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2020-09-29-accounts

Charity Number: 328026

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Financial statements 29 September 2020

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Financial statements for the year ended 29 September 2020

Contents Page
Trustee’s Report 1-9
Independent Auditor’s Report 10-11
Statement of Financial Activities 12
Balance Sheet 13
Cashflow Statement 14
Notes to the Financial Statements 15 - 22

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report for the year ended 29 September 2020

REFERENCE AND ADMINISTRATIVE DETAILS

The Girdlers’ Company Charitable Trust (“the Charity”) is a registered charity under the Charities Act 2011, Number 328026.

These financial statements comply with the current statutory requirements, the Trust Deed, and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SORP 2015).

The Girdlers’ Company, which is managed by the Court of the Company, is the Trustee of The Charity. Members of the Court during the year were:

Major General Sir Sebastian Roberts KCVO OBE +# T H Crawley-Boevey +# N P G Salisbury A K Maitland T J Straker P V Straker A R Westall # S V Straker J M Westall + O C S Swann Sir Charles Burnett Bt # R T H Roberts # I C N Seaton MBE CC #+ R M J Keene + The Rt Hon the Lord Strathalmond + J Meade # M G Roberts S N Seaton The Hon Robin Neill # P H Reeve +# The Reverend Sir George Newton Bt + J N Maitland C N G Crowther-Smith + J T James +# A R Udal S K Drake (Appointed 23[rd] July 2020)

The Girdlers’ Company is also Trustee of the Beeston’s, Andrewes’ and Palyn’s (Almshouse) Charity.

Staff assisting the Court were:

Brigadier M C Whiteside OBE (Clerk to the Company) Mrs S T Harris (Financial Manager) Miss S A Bennett (Charities Manager)

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report Year ended 29 September 2020

Address

Girdlers’ Hall Basinghall Avenue London EC2V 5DD

Bankers

National Westminster Bank Plc P O Box 712 94 Moorgate London EC2M 6XT

Auditor

Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE

Investment Manager

Waverton Investment Management Ltd 16 Babmaes Street London SW1Y 6AH

Solicitor

Pemberton Greenish 45 Cadogan Gardens London SW3 2AQ

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report Year ended 29 September 2020

Constitution, Aims and Activities

Under the terms of the Trust Deed of 9 December 1988, the Court of the Girdlers’ Company as Trustee (see Statement of Responsibilities infra ) sets out the general policy of the Charity, as advised by the Benefactions Committee, which is responsible for advising the Court on matters concerning the charitable policy of the Trust and for making recommendations for the distribution of their funds. The Finance Committee is responsible for advising the Court on matters concerning money management, investments, accounting and financing of the Trust’s commitments. The day-to-day affairs of the Charity and any advice and guidelines necessary for exceptional items like the current COVID situation are co-ordinated by the Clerk, the Charities Manager and the Financial Manager.

The Benefactions Committee and the Finance Committee both consist of the Master, a number of members of the Court of Assistants and representatives from the Livery. The Committees each meet at least three times a year. The Clerk and Charities Manager attend the Benefactions Committee. The Clerk and the Financial Manager attend the Finance Committee.

In 2009, the Trust received the assets from and took over the administration of the Geoffrey Woods Charitable Foundation. Both Charities share the same Trustee and similar charitable objectives. Consequently, for increased efficiency, it was agreed to merge the two charities. Transferred funds were held in a restricted fund. The fund was expended during the year, following which t he Trustee agreed the Benefactions and Finance Committee’s recommendation that the ongoing commitment from the fund be met by the charity’s unrestricted funds.

Membership of the Court

The Court is made up of the Master, three Wardens and up to 24 Assistants and its membership is drawn from the Livery of the Company.

The progression, by election at each stage to the office of Master, is from Assistant (for up to two years), Renter Warden, Middle Warden, Upper Warden (one year in each office) and finally election to Master. After one further year as Immediate Past Master, members of the Court assume the office of Past Master until retirement from the Court.

Assistants, when joining the Court, are presented with an induction pack which includes the Charity Commission’s ‘The Essential Trustee’, the Charity’s Trust Deed and the latest accounts. They are also encouraged to attend appropriate seminars, run by the Company’s various professional advisers, on the responsibilities of being a Trustee.

Governance

1. Trustee Training

In October 2019, 12 Court Members and the Girdlers’ Company Senior Management Team received Trustee Governance Training which covered: charity regulation, conflicts of interest, Trustees’ main duties, the role and responsibility of being a trustee, serious incident reporting and the Governance Code. The Code’s Principles and rationale are used to inform on the recommended best practice. Other members of the Court had attended separate Trustee Training during the period.

2. Members’ Register of Interests

During the Year the Court continued with annual practice of reviewing, and if required, updating their Register of Interests Form.

3. Trustee Eligibility

As part of an overall Governance Review all Court Members were asked to review and sign a Trustee Eligibility Form.

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report Year ended 29 September 2020

Risk management

The Trustee has examined the principal areas of the Charity’s operations and considered the major risks which might arise in each of these areas. In the opinion of the Trustee, the Charity has established resources and reviewed systems which, under normal conditions, should allow the risk identified to be managed to an acceptable level in its day-to-day operations. The following risk areas are monitored; Charity, Law and Regulation, Governance and Management, External Influences, Operational Processes, Human Resources, Technological and Financial. Key risks relate to investment performance and management of reserves. Further details of the Trustee’s approach to managing risks in these areas are given later in this report.

The external Influence of the COVID crisis has led to increased risk management in a number of areas. To adhere to Government advice on working practices, and to help protect the safety of beneficiaries and staff alike, regular meetings are held with the Charity’s Health & Safety adviser. The Charity Review visits by both the Charities Manager and Livery Liaison member have been mostly held virtually, until it is deemed safe to resume. The Financial situation is constantly monitored and stress tests are carried out for both current cash balances and the expected reduced income from the stock market.

Safeguarding

The Trustee agreed the Benefactions Committee’s recommendation that the Charitable Trust had a safeguarding responsibility both as a charity in its own right and as a funder of other organisations. The Trustee agreed a Safeguarding Policy and process to ensure that the appropriate due diligence is carried out on applicants and grantees.

OBJECTIVES AND ACTIVITIES

The Charity’s objectives are to provide financial support to charities or charitable causes, whether in the United Kingdom or elsewhere, as the Trustee shall in their absolute discretion determine. So as to fulfil its objective the grants are made under the following headings:

  1. Principal, Islington, Hammersmith & Peckham and Selected and Enhanced Selected Appeals.

  2. New Zealand Scholarship and Fellowship.

  3. Jock French Charitable Fund.

  4. Irish Guards.

  5. Leather Fund.

  6. Christmas Court Donations.

  7. Master’s Fund Donations.

The following beneficial effects (outcomes) guide the way forward for all future new charitable support:

  1. the improvement in people's employability through vocational training in order to improve sense of self-worth and economic independence;

  2. an increase in the support offered to carers to enable them to continue supporting those for whom they care;

  3. the improvement in people's overall health and happiness through the treatment of mental health disorders;

  4. the improvement in people's literacy in order to help their integration into society and improve economic well-being;

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report Year ended 29 September 2020

  1. the reduction in rate of prisoner re-offending in order to make society a safer place for all.

The focus of the Charity’s grants making is with its Principal Charities, typically numbering around 28, with many of which it maintains longstanding relationships. A formal review of each is undertaken every two or three years. Each formal review continues to use the following measurements:

  1. Does the charity’s model of operation work?

  2. Does the charity have the desire and means to assess the value of its work?

  3. Is the charity financially sound?

  4. Is it possible to develop a close relationship?

As intended, Principal Charities represent around half of the Charity’s annual grants.

The Jock French Charitable Fund encourages financial donations from Members of the Livery. The Fund’s budgeted donations for the year are calculated at four times the value of donations made to the Charity by members of the Livery. The subscribing Members are invited to nominate charities, with which they or a family member have a close involvement, whether as a volunteer, donor or Trustee, to receive grants, and a Committee of Livery Members considers the nominations and makes recommendations. This area represents the third largest part of the Trustee’s charitable giving.

The Master’s Fund is allocated an amount each year for the Master to donate to charities of his own choice. A sum is also allocated to Christmas Court Donations for Members of the Court to nominate donations to charities of their individual choice at Christmas time.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities

ACHIEVEMENTS AND PERFORMANCE

The Charity's grants paid in the year increased by 3% on the previous year. A summary of donations is included in note 3.

1. Principal, Hammersmith & Peckham, Islington, General Charities, and Selected Appeals

The overwhelming majority of grants are made to registered charities whose beneficiaries reside in England. Geographically the Charity's priority is the City and London, Islington, Hammersmith and Peckham.

During the year, 16 of the Principal charities were reviewed. Principal charities represented 42% of the Charity’s total grants (2019:42%). The Charity commenced support to one new charity that works with children with additional needs and their familes in Hammersmith, The School and Family Works.

2. The New Zealand Connection

There have been close links between the Girdlers' Company and New Zealand since 1933, when members of the New Zealand Society were first invited to tea at Girdlers' Hall after the Waitangi Day Service at St Lawrence Jewry.

This relationship is reflected in the Charity’s continuing support of New Zealand undergraduate scholarships at Cambridge University and a medical research fellowship at Oxford University.

This area represents 18% of the Charity’s grants in the current year (2019:18%).

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report Year ended 29 September 2020

New Zealand Scholarships ( Corpus Christi College, Cambridge)

The Charity supported three New Zealand scholars during the year at Corpus Christi College. All tuition fees are met, and each scholar receives a grant for accommodation and living expenses. In March 2020, Miss Sophie Mance was selected as the 2020 scholar and commenced her studies at Cambridge in October. She is the 56th Girdlers’ Scholar.

New Zealand Fellowship (Green Templeton College Oxford)

The 2020 Fellow Dr Sandar Tin Tin continued her research on physical activity, sedentary behaviours and breast cancer risk. The Charity is exploring new methods to encourage Fellowship applications.

3. The Irish Guards

The Charity has had a charitable link with the Irish Guards since 2004. The annual donation goes to support the Regiment’s benevolent fund which supports guardsmen’s welfare, adventurous training and sporting activities. Donations in this area represented 3.3% of the total (2019: 3.5%).

4. Jock French Charitable Fund

Actual donations from members were £25,507. A total of £124,210 (2019: £126,000) was donated to 71 (2019:69) charities from this fund.

5. Leather Fund

The Charity awards grants related specifically to leather matters in order to connect with the Girdlers’ historic trade. During the year grants were awarded to two organisations; Northampton University’s Institute for Creative Leather Studies and the London College of Fashion. Donations in this area represented 3% of the total (2019: 2%).

6. Christmas Court Donations

Court members and Senior Past Masters were each allotted £1,000 to donate to charities of their choice. A total of £32,000 (2019: £33,000) was donated to 39 (2019: 39) charities.

7. Master’s Fund

The Master donated £3,000 from his fund (2019: £2,000).

8. Response to the Coronavirus Pandemic

In March 2020 the Charity wrote to all grantees that received regular support from the Charity (excluding Jock French & Christmas Court) to advise that that the Charity stood with the London Funders Covid-19 support statement. As a result the Charity approved eight requests to divert existing grant funding towards Coronavirus response activities. In addition the Charity made ‘advance’ grants totaling £53,800 to nine existing grantees to support their pandemic response activities and to provide some sustainability. The criteria on which the charities were selected to apply was based on those who worked with beneficiaries that were deemed to be disproportionately impacted by Coronavirus and the social and economic consequences of the outbreak. The Benefactions Committee reviewed these grants in January 2021 and resolved to treat these as additional donations and not to divert funds from elsewhere. The Charity also made a single grant to an organisation that provided hot food to employeees at two London NHS hospitals.

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report Year ended 29 September 2020

Investment powers/policy

The Charity’s investment powers are governed by the Trust Deed, which permits the funds to be invested without restriction.

During the year, the Trustee reviewed its investment managers and its investment objective, resulting in new managers and a revised objective. The portfolio is to be managed on a total return basis, with a long term objective of CPI + 4 1/2%, maximising the value of its capital by participating in the growth of the world economy, in selective asset classes. The fund should then be well positioned to tolerate periods of significant volatility and have the flexibity to hold cash in difficult market conditions

As a benchmark for performance, it was agreed to use the MSCI AC World Index and the Trustee is content with the recent performance of the fund, following its restructuring and during these uncertain economic times.

There is no income requirement, fortuitous in light of the Covid pandemic and its likely impact of dividends received in the future. The Charity is not reliant on income from investments and has the power to realise cash from held reserves if needed.

The Trustee is content with the performance of the fund.

Financial Review

During the year donations and gift aid income amounted to £50,170 (2019: £47,976) with investment income and interest of £112,057 (2019: £165,015), the total income for the year totalled £162,227 (2019: £212,991). The decrease in income primarily relates to the restructuring of the investment portfolio onto a total return basis, with no income requirement. A Gift Aid donation of £10,000 was received from the Girdlers Company, along with a number of additional donations received from members to aid the funding of the emergency donations made to our charities during the Covid pandemic. The Trustee plans to keep charitable grants and donations at around £750,000 in the short term, increasing by 2% annually in the medium term, notwithstanding the cessation of donations from the Company during this time, as significant reserves have been built up in the Charity over recent years to accommodate this fall in income. This is still the plan, even in the current COVID crisis and further comment can be found in note 1a of these accounts.

Charitable expenditure increased to £898,281 from £842,582.

The investment portfolio had a net unrealised loss of £14,401 (2019: gain £261,799).

Reserves policy

At 29 September 2020 the charity had total funds of £4,890,974 (2019: £5,611,818).

The Charity is currently utilising its accumulated reserves to fund its commitments, and will continue to do so over the next 7 years. This is a planned strategy and the trustee is committed to increase its charitable giving 2% year on year. In the short term, a cash balance of approx. £1,000,000 will be maintained, funded from withdrawls from the equity portfolio. It is anticipated that the Charity will have remaining funds of approx. £1,000,000 on 29[th] September 2027.

Historically, the Trustee plans the level of grants and donations, based on the expected level of income for the year. A low level of donations from the Company is anticipated in the short and medium term. The Trustee is aware of this and plans to keep charitable grants and donations at around £750,000 during this time as significant reserves have been built up in the charity over recent years to accommodate this fall in income.

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report Year ended 29 September 2020

At the start of the COVID crisis, a stress test of the Charity’s income and reserves was undertaken, looking at the next 4 years. Even with an expected lower return from the investment portfolio and drawing amounts from the portfolio, and allowing for bursary creditors, the Charity will still have more than sufficient reserves for its operations.

FUTURE PLANS

The Trustee has no plan to change the objectives or responsibilities of the Charity. The Charity has brought forward some planned donations to beneficiaries in the 2020-2021 year to this year, to help them through the COVID 19 crisis. Further information regarding the Charity’s ability to continue as a going concern are included in note 1 (a).

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Trustee’s Report for the year ended 29 September 2020

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible, prudently, diligently and in good faith, for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:

Pursuant to the above, the Trustee is responsible (1) for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and (2) for causing to be produced financial statements which comply with the relevant provisions of the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s Trust Deed and (3) for safeguarding the assets of the charity and in so doing taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

AUDITOR

Saffery Champness LLP has expressed its willingness to be reappointed as auditor for the forthcoming year.

Approved on 6[th] May 2021 and signed on behalf of the Trustee by:

Major Gen Sir Sebastion Roberts KCVO, OBE

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Independent Auditor’s Report to the Trustee

Opinion

We have audited the financial statements of The Girdlers’ Company Charitable Trust for the year ended 29 September 2020 which comprise the Statement of Financial Activities, Balance Sheet and Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors’ report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Independent Auditor’s Report to the Trustee

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 9, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of our report

This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery Champness LLP 12 June 2021 Chartered Accountants, Statutory Auditors

71 Queen Victoria Street, London,EC4V 4BE

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 11

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Statement of Financial Activities Year ended 29 September 2020

Notes
Income
and
endowments
from:
Donations and legacies
Investments
Total Income
2
Expenditure on:
Raising funds
Charitable activities
3
Total Expenditure
4
Net (Losses)/Gains
On investments
Net expenditure
before transfers
Transfer between funds:
Net movement in funds:
Balances brought forward
29 September 2019
Total funds carried forward at
29 September 2020		 Unrestricted
Funds
£
50,170
112,057
162,227
17,757
898,281
916,038
(753,811)
(753,811)
753,811
-
-
-		 Endowment
Funds
£
-
-
-
-
-
-
-
(14,401)
(14,401)
(753,811)
(768,212)
5,611,818
4,843,606		 2020
£
50,170
112,057
162,227
17,757
898,281
916,038
(753,811)
(14,401)
(768,212)
-
(768,212)
5,611,818
4,843,606		 2019
£
47,976
165,015
212,991
17,642
842,582
860,224
(647,233)
261,799
(385,434)
-
(385,434)
5,997,252
5,611,818

All activities are continuing.

The notes on pages 15 to 22 form part of these financial statements.

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Balance sheet as at 29 September 2020

Notes
Fixed Assets
Investments– at market value
6
Current Assets
Debtors
Cash at bank
Creditors:amounts falling due within one year
8
Net current assets
Creditors:amounts falling due after more than one year:
Charitable donations
9
Net assets
Funds
Unrestricted funds
10
Endowment funds
10		 2020
£
4,207,520
4,207,520
25,945
998,993
1,024,938
(250,168)
774,770
(138,684)
4,843,606
-
4,843,606
4,843,606		 2019
£
4,840,988
4,840,988
61,230
1,062,611
1,123,841
(216,247)
907,594
(136,764)
5,611,818
-
5,611,818
5,611,818

Approved by the Trustee and authorised for issue on 6[th] May 2021 and signed on its behalf by:

Major Gen Sir Sebastion Roberts KCVO, OBE

Master

The notes on pages 15 to 22 form part of these financial statements.

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Cash Flow Statement Year ended 29 September 2020

Notes
Cash flows from operating activities:
Net cash provided by (used in) operating
activities
12
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Increase in cash awaiting re-investment
Net cash provided by (used in) investing
activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period
13		 2020
£
(794,742)
112,057
(3,307,843)
3,952,103
(25,193)
731,124
(63,618)
1,062,611
998,993		 2019
£
(847,240)
105,155
(21,086)
38,561
4,201
126,831
(720,409)
1,783,020
1,062,611

The notes on pages 15 to 22 form part of these financial statements.

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Notes to the financial statements For the year ended 29 September 2020

1. Accounting policies

(a) Basis of accounting

The financial statements 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 Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

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

Going Concern

The Trustee has paid particular attention to the Charity’s ability to continue as a going concern during the Covid 19 pandemic.

The Reserves policy, as noted in the Trustee report, will insure the charity is able to full its charitable objectives, in the short to long term.

Whilst there is some uncertainty due to COVID-19 and the impact on investment value, this does not constitute a material uncertainty in relation to going concern.

The Trustee has a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future which is a period of at least 12 months from the signing of the accounts and audit report.

(b) Income

Incoming resources comprising donations and gift aid are accounted for on a received basis. Dividends and interest are credited when receivable.

(c) Expenditure

Expenditure is allocated to two expense headings, Costs of Raising Funds and Charitable Activities, on a direct cost basis. Costs of Raising Funds are investment manager’s fees. Charitable Activities comprises direct charitable expenditure (donations – see 3 below) plus 90% of staff salaries (based on time spent). Governance costs are included here and comprise audit costs, 10% of staff salaries, and other similar charges.

Donations payable are recognised in the Statement of Financial Activities as charitable expenditure in the period in which the grant is authorised. Amounts payable more than one year from balance sheet date are separately disclosed.

Pension contributions are made on behalf of staff to a defined contribution Personal Pension Plan.

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THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Notes to the financial statements For the year ended 29 September 2020

(d) Taxation

The Charity is entitled to exemption from taxation on income and capital gains to the extent that its funds are applied for charitable purposes.

(e) Investments

Investments held for the long term to generate income or capital growth are carried at market value as fixed assets. Realised and unrealised gains and losses are included in the Statement of Financial Activities.

(f) Financial Instruments

Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than its legal form. The Charity’s cash at bank and in hand and trade and other debtors and its trade and other creditors and bank overdrafts are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

(g) Critical judgements and estimations

In preparing these accounts, the Trustee has estimated the future cost for the current scholars, based on their best estimates of the course being completed in the expected timeframe. For further information on the Charity’s Going concern, please refer to note 1 (a).

2. Income and endowments

Income from members
Donations
Investment income – Equities
Investment income – Fixed
interest
Bank interest
Total incoming resources		 Total
2020
£
25,707
24,463
107,375
2,243
2,439
162,227		 Total
2019
£
27,703
20,273
152,362
8,230
4,423
212,991

16

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Notes to the financial statements For the year ended 29 September 2020

3.
Charitable activities
Amounts paid during the year
From Unrestricted Funds:
Principal Charities
Selected Appeals
Enhanced Selected
Hammersmith and Peckham Charities
New Zealand Scholarships and
Fellowship
Irish Guards
Leather Fund
Islington Charities
Covid Emergency Grants
Other
Entertainment
Jock French Charitable Fund
Christmas Court Charity
Master’s Fund
Entertainment
Total Donations Paid In Year
Brought forward accrued bursaries
Carried forward accrued bursaries
Total donations payable
Direct staff costs
Governance costs:
Staff costs
Audit fees
Charities Database software
Professional fees
Total costs charitable activities		 2020
£
312,000
5,000
43,600
36,000
132,787
25,000
22,750
8,000
53,798
10,000
4,122
653,057
124,210
32,000
3,000
854
160,064
813,121
(288,162)
292,219
817,178
54,109
20,505
4,500
1,685
304
898,281
2019
£
314,500
15,000
34,600
35,000
133,752
26,354
14,780
-
-
10,932
23,786
608,704
126,000
33,000
2,000
1,503
162,503
771,207
(306,726)
288,162
752,643
54,020
27,864
3,600
4,200
255
842,582

17

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Notes to the financial statements For the year ended 29 September 2020

With the exception of maintenance grants paid to the New Zealand Scholars totalling £16,499 (2019: £28,955) all donations are paid to organisations.

The following organistions received material donations in the year ended 29 September 2020:

£ Ahoy Centre 25,000 Barons Court Project 10,000 Bosence Farm 10,000 Country Trust 15,000 Crown & Manor Club 12,500 Devas 12,500 Dorothy House Hospice 15,000 Gordon Foundation 15,500 Guildhall School of Music and Drama Honeypot Children’s Charity 25,000 King Edward’s School, Witley London College of Fashion London Youth – Hindleap Warren 12,500 Lord Mayor’s Charity 10,000 Northampton University 19,750 Queen Elizabeth’s Foundation 15,000 Royal School of Needlework 15,000 Sports Aid Trust 12,500 St Giles Trust 25,000 St Paul’s Cathedral Chorister Trust 11,000 Switchback 15,000 The Hardman Trust The Vine Centre 10,000 Westminster House Youth Club 20,000 Young Actors Theatre, Islington 10,000

4 . Total expenditure

Investment Manager’s costs
Charitable Activities		 Staff
Costs
£
-
74,614
74,614		 Direct
Costs
£
17,757
823,667
841,424		 Total
2020
£
17,757
898,281
916,038		 Total
2019
£
17,642
842,582
860,224

5. Staff costs

Staff costs:
Wages and salaries
Employers’s NIC
Pension costs		 2020
£
56,024
7,732
10,858
74,614		 2019
£
63,677
7,916
10,291
81,884

18

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Notes to the financial statements For the year ended 29 September 2020

No employee earned in excess of £60,000 during the year for services provided to the Charity. The average number of full time staff employed during the year was 1 (2019: 1).

Key management personnel

The Trustee has authority and responsibility for planning, directing and controlling the activities of the Charity. The Trustee receives no remuneration for services provided as Trustee.

6 .

Fixed asset investments

Quoted investments
Listed investments
Cash awaiting re-investment
Market value at 30 September 2019
Additions
Disposal at carrying value
Unrealised gains
Market value at 29 September 2020
Cost of investments at 29 September 2020		 2020
£
4,174,693
32,827
4,207,520
4,833,354
3,307,843
(4,606,534)
640,030
4,174,693
3,235,635		 2019
£
4,833,354
7,634
4,840,988
4,589,030
21,086
(41,928)
265,166
4,833,354
2,828,797

7 . Incoming resources

Under Clause 3, sub-clause 2 of the Trust Deed, the Trustee had the power during the Accumulation Period to accumulate with capital such income as they may in their absolute discretion from time to time determine. This power expired on 9 December 2009. During 2009, as agreed with the Charity Commission, the Trustee resolved to accumulate up to £1.4 million additional income until 2019, as stated in the Reserves Policy in the Trustee Report on page 7.

8 .

Creditors: amounts falling due within one year
Accruals – audit fee
Accruals – investment manager’s fees
Other – charitable donations
Due to The Girdlers’ Company
 2020
£
4,500
3,500
228,988
13,180


250,168
 2019
£
3,600
4,800
194,630
13,217

216,247

19

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Notes to the financial statements For the year ended 29 September 2020

9.
Creditors: amounts falling due after more than one year
2020
£
2019
£
Charitable donations
138,684
136,764
10.
Analysis of net assets between funds
Year ended 29th September 2020
Unrestricted
Endowed
Total
Funds
Funds
Funds
£
£
£
Fixed asset investments
-
4,207,520
4,207,520
Net current assets
-
774,770
774,770
Creditors: falling due after more than one
year
-
(138,684)
(138,684)
-
4,843,606
4,843,606
Year ended 29thSeptember 2019
Fixed Asset investments
-
4,840,988
4,840,988
Net current assets
-
907,594
907,594
Creditors:falling due after more than one
year
-
(136,764)
(136,764)
-
5,611,818
5,611,818		 9.
Creditors: amounts falling due after more than one year
2020
£
2019
£
Charitable donations
138,684
136,764
10.
Analysis of net assets between funds
Year ended 29th September 2020
Unrestricted
Endowed
Total
Funds
Funds
Funds
£
£
£
Fixed asset investments
-
4,207,520
4,207,520
Net current assets
-
774,770
774,770
Creditors: falling due after more than one
year
-
(138,684)
(138,684)
-
4,843,606
4,843,606
Year ended 29thSeptember 2019
Fixed Asset investments
-
4,840,988
4,840,988
Net current assets
-
907,594
907,594
Creditors:falling due after more than one
year
-
(136,764)
(136,764)
-
5,611,818
5,611,818		 9.
Creditors: amounts falling due after more than one year
2020
£
2019
£
Charitable donations
138,684
136,764
10.
Analysis of net assets between funds
Year ended 29th September 2020
Unrestricted
Endowed
Total
Funds
Funds
Funds
£
£
£
Fixed asset investments
-
4,207,520
4,207,520
Net current assets
-
774,770
774,770
Creditors: falling due after more than one
year
-
(138,684)
(138,684)
-
4,843,606
4,843,606
Year ended 29thSeptember 2019
Fixed Asset investments
-
4,840,988
4,840,988
Net current assets
-
907,594
907,594
Creditors:falling due after more than one
year
-
(136,764)
(136,764)
-
5,611,818
5,611,818
Endowed
Total
Funds
Funds
£
£
4,207,520
4,207,520
774,770
774,770
(138,684)
(138,684)
- 4,843,606
4,843,606
-
-
-		 4,840,988
4,840,988
907,594
907,594
(136,764)
(136,764)
- 5,611,818
5,611,818

11. Outline summary of fund movements

Year ended 29[th] September 2020

Fund Balance
Bfwd		 Income Expenditure Transfers Gains and
Losses		 Balances
cfwd
£ £ £ £ £ £
Income - 162,227 (916,038) 753,811 - -
Capital 5,611,818 (753,811) (14,401) 4,843,606
Total 5,611,818 162,227 (916,038) - (14,401) 4,843,606
Year ended 29th September 2019
Fund Balance
Bfwd		 Income Expenditure Transfers Gains and
Losses		 Balances
cfwd
£ £ £ £ £ £
G.Woods 122,357 29,928 (162,503) 10,218 - -
Income - 183,063 (697,721) 514,658 - -
Capital 5,874,895 - - (524,876) 261,799 5,611,818
Total 5,997,252 212,991 (860,224) - 261,799 5,611,818
20

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Notes to the financial statements For the year ended 29 September 2020

12. Reconciliation of net expenditure to net cash flow from operating activities

Net expenditure for the year
Adjustments for:
(Gains)/ losses on investments
Dividends, interest and rents from investments
Increase/(decrease) in creditors
Decrease/(increase) in debtors
Net cash provided by (used in) operating activities
nalysis of cash and cash equivalents
Cash in hand
Notice deposits
Total cash and cash equivalents		 2020
2019
£
£
(768,212)
(385,434)
14,401
(261,799)
(112,057)
(105,155)
35,841
(37,994)
35,285
(56,858)
(794,742)
(847,240)
2020
2019
£
£
998,993
1,062,611
-
-
998,993
1,062,611

13. Analysis of cash and cash equivalents

14 . Related party transactions

The Girdlers’ Company is the Trustee of the Charity. It receives neither remuneration nor expenses for services provided as Trustee.

Members of the Trustee who make an annual qualifying donation to the The Girdlers’ Charitable Trust, are entitled to nominate a registered charity which will be considered by the Jock French Charitable Fund committee to receive a donation

The Girdlers’ Company maintains a central payroll system for all employees. Salary and wages costs totaling £74,614 (2019: £81,884) are reflected in the accounts. An amount of £13,180 (2019: £13,217) was due to The Girdlers’ Company at 29 September 2020.

The Girdlers’ Company donated £10,000 to the Charity in the year (2019: £nil).

21

THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS’ COMPANY CHARITABLE TRUST

Notes to the financial statements For the year ended 29 September 2020

15 . Statement of Financial Activities year ended 29 September 2019

Income and endowments from:
Donations and legacies
Investments
Total Income
Expenditure on:
Raising funds
Charitable activities
Total Expenditure
Net Gains on investments
Net income/(expenditure)
before transfers
Transfer between funds:
Net movement in funds:
Balances brought forward
29 September 2018
Total funds carried forward at
29 September 2019		 Geoffrey
Woods
restricted
fund
£
29,928
-
29,928
-
162,503
162,503
(132,575)
-
(132,575)
10,218
(122,357)
122,357
-		 Unrestricted
income
Funds
£
18,048
165,015
183,063
17,642
680,079
697,721
(514,658)
-
(514,658)
514,658
-
-
-		 Endowed
Funds
£
-
-
-
-
-
-
-
261,799
261,799
(524,876)
(263,077)
5,874,895
5,611,818		 Total
2019
£
47,976
165,015
212,991
17,642
842,582
860,224
(647,233)
261,799
(385,434)
-
(385,434)
5,997,252
5,611,818

22