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 char￿tY 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

IO o
c c

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 Tr￿st
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).