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2025-03-31-accounts

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS EDUCATION CHARITY

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Registered Charity No: 292630

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY CONTENTS

Page
Reference and Administration Information 3
The Trustees Annual Report 4-7
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Accounting Policies 11-13
Notes to the Financial Statements 14-18
Appendices 19

2

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

REFERENCE AND ADMINISTRATION INFORMATION

Trustees The Master, Wardens and all other full
members of the Court of Assistants of the
Company (Appendix 1)
Master D P Corah
Honorary Treasurer S J M Burrows
Clerk R J Gleeson
Independent Examiners J B Griffin
Newby Castleman LLP
Chartered Accountants
West Walk Building
110 Regent Road
Leicester.
LE1 7LT
Bankers Lloyds Bank Plc
7 High Street
Leicester LE1 9FS
Solicitors Shakespeare Martineau LLP
1 Colton Square
Leicester LE1 1QH
Stockbrokers Brewin Dolphin
Olympic House
Doddington Road
Lincoln
LN6 3SE
Principal Office The Clerk
White House Farm
Mill Lane
Scamblesby
Lincs. LN11 9XP
Charity number 292630

3

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

THE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and accounts of the Charity for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in the Statement of Accounting Policies - note 1.1 to the accounts, and comply with the governing document, the Charities Act 2011 and Accounting and reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS102).

The accounts have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying (FRS 102) rather than the version of the Statement of Recommended Practice which is referred to in the regulations but which has since been withdrawn.

Objectives and Activities

Objects

The object of the charity as set out in the governing document is to promote the education of persons in all aspects of the knitting industry and allied trades thereto.

Aims

To provide financial Bursary’s and Awards to textile students at Universities and Colleges within the United Kingdom and to provide a mentoring service to these students.

Objectives

The objectives of the Charity are:

Statement of Public Benefit

In planning our activities for the year we kept in mind and adhered to the Charity Commissions guidance on public benefit at our trustee meetings.

The charity has considered and adhere to the Charity Commission’s guidance on Public Benefit as contained in The Public Benefit Requirement PB1, Running a Charity PB2 and Reporting PB3.

The activities undertaken for public benefit by the charity comprise the granting of bursary’s and awards to beneficiaries.

Achievements and Performance

The Management Committee of the Education Trust meet on a regular basis and carry out a number of visits to universities and colleges to interview and view work submitted by potential awardees. The Committee approve a number of grants each year, which are then forwarded to the Court of the Company for their final approval. The Award winners receive a Bursary or Award grant and mentoring throughout their studies from one of the Education Trust Committee members.

4

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

THE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

During this academic year 52 students were interviewed. Students are interviewed face to face to gauge their knowledge of fabric structure, show their design innovation and give a presentation. The sponsorship of students taking part in the Shima course continued and the same collaboration with Stoll UK continued.

Individual/
Organisation		 Place of
Study / Organisation		 Name Value
Individual De Montfort University Byford Bursary £3,000
Individual London College of Fashion David Bethel
Bursary		 £3,000
Individual Brighton University Hill Osborne Award £1,500
Individual Brighton University Hill Osborne Award £1,500
Individual Central St Martins Hill Osborne Award £1,500
Individual Central St Martins Hill Osborne Award £1,500
Individual De Montfort University Co Award £1,500
Individual Herriot Watt Co Award £1,500
Individual Kingston University Co Award £1,500
Individual Kingston University Co Award £1,500
Individual London College of Fashion Co Award £1,500
Individual Leeds University Co Award £1,500
Individual Northumbria University Co Award £1,500
Individual Norwich University Co Award £1,500
Individual UWE Co Award £1,500
Individual Nottingham Trent University Co Award £1,500
£27,000
Organisation Ruddington Museum £2,000
Organisation Wigston Museum £500
Organisation Hinckley Museum £500
Organisation Livery Schools Link £125
Organisation Livery Companies Skills Council £100
Organisation Shima Technician £1,050
£4,275
£31,275

All recipients have acknowledged receipt of funds and expressed their thanks during this difficult year.

Investment Policy and Performance

The portfolios are managed by Brewin Dolphin on a Discretionary basis.

The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects and the stability of certain banks continues to make the management of investments difficult. The charity is a long-term investor and stock markets remain above levels seen in the mid 1980s and the trustees, on professional advice, continue to hold a mixed portfolio of equities, cash and other investments designed to provide a level of stable income and the possibility of investment gains. The equity component of the investment portfolio is weighted with medium appetite for investment risk with the main exposure to investments in the leading advanced industrial economies with a history of paying dividends.

5

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

THE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Financial Review

The charity continues to remain financially sound and is funded from a portfolio of investments managed on a professional basis, by contributions made annually by members of the Livery and, to some extent, by funds bequeathed to the Company by deceased members.

During the financial year the charity had an income of £68,781 (FYE 2024 £74,076) and distributed £31,275 (FYE 2024 £33,725) to eighteen individuals and 6 organisations. After costs of £75,403 (FYE 2024 £70,249) there was a deficit of £6,622. The sponsorship of a number students at Shima continued and increased from pre-covid numbers costing £25,170 (FYE 2024 £16,301). No students attended Stoll Uk costing £Nil (FYE 2024 £6,631) but this will resume in the next financial year. At 31 March 2025 there was total net assets of £1,224,008 (31 March 2024 £1,198,500), an increase of 2.13%.

Reserves Policy

The charity maintains sufficient resources to enable it to carry out day to day business. The policy of the trustees is not to distribute more than the annual income generated by the trust, as the trustees have a reserves policy of maintaining 50% of the budgeted annual bursaries and awards, which, in future years, may well enable them to make a larger number of bursary awards, if it was felt appropriate.

The unrestricted reserves as at 31 March 2025 amounted to £1,224,008 (FYE 2024 £1,190,642).

Structure, Governance and Management

The charity is constituted under a Trust Deed dated 30[th] August 1985 and is registered number 292630 and is authorised, under Section 3(1) of “The Law of Property Amendment Act 1926”, “to act in relation to charitable, ecclesiastical and public trusts, as a trust corporation”. The objective of the charity is to promote the education of persons in all aspects of the knitting industry and trades allied thereto.

The Trustees are appointed in accordance with the ordinances of The Worshipful Company of Framework Knitters and no outside body has the right to appoint trustees.

Company Heritage

Most of the Livery Companies of the City of London evolved from the medieval trade Guilds which had come into existence as a result of the natural inclination of members of the same trades and occupations to band together for good fellowship and mutual aid and protection. From an early stage there was an emphasis on charity, with the Guilds supporting their members or their families who had fallen on hard times or were suffering poor health. Also, there was a strong religious element in the Guilds, each owning their own chapels or being attached to a local monastery or church and having their own patron saints. Although less important following the Reformation, this spiritual connection is maintained to this day through such aspects as the Livery Companies’ use of the prefix “Worshipful” in their names. On special occasions, the Guild members wore distinctive robes, or liveries, and consequently became known as Livery Companies. The charity is therefore sometimes referred to as the “Company” even though it is not a registered company.

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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

THE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Connected Charities

The Worshipful Company of Framework Knitters Corporate Fund, although not a charity itself, is connected to both the Framework Knitters Almshouse Charities and The Worshipful Company of Framework Knitters Education Charity.

Independent Examiners

John Griffin of Newby Castleman LLP was appointed as independent examiner during the year and has expressed his willingness to act in that capacity.

By Order of the Trustees

Master

J J Pears

Upper Warden

S J M Burrows

Honorary Treasurer

10[th] October 2025

7

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2025 which are set out on pages 9 to 18.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable 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 an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

J B Griffin FCCA

Date: 10 October 2025

Newby Castleman LLP Chartered Accountants West Walk Building 110 Regent Road Leicester LE1 7LT

8

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025

Note
Income
Donations & Legacies
3
Investment Income
4
Total Incoming Resources
Expenditure on:
Charitable Activities
5
Total Resources Expended
Net Gains / (Losses) on Investments
Net Income/(Expenditure)
Net Income / (expenditure)
Interfund Transfers
Reconciliation of Funds
Total Funds Brought Forward
Total Funds Carried Forward		 Unrestricted
Permanent
Restricted
Total
Funds
Total funds
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
30,741
1,629
32,370
30,586
36,411
36,411
43,490
£67,152
£0
£1,629
£68,781
£74,076
71,557
0
3,846
75,403
70,249
£71,557
£0
£3,846
£75,403
£70,249
32,130
0
0
32,130
34,804
27,725
0
(2,217)
25,508
38,631
27,725
0
(2,217)
25,508
38,631
2,858
(7,858)
5,000
0
1,190,642
7,858
0
1,198,500
1,159,869
£1,221,225
£0
£2,783
£1,224,008
£1,198,500

Notes to the financial statements on pages 11 to 18 form part of these financial statements.

9

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

BALANCE SHEET AS AT 31 MARCH 2025

Note
Current Assets
Investments
6
Debtors
7
Cash at Bank & in Hand
Liabilities
Creditors: Amounts
falling
due within one year
8
Net Current Assets
Net Assets
The Funds of the
Charity
9
Permanent Endowment
Restricted
Unrestricted
General
Designated
General Charity
Total Unrestricted Funds		 2025
£
2,707
98,959		 £
1,125,431
98,577
£1,224,008
-
-
1,224,008
£1,224,008		 2024
£
2,865
84,046		 £
1,114,890
83,610
101,666
3,089		 86,911
3,301
1,221,225
-
2,783		 502,698
687,944
£1,198,500
7,858
-
1,190,642
£1,198,500

The financial statements were approved by the Trustees on 10[th] October 2025 and signed by:-

D P Corah

Master

J J Pears

Upper Warden

S J M Burrows

Honorary Treasurer

The accounting policies on page 11 to 13, and the notes on pages 14 to 18 form part of these financial statements.

10

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 MARCH 2025

1 Accounting policies

1.1 Charity information

The Worshipful Company of Framework Knitters Education Charity is governed by a Trust dated 30 August 1985.

1.2 Basis of preparation

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

The charity constitutes a public benefit entity as defined by FRS 102.

The financial 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying (FRS 102) rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

These financial statements are prepared under the historical cost convention modified to include the revaluation of investments. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

During the financial year the Court of the Company decided to amalgamate all separate funds into one fund, The Education Fund. This is to streamline the management of the charity. The Education Fund is Unrestricted and the funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

11

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 MARCH 2025

Accounting policies (continued)

1.5 Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations, are recognised when the Charity has received the income.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our stockbrokers of the financial yield of the investment portfolios.

1.6 Expenditure recognition

All expenditure is accounted for on an accruals basis.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is classed as charitable activities to further the delivery of the objects of the charity.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

1.7 Support costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure in line with the objectives of the charity.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.9 Financial instruments

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Creditors with no stated interest rate and payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the SOFA.

Investments in equity instruments are initially recognised at fair value which is normally the transaction price excluding transaction costs. Such assets are subsequently measured at fair value and the changes in fair value are recognised in the SOFA, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

12

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 MARCH 2025

Accounting policies (continued)

1.10 Fixed asset investments

Fixed asset investments for the financial year end to 31 March 2025 are stated at fair value as at that date. All changes in value in the year, whether or not realised, are reported in the SOFA.

The portfolio of investments is managed by Brewin Dolphin Lincoln Office on a Discretionary basis.

1.11 Corporation Tax

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives

1.12 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees do not consider there to be any key sources of estimates or uncertainty that have a significant effect on the amounts recognised in the financial statements.

13

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

3 Donations & Legacies Accumulated PeshalHirst Don Gwillim Designated General Charity 2025 2024
Inc Fund Funds Funds Fund Fund Total Total
£ £ £ £ £ £ £
Donations 17,205 1,629 18,834 16,085
Covenants 13,536 13,536 14,363
£30,741 £0 £0 £0 £1,629 £32,370 £30,448

For the year ended 31 March 2025, all income related to unrestricted funds.

4 Investment Income Accumulated PeshalHirst Don Gwillim Designated General Charity 2025 2024
Inc Fund Funds Funds Fund Fund Total Total
£ £ £ £ £ £ £
Dividends 17,095 6,622 273 12,416 - 36,406 41,075
Interest 5 - - 5 -
£17,100 £6,622 £273 £12,416 £0 £36,411 £41,075

For the year ended 31 March 2025, all income related to unrestricted funds.

5 Charitable Activities Accumulated PeshalHirst Don Gwillim Designated General Charity 2025 2024
Inc Fund Funds Funds Fund Fund Total Total
Grant funding £ £ £ £ £ £ £
Awards 27,000 27,000 31,500
Donations 4,275 3,846 8,121 2,525
Direct costs
BursaryAwardees Exp 1,137 1,137 400
Shima Seiki 15,840 15,840 11,520
Shima Seiki Student Exp 9,330 9,330 4,781
Stoll 0 4,320
Stoll Student Exp 0 2,311
BursaryCommittee Exp 2,036 2,036 2,114
Video / Advertising/ Website 449 449
Governance Costs
Examination fees 1,254 1,254 1,003
Stockbroker Exp 4,025 716 68 2,483 7,293 6,922
Support Costs
AccountancyExp 2,939 2,939 2,853
SundryExpenses 4 4
£68,290 £716 £68 £2,483 £3,846 £75,403 £70,249

Donations are detailed on page 5 of these accounts.

For the year ended 31 March 2025, expenditure in the sum of £75,403 related to unrestricted funds.

14

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

6. Fixed Asset Investments

The investments of the Worshipful Company of Framework Knitters are managed on a discretionary basis by Brewin Dolphin Lincoln.

The portfolio comprises blue chip equities and collectives.

Investments are invested at medium risk. This decision is historical and the portfolio has been managed at medium risk for a number of years. The decision was made because many of our individual funds require an income and the only way to achieve that income is at this level of risk.

As the investments are invested in this manner this means that the portfolio has medium to high liquidity, there is no asset or holding that cannot be sold at reasonably short notice.

6 Fixed Asset Investments
2025 2024
Cost Market Cost Market
Value Value
£ £ £ £
Accumulated Inc Fund 1,074,378 1,125,432 180,386 224,055
HATRA 566,855 656,775
Peshal Hirst Funds 197,017 197,619
Don Gwillim Fund 14,494 18,455
Total Listed Investments 1,074,378 1,125,432 958,752 1,096,904
Investment Cash 11,370 11,370 17,986 17,986
1,085,748 1,136,802 976,738 1,114,890
Listed Investments Value at Sales Purchases Val Adj at Value at
01/04/2023 31/03/2024 31/03/2024
Fund Name
Education Charity £1,096,904 £496,288 £492,686 £32,130 1,125,432
HATRA Fund 0
Peshall Hirst Funds 0
Don Gwillim 0
Total £1,096,904 £496,288 £492,686 £32,130 £1,125,432
7
Debtors
Taxation Recoverable		 2025
2024
£
£
2,707
2,865
2,707
2,865

15

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

8
Creditors
Accruals - External Examination
Other
9
Financial Instruments
Carrying amount of financial assets
Measured at fair value through net income / expenditure
Carrying amount of financial
liabilities
Measured at amortised cost
Income and
expenditure
Financial assets measured at fair value through net
income / expenditure
Net gains and losses (including changes in fair value)
10
The Funds of the Charity		 8
Creditors
Accruals - External Examination
Other
9
Financial Instruments
Carrying amount of financial assets
Measured at fair value through net income / expenditure
Carrying amount of financial
liabilities
Measured at amortised cost
Income and
expenditure
Financial assets measured at fair value through net
income / expenditure
Net gains and losses (including changes in fair value)
10
The Funds of the Charity		 8
Creditors
Accruals - External Examination
Other
9
Financial Instruments
Carrying amount of financial assets
Measured at fair value through net income / expenditure
Carrying amount of financial
liabilities
Measured at amortised cost
Income and
expenditure
Financial assets measured at fair value through net
income / expenditure
Net gains and losses (including changes in fair value)
10
The Funds of the Charity		 8
Creditors
Accruals - External Examination
Other
9
Financial Instruments
Carrying amount of financial assets
Measured at fair value through net income / expenditure
Carrying amount of financial
liabilities
Measured at amortised cost
Income and
expenditure
Financial assets measured at fair value through net
income / expenditure
Net gains and losses (including changes in fair value)
10
The Funds of the Charity		 8
Creditors
Accruals - External Examination
Other
9
Financial Instruments
Carrying amount of financial assets
Measured at fair value through net income / expenditure
Carrying amount of financial
liabilities
Measured at amortised cost
Income and
expenditure
Financial assets measured at fair value through net
income / expenditure
Net gains and losses (including changes in fair value)
10
The Funds of the Charity		 2025
2024
£
£
1,254
1,254
1,835
2,047
3,089
3,301
2025
2024
£
£
1,125,432
1,096,904
1,254
1,254
41,411
43,490
32,130
34,804		 2025
2024
£
£
1,254
1,254
1,835
2,047
3,089
3,301
2025
2024
£
£
1,125,432
1,096,904
1,254
1,254
41,411
43,490
32,130
34,804		 2025
2024
£
£
1,254
1,254
1,835
2,047
3,089
3,301
2025
2024
£
£
1,125,432
1,096,904
1,254
1,254
41,411
43,490
32,130
34,804		 2025
2024
£
£
1,254
1,254
1,835
2,047
3,089
3,301
2025
2024
£
£
1,125,432
1,096,904
1,254
1,254
41,411
43,490
32,130
34,804
Fund Name Balance Incoming Resources Transfers Transfers Unrealised Realised Balance
B/F Receipts Expended In Out Gains/Loss Gains/Loss C/F
Restricted and Endowment
Funds
Matthew Simmons - endowment 7,858 0 0 (7,858) 0 0 0
Total Restricted and Endowment
Funds
7,858		 0 0 0 (7,858) 0 0 0
Unrestricted Funds
Accumulated Income Fund 235,761 47,842 (68,290) 973,913 21,086 10,913 1,221,225
General - The PeshalHirst Fund 238,289 6,622 (716) (244,195) 0
General - The Don Gwillim Fund 28,648 273 (68) (28,853) 0
General CharityFund 0 1,629 (3,846) 5,000 2,783
Total Unrestricted Funds
excluding Designated Funds		 502,698 56,366 (72,920) 978,913 (273,048) 21,086 10,913 1,224,008
Designated Funds
The HATRA Fund 687,944 12,416 (2,483) (697,877) 0
Total Designated Funds £687,944 £12,416 (2,483) (697,877) 0 0 £0
Total Funds £1,198,500 £68,782 (75,403) (978,783) 21086 10,913 £1,224,008

16

THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

10.1 Permanent Endowment – Matthew Simmons

The fund relates to monies received from the Matthew Simmons Educational Trust of £7,858 together with accumulated income. The accumulated income is for the provision of awards to people, generally under 25 years of age, showing practical rather than academic abilities. During the financial year the total value of £7,858 was transferred to the Accumulated Income Fund following the latest changes in Permanent Endowments rules.

10.2 Accumulated Income Fund

This fund is used to provide awards to students in the knitwear and textile industry, being educated in higher education institutions. It is financed by donations, covenants and by interest and dividends received on its investments.

10.3 General Fund - The Peshall Textile & Hirst Scholarship Funds

10.4 General Fund - The Don Gwillim Charitable Trust

As of 1 April 2014 The Don Gwillim Charitable Trust was merged into The Education Charity and made unrestricted. A total figure of £20,519 was transferred into The Education Charity. The principal aim of the charity is the promotion of education by encouraging and assisting students to further their knowledge of knitting technology and the knitted textile industry. This is achieved by the granting of scholarships and awards. During the financial year the total value of £28,853 was transferred to the Accumulated Income Fund

10.5 Designated Fund – HATRA

The fund relates to the money received from HATRA, totalling £328,371. The income has been invested since receipt. During the financial year the total value of £697,877 was transferred to the Accumulated Income Fund

11. Analysis of Net Assets between Funds

Unrestricted Permanent Designated Charity Total
Funds Endowment Fund Funds Funds
£ £ £ £ £
Investments 1,125,432 1,125,432
Cash&Bank 96,175 2,783 98,958
Debtors 2,707 2,707
Current Liabilities (3,089) (3,089)
Net Assets at 31st March 2025 £1,221,225 £0 £0 £2,783 £1,224,008

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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

12. Bursary Awards Committee (including trustee remuneration and expenses)

During the year the committee, some of whom are trustees, were reimbursed expenses of £2,036, (2024: £2,114). The expenses were for a number of train journeys to visit Universities and hotel accommodation where the University visit could not be completed in a single day.

The Bursary and Awards Committee of the Educational Charity is responsible for bursaries, awards or grants made by the Education Charity,

The trustees received no remuneration during the year (2024: £nil).

13. Related Party Transactions

During this financial year there were no related party transactions, with the exception of transactions with Corah and Corah Limited in which a trustee, Mr DP Corah has an interest. The charity was invoiced for professional bookkeeping services in the sum of £2,939 (2024 - £2,854).

The total amount of unconditional donations received from related parties was nil.

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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS

EDUCATION CHARITY APPENDIX TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

1. Trustees

1. Trustees
Appointed Resigned
DP Corah 2010
JJ Pears 2012
PS Bonnett 2023
Past Masters
MR Ellis 2010
EP Fox 2013
AH Jarvis 2012
JG Ellis 2017
IM Grundy 2014 2025
SA Turner 2009
PR White 2013 2025
ME Green 2012
TDW Miller 2008 2024
LJ Bentata 2008
SH Woolfe 2008
GAF Smith 2007
GFC Turner 2002
HC Stevenson 1996 2024
SK Murray 1996 2024
Assistants
P M Tranter 2015
J Martin 2019
M Traynor 2019
S J M Burrows 2020
C Fuller 2021
S Jagelman 2021
E Strange 2023
G Dixon 2024

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