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 prO￿lded 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.
Rese￿eS 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

IglE I ¥

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
I￿96
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).