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 Fu￿1
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 a￿1
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 dISab￿d
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 beha￿of
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
3￿38,661
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 Cred￿ed
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).