**
**£**
834,262
(12,282)
821,980|**2024**
**£**
783,808
50,454| |---|---|---| |||834,262| ## 12 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, £28,500 (2024- £27,500) was paid to the Endowment by the charity representing the value of donations made to the Trust during 2024-25 but intended by the donors to be held to grow the Company's charitable funds. 11 **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 2025** I report on the accounts of the Charity for the year ended 5 April 2025, 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: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 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. Stevenson FCA Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD '1...:=J _t_ \\ _I_ 202s 12