THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED TH 30 SEPTEMBER 2023 Charity Registration Number 288646
THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND Key Informatlon Charity Number: 288646 Prlnclpal Offlce: PO Box 73635 London SW14 9BY Corporate Trustee: The Master, Wardens and Commonalty of the Art and Mystery of the Needlemakers of London la company incorporated by Royal Charter) operating as the Worshipful Company of Needlemakers Members ofthe Charity Committee: Past Master- P Goldberg OBE Ichairpersonl (appointed 27108120201 The Master- J Mill (appointed 02110120191 Senior Warden- T M Foulkes lappointed 02110120201 Junior Warden - Dr S Sumners (appointed 06110120221 The Immediate Past Master- P Law Iretired 06110120221 Assistant- 5 Bentley (Honorary Treasurer) Assistant- N Macrae I retired 06110120221 Assistant- D Taylor I retired 06110120221 Assistant- T Pattison Irepresentative of Investment Oversight Group) lappointed 30109120211 Liveryman - R Dawes (retired CIS110120221 Liveryman - D Brooks-wilson (retired 06/10120221 Liveryman - D Staples lappointed 02110120201 Liveryman- V Hamilton (appointed 01/10/20211 Liveryman - A Farr (appointed 06110120221 Liveryman- M Francis (appointed 06110120221 Key Management Personnel: Clerk- F Sedgwick Investment Managers: Quilter Cheviot Limited One Kingsway London WC2B 6AN Independent Examlner: D.C.S Nelson FCA Tudorjohn Limited Nightingale House 46-48 High Street Epsom Surrey. KT17 IHQ Bankers: Lloyds Bank PLC 113-116 Leadenhall Street London EC3A 4AX
THEWORSHIPFULCOMPANY OF NEEDLEMAKERS CHARITABLE FUND TRUSTEE'S REPORT FOR THE YEAR ENDED 30- SEPTEMBER 2023 The Trustee presents its report of the independently examinedf inancial statementsfortheyearended 30 September2023. Strurturel govemance and management Governingdocument The Charity is a charitable trust established by Trust Deed dated 16 December 1983, the Deed was amended by the Charity Commission Scheme dated 4 January 1988. The Charity was originally established to administer f unding provided by the Worshipf ul Company of Needlemakers (the Company) and f rom the re5iduary bequest of Past Master Charles Crossingham who died in 1952. The main purpose of the Charity is to administer the charitable activity of the Company. Since the charity was established it has raised considerable f unds from Liverymen of the Company to increase its investment f unds generating income to increase charitable activity- The Company is the sole trustee of the Charity Ithe Trusteel. Organisatlonal structure As the Trustee is a corporate entity, the decisions of the Charity are made bythe Court of thecompany which is advised bythe Charity Committee. The Court appointsthe members of the Charity Committee for a three-year term. The Master Needlemaker and the Wardens automatically sit on the Charity Committee. The members of the Charity Committee forthe yearended 30, September 2023 are set out on the previous page. The Charity Committee meets four times a year and.. considers grant applications,. considers nominations for grants received from the Masterand the Honorary Chaplain of the Company,. reviews reports from the Investment Oversight Group of the Company in respert of the f unds held by the Charity and the money available for grants,. receives and reviews reports from previous grant recipients,. provides a report and recommendations to the Trustee. The Court met four times during the year as Trustee of the Charity, considered the reports from the Charity Committee and reviewed grants recommended by the Charity Committee. It approved the grants recommended by the Charity Committee after detailed consideration. The investments of thecharity are managed by Quiltercheviot and the investments are reviewed with Quilter Cheviot by the Investment Oversight G roup of the Finance and General Purposes Committee of the Company in addition to the Trustee. On 6, October 2022 Mr John Mill became Master, Mr. T. Michael Foulkes as Senior Warden and Dr. SLJsan Sumners as Junior Warden. The recommendations of the Charity Committee in relation to grants were considered bythe Trustee at each meeting. The approval of the grants recommended by the Charity Committee was minuted
by the Trustee in the minutes of the Company and the Honorary Treasurer of the Company was instructed to make grants in accordance with the schedule of grants approved by the Trustee. Tr administration of grants was undertaken by the Clerk to the Company. The financial records of the Charity were maintained during the yearended 30, September 2023 by Mr Simon Bentley as Honorary Treasurerto the Company. Internal controls, appropriate fora charity of this Size, have been put in place to protect the f unds and investments and to ensure their proper application. Appointment of the Tw5tee The Charity has a sole corporate trustee as set out in the Scheme issued by the Charity Commissi)n for the Charity on 4 January 1988. The members of the Court of the Company as the personification of the Trustee are subjertto the f it and proper persons test when they are appointed tothe Court as they are deemed to be people who exercise general control and management of the Charity's assets. All members of the Court and the Clerk are required to read HM Revenue & Customs basic guides for charity managers and sign the declaration forfit and proper persons. The Charity Committee members are also required to read the guidance notes issued by the Charity Commission and are provided with publication CC3 and related materials. Objertives and Artivitie5 The Charlvs Objert The charitable objert of the Charity is to f ulf il for the public benef it such charitable purposes as the Court of Assistants of the Worshipful Company of Needlemakers may f rom time-to-time resolve. Ouraims Our aim is to make grants conf ined to areas associated with the Needlemaking industry (along with such professions andlor industries which use needles), the training of users of needles such as surgeons and nurses,. the City of London, and Education. This includes grants to the Lord Mayor's Fu1 and the Masterfs chosen charities and a grantto an organisation nominated by the Honorary Chaplain of the Company Ithe Lord Bishop of Southwarkl. Our objertives The objective of the Charity is to ensure that all grants provide a public benefit and that grants are provided to: SUPPOrt individuals in professions connected to needles in the development of their knowledge, forexample, heatthcare professionals, engineers connetted to needlemaking a1 those using needles,. provide 5UPPOrt to children in need connected to the City of London or attending schools in or connected to the City of London- support the fabric of the historic buildings of the City of London: and SUPPOrt charitable institutions of the Ctty of London. The members of the Charity Committee are provided with the guidance contained in the Charity Commission'5 general guidance on public benef it and refer to such guidance when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Endowments The Charity holds two endowments: the General Endowment,. and the Frederick Milward Scholarship Fund. The income of the General Endowment is unrestrirted and is used to fund the general charitable activities of the Charity. The income of the Frederick Milward Scholarship Fund is restricted to the provision of bursaries and scholarships to students from Redditch undertaking undergraduate studies in STEM subjerts. The income has not been sufficient to make appropriate grants a nd has been held as a restricted fund. Investments There are no specif ic investment powers or restrictions in the Trust Deed. The Charity operates withri the powers granted by the Trustee Act 2(KK) in making decisions in relation to investments. The managementof the investments is delegated to expert investment managers on behalf of the Trustee. Regular reports are provided by the Investment Manager to the Trustee. The investments are managed bythe Company's Finance and General Purposes Committee, which is advised by the Charity's Investment Oversight Group. The Investment Fund is invested in a spread of investments (see note 2to the accounts) to meet the policy of investing on the basis of balanced I medium to higher risk with regard to the overall rate of return in capital growth and income. The endowmentfunds are invested to ensure thatthe value of the investments is maintained while ensuring that income is generated. The portrolio is reviewed regularly by the investment adviser and the Finance and General Purposes Committee of the Trustee. Changes are made taking into account the advice of the investment adviser. Duringthe previous year, the funds were moved to a collective investment scheme operated by Quilter Cheviot as planned. The Trustee aims to grant income generated f rom investments but may also make grants from capital or current donations. The portfolio comprised of investments valued at £3,038,661 and cash of £0 at 3tr September2023. There was an increase in capital value of the investments of £85,744 see Note 2 of the accounts. Review of grant making pollcv The Charity carries out its objectives by providing grant5 to a significant number of individuals and organisations. The Trustee is f ully satisfied thatthe Charity operatesforthe widerpublic benefit in all that it does in its charitable activities. During the year, building on work already done, the Charity Committee review ed the charitable giving that was ongoing or which was coming to the end of its funding cycle li.e. multi-yearf ixed term grants were not subject to review). The purpose was to assess if it was still relevant, to ensure that it was meaningful tothe recipients, whetherany changes needed to be made and how the impact should be reported to Liverymen.
Achievements and performan The Charity achieved its objettive of making grants in the fields of.. education,. welfare,. the fabric of the historic buildings within the City of London- and focused use of needles and related industry. Education In terms of education, the Charity continued to f und or part fund, bursaries at- City of London School for Girls Christ's Hospital,. and King Edward's School, Witley. The Charity does not have the skills to assess bursary students or need, therefore, the Charityworks with the Schools to identrfy suitable candidates and the relevant schools undertake the required assessment of need and recommend students to the Charity for approval. In relation to- Christ's Hospital the funding for the current pupil was provided as a single grant at the commencement of the pupil's education with the School. The Master has met with the pupil and reports are provided by the School as to progress and the child is deve loping and enjowng the school- King Edward's School, Witley - the Charity worked with the Royal Springboard Children's Foundation to jointty fund the bursary for a pupil in the 2018119 financial year. Continued Fundingfrom the school, the Charity and Royalspringboard allowed the child to board during term time to ensure that the child was properly supported. Royal Springboard f unding also covered the costs of extra-curricular activities. Again, the Master has met the child and reports that the child is developing well at the school. Overall, the bursaries help individual young people in difficult f inancial circumstances achieve their full potential and develop into the community, providinga wide public benefitto their communities. We are also seeing a trickle effectwhich encourages a numberof those connected with the recipients of the bursaries to develop in education, this ranges from parents of the supported children to other children in the community. The Charity values its association with TreloarSchool and College which provides education to dISabd young people. The Charity provides a grant for the general charitable purposes of the school. In addition funding has been provided for two members of staff to undergo further specialist training which they will pass on to other members of staff. Historically, the Charity has been associated with manyschools and provides small prizes consisting of an inscribed book and cash prize of up to £50. This encourages children to pursue education and develops a knowledge of the charitable activities of the Charity. The annualwoodwind competition concert and prize giving atthe Guildhall School of Mu51C took pla as planned. The Charity has provided supportforsome years forextra-mural activitiesfor the pupils of Old Palace School, which is located in an area of London of great deprivation. G rants, especially for education, are made for an average period of three years. At the end of that time the outcomes are reviewed and the grant may cease or be renewed for a further term. The
support foran apprentice at WM Smith and Son was paused in an earlier year and the apprentice has not yet been replaced. Needle Focused Grants We have subsequently continued oursupport of the work of Fine Cell Work, which works with prison inmates to provide needle related skills which provides support within prison and transferable skills which may be used following their release. The Charity has continued to provide grantsto the Royal College of Surgeons and the Royal College of Nursing Foundation to provide specialist training bursaries for medical professionals who would not otherwise be able to afford the training courses. This is to develop surgical and nursing skills for the general benefit of the public. The Master, Wardens, Clerk and Chairperson of the Charity Committee were able to attend a Zoom meetingwith the President, teachingstaff and the bursary winners atthe Royal College of Surgeonsto hearthe progressthat has been made.A report has been provided to the Company's liaison with the Royal College of Nursing Foundation regarding the awards made during the year. The respective colleges undertake the assessment of need. Studygrants were also provKled to City University School of N ursing. Given the engineering origins of the Needlemakers Company encouragement is given to the development of those working or seeking to work in STEM subjects. Support is given to students studyingfor City and Guilds qualif ications and also a programme of two-yearbur5aries forArkwright scholars to support and encourage high school students in STEM subjectswith a viewto developing a career in engineering/technology. It is experted that the number of Arkwright scholarships will be increased in the following year. The Smallpeice Trust which administers the scholarships provides excellent support and development opportunities for the students. By virtue oAOffice and City of London The Honorary Chaplain requested that a grant be made to his di5cretionaryf undto allow emergenLy funding in his diocese. The Charity was delighted to make this award to assist the Lord Bishop in relieving poverty and other needs in his diocese. The Charities chosen by the Master to receive grants were divided equally between Thrombosi% U Royal British Legion and Museum of London Ibanners project). The Charity also provided grants to the Sheriff'sand Recorder's Fund and the Guildhall School of Musr and Drama. Funding was also provided for welfare of people in the City of London. How our artivities deliver public benefit The Charity is delighted that its grants created a positive impact on the lives of numerous people. The training provided in engineering and health will assist people for many years to come. The Charity makes grants to a wide range of Benef iciaries for Education, Religious, Welfare and other purposes recommended bythe Charity Committee. The Trustee considers that these grants, set out in detail under Note 3 to the financial statements, provide benef its to the wider community. As can be seen from above. the public benef it that has been provided includes.. relief of poverty of those in need; the development of educational skills for those in need,. the development of surgical and nursing skills,. rehabilitation of offenders and provision of new skills to assist following a jail term redu reoffending rates and 5UPPOrting those in need;
relief of those in need as a result of disability- ensuring the conservation of heritage and the historic fabric of the City of London; preservation of historic artefacts for the knowledge of the public,. development of training roles in STEM subjects to ensure continued development in this importantarea.and ensuring that historic skills are recorded, understood and records are maintained for posterity. Financial review Results forthe year Income for the year was generated through.. bequests - £20,(m12022.' nil) donations received f rom Liverymen of the Company amounting to £14,12512022: £12,210) tax recoveries £3,53112022.. £3,0521- investment income of £95,79112022: £93,557) and other income of £nil12022'. nil) The value of the Net Assets amounted to £3,165,530 in total at the end of the year, an increase of £121,958 over the previous year. The net deficit of the Unrestricted General Fund for the year was £1,70912022: surplus £9,308). Investments are reviewed annually. It was noted that the value of the investments decreased f ollowing the effects of the economic uncertainties and world events in the markets. Grants expendttureduringthe year pernote 3 was £97,23212022.. £93,9871 and detailed on pages 16 and 17. In 2018119, commitments of £8,(JJJ per annum for 7 years to King Edward's School and £9,880 per annum (increasing f urtherf rom September20231 to the Arkwright Scholarship were made and these are ref lerted in the accounts. As can be seen fromthe f igures there has been a small increase in donations from Liverymen belmeen 2022 and 2023. The Chairperson of the Charity Committee is reviewing artions which can be undertaken to increase regular donations to the Charity. It is the aim of the current Chairperson of the Charity Committeeto undertakework to increase regukir donations to the Charity. Funding sources In this year, the principal sources of funding were.. donations from a variety of Sources including Liverymen of the Company from former Liverymen ofthe Company,. and investment income. Historically. the principal f unding of the Investment Fund has come f rom legacies and donationsfrom people connected to the Company. The Charitywas originally established to administer funding from the Company and a bequest of Past Mastercharles Crossingham who died in 1952. subsequent the following f unds were incorporated into the Charity
The Lewis Bayman Charity The Hargreaves-Beare Charity The G H Corbett-m ilward Memorial Fund The Joyce Elizabeth Dangerfield Prize Fund The Alexander Dudgeon Legacy The AJ P Griggs Memorial Fund The HuEh George Exhibitions Fund The Frederick Milward Scholarship Charity A gift of £5Q),OCtJ was received f rom'The Chamberlain Foundation, and was added tothe Investsment Fund a number of years ago. Other gifts received f rom time to time have also been added to the capital fund. During the year 201712018, a Liveryman bequeathed the sum of £2SO,O(K) to the Charitable Fund, this will be invested in the short term and the capital value will be expended over time on appropriate projects. In this financial year, the sum of £20,000 was received from a legacy and has been applied in 3 similar manner. Investment Policy. Objectives and Restrictions From the outset, donations and legacies recenied have been credited to the Investment Fund forthe purpose of building up a suff icient amount in the Investment Fund togenerate enough income from the Charitable Fund's investments to coverthe charitable grant making of the Company. In addition. any appreciation of the underlying investment5 has also been deemed to be part of the Investment Fund. When f und5 are recewed by the Charity, the Trustee reviews the f unds, takes advice and either allocates them to the Investment Fund or directs that the funds are made available to the Charity Committee for application to appropriate grants. The f unds included in the I nvestment Fund of the Charity are intended to be kept for the long term with only the income being distributed. Therefore, an extremely long investment perspective has been taken. The objective is to maximise the long-term f low of income in real terms Wlth due regard to risk. A balance ha5to be struck between the interests of the present and f uture generations of benef iciarEs therefore part of the assets may be invested for a higher immediate income. Prior regard has to be given to risk which is why an elementof diversification is required. The portfdK) is managed on a balanced / medium to higher risk discretionary basis, with a balanced investment objective and a time horizon in excess of five years. The costs of management need to be kept to a minimum as these have to be taken out of income. However, we have to be seen to have taken proper advice as well as having someone to hold our investments. Employees and Volunteers The Charity has no employees and the administration services provided by the Clerk are donated by the Company. All other activities are undertaken byvolunteers. Therefore,there are no supportcosts incurred in respect of the Charity's activities. The Charity is operated by volunteers sourced through the Company. The Charity has been assisted by approximately 30 volunteers during the year as.. members of the Charity Committee,.
appointed links between the Charity and the grant recipients and benef iciaries- the Honorary Treasurer. The Chairperson of the Charity Committee would like to thank her predecessorand all othermembers of the Charity Committee for their assistance during the year along with those volunteers acting as the link between the Chartty and the beneficiaries. The Chairperson also wishesto thankthe Clerk for her work throughout the year. Risks and Uncertainties At present, the Charity is not reliant on donations income and can continue to make signif icant grants f rom investment income in a standard year. The key risks to the Charity are.. events which impart on the world financial systems reducing both the capital value of the investments of the Charity and potentially income- Liverymen in the Company not providing additional donations; Liverymen in the Company not leaving the Charity legacies. Systems are in place to protett the Charity and its assets against fraud and training is undertaken for all those with f inancial access to ensure that the impact of fraud will be limited or eliminated. Fundraislng The Chartty engages in limited fundraising outside of the Company and does not solicit public donations. The Charity is not a member of the Fundraising Regulator but is aware of its policies and procedures and ensures that it does not engage donorsto give more than they can afford and works to ensure that donors are supported. Reser4es Policy The Charity has considerable investments which allow it to undertake its work. These are caref ully managed to ensure that inf lation does not reduce the value of the investments and the impact of the Charitv. The costs of the Charity are limited to the fees of the investment manager. All othercosts are met by the Company as a donation in kind. Therefore, the need for reserves to coverthe costs of the Charity is limited. A reserve of £20,(YJO is maintained for these purposes. It is the intention of the Charity that it is always in a position to make annual grants. Situations may arise where there are no annual donations received and there is limited investment income. In such cases grants can still be maintained and the Charitygenerally retains additional cash of approximate £70,(M)O to allow it to make grants even if income is disrupted. Approval and Commlttees This report was prepared by the Chairperson of the Charity Committee and the Honorary Treasurer for the Trustee. The Charity Committee reviewed the text of this report for accuracv. ststement of Responsibilities The Trustee has resolved that financial statements are prepared for each financial year which give a true and fair view of the State of affairs of the Charitable Fund and of the income and expenditure of the f und forthat period. In preparingthose financial statements, the Charity Committee, on behaof the Court, is required to..
Select suitable accounting policies and then apply them consistently- Make judgements and estimates that are reasonable and prudent,. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustee, supported by the Charity Committee, is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the f inancial position of the charity and enable them to ensure that the accounts comply with relevant legislation. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventIC and detertion of fraud and other irregularities. The day to day handling of these matters is dealt with by the Clerk and the Treasurer on the Trustee's behalf. Signed on behalf of the Tw5tee on July2024by MrT. Michael Foulkes, Master Dr Susan Sumners, Seniorwarden Mr Nlck Macrae, Junlorwarden
THE WORSHIPFULCOMPANY OF NEEDLEMAKERS CHARITABLE FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE I report to the charity trustee on my examination of the accounts of The Worshipful Company of Needlemakers Charitable Fund Ithe Trust) for the year ended 30 September 2023. Responslbllltles and basls of report As the charity trustee of the Trust you are responsible for the preparation of the accounts in accordance wf(h the requirements of the Charities Act 20111'the Act'l. I report in respectof my examination of the Trust's accounts carried out undersertion 145 of the Art and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independentexaminer's statement I have completed my examination. I conf irm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting recordswere not kept in respett of the Trust as required by sertion 130 of the Act,. or the accounts do not accord with those records. or the accounts do not comply with the 3pplicable requirements concerning the form and contentof accounts set out in the Charities (Accounts and Reports) RegulatDns 2008 other than any requirementthatthe accounts give a true and fair view whith is not a matter considered as part of an independent examination. I have no concerns and 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. D.C.5. Nelson FCA Tudor John Limited N ightingale House 46-48 East Street Epsom Surrey KT17 IHQ Date.. 12
THE WORSHIPFULCOMPANY OF NEEDLEMAKERS CHARITABLE FUND BALANCE SHEET AS AT 30- SEPTEMBER 2023 Note 2023 2022 Investments at Market Value Funds held by investment manager 338,661 2,927,917 3,038.661 2,927.918 Current Assets Debtor5 Bank bèlance 33,258 135,471 33,258 115,752 Total Current Assets 168,729 149.010 Current Liabilities Iless than I year) 123.9801 112,7561 Lon8 Term Llablllties (greater than I year) 117,8801 126,869 120,6001 115,654 NET ASSETS £3.16S,S30 £3,043,572 The Funds of the Charitv Permanent Endowments.. General Endowment Milward Endowrnent 598,797 8,385 580,857 8.134 607.182 588.991 Restricted Funds: Milw8rd Fund 2.158 1,890 Unrestricted Funds.. Investment Fund General Fund 2,502,302 53,888 2,397,094 55,597 2,556.190 2.452.691 £3,165,530 £3.043,572 Adopted bythe Trustee on........July2024 T. Michael Foulkes Master on behalf of the Trustee P Goldberg OBE Chairperson, Charity Committee
I
THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND NOTES TO THE FINANCIALSTATEMENTS YEAR ENDED 30Th SEPTEMBER 2023 Accounting Policies These financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statementof Recommended Practice applicable to charities preparingtheiraccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The preparation of f inancial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies selected for use by the C harity. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ f rom such estimates. lal The accounts are drawn up on the historical cost basis of accounting modified to allow investments to be shown at market value. Ibl The increase or decrease in the value of the investment portfolio over the year 15 Creded or debited as 'Unrealised Investment Appreciation" in the relevant Funds. Icl Income is accounted for when receivable. Idl Donations recewed and related tax recoveries are credited to the Designated Investment Fund. The Trustee reviews the f unds, takes advice and either allocates them to the Investment Fund or directs that the funds are made available to the Charity Committee for application to appropriate grants. lel Grants payable are accounted for when approved by the Court of the Company. If l All governance costs are met by the Company. Igl Financial instruments The f inancial instruments held bythe charity are investments, debtors and creditors. These are categorised as 'basid in accordance with Section 11 of FRS 102 and are initially recognised attransaction price. Investments are subsequently measuredatfair value, based upon market price, and changes in fair value recognised in the Statement of Financial Activities. Otherfinancial instruments are subsequently measuredattheirtransaction price less any impairment. Ihl Critical judgements and estimates No othercritical judgements orestimates have been made by the Trustees in applying the charity's accounting policies.
I Investmentsummaryforthe year 2023 2022 Market value at 1st October 2022 Purchases Oisp05als at cost Gain/lDeficitl on unrealised investment appreciation At 30th September 2023 2,927.917 25,000 3,206,613 168.423 145.3751 1401.7441 £2.927,917 85,744 £3,038,661 Investments at cost Market value Unrealised Idepreciationl / appreciation 3,040.749 3,038,661 1£2,0881 3,015,749 2,927,917 (£87,832) Grants Paid and Payable 2023 2022 Education City of London School City of London School for Girls City of London Freemans School City University- Hardship Fund Christ's H05Pltal School City & Guilds of London Institut The Royal Masonic School for Girls, Rickmansworth Book Prizes Guildhall School of Music & Drama Iwoodwind Prize) Royal School of Needlework Old Palace School Quilt and Stitch Village Lady Eleanor Hollis School King Edward's School, Witley Royal College of Art Treloar School Guildhall School of Music & Drarna Welfare of Students Trinity High School Universify Educ8tion 35 7,000 600 2,000 600 6,500 loo 350 750 5,000 10,000 250 5,000 4,000 600 6,500 loo 150 600 5,400 7,000 250 50 10,160 S,867 3,500 1,500 1,500 250 soo £40,802 £45,310 Rellglon St James, Garlickhythe St Paul's Cathedral Trust St Paul's Copes restoration for Jubilee Exhibition United Guilds Service Trustees 500 500 500 10,000 200 200 £1,200 £10.700 Welfare Sheriffs, & Recorder's Fund Royal British Legion City Branch Poppy Appeal Clergy Support Trust St George The Martyr Pembroke College Cockpit Arts 1,500 soo 200 5,000 1,000 1,500 1,500 200 5.000 £8.200 £8,200 16
Grants pald and Payable Itontlnuedl Focus Grants Fine Cell Work Royal College of Surgeons of Eng13nd Royal College of Nursing Foundation The Arkwright Scholarship Garden of Remembrance Needle Museum Royal College of Nursing - prize HMP Lowdham Grange HMS Trent Museum of London St Cecelia 27F Squadron The Third Battalion, the Prince of Wale5 Royal Regiment 3,080 7,000 7,000 11,200 190 2.000 5,000 5,000 6,600 190 3.000 400 1.000 1,000 3,700 150 587 400 150 607 400 £31,027 £27,627 By Virtue of oifice Lord Mayor's Charity Appeal Master's Charities Hon. Chaplain's Charity 8ishop of Southwark Discretionary Trust 3,000 I,soo 3,000 £7,500 3,000 3,500 3,000 £9,500 Grants paid in the year Grants provlded In earller years. pald In year Grants provided in earlier years, reversed Grants provided in current year. to be paid in future years TOTAL GRANTS 88.728 9.250 13.5061 21.260 £97,232 101,337 116,6001 9,250 £93,987 Current Liabilities (Falling due in less than l year) 2023 2022 Grants approved but not yet paid TOTAL LIABILITIES 23.980 £23,980 12,756 £12,756 Long Term Liabilities (Falling due in 2 to 5 years) 2023 2022 Grants approved but not yet paid TOTAL LIABILITIES 17,880 £41,860 20,600 £33,356 Permanent Endowments General 580,857 Milward 8,134 General 664,276 638 84,057 580057 Milward 9,302 Balance at 01 October 2022 Gain on Disposal of investments Unrealised investments Gain/lLos51 Balante at 30 September 2023 17,940 598,797 251 8,385 1,177 8,134
The General Endowmentwas established bythe Trust Deed dated 16th December 1983 as amended by a Charity Commission Scheme dated 4, January 1988. Underthe terms, its income is to be applied for such charitable purposes as the Court of Assistants of the Company may from time to time resolve. Accordingly, related investment income is added to the Unrestricted Fund. The F Milward Endowment, originally registered with the Charity Commission in 1962, was established to provide a scholarship, tenable at a university, for pupils attending Trinity High School, Reddttch. No awards have been made this year12022.. Same) & Unre5trirted Investment Fund 2023 2,397,094 37,656 2022 Balance at 01 October 2022 Net Income from donations Gain on Disposal of investments Unrealised investments Gain / (Lossl Balan¢e at 30 September 2023 2.705.941 5,262 2,401 1316,5101 2,397,094 67,552 ZS02.302 Though Unrestritted, the Trustee currently intend s to retain this Fund for the f uture benefit of the charity. Income arising from the Fund is used for such charitable purposes as the Trustee determines. This Fund has accumulated as donations and legacies received over the years have been credited for the purpose of building up a suff icient balance to generate enough income from the related investments to support the cost of charitable grant making. Any a ppreciation of the underlying investments has also been deemed to be part of the Fund. Trustee's Remuneration and Expenses During the year, no Trustee recewed any remuneration nor expenses12022- none). & Related Partles The Company bears the costs of the Clerk and the Independent Examiner when working on behalf of the Charity. It is estimated thatthis is l(YA and 65% respectively £6,07512022.. £5,230). There were no related party transattions12022: none).