THE WORSHIPFUL COMPANY OF NEEL)LEMAKERS CHARITABLE FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED TH 30 SEPTEMBER 2024 Charity Registration Number 288646
THE WOR5HIPFULCOMPANY OF NEEDLEMAKERS CHARITABLE FUND Key Information Charity Number: 288646 Principal Office.. PO Box 73635 London SW14 9BY Corporate Truitee: 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 Needlemake¥s Member5 of the Charlty Committee., Past Master- P Goldberg OBE IChairper50nl lappointed 27108120201 The Master- TM Foulkes (appointed 02110120201 Senior Warden - Dr S Summers lappointed 06110120221 junior Warden- N Macrae (appointed 051101231 The Immediate Past Master- J Mill (appointed 02110120191 Ass15tant- S Bentley (retired 051101231 Assistant- M Scotchmer lappointed 051101231 A55ISt8nt- D Taylor (Honorary Treasurer) Assistant- T Pattison (representative of Investment Oversight Group) lappointed 30109120211 A5SiStant- C Barrows (appointed OS/IO/231 Liverym8n- C Eltner (appointed 051101231 Liveryman- D Staple5 (retired 05110120231 Liveryman- V Hamilton Iretlred 05110/20231 Liveryman- A Farr (appointed 06110120221 Liveryman- M Fiancis Iretired 17104120241 Key Management Personnel: Clerk- F Sedgwick Investment Managers.. Quilter Cheviot Limited Senator House 85 Queen Victoria Street London EC4V 4A8 Independent Examiner: H Day FCA Bsc Ihonsl DChA Xeinadin Limited Nightingale House 46-48 High Street Epsom Surrey, KT17 IHQ Bankers: Lloyds Bank PLC 113-116 Leadenhall Street London EC3A 4AX
THE WORSHIPFUL COMPANYOF NEEDLEMAI(ERS CHARITABLE FUND YH TRUSTEE'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 20Z4 The Trustee presents its report of the independently examined financial Statements forthe year ended 30 September 2024. Stru£tL¢reJ governance and management Governing document The Charity is a charitable trust èstablished by Trust Deed dated 16 December 1983, the Deed was amended by the Charity Commission Scheme dated 4 January 1988. The Charlty was originally established to administer funding provided by the Worshipful Company of Needlemakers (the Companyl and from thè residuary bequest of Past Ma51er Charles Crossingham who died in 1952. The main purpose of the Charity is to adminSster the charitable activity of the Company. Sir)ce the charity was established it has raised considerable fund5 from Liverymen o* the Company to increase its investment funds generating income to increase charitable activity. The Company is the sole trustee of the Charity Ithe Trustee). Organ153tional structure theTrustee is a corporate entity. the decisions of the Charity are made bythe Court of the Company which is advised by the Charity Committee, The Court appoint5 the members of the Charity Committee for a three-year term. The Master Needlemaker and the Warden5 automatically sit on the Charity Committee. The members of the Charity Committee for the year ended 30 September 2024 are set out on the previous page. The Charity Committee meets four times a year and.. C0115iders grant applications,. considers nominations for grants received from the Master and the Honorary Chaplain of the Company,. reviews reports from the Investment Oversight Group of the Company in respect of the funds held by the Charity and the money available for grants,. receives and reviews reports from previous Erant recipients; provides a report and recc>mmendations to the TTU5tee. The Court met four time5 during the year as TrustÈe 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. Thè investments of ihe Charity are managed by Quilter Cheviot and the investments are reviewed with Quilter Cheviot by the Investment Oversight Group of the Finance and General Purposes Committee of the Company in addition to the TrLEStee. On 5 Octobér 2023 Mr T. Michael Foulkes became Master, Dr Susan Sumners as Senior Warden and Mr Nick Macrae as junior Warden.
The recommendations of the Charity Committoe in relation to grants wérè considered by the Trustee at each meeting. The approval of the grant5 recommended by the Charity Committee wa5 milluted by the Trustee In the minutes of the Company and ihe Honorary Treasurer of the Company was iristructed to make grants in accordance with the schedule of grants approved by the Trustee. The administration of grants was undertaken by the Clerk to the Companv. The linancial records of the Chartty were maintained during the yÈ3r ended 30, September 2024 by the Honorary Treasurer to the Company. Internal controls, appropriate for a charity of this size, have beÈn put in place to protect the funds and investments and to ensure their proper application. Appointment ol the Trustee The Charity has a sole corporate trustee as set out in the Scheme issued by the Charity Commission for the Charity on 4 January 1988. The member5 of the Court of the Company as the personification of the Trustee are subject to the fit and proper persons test when they are appointed to the 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 gEJide5 for charity managers and sign the declaration for fit and proper person5. The Charity Committee membe¥s are a150 required to read the guidance notes issued by the Charity Commission and are provided with publication CC3 and rélatèd materials. Objectives and Activities The Charity's Object The charitable object of the Charity is to fulfil for the public benefit such charitable purposes as the Court of Assistants of the Worshipful Company of Needlemakers may from time-to-time resolve. Our aim5 Our aim is to make grants confined to areas associated with the Needlemaking industry lalong with sltsch profession5 and/or industries which use needle51, the training of users of needles such as surgeons and nurses,. the City of London, and Education. Thi5 includes grants to the Lord Mayor's Appeal and the Mastels chosen charities and a grant to an organisation nominated by the Honorary Chaplain of the Company (the Lord Bishop of Southwarkl. Our objectives The oblective of the Charity is to ensure that all grants provide a public benefit and that grants are provided to.. support individuals in profe5sion5 connected to needles in the development of their knowledge, for example, healthcare professionals, en8ineers connected to needlemaking and those using needles,. provide support to children in need connected to the City of London or attending schools in or connected to the City ot London,. support the fabric of the historic building5 of the City of London- and support charitable institutions of the City of London. The members of the Charity Committee are provided with the guidance contained in the Charity Co¥nmission's general guidance on public benefit and refer to such guidance whèn reviewing the Charity's aims and objectives and in planning future activities and settSng the grant making pollcy for the year.
Endowments The Charity holds two endowments: the General Endowment,. and the Frederick Milward Scholarship Fund. The income of ihe General Endowment is unrestricted and is used to fund the general charitable activities of the Charitv. The income of the Frederick Milward Scholarship Fund is restricted to the provision Df bLJrsaries and scholarships to students from Redditch undertaking under8raduate studies in STEM subjerts. The income has not been sufficient to make appropriate grants and has been held ès a restricted fund. Investments There are no Specific investment powers or restriction5 in the Trust Deed. The Charity operates wlthln the powers granted by the Trustee Act 2000 in making decisions in relation to investment5. The management of 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 by the Company's Finance and General Purposes Committee, which is advised by the Charlty's Investment Oversight Group. The Investment Fund is invested in a spread of investments Isee note 2 to 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 endowment funds are invested to ensure that the value of the investments 15 rllaintained while ensuring that income is generated. The portfolio is reviewed regularly by the investment adviser and the Finance and General Purposes Comrnittee of the Trustee. Changes are madè taking into account the advice of the investment adviser. During the previous year, the funds were moved to a collective investment scheme operated by Quilter Cheviot as planned. The Trustee aims to grant income generated from investments but may also make grant5 from capital or current donations. The portfolio comprised of investments valued 8t £3,442.883 and cash of £35,000 at 30, September 2024. There was an increase in capital value of the investments of £374,222 see Note 2 of the account5. Review of grant making policv The Charity carries out its objectives by providing grants to a significant number of individuals and organisations. The Trustee is fully satlsfied that the Charity operates for the wider publit benefit in all that it does in its charitable Bctivities. Durlng the year, building oll work already done, the Charlty Committee reviewed the charitable givin8 that was ongoing or which was corlling to the end of its funding cycle li.e. multi-year fixed term grants were not stjbject to reviewl. The purpose was to assess if it was still relevant, to ensure that it was meaningful to the recipients, whether any changes needed to be made and how the impact should be reported to Liverymen.
Achievements and performance The Charity achieved its objective of mal(ing grants Sn the fields of.. education- welfare: the fabric of the historic building5 Withill the City of London; and focused use of needles and related industry. Educution In tem)s of education, the Charity continued to fund 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 chartY works wlth the schools to identify suitable candidatès and the relevant schools undertake the required assessment of need and recommend student5 to the Charity for approval. In relation to.. Christ'5 Hospital the funding for the current pupil was provided as a slngle grant at the commencement of the pupil's gducation with the schDoI."Ihe Master has met with the pupil and reports are provided by the school as to progress and the child is developlng and enjoying the school.. King Edward's School, Witley - the Charity worked with the Royal Springboard Children's Foundation to jointly fund the bursary for a pupil in the 2018119 flnanclal year. Continued Funding from the school, thÈ Charity and Royal SprinBbo8rd allowed the child to board during term time to ensure that the child was properly supported. Royal Springboard funding also covered the costs of extra-curricular activities. Again, the Master ha5 met the child and reports that the child is developing well at the school. Overall, the bursaries help individual young people in difficult financial circumstances ach1eve their full potential and develop into the community, providing a wide public benefit to their communities. We are also seelng a trickle effect which encourage5 a number of those connected with the recipients of the hur5aries to develop in education, this ranges from parents of the supported children to other children in the communitv. The Charityvalues its association with Treloar School and College which provides education to disabled young people. The Charity prc>vides a grant ftsr the deneral charitable purpose5 of the school. In addition fundlng 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 bÈen associated with many schools and provides small prizes consisting of an inscrlbed book and cash prize of up to £50. This encourages children to pursue education and develops a knowledge of the charitable activities of the Charltv. The annual Woodwind competition concert and prize giving at the Guildhall School of Music took place as planned. The Charity has provided support for some years for extra-mural activities for the pupils of Old Palace School. whlch Is located In an area of London of great deprivation.
Grants. especially for education, are sometimes awarded on a multi year basis but reviewed allnuallv. At the end of that time the outcomes are reviewed and the grant may ce35e or be renewed for a further term. Needle Focused Grotlts We have subsequently continued otjr support of the work of Fine Cell Work, which works with prls(Jn inmates to provide needle related skills which provides support within prison and transfèrable skills which may be used follrjwing their release. The Char1ty has continued to provide grants to the Royal College of SurEeons 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 beneflt of the public. The Master, Wardens, Clerk and Chaiwerson of the Charity Committee were able to attend a meeting with the President, teaching staff and the bursary winners at the Royal College of Surgeons to hear the progress that has been made. A report has been provided to the Compantys liaison with the Royal College of Nursing Foundation regarding the awards made during the year. The respective colleEes undertake the assessment of need. Study grants were also provided to Clty St George's, University of London Schoo5 of Nursing. Given the engineering origins Df the Needlemakers Company encouragement is Eiven to the development of those working or seeking to work in STEM subjects. Support is given to student5 studying for City and Guilds qualifications and also a proEramme of two-year bursaries for Arkwright scholars to support and encourage high school students in STEM subjects wlth a view to developing a career in engineering/technology. The Smallpeice Trust which administers the schDlarships provides excellent support and development opportunities for the students. We are also establishing a Needlemakers, Award for Advanced Needle Technology which will be a key area for future focus. By virtue oAOSAi¢e ond City olLondon The Honorary Chaplain requested that a grant be made to the All Saints Youth Choir, established in 2022, to a5SlSt in raising aspirations by offering opportunity to young people. The Charity Was delighted to make this award to a5515t 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 Kids Inspire and The Wilderness Foundation. The Charity a150 provided grants to the Sheriff's and Recorder's Fund and the Guildhall School of Music and Drama. Funding was also provided for welfare of people in the City of London. How our 3ctivitle5 dellver publi¢ benefit The Charity ig 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 grant5 to a wide range of Benefi¢laries for Education, Religious, Welfare and other purposes recommended by the Charity Committee. The Trustee considers that these grants, set Oltt ill detail under Note 3 to the linantial statements, provide benefits to the wider community. As can be seen from akjove, the public benefit that has been provided includes.. relief of poverty of those in need; the developmenl of educational skills for those in need,. the development of 5urglcal and nuysing skills,.
rehabilitation of offender5 and provlslon of new skills to assist followine a jall term reduce reoffendimg rates and supporting those in need,. relief of those In need as a result of disabilitvi ensuring the Conservatio of heritage and the historic fabric of the City of London- preservation of historit artefacts for the knowledge of the public,. development of training roles in STEM subjects to ensure continued development in this i¥llportant area,. and ensuring that historic skills are recorded. understood and records are maintained for P05terity. Financlal revlew Results for the year Income for the year wa5 8ener3ted through: bequests - £20,00012023.. £20,000) donations received from Liverymen of the Company amoLJnting to £18,63612023.' £14,1251 tax recoveries £4,38512023'. £3,531) investment income of £102,34912023: £95,791) other income of £IOO12023-. nil) The value of the Net Assets amounted to £3,610,114 in total at the end of the year. an increase of £444,584 over the previous year. The net surplu5 of the Unrestricted General Fund for the year was £26,95512023.. deficit £1,709). Investments are reviewed annually. It was noted that the value of the investmènts increased following an improved year for global markets. Grants expenditure during the year per note 3 was £75,108 12023.. £97,232) and d@tailed on page5 16 and 17. In 2018119, commitments of £8,000 per annum for 7 years to King Edward's School and £9,880 per annum to the Arkwright Scholarship were made. These commitments are nearly complete and are reflected in the accounts. As ¢3n be seen from the figure5 there has been an increase in donations from Liverymen between 2024 and 2023. The Chairperson of the Charity Commlttee continues to review action5 which can be undertaken to increase regular donati0175 to the Charity. It is the alm of the current Chairperson of the Charity Committee to maintain a focus on increasing regular donations to the Charitv. Funding sources In this year, the principal sources of funding were.. donations froth a variety of sources including Liverymen of the Company frc>m former Liverymen tsf the Company,. and investment incorne. Historically. the prlncipal funding of the Investment Fund ha5 come from legacies and donations from people connected to the Company. The Charlty was originally established to administer funding from the Company and a bequest of Past Master Charles Crossingham who died in 1952, Subsequently the following funds were incorporated into the Charity
The Lewis Bayman Charity The Hargreaves-Beare Charitv The G H Corbett-milward Memorial Fund The joyce E5izabeth Dangerfièld Prize Fund The Alexander Dudgeon Legacv The A J P GrlEgs Memorial Fund The Hugh George Exhibitions Fund The Frederbck Milward Scholarship Charity A gift of £500,CK)O was received from 'The Chamberlain Foundation, and was added to the Investment Fund a number of yéars ago. Other gifts recelved from time to time have also been added to the capital fund. During the year 201712018, a Liveryman bequeathed the sum of £250,000 10 the Charitable Fund, thls will be invested in the short term and the capital value will be expendÈd over time on appropriate projects. In thi5 financial year, the sum of £20,000 was received from a legacv and has been applied in a similar manner. Investment Policy. Objective5 and Restrictions From the outset, donations and legacles received have been credited to the Investment Fund for the purpose of building up a sufficient amount in the Investment Fund to generate enough income from the Charitable Fund's investments to cover the charltable grant m8klnE of the Company. In addition, any appreciation of the underlying investments has also been deemed to be part of the Inveslment Fund. When funds are received by the Charity, the Trustee reviews the funds, takes advice and either allocates them to the Investment Fund o¥ directs that the funds are made available to the Charitv Committee for application to appropriate grants. The funds included in the Investment Fund of the Charity are intended to be kept for the long term with only the income being distributed. Therefore, an extremely long investment perspectlve has been taken. The objective is to maximise the long-term flow of income in real terms with due regard to risk. A balance has to be struck between the interests of the present and futLSre generat10115 of beneficiaries therefore part of the assets may be Invested for a hiEher immediate income. Prior regard has to be given to rlsk which is why an element of diversification is required. The portfolio is managed on a ba18ncÈd / 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 lo a minimum as these have to be taken o¢At of income. However, we have to be seen to have taken proper advice as well as having someone to hold our invÈstments. 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 by volunteers. Therefore, there are no support costs incurred in respect of the Charity's activities. The Charity is operated by VDlunteers sourced through the Company. The Charity has been assisted by approximately 30 volunteers durin8 the year as.. members of the Charity Committee,.
appolnied links between the Charity and the grant recipients and F)eneficiaries,' the Honorary Treasurer. The Chalrperson of the Charity Committee would like to thank her predecessor and all other mernbers of the Charity Commiltee for their assistance during the year along with those volumteers acting as the link between the Charity and the benèficiaries. The Chalrperson also wishes to thank the Clerk for her work throughout the year. Risks and Uncertaintles At present, the Charity is not reliant on donations income and can continue to make significant Erants from investment income in a standard year. The key risks to the Charity are.. events which impact on the world financial Systems reducing bolh the tapital value of the investments of the Charity and potentially income,- Liverymen in ihe Company not providing additional donation5; Liverymen in the Company not leavlng the Charity legacies. Systems are in place to protert the Charity and its assets against fraud and training is undertaken for all those with financial access to ensure that the Impact of fraud will be limited or eliminated. Fundraising The Charity 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 engaEe donors to give more than they can afford and works to ensure that donols are supported. Reserves Policy The Charity has considerable investments which allow it to undertake its work. These are carefully managed to ensure that inflation does not reduce the value of the investments and the impact of the Charity. The costs of the Charity are limited to the fees of the investment manager. All other costs are met by the Company as a donation in kind. Therefore, the need for reserves to cover the cost5 of the Charity is limited. A reserve of £20,000 15 maintained for these purposes. It is the intention of the Charity that it is always in a position to make annual grant5. Situations may arise where thère are no annual donations received and there is limited investment income. In such cases grants can still be malntained and thè Charity generally retains additional cash of approximately £70,000 to allow it to make grant5 even if income is disrupted. Approval and Committees This report was prepared by the Chalrperson of the Charity Committee and the Honorary Treasurer for the Trustee. Statement of Responslbllities 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 fund for that period. In preparing those financial statements, the Charity & Flnance Committees, on behalf of the Court, are required to: 10
Select Sultable accountlng policie5 and then apply them consi5tentlv,' Make judgement5 and estimates that are reasonable and prudent- Prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charity will continLJe in business. The Trustee, supported by the Charity & Finance Committee, is responsible for keeping proper accounting record5 which disclose with reasonable accuracy at any time the financial 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 prevention and detection of fraud and other irregularitie5. The day to day handling of these matters is dealt with by the Clerk and the Treasurer on the Trustee's behalf. Signèd on behalf of the Trustee on July 2025 by Dr Susan Sumners, Master Mr Nick Macr3e. Senior Warden Mr Slmon Bentleytr Junior Warden
THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND INDEPENDENT EXAMINER'S REPORTTO THETRUSTEE I report to the charity trustee on my examination of the accounts of The Worshipful Company of Needlemakers Charitable Fund (the Trust) for the year ended 30 September 2024. Responsibilitie5 and basis of report As the charity trustee of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charitles Act 20111.the Act'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed 311 applicable Directions given by the Charity Commission under section 1451Sllbl of the Act. Independent examiner's statement I have completed my exarnination. I confirm that no material matters have come to my attention in connection with the examination giving me caltse to believe that in any material respect.. accounting records were not kept in respect of the Trust as required FJY section 130 of the Act: or the accounts do not accord with those record5- or the accounts do not comply with the applicable requlrements concernlng the form and content of accounts set out in the Charities IAccounts and Rèports) Regulation5 2008 other than ariy requiremènt that the accounts give a true and fair view whlch is ngt 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 under5tandinE of the accounts to be reached. H Day FCA Bsc Ihonsl DChA Xeinadin Limited Nightingale House 46-48 East Street Epsom Surrey [17 IHQ
THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND BALANCE SHEET AS AT 30" SEPTEMBER 2024 Note 2024 2023 Investments at Market Value Funds held by investment manager 3,442,883 3,038,661 35,000 3,477,883 3.038,661 Currènt Assets Debtors Bank balance 40,191 109,920 33,258 135,471 Total Current Assets lso.iii 168,729 Current Liabilities (less than I yearl 117,8801 123,9801 Long Term Liabllltles (greater than l yearl 132,231 117,8801 126,869 NET ASSETS £3,610,114 £3,165,530 The Funds of the Charity Permanent Endowments: General Endowment Milwarcl Endowment 677.096 9,481 598,797 8.385 686,577 607,182 Restricted Funds.. Milward Fund 2.444 2,158 Unrestricted Funds.. Investment Fund General Fund 2,840,250 80,843 2.502,302 53,888 2,921,093 2,556,190 £3,610,114 £3,165,530 Adopted by the Trustee on ,....... July 2025 Dr Susan Sumners Master on behalf of the Trustee Pamela Goldberg OBE Chairperson, Charity Commlttee 13
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THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND NOTESTO THE FINANCIALSTATEMENTS YEAR ENDED 30" SEPTEMBER 2024 l. Accountlng Policies These financial statements have been prepared in accordance with Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Finantial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The preparation of financlal statement$ 5n 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 Charity. Use of available information and applicatlon of judgement are inherent in the formation of estirllates. A¢tLJal outcomes in the future could differ from such estimates. lal The accounts are drawn up on the historical cost basi5 of accountin@ modrfied to allow investments to be shown at market value. {bl The increase or decrease in the value of the investment portfolio over the year Is credited or debited as 'Unrealised Investment Appreciation" in the relevant Funds. Icl Income is accounted for when receivable. Idl Donations received ènd related tax re¢overies are credited to the Designated Investment Fund. The Trustee reviews the funds, takes advice and either allocate5 them to the Investment Fund or directs that the funds are made available to the Charity Commlttee for application to appropriate grants. lel Grants payable are accounted foT when approved by the Court of the Companv. If) All governance costs are met by the Company. Igl Financial instruments The financial instruments held by thè charity are investments, debtors ar)d credltors. These are categorised a5 'basic' in accordance with Section 11 of FRS 102 and are initially recognised at transaction price. Investments are subsequently measured atfair vallte, based upon market price, and changes in fair value recognised in the Statement of Financial Activities. Other financial instruments arè subsequently measured at their transaction price less any impairment. Ihl Critical lud8ements and estimates No Dther critical judgement5 or estimates have been made by the Trustees In applying the charitV'5 accounting policies.
Investment summary for the year 2024 2023 Market value at 1st October 2023 Purchases Disposals at cost GainllDeficitl on unrealised investment appreciatlon At 30th September 2024 3,038,661 30,000 2,927,917 25,000 374,222 £3,442,883 85,744 £3,038.661 Investments at cost Market value Unrealised appreciation / Idepreclationl 3.070.749 3.442,883 £372,134 3,04CI,749 3,038,661 1£2,0881 Grants Paid and Payable 2024 2023 Education City Df Londott School City of London School for Glrls City of London Freemans School City University- Hardship Fund Christ's Hospital School City & Guilds of London Institute The Royal Masonic School for Girls, Rickmansworth Book and music Prizes Guilcthall School of Muslc & Drama Iwoodwind Pri2el Royal School of Needlework lincluding priiesl Old Palace School Quilt and stitch Village Guildhall School of Music Scho12rship King Edward's School, Witlev Treloar School Guildh311 School of Music & Drama- Welfare of Students Trinity High School Uniwersify Education 35 7.000 600 2,000 600 6,500 loo 350 750 5,000 10,000 250 7.000 650 2,000 600 6.500 150 6(Kl 7,5QKI 7.000 250 5,000 10,160 I,ooo 5,867 I,soo 250 500 £48,910 £40,802 Welfare Sheriffs, & Recorder's Fund Royal Brit15h Legion City Branch Poppy Appeal Clergy Support Trust City Harvest St George The Martyr Red Cross Street StoragÈ Pembroke College Cockpit Arts 1.500 500 1,500 500 200 I,o¢y) s,0 250 2,000 1.000 £5,Z50 £8,200
Grants pald and Payable Itontlnuedl Focus Grants stjames, Garlitkhythe st Paul's Cathedral Trst United Guild5 Serwice Trustees Fine Ce11 Work Royal College of Surgeons of England Roysl College of Nursing Foundation The Arkwright Scholarship Garden ol Remembrance Needle Museum, Redditch Royal College of NursinE- prlze HMS Trent Museum of London St Cecelia 27F Squadron The Third Battalion, the Prince of Wales'5 Royal Regiment 1,000 500 200 3,850 7,000 7,000 9,66Q 200 500 5(KJ 3,080 7,0( 7,000 11,200 190 400 1.000 1,000 3,lQO 150 607 518 400 400 E34,428 £32,227 H¥ Virtue of Oflice Lord M3yor's Appeal Master's Charities lon. Chaplain's Charity Bishop of Southwark DiscretionaryTrust 3,000 4,500 3,000 £10,500 2,0(X) 1,500 3,(X)O £7,500 Grants paid in the year Grant5 provided In earlleryears, pald In year Grants provided Èn earller years, reversed Grants provlded In current year. to be paid in future year5 TOTAL GRANTS 99.088 119,1601 14,8201 88,728 19,2501 13,5061 21,260 £97,232 £75.108 Current Liabilitie5 (Falling due in less than l yearl 2024 2023 Grants approved but not yet pald TOTAL LIABILITIES 17,880 £17,880 22,980 £23,980 Lon8 Term Liabilities IFalling due in 2 to 5 year51 2024 2023 Grants approved but notyet Paid TOTAL LIABILITIE5 17,880 £41.860 £17,880 Permanent Endowments 2024 2C>23 General 598,797 Milward 8,385 General 580,É57 Milward 8,134 Balance at 01 October 2023 Gain on Disposal of investments Unreali5ed imvestments Gain Balance at 30 September 2024 78,299 677.096 1,096 9,481 17,940 598,797 251 8.385
The General Endowment wa5 established by the Trust Deed dated 16 December 1983 as amended bv a Charity Commlssion Scheme dated 4, january 1988. Under the terms, its income is to be applied for such charitable purpose5 a5 the Court of Assistants of the Company may from time io ilme 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, tenèble at a university, for pupils attending Trinity High School, Reddilch. No awards have beell made th15 year12023= Same) Unrestricted Investment Fund 2024 2.S02,302 43,021 loo 294.827 2.840.250 2023 Balance at 01 October 2023 Net Income from donations other income Unrealised investments Gains Balance at 30 SeptemL7er 2024 2,397,094 37,656 67,552 2,502,302 Though Unrestricted, the Trustee currently intends to retain this Fund for the future benefit of the charity. Income arising from the Fund 15 Used for such charitable purpose5 a5 the Trustee determlnes. This Futid has accumulated as donations and legacies received over the years have been credited for the purpose of building up a sufficient balance to generate enough income from the related investments tn support the cost of charitable grant making. Any appreciation of the underlying investments has also been deemed to be part of the Fund. Trustee's Remuneration and Expenses During the year, no Trustee received any remuneration nor expenses12022- nonel. Related Partles The Company bears the costs of the Clerk and the Independent Examiller when working on behalf of the Charity. It is estimated that this is IO% and 65% respectively £6,31612023.' £6,075). There were no related party transactions12023: none).