THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED TH 30 SEPTEMBER 2025 Charity Registratlon Number 288646
THEWORSHIPFUL COMPANY OF NEEDLEMAKERSCHARITABLE FUND Key Information Charlty Number: 288646 Princlpal Offlce., PO Box 73635 London SW149BY Corporate Trustee". The Master, Wardens and Commonaltyof the Art and Mystery of the Needlemakers of London la company incorporated by Royal Charter) operating as the Worshipful Company of Needlemakers Members of the Charlty Commlttee: Past Master- P Goldberg OBE (Chairperson) (appointed 27108120201 The Master- Dr S Summers lappointed 06110120221 Senior Warden- N Macrae (appointed 05110120231 Junior Warden- S Bentley (appointed 031101241 The Immediate Pa51 Master- TM Foulke518ppointed 02110120201 Past Master- J Mill (appointed 021101191 Honorary Trea5urer- D Taylor Assistant- M Scotchmer (appointed 05110123 AssiStant- T Pattison (representative of Investment Oversight Group} (appointed 3010912021} A5S15tant- C 8arrow5 (appointed 051101231 Liveryman - C Elmer lappointed 051101231 Liveryman - K Clift (appointed 31101241 Liveryman- A Farr (appointed 06110120221 Key Management Personnel: Clerk- F Sedgwick Investment Managers: Quiltercheviot Limited Senator House 85 Queen Victoria Street London EC4V 4AB Independent Examlner: H Day FCA 8Sc Ihonsl DChA Xeinadin London Llmited Nightingale House 46-48 High Street Epsom Surrey, KT17 IHQ Bankers: Lloyds Bank PLC 113.116 Leadenhall Street London EC3A 4AX
THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND TRUSTEE'S REPORT FOR THE YEAR ENDED 30TH SEPTEMBER 2025 The Trustee presents its report of the Independentlyexamined financial statements forthe yearended 30 September 2025. Structurei governance and management Governlngdocument The Charity is a charitable trust established by Trust Deed dated 16 December 1983, the Deed was amended by the Charity Commlssion Scheme dated 4 January 1988. The Charity was originally establlshed to administer funding provlded by the Worshipful Company of Needlemakers (the Company) and from the residuaTV bequest of Past Master Charles Crossingham who dled In 1952. The main purpose of the Charity is to administer the charitable activity of the Company. Slnce the charity was established it has raised considerable funds from Liverymen of the Company to increase its investment funds generatlng income to increase charitable activity. The Company is the sole trustee of the Charity (the Trustee). Organisational structure As the Trustee is a corporate entityj the decisions of the Charity are made by the Court of the Companv which is advised by the Chaiity Committee. The Court appoints the members of the Charlty Committee for a three-ye3r term. The Master Needlemaker and the Wardens automatically slt on the Charity Committee. The members of the Charity Committee for the year ended 30, September 2025 are set out on the prevSous page. The Charity Committee meets four tlmes a year and: considers grant applications,, considers nominations for grants received from the Master and the Honorary Chaplaln of the Companyi reviews reports from the Investment Oversight Group of the Company in respect of the funds held by the charity and the money available for grant5,' receives and reviews reports from previous grant recipients; and provide5 a ieport 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 Chartty Committee. It approved the grants recomrnended by the Charity Committee after detailed consideration. The investments of the Charlty are managed by Qullter Cheviot and the investment5 are reviewed with Quilter Cheviot by the Investment Oversight Group of the Finance and General Purposes Committee of the Coinpany in addition to the Trustee. On 3, October 2024 Dr S Summers became Master, Mr Nick Macrae as Senior Warden and Mr Slmon Bentley as Junior Warden. On 30 September 2025 Pamela Goldberg OBE retlred as Chair and was succeeded by Mr John Mill.
The recommendations of the Charity Committee in relation to grants were considered by the Trustee at each meet5nE. The approval of the grants retommended by the Charity Committee wa5 minuted by the TTLlStee 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. The administration of grants was undertaken by the Clerk to the Company. The financial records of the Charity were maintained during the year ended 30, September 2025 by the Honorary Treasurer to the Company. Internal controls, appioprlate for a charity of this size, have been put In place to protect the funds and investments and to ensu¥e thelr proper application. Appolntment of the Trustee The Charity has a sole corporate trustee a5 set out In the kheme issued by the Charlty Commission for the Charity on 4 January 1988. The members of the Court of the Company as the personification of the Trustee are subject to the fit and proper pèrsons test when they are appolnted to the Court as they are deemed to be people who exercise general control and management of the Charity's assets. All rnember5 of the Court and the Clerk are required to read HM Revenue & Customs basic guides for charity managers and sign the declaration for fit 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 mateyials. Objectives and Actlvltles The Charltvs Object The charitable object of the Charity is to fulfil for the public benefit such charitable purposes as the Court of Assistant5 of the Worshipful Company of Needlemakers may from tlme-to-time resolve. Our jims Our aim is to make grants confined to areas a550ciated with the Needlemaklng Industry lalong with such professions and/or industrle5 which use needles), the training of users of needles such as surgeons and nurses,. the City of London. and Educatio. This includes grants to the Lord Mayor's Appeal and the Master's chosen charities and a grant to an organi5ation nominated by the Honor3ry Chaplain of the Company (the Lord Bishop of Southwarkl. Our obJectlve$ The oblectlve of the Charity is to ensure that all grants provide a public beneflt and that grants are provided to.. support individijals in profe5slons connected to needles In the development of their knowledge, for example. healthcare professionals, engineers connected to needlemaking and those u51ng needle5,' provide support to Chlldren in need conne¢ted to the City of London or attending 5choo15 In or connected to the City of London,. support the fabric of the historic buildings of the City of London,. and support charltable institutions of the City of London. The members of the Charity Committee are provided with the guidance contained in the Charity Commission's general guidance on public benefit 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 15 unrestricted and is used to fund the general charitable activlties of the Charitv. The income of the Frederick Milward Scho13r5hip Fund is restricted to the provision of bursaries and scholarships to students from Redditch undertaking undergraduate studles In STEM subjects. The income has not been sufflcient to make appropriate grant5 and has been held as a restricted fund. Investmenis There are no specific investment powers or restrictions in the Trust Deed. The Charity operates within the powers granted by the Trustee Act 2000 in making decisions in relation to investments. The management of the investments is delegated to expert Investment managers on behalf ofthe Trustee. Regular reports are provided by the Investment Manager to the Trustee. The investments are managed by the Company's Finance and General Purposes Commlttee, which Is advised by the Investment Oversight Group. The Investment Fund is Invested in a spread of investments (see note 2 to the accountsl to meet the policy of investing on the basis of balanced / 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 is maintained while ensuring that Income is generated. The portfolio is reviewed regularly by the investment adviser and the Finance and General Purposes Committee of the Trustee. changes are made takinE into account the advice of the investment adviser. The Trustee aims to grant income generated from Investments but may also make grants from capital or current donations. The portfollo comprised of Investments valued at £3,651,265 and cash of £nil at 30, September 2025. There was an increase ID capital value of the Investments of £143.387 see Note 2 of the accounts. Revlew of grant maklng pollcy The Charity carries out Its objectlves by providing grants to a signlflcant number of individuals and organisations. The Trustee is fully sat15fied that the Charity operates for the wider public benefit in all that it does in its charitable activities. During the year, building on work already done, the Charity Committee reviewed the charitable glvlng that w35 ongoing or whlch wa5 coming to the end of its funding cycle {i.e. multi-year fixed term grant5 were not subject to revlewl. 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 achleved its objectlve of making grants In the fields of.. education,. welfare,. the fabrlc of the historic building5 Wlthln the Clty of London,. and focused use of needles and related Industry. Educotion In terms of education, the Charity continued to fLtrnd or part fund, bursaries at.. City of London School for Girls: Chri5t'5 Hospital,. and King Edward's School, Wltley. The Charity does not have the skills to assess bursary students or need, therefore, the Charity works with the schools to Identify suitable candidates and the relevant schools undertake the reqltired assessment of need and recotntnend students to the Charity for approval. In relation to.. Christ's Hospital the funding for the CLbrrent pupil wag prOlded as 3 slngle grant at the commencement of the pupil'g Èducation with the school. The Mastei ha5 met with the pupil and reports are provided by the school as to progress and the child is developing and enloying the School,. King Edward's School, Witley the Charity worked with the Royal Springboard Children's Foundation to lolntly furbd the bursary for a pupil in the 2018119 financial year. Contlnued Funding from the school, the Charity and Royal Springboard 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 has met the child and reports that the child is developlng well at the school. Overall, the bursaries help individual young people ii) difficult financial circumstance5 achieve their full potential and develop into the commlinity. providing a wide public benefit to their communities. We are also seeing a trickle effect whlch encourages a number of those connected wlth the reciplents of the bursaries to develop in education, tli15 ranges from parents of the supported children to other children in the cofflmltnity. The Charity values Its association with Treloar School and College which provides education to disabled young people. The Charity provides a grant for the general charitable purpose5 of the school. In additlon fundlng ha5 been provided for two members of staff to undergo further specialist trainlng which they will pass on to other members of staff. Historically, the charity has been associated with many schools and provides small prizes consisting of an inscribed book and cash prize of up to £SO. This encourages children to pursue education and develops a knowledge of the charitable activltie5 Of the Charity. This year we established a new Needlemakers bursary at the Guildhall School of Musi¢ & Drama, as opposed to a Eeneral grant in previous years. The annual Woodwind competition concert and prize givlng at the Gulldhall School of Muslc took place as planned. The Charity has provided svpport for some years for extra-mural activities for the pupils of Old Palace School, which is lotated in an area of London of great deprivation.
Grants, especially for education, ale sometimes awarded on a multi year basis but rev(ewed annually. At the end of that time the outcome5 are reviewed and the grant may cease or be renewed for a further term. Welfare We continue to provide a number of Grants focused on welfare. Thls year, the principal foctis has been on supporting the Institute of Health Visitors IIHVI. This initiative has been set up in memory of our late Past Master, Dame Ellzabeth Fradd. The mission of IHV is to improve child and family health and to reduce inequalities through a strengthened health vlsiting servlce. We are delighted to be suppoitlng this initiative. Needle Focused Gmnts We have continued our support of the WOTk of Fine Cell Work, whlch works with prison inmates to provlde needle related skills which provides support within prison and transferable skills which may be used followlng their release. The Charity has contlnued to provlde grants to the Royal College of Surgeons and the Royal College of Nursing Foundation to provide specialist tralnlng 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, Cleik and Chalrperson of the Charlty 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 Company's liai50n with the Royal College of Nursing Foundation regarding the awards made during the year. The respective colleges undertake the assessment of need. study grant5 were also provided to City St George's, University of London School of Niirsing. Glven the engineerlnE origins of the Needlemakers Company encouragement is glven to the development of those workinE or seeking to work in STEM subjects. Support has previoLJsly been given to students studying for City and Guilds qiialifications and also a programme of two-year bursaries for Arkwright scholars to support and encourage high school students in STEM subjects with a view to developing a career In engineeringltechnology. This year we have refocused OUT SUPPOrt in this area to support STEM engagement for secondary school students through City & Guilds. We are also establlshing a Needlemakers, Award for Advanced Needle Technology which wlll be a key area for future focu5. By vlrtue of Oflice and CityoALondon The Honoraiy chaplaln reqlsested that a grant be made to St James Church Clapham. The Charity was delighted to make this award to asslst the Lord Bishop enhancing social cohesion within the local community. The Charitie5 chosen by the Master to recelve grants were divided equally between the Edith Cavell Fund and Cherry Lodge. The Charity also provided grants to the Sherlfys and Recorder's Fund and the Gulldhall School of Muslc and Drama. Funding wa5 also provided for welfare of people in the Clty of London. How our actlvltles dellver publlc bÈneflt The Charlty Is dellghted that Its grants created 3 Posltive impact on the IIVES of numerous people. The tralning provided In engineering and health will assist people for many years to cotne.
The Charity makes grants to a wide range of Beneflciaries for Educatlon, Religlous, Welfare and other purposes recommended by the charlty Commtttee. The Trustee conslders that these grants, set out in detail under Note 3 to the financial statements, provide beneflts to the wider community. As can be seen from the above, the public benefit that has been provided includes.. relief of poverty of those in need,. the developmerit of educatlonal skills for those In need,. the development of surglcal and nursing skllls,. rehabilitation of offenders and provlsion of new skills to assist followlng a jail term reduce reoflending rates and supporting 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 publlc,. development of training roles in STEM subjects to ensure contlnued development in this Important area,. and ensuring that historic 5kllls are recorded, vnderstood and records are maintained for posterity. Flnanclal revlew Results for the year Income for the year was generated through- bequests- £126,50212024'. £20,000) donations received from Llverymen of the Company amounting to £25,56512024'. £18,6361 tax recoveries £2,64212024.. £4,385) investment inEome of E107,68912024-. £102,349) other income of £nil12024'. £1001 The value of the Net Agsets amounted to E3,887,724 In total at the end of the year, an increase of £277,610 over the previous year. The net deflcit of the Unrestricted General Fund for the year was É19,53112024.' surplus £26,955). This year grants awarded exceeded our income, an outcome that the Charity Committee considered wa5 meiited. Investments are reviewed annually. It was noted that the value of the investments increased following another improved yÈar for global markets. Grants expendlture during the year per note 3 was £126.91712024.' £75,10812nd detailed on pages 16 and 17. In 2018119, commitments of £8,000 per annum for 7 year5 to King Edward's School and £9,880 per annum to the Arkwright Scholarshlp were made. These commitments are nearly complete and are reflected in the accounts. As can be seen frotTr the flgures there has been an increase in donations from Liverymen between 2025 and 2024. The Charity Committee continues to review actions whlch can be undertaken to increase regular donations to the charity. In additioi), prior to the year end the Charity was notified of a substantial bequest from the Dame Elizabeth Fradd estate. To date we have been notified that the sum of E116,604 will be receivable and is induded within bequest5. It is the aim of the current Chair of the Charity Committee to malntain a focu% on increasing regular donations to the Charity.
Fundln8 sources The Charity has three main income sources: income from donations by and connected to liverymen in the Worshlpftsl Company of Needlemakers.. legacies,. and investment Income. Where grants raised in each year are less than the investment Income, the donations recelved in that vear are added to the general fund and may be held in a cash account or Snvested to increase the income potent131 for the Charity. In either case the capital may be applied to future grant rounds. Those leaving legacles may speclfy if they wish the legacy to be inclL%ded in the permanent endowment general fund In which case the capital will be invested and only income will be applied for charitable purposes. If they do not, the funds are added to either the general fund in cash if the Trustee decides to apply the funds for a specific purpose or added to the Investment Fund to Increase income but may also apply the capital for future specific purpDses. Income is generated from: the general permanent endowment.. the Milward Endowment,. the Investment Fund,. and in periods of higher interest rate5 the general fund. The income from the Milward Endowment, if not expended is added to the Milward Restricted Fund for future grants. The Charity received llo government grants or Income from government contracts. No Corporate donations were retelved. The largest bequest received in the year was E5,00012024: £20,000). The largest Indlvldual donation received In the year was £S.00012024.. £3,100). Investment Pollcy, Objectlves and Re5trlctlons From the outset, donations and legacies 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 fiom the Charltable Fund's investments to cover the charitable grant making of the Company. In addition, any appreciation of the underlying investtnents has also been deemed to be part of the Investment Fund. When funds are received by the Charityj the Trustee revlews the funds, takes advice and elther allocates them to the Investment Fund or directs that the funds are made available to the Charity Commlttee for appllcation to approprlate 8rarbtS. The funds included in the InvestTnent Fund of the ChaTlty are Intended to be kept for the long ter with only the income being distributed. Therefore, an extremely long investment perspective 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 future generations of beneficlarles therefore part of the assets may be invested for a higher immediate Income. Prior regard has to be given to rlskwhich is why an element of diversiflcatlon is required. The portfolio is managed on a balanced / medium to higher rlsk dlscretlonary basis, with a balanced investment objective and a tlme hori20n 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. Howeve¥, we have to be seen to have taken proper advice as well as having someone to hold our Inve5tment5. Employees and Volunteers The Charity has no employee5 and the administration services provided by the aerk are donated by the Company. All other actlvltles are undertaken by volunteers. Therefore, there are no support costs incurred in respect of the Charlty's activities. The Charityls operated by volunteers sourced through the Company. The Charity has been assisted by approximately 30 volunteers during the year a5.. members of the Charity Committee,. appointed links between tlie Charity and the grant recipients and beneficiaries,. and the Hoiiorary Treasurer. The Chairperson of the Chartty Committee would like to thank her all other members of the Charity Committee for thelr a5Si5tance during the year along with those volunteers actlng as the link between the Charity and the benefitiaries. The Chairperson also wishes to thank the clerk for her work throughout the year as she hands over her responsibilities. Risks and Uncertalntles At present, the Charity is not reliant on donations income and can continue to make sigftiflcant grants from Investment Income In a standard year. The key risks to the ChaTIty are.. events which impact on the world financial systems reduclng both the capital value of the investments of the Charity and potentially income; Llverymen In the Company not provldlnE addltlonal donations,. and Liverymen in the Company not leaving the Charity legacies. Systems are in pla¢e to protert the Charity and its assets 3Eainst fraud and training is undertaken for all those with financlal acces5 to ensure that the impact of fraud will be limited or eliminated. Fundralslng The Charity engaEes in limited fundraising outside of the Company and does not solicit publlc 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 donors to give more than they can afford and works to ensure that donors are supported. ReseeS Policv The Charlty has conslderable Investments whlch allow it to undertake its work. These are carefully managed to ensure that inflatlon does not reduce the value of the Inve5tment5 and the Impact of the Charity.
The costs of the Charity are Ilmited to the fees of the investment manager. All other tOSts are met by the Company as a donation in kind. Therefore, the need for re5erve5 to cover the costs of the Charity is Ilmlted. A reserve of £20,000 is malntalned for these purposes. It is the Intentlon of the Charity that Itls always in a posltlon to make annual grants. Situations may ar15e where there are no annual donations received and there is lirnited investment income. In such Cases grants can stlll be maintalned and the Charity generally retalns additional Cash of approximately £70,000 to allow it to make grants even if income 15 disrupted. Approval and Commlttees This report was prepared by the Chalrperson of the Charity Committee and the Honorary Treasurer for the Trustee. Statement of Responslbllltles The Trustee has resolved that financlal statements are prepared for each financlal year which give 3 true and fair view of the state ol affairs of the Charitable Fund and of the income and expenditure of the fund for that period. In preparing those financial statements, the Charity & Finance Committees, on behalf of the Court, are required to: Select sultable accounting policies and then apply them consistentlyj Make judgements and estimates that are reasonable 2nd prudent,. at)d Prepare the financial 5tateTnents on the going concern basis unless it Is Inappropriate to presume that the charity will contlnue In buslness. The Trustee, supported by the Charity & Flnance Committee, is responsible for keeping proper accounting records which disclose wlth reasonable accuracy at any tlme the financlal posltlon of the tharity and enable them to ensure that the accounts comply with relevant legislation. It is also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregul4rlties. The day to day handling of these matters Is dealt with by the Clerk and the Treasurer on the Trustee's behaFf. Slgned on behalf of the Trustee on July 2026 by Mr Nlck Macrae, Master rb-ts- Mrslmon Bentley, 5enlDrWarden Mrjohn Scott, Junlor Warden
THE WORSHIPFULCOMPANY OF NEEDLEMAKERS CHARITABLE FUND INDEPENDENT EXAMINER'S REPORTTO T RU5TEE I report to the charity trustee on my examinatlon of the accounts of The Worshipful Company of Needlemakers Charitable Fund (the Trustl for the year ended 30 September 2025. Responslbilitie5 and basls of report As the charity trustee of the Trust you are responsible for the preparation of the account5 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 carfyirkg out my examinatlon I have followed all applicable Direction5 given by the Charity Commisslon under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examlnation giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act; or the accounts do not accord with ihose records,. or the accounts do not comply with the applStable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of Bn 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 thls report in order to enable a proper understanding of the accounts lo be reached. H Day FCA Bsc Ihonsl DChA Xeinadin London Limited Nightingale House 46-48 East Street Epsom Surrey KT17 IHQ 12
THE WORSHIPFULCOMPANY OF NEEDLEMAKERS CHARITABLE FUND TH BALANCE SHEET AS AT 30 SEPTEMBER 202 Note 2025 2024 Investments at Market Value Fund5 held by Snveslment managei 3,651,265 3,442,883 35,(M)O 3,651,265 3,477,883 Current Assets Debtors Bank balance 151582 95,014 40,191 109,920 Total Current Asset$ 247,596 150,111 Current Llabllftles (less than I year) 111.1371 117,8801 Long Term Llabllltles Igreaterthan l yearl 236,459 132,231 NET ASSETS £3,887,724 £3,610,114 The Funds ofthe Charlty Peimanent Endowment$', General Endowment Milwaid Endowment 707,097 9,901 677,096 9,481 716.998 686.577 Re5trlcted Funds., Milward Fund 1747 2,444 Ur7re$tricted Funds: Investment Fund General Fund 3,106,667 61,312 2,840,250 80,843 3,167,979 2,921,093 É3,887,724 £3,610,114 Adopted bythe Trustee on.....,.. July2026 Mr Nlck Macrae NJ o Master on behalf of the Trustee Mr John Mill Chairperson, Charity Committee
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THE WORSHIPFUL COMPANY OF NEEDLEMAKERS CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025 l. Accountlng Pollcies These flnancial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The preparation of flnancial statements in conformity wlth FRS 102 requires the use of certaln 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 application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from 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 portfollo over the year Is credlted or debited as 'Unrealised Investment Appreciation" in the relevant Fund5. Icl Income Is accounted for when recelvable. Idl Donatlons received and related tax recoverles are credited to the De51gnated Investment Fund. The Trustee reviews the funds, 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. le) Grants payable are accounted for when approved by the Court of the Company. If) All governance costs are met by the Company. Igl Financlal instruments The financial instruments held by the charity are Investments, debtors and credltors. These are categorised as 'basic' in accordance with Section 11 of FRS 102 and are initially recognlsed at transaction price. Investments are subsequently measured at fairvalue, based upon market price, and changes in fair value recognised in the Statement of Financi31 Activitles. Other financial instruments ale subsequently measured at thelr transaction price less any impairment. Ihl Critical judgements and estimates No other critical judgements or estlmate5 have been made by the Trustees in applylng the charity's accounting policies.
Investment summary for theyear 2024 Market value at 1st October 2024 Purchases Disposals at cost Gair¢/lDeficitl on unrealised Investment appreciation At 30th September 2025 3,442,883 90,IJOO 125,0051 143,387 £3,651,265 3,038,661 374,222 £3.442,883 Investments at cost Market valve Unreallsed appreciation / Idepreciationl 3,135,744 3,651,265 £515,521 3,070,749 3,442,883 E372,134 Grants Pald and Payable 2025 2024 Educatlon City of London School City of London School for Girls City of London Freemans School City University- Hardship Fund Christ's Hospital School City & Guild5 of London Institiite The Royal Masonic School for Gills, Rlckmansworlh Book and mu5tc Pri2eS Guildhall Sthool of Musit & Diama (Woodwind Pr*zel Royal School of Needlework lincluding piiiesl Old Palace School Quilt and Stitch Villa8e Guildhall School of Music Scholarshlp King Edward's School, Witley Treloar School Guildhall School of Music & Drama - Welfare of Studenls Universify Education 7,000 650 2,000 600 6,500 loo 300 600 7,500 7,000 250 5,000 10,592 3,800 650 150 600 7,500 7,000 250 10,160 £51.892 £48,910 Welfare Slieriffs, & Recorder's Fund Royal British Legion City Branch Poppy Appeal City Harvest Red Cross Street Storage Bound Institute of Health Visitors- liz Fradd Fellowship 1,500 500 3,000 1,500 5(K) 250 3,IKJO 500 15,000 £23,500 £5,250 16
Grants pald and Payable Icontlnuèdl Focu5 Grants St James, Garlitkhylhe St Paul's Calhedral Trust United Guilds Service Trustees Fine Cell Work Royal College of Surgeons of England Royal College of Nursing Foundation The Arkwright Scholarship Gardeii of Remembrance Needle Mu5eurn, Redditch Advanted Needle Technology (ANTI prize MS Trenl Museum of London st Cecelia 27F Squadron The Third Battalion, the Prlnce of Wales's Royal Reglment 1,000 500 200 4,904 7,000 7,000 5,060 420 3,390 15,000 500 3,000 1,000 500 2(X) 3,850 7,000 9,660 3,ICK) 1,264 518 250 £49,488 4(Xl £34,428 By Virtue of OffltÈ Lord Mayor'5 Appe81 Master's Charities Hon. Chaplaln's Charity Bishop of Southwark DiKretionary Trust 3,lJOO 3.000 3,000 É9,000 4,500 £10,5C() Grants paid in the ye3r GTants provlded in earlleryÈars, pald In year Grants provlded In earlleryears, reversed Grants provlded in current year, to be pald In future years TOTAL GRANTS 133,880 113,0601 14,8201 10,917 £126,917 99,088 119,1fj01 14,8201 £75,108 Current Llabilitles (Falllng due lft le55 than l year} 2025 2024 Grants approved but not yet paid Creditors TOTAL LIABILITIES 10,917 220 17,880 £11,137 £17,880 Long Term L18blllties {Falllng due In 2 to 5 years) 2025 2024 Grants approved but not yel paid TOTAL LIABILITIES £8,250 £17,880 Permanent Endowments 2025 2024 General 677,096 Milward 9,481 General 598,797 Milward 8,385 Balan at 01 October 2024 Gain on Disposal of Investments UnTealised invèstments Gain Balance at 30 September 2025 30,001 707,097 420 9,901 78,299 677,096 I96 9,481 17
The General Endowment was established by the Trust Deed dated 16, December 1983 as amended bv a Charity Commission Scheme dated 4, January 1988. Ursder the terms, its income is to be applied for such charitable purposes as the Court of Ass15tants of the Company may from time to time resolve. Accordlnglyl related investment income is added to the Unrestricted Fund. The F Mllward Endowment, originally regi5teied with the Charity Commi5slon in 1962, was established to provide a scholarshipi tenable at a university) for PLtpils attending Trinity High School, Redditch. No awards have been made this year12024: Same) Unrestrlcted Investment Fund 2025 2,840,250 154,709 2024 2,502,302 43,021 Icx) 294,827 Balance at Oi October 2024 Net Incomé from dorsations Other income Unrealised investment5 Gains Loss disposal Balance at 30 September 2025 112,966 11,2581 3,106.667 2,840,250 Though Unrestricted, the Trustee currently intends to retain this Fund for the future benefit of the charity. Income arising from the Fund Is used for such charitable purpose5 as the Trustee determines. This Fund has accumulated a5 don3tions and legacies rec.plved over the years have been credited for the purpose of building up a sufficient balance to generate enough income from the related investments to SLtpport the c05t of charitable grant making. Any appreciation of the underlylng Investments has also been deemed to be part of the Fund. Trustee's Remuneratlon and Expenses During the year, no Trustee recelved any remuneration nor expenses12024- none). Related Parties Related partles are consldered to be the Company, members of the Court of the Company or members of the Company's Charity Con7mittee. There WEre no tran53Ctions Wlth any members of the Court or the Charity Committee12024.' nonel. The Company bears the costs Df the Clerk aiid the Independent Exa¥niner when working on behalf of the Charity. It is estimated that this is IO% and 65'A respectively £6,94812024- £6,316).