Charlty Number: 328026 THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Financial statements 29 September 2024
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Financial statements for the year ended 29 September 2024 Contents Page Trustee's Report Independent Audltor's Report 10-12 Statement of Financial Activities 13 Balance Sheet 14 Cashflow Statement 15 Notes to the Financial Statements 16-23
Trustee's Report for the year ended 29 September 2024 REFERENCE AND ADMINISTRATIVE DETAILS The Girdlers, Company Charitable Trust ("the Chariv) is a registered charity under the Charities Act 2011, Number 328026. These financial statements cofflply with 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". A K Maitland+ # ARUdal+# SKDrake# A M James A R Westall # J M Westall + OCSSwann Sir Charles Burnett Bt # R T H Roberts I C N Seaton MBE CC #+ RMJKeene+ The Rt Hon the Lord Strathalmond J Meade # M G Roberts S N Seaton The Hon Robin Neill PHReeve# The Reverend Sir George Newton Bt + J N Mailland C N G Crowther-smith + J T James +# T H Crawley-Boevey # N P G Salisbury # MCR James E Mackaness (elected 2517124> Members of the Benefactions Commlttee
Members of the Finance Committee
The Girdlers, Company Is also Trustee of the Beeston's, Andrewes, and Palyn's (Almshouse) Charity. Staff assisting the Court were: Mr N Archer (Clerk to the Company) Mrs S T Harris (Financial Manager) Miss S A Bennett (Charities Manager)
Trustee's Report Year ended 29 September 2024 Address The Girdlers, Company Girdlers, Hall Basinghall Avenue London EC2V 5DD Bankers National Westminster Bank PIC POBox712 94 Moorgate London EC2M 6UR Audltor Saffery LLP 71 Queen Vlctoria Street London EC4V 4BE Investment Manager Waverton Investment Management Ltd 16 Babmaes Street London SW1Y 6AH
Trustee's Report Year ended 29 September 2024 Constitution. Aims and Activities Under the terms of the Trust Deed of 9 December 1988, the Court of the Girdlers, Company as Trustee (see Slalement of Responsibilities infra) determines the general policy of the Charity, on the basis of advi from its Benefactions Committee. which is responsible for recommendations to the Court on the charitable policy of the Trust and the distribution of their fund5. The Finan Comtnittee 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 Charily and any advice and guidelines necessary for exceptional items are co-ordinated by the Clerk. the Charities Manager and the Financial Manager. The Benefactions Committee and the Finance Committee both consist of the Masler, 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. Membership of the Court The Court is made up of the Msster, three Wardens and up to 24 Assistants and its membership is drawn from the Livery of the Company. Progression to the office of Master, by election at each slage, is from Assistanl (for two years), Renter Warden, Middle Warden, Upperwarden (one year in each offi> and finally to Master. After one furlher year as Immediale Past Master, members of the Court assume the office of Pasl Master until retirement from the Court. Assistants, when joining the Court, receive an induction pack which includes the Charity Commission's 'The Essential Trustee,, the Charily's Trust Deed and its lalest accounls. They are encouraged to altend appropriate seminars, run by the Company's various professional advisers, on the responsibilities of being a trustee. Gov•mance M•mb•rs' R•glst•r of Interests During the year, Court members reviewed and, as required, updated their Register of Interests Forms. Trustee Eligibility All Court Members have reviewed and signed a Trustee Eligibility Form.
Trustee's Report Year ended 29 September 2024 Rlsk management The Trustee has examined the Charity's operations and considered the risks arising. In the opinion of the Trustee, the Charity has well-established resources and review systems which, under normal conditions. allow risks identified to be managed at an acceptable level in its day-to-day operations. Risk areas monitored include Charity Law and Regulation,- Governance and Management- External Influences,- Operational Processes., Human Resources,- Technological., and Financial. Further details of the Trustee's approach to managing risks in these areas are given later in this report. Safeguarding The Trustee endorsed 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 has agreed a Safeguarding Policy and process to ensure that rigorous due diligence is carried out on all applicants and grantees. OBJECTIVES AND ACTIVITIES The Charity's objective is to provide financial support to charities or charitable causes, whether in the United Kingdom or elsewhere, as the Trustee shall in its absolute discretion determine The Charity assesses new grant recipients. Thls review Includes understanding the Impact In one or more of the following areas.. The improvement In people's employability, in order to improve their sense of self-worth and economic independence., The improvement in carers, health and wellbeing, in order that they are able to continue supporting those for whom they care; The reduction in mental health disorders- specifically, to improve people's overall health and happiness: The improvement in people's literacy (irresp8Ctive of age), in order to help their integration into society and improve economic wellbeing., The reduction in prisoner reoffending, in order to support their integration as active and positive members of society and help make society a safer place.
Trustee's Report Year ended 29 September 2024 The Charity's grant-making is focused on its Principal Charities, typically numbering around 20, with many of which it maintains longstanding relationships, and which receive around half its annal grants. For example. Girdler links with the Crown and Manor Club for boys go back three generations. A formal review of each relationship is undertaken every or three years applying the following criteria- 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. What has been the outcome of the grant? 4. Is the charity financially sound? 5. Is there a close relationship with the leadership of the charity. 6. Is the charity's approach lo environmental sustainability compatible with Girdler values? Eight principal charities were reviewed during the year under review. The Jock French Charitable Fund enables Members of the Livery to secure funding from the Charity to enhance their personal support for particular charities. The Fund gives to those charities a total of three times the value of donations made to the Charity by members of the Livery. Subscribing Members nominate charities with which they or a family member have a close involvement, whether as a volunteer, donor or Trustee to receive grants. a Committee of Livery Members considers these nominations and makes recommendations. This area represents the third largest part of the Trust's charitable giving. Members of the Court may in addition nominate charities to receive a donatlon from the Charity at Christmas. The Master's Fund enables the Master to donate to charities of his own choice. The Charity Commission's general guidance on public benefit informs all giving by the Charity. ACHIEVEMENTS AND PERFORMANCE The Charity's grants Ihls year were worth 15°/0 less than in the year ending September 2023, due to a restructuring of the NZ scholarship scheme and the previous year's having seen the exceptional distribution of Ukraine-related benefactions after the Russian invasion. A summary of donations is included in note 3. 1. Principal, Hammersmlth & Peckham, Islington, General Charlties, and Selected Appeals Nearly all the Charity's grants are to registered charities whose beneficiaries reside in England. Geographically the Charity's priorities are the City and, in Greater London, Islington, Hammersmith and Peckham. The Girdlers have hisloric ties with all these areas. Principal charities represented 41 O/D of the Charity's total grants (2023:40°/0) 2. The New Z•aland 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 the Girdlers. Hall after a Waitangi Day Seniice 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 Green Templeton College, Oxford. This area represents 12 % of the Charity's grants in the current year (2023.'20°10)- The beneficiaries during the year under review were:
Trustee's Report Year ended 29 September 2024 New Zealand Fellowship (Green Templeton College Oxford) Dr Cervantee Wild, the 2021 Fellow. continued her research into effects of long Covid in disadvantaged families and children. New Zealand Scholarships (Corpu8 Christi College, Cambridge) Two New Zealand scholars. All tuition fees are met, and each scholar receives a grant for accommodation and living expenses. 3.Corpus Christl College - Post Graduate scholarship In May 2023, Mr Elliot Studholme was selected as the inaugural UK postgraduate scholar and commenced his PhD studies in Physics with a focus on optoelectronics at Cambridge in October, 4. The Irish Guards The Charity ha5 had a charitable link with the Irish Guards since 2004. The annual donalion goes to the Regiment's Benevolent Fund which supports guardsmen's wefare, adventurous training and sporting activities. The donation represented 3.80/0 of the lotal (2023.. 3.10/0 5. Jock French Charltable Fund Actual donations from members were £41,247 (2023:£40,305). A total of £130,630 (2023.. £132,250) was donated to 74 (2023.'74) charities from this fund. 6. Leather Fund The Charity awards grants to support leather-related activity in order to maintain a connection with the Girdlers, historic trade. During the year grants were awarded to Northampton University's Institute for Creative Leather Studies, the London College of Fashion. and the Bill Amberg Studio for a new apprenticeship. Donations in this area represented 2.30/0 of the total (2023.'2.3 /0). 7.Chrlstmas Court Donatlon8 Court members and Senior Past Masters were each allotted £1,000 to donate to charitles of their choice. A total of £31,000 (2023,. £31,000) was donated to 41 (2023- 41) charltles. 8.Mastor's Fund The Master donated £2,000 from his fund (2023: £1,500).
Trustee's Report Year ended 29 September 2024 Investment powerslpolicy The Charity's investment powers are governed by the Trust Deed, which permits the funds to be invested without restriction. The portfolio is managed on a total return basis, with a long-term objective of CPI + 4.50/0, 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 posilioned to tolerate periods of significant volatility and have the flexibility 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 perforrnance of the fund over the period under consideration. There is no income requirement. The Charity is not reliant on income from investments and has the power to realise cash from held reserves if needed. Flnanclal Revlew During the year donations and gift aid income amounted to £41,427 (2023.. £63,423,) with investment income and interest of £56,220 (2023: £57,300), the total income for the year totalled £96,294 (2023.. £120,723). The decrease in income primarily relates to the restructuring of the investment portfolio onto a total return basi5, Wlth no income requirement. The Trustee reviewed its medium term cashflow and reserves during the year and determined that annual benefactions can be increased by 20/0 year on year, significant reserves having been built up in the Charity to cover years when il would not receive donations from the Girdlers Company. Further comment can be found in note 1 a of these accounts. Charitable expenditure was £943,293 (2023:£957,798). The investment porffolio had a net unrealised gain of 556,960 (2023: gain £336,126). Reserves pollcy At 29 September 2023 the charity had total funds of £2,839,542 of which £3,078 was restricted and the remainder endowed. {2023: £3,122,060 with £2,782 being restricted). The Charity is currently using accumulated reserves from its expendable endowment fund to fund its commitments and will continue lo do so over the next S years. This is a planned strategy underpinning the Trustee's commitment to increase the Charity's giving 20/0 year on year. To maintain adequate Ilquidity, a cash balance of c. £250,000 will be maintsined in the near-term future, funded from withdrawals from the equity portfolio. The practice of the Trustee is to set levels of grants and donations which reflect the expected level of income in any given year. A low level of donations from the Company is anticipated in the short and medium term. The Trustee is aware of this and has planned accordingly. It is anticipated that the Charity will have remaining funds of c£1,300,000 on 29 September 2027.
Trustee's Report Year ended 29 September 2024 10 year cashflows are maintalned, updated and reviewed at four Trustee meetings during the year. Even with the lower returns anticipated from the investment portFolio in the short term, and drawdowns from that portfolio, the Charity will still have more than sufficient reserves for its operations. FUTURE PLANS The Trustee has no plan to change the main objectives or main responsibilities of the Charity. Further information regarding the Ch8rity's ability to continue as a going concern is included in note 1 (a).
Trustee's Report for the year ended 29 September 2024 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 resour8 and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to.. comply with the provisions of the Deed of Trust: select Sultable accounting policies and apply thern consistently. observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudenl., state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going conrn basis unless it is inappropriate to psume that the charity will continue in business. 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 lo 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 charty 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 LLP has expressed its willingness to be reappointed as auditor for the forthcoming year. Approved on20th a0 and signed on behalf of the Trustee by: Mr Julian James Chairman of the Benefactions Committee
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 2024 which comprise the Statement of Financial Activities, Balance Sheet and Cash Flow Statement and notes to the financial stalements, including significant acGounting 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.. give a true and fair view of the state of the charity's affairs as at 29 September 2024 and of its incoming resources and application of resources for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnlon 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 Auditor's 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 io provide a basis for our opinion. Conclusions relatlng to golng concorn In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. Other Infomiatlon 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 auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. 10
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. Matters on whlch we are required to report by exceptlon We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion.. the information given in the Trustee's Annual Report is inconsistent in any material respect with the financial statements- or the charity has not kept sufficient accounting records. or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. 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, di5cIosing, as applicable, matlers 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. Audltor8' responsibiliti88 for the audit of the financlal 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 st8tements 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 detecl a material misstatement when it exists. Misslatements 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with representatives of the Trustee, discussions within our audil team planning meeting, updating our record of internal controls and ensuring Ihese controls operated as intended. We evalualed possible inntiVeS and opportunities for fraudulent manipulation of the financial slatements. We identified laws and regulations that are of significance in the context of the charity by discussions with representatives of the Trustee and updating our understanding of the sector in which the charity operates. 11
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011. the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified.. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identrfy potential material misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team. the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compllance with laws and regulations is from the events and transactlons reflected in the financial statement5, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud Is higher than the risk of nol detecting one resulting from error, as fraud may Involve deliberate concealment by, for example. forgery or Intentlonal misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.or .ukJauditorsres onsibilities. This description forms part of our auditor's 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 Trustee those matters we are required to state lo it 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 Trustee, for our audit work, for this report, or for the opinlons we have formed. Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date: 8 201S Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 12
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Statement of Financial Activities Year ended 29 September 2024 Un- restrlcted Funds Notss Restrlcted Funds Endowment Funds 2024 2023 Donations and18gacies 47,247 350 47,597 56.220 63,423 57,300 Investments 56,220 Totsl Income 103,467 350 103.817 120,723 Expendlture on: Raising funds Charitsble actlvitles 18.192 925,101 18,192 925,101 17.737 957,798 Total Expendlture 943,293 943.293 975,535 (839.826) 350 1839,476 (854,812) Net galnsl{1088e8>on On Investmonts 556,958 556,958 338,126 Net (•xp•nditure)in¢om• {839,826) 350 556.958 1282,518) (518.686) Transfer between funds: 839,826 (839,826 Net movgmgnt In funds: 350 (282.868) (282.518) (518,686) Balances brought forward 30 Septembar 2023 2,728 3,119,332 3.122,060 3,640,746 Balances carrled forward 29 September 2024 3.078 2,836,464 2,839,542 3,122.080 All activities are continuing. The notes on pages 16 to 23 form part of these financial statements. 13
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Balance sheet as at 29 September 2024 Notas 2024 2023 Fixed Assets Investments - at market value 2,952,505 3,213,738 2,952.505 3,213.738 Current Assets Debtors Cash at bank 20,809 231,575 8.935 244,790 252,384 253,725 Creditors: amounts falling due within one year (261,957) (236,109) Net current {Ilabllltles)lassets (9,573) 17,616 Creditors: amounts falling due after more than one year {103,390) (109.294) Net a88ets 2,839,542 3,122,060 Funds Unrestrlcted funds Restricted fund Endowment funds 3,078 2,836,464 2,782 3,119.278 2,839,542 3,122,060 Approved by the Trustee and authorised for issue on aothAdrLh and signed on its behalf by: Mr Julian James Chairman of the Benefactions Committee The notes on pages 16 to 23 form part of these financial statements. 14
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Cash Flow Statement Year ended 29 September 2024 Notes 2024 2023 Cash flows from operating actlvltles: Net cash used in operating activltles 881,218 922.295 Cash flow8 from investlng activiti•s: Dividends and interest from investments Proceeds from sale of investments Purchase of investments Decreasel(Increase) in cash awaiting re-investment Net cash provlded by Investing activiti•8 49,812 1,721,812 (938,734) 35,113 868 003 53,686 885.248 (381,330) 14,317 571,921 Change In cash and cash equivalents in the yoar (13,215) <350,374) Cash and cash equlvalents at the boginning of tho roporting period 244,790 595,164 Cash and cash equival•nt8 at the end of the reporting period 12 231,575 244,790 The notes on pages 16 to 22 form part of these flnanclal statements. 15
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Notes to the financial statements For the year ended 29 September 2024 Accounting pollcles (a) Basis of accounting The Charity is an incorporated charity (registered number 328026)- The address of the registered office is The Girdlers, Company, Girdlers, Hall, Basinghall Avenue, London EC2V5DD. The financial statements have been prepared under the historical cost convention (except for the valuation of investments). The financial statements are prepared in accordance with the 'Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021' and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011. 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 accounts are prepared pound sterling and are rounded to the nearest pound (£). The Charity constitutes a public benefit entity as defined by FRS 102. Golng 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) Incorne All income is recognised in the Statement of Financial Activities when the charity is entitled to the income, the amount can be reliably measured and receipt is probable. Donatlons are recognised when received. (c) Expendltur• Expenditure is allocated to Imo 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 communicated to the beneficiary. 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. 16
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Notes to the financial statements For the year ended 29 September 2024 (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. (fj 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) Funds The funds are categorised as follows.. Unrestricted funds can be used for the Charity's general purposes. Restricted funds comprise income received by the Charity where the donor has specified that the funds are to be used for particular purposes of the Charity. They can only be spent on the specified purpose. The endowment fund is expendable at the Tnjstee's discretion, The Trustee transferred funds to the income funds in the year to ensure those funds were able to meet the costs of delivering the charity's activities. {h} Critical judgements and estimation8 In preparing these accounts, the Trustee has estimated the future costfor 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). Income and •ndowm•nts Total Total 2024 2023 Unrestricted Gift Aid from Company Income from members Donations Investment income Bank interest Restricted Income from members-ukraine Total incoming resources 1,040 40,305 12,628 53,686 3,614 41,247 6.000 49,812 6.408 350 103,817 9,450 120.723
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Notes to the financial statements For the year ended 29 September 2024 Charitable activitios Amounts approved for payment in year 2024 2023 From Unrestrlcted Funds: Principal Charities Enhanced Selected Hammersmith and Peckham Charities New Zealand Scholarships and Fellowship (net of cancelled grant) Irish Guards 325,225 28,849 55,000 331,000 18,000 58,000 100,830 160,087 30,000 29,500 5,000 30,000 13,625 Leather Fund Islington Charit185 Ukraine 85,998 37,385 Other 29,000 One Off Grant5 9,850 30,000 Entertainment- Charity use of hall 11,781 7.299 Jock French Charitable Fund 130,630 132,050 Christmas Court Charity 31,000 31,000 Master's Fund 2,000 1,500 Total Donations approved for payment 788,665 915,944 Brought forward accrued bursaries (229,972) (328,55S) Carried forward accrued bursaries 237,174 229.972 Total donations payable 795,867 817,361 Direct staff costs 74,488 69,790 Governance costs.. Staff costs Audit fees Charitie5 database software Professional fees Entertainment 26,041 8,860 2,625 160 17,060 36,444 6,500 1,440 204 26.059 Total costs charitable activities 925,101 957 798 18
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Notes to the financial statements For the year ended 29 September 2024 With the exception of maintenance grants paid to the New Zealand Scholars totalling £19,670 (2023 £29,536) all donations are paid to organisations. The following organisations received material donations in the year ended 29 September 2024.. Barons Court Project The Bill Amberg Studio Bosence Farm Community The Childrens Literacy Charity Country Trust Crown and Manor Club 10,000 15,000 10,000 10,000 20,000 15,000 10,000 15,000 18,500 15,000 20,000 30.000 18,000 13,000 12.500 10,000 15.000 12,500 10,000 25,000 13,500 15,000 10,000 12,508 15,000 10,000 Discovery Sailing Project Dorothy House Hospice Gordon Foundation Guildhall School of Music and Drarna Honeypot Children's Charity Irish Guards King Edward's School. Witley London College of Fashion London Youth - Hindleap Warren Lord Mayor's Appeal Royal School of Needlework SportsAld Suicide Prevention Programme St Giles Trust St Paul's Cathedral Chorister Trust Switchback The Upper Room The Vine Centre Westminster House Youth Club Young Actors Theatre Total expenditure Staff Costs Dlrect Costs Total 2024 Totsl 2023 Investment Managerfs costs Charitable Activities 18,192 824,572 18,192 925,101 17.737 957.798 100.529 100,529 842,764 943,293 975,535 19
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Notes to the financial statements For the year ended 29 September 2024 Staff costs 2024 2023 Staff costs: Wages and salaries Employer's NIC Pension costs 74.904 10,248 15,377 78,550 10,839 16,845 100,529 106,234 No employee earned in excess of £60,000 durlng the year for services provided to the Charlty. The average number of staff on an average head count basis during the year was 8 (2023: 8). Key management personnal 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. Fixed asset Investments 2024 2023 Quoted investments Listed investments Cash awaiting re-investment 2,912,894 3.139,014 74.724 2.952,505 3,213,738 Market value at 30 September 2023 Additions Disposal at carrying value Unrealised gains 3,139,014 938,734 {1,645,765) 3,306,806 381,330 (817,050) 267,928 Market value at 29 September 2024 2,912,894 3139014 Cost of investments at 29 September 2023 1,936,943 2,325.838 Creditors: amounts falling due within one year 2024 2023 Accruals- audit fee Accruals - investment manager's fees Other - charitable donations Due to The Girdlers, Company 7,080 4.500 221,434 28,943 6,500 4.500 216.744 8.365 261,957 236.109 20
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Notes to the financial statements For the year ended 29 September 2024 Creditors: amounts falling due after more than one year 2024 2023 Charitable donations 103,390 109 294 Analysis of nèt ass•t8 between fund8 Year ended 29th September 2024 rostrlctad Restrlctsd Endowment Total Funds Funds Funds Funds Fixed asset investments Net current asset81{liabilitie8) Credltor8: falling due after more ihan one y8ar 2,952,505 (116,041) 2,952,505 (9,573) (103,390) 103,390 (103,3901 3,078 3,078 2,836,464 2,839,542 Year ended 29th September 2023 Fixed Asset investments Net current assets Creditor5.' falling due after more than one year 3,213,738 (94,460} 3,213.738 17,616 109,294 3,122,060 109,294 109 294 2.782 2,782 3119,278 The endowment fund is expendable. Income generated by the fund can be used to support the Charity's general purposes. The restricted fund reflects income received to support the Charity's work in relation to Ukraine. It can only be spent on this purpose. 10. Outllne summary of fund movements Gains and Losses Fund Balance bfwd Balan¢08 cfwd Income Exp•nditur Transfers Unrestricted Restricted Endowment Total 100,763 350 (943,293) 839.476 2,728 3.119,332 3.122,060 103.817 3,078 556,958 2 836,464 556,958 2,839,542 839.476 943.293 As at 29th September 2023 Gains and Losses Fund Balance bd Income Expenditure Transfers Balances Unrestricted Restricted Endowment Total 111,273 9.450 (909,537) (65,998) 798,264 29,375 827,639 29,955 3,610,791 3,640,746 120,723 2.782 336,126 3,119.278 336,126 3.122,060 975,535 21
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Notes to the financial statements For the year ended 29 September 2024 11. Reconciliation of net expenditure to net cash flow from operating activities 2024 2023 Net expanditure for the year Adjuslments for: Lossesl{gains) on investments Dividends, interest and rents from investments (Decreaseylncrease in creditors Decreasel(Increase) in debtors Net Gash used in operating actlvltles (282.518) (518,686) (556,958) (336,126) {49,812) (53,686) 19,944 {36,415) 11,874 22,618 881218 922,295 12. Analysls of cash and cash equivalent8 2024 2023 Cash in hand 231,575 244,790 Total cash and cash •quivalent8 231,575 244,790 The Charity did not have any debt at the year end. (2023.. none) 13. Relatod party transactlon8 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 tolaling £100,529 (2023: £106,234) are reflected in the accounts. An amount of £28,943 (2023: £8,365) was due to The Girdlers, Company at 29 September 2023. In addition, members of the Twstee were invited. in 2023 to donate to the Charity's Ukraine appeal. £350 was reiVed from members for this purpose (2023:£9,450). Further details about how the fund will be used are provided in the annual report. 22
THE WORSHIPFUL COMPANY OF GIRDLERS THE GIRDLERS, COMPANY CHARITABLE TRUST Statement of Financial Activities Year ended 29 September 2023 Notes restrlcted Funds Restrlcted Funds Endowment Funds 2023 2022 Donations and legacies 53,973 9,450 63,423 57,300 80,841 59.464 Inv8Stm8nts 57,300 Total Incomo 111,273 9,450 120,723 140,305 Expendlturo on: Ralsing funds Charitable acts'vltles 17,737 891,800 17,737 957,798 22.655 935,932 65,998 Total Expondlture 909,537 65.998 975,535 958,587 1798,264) (56,548) {854,812) 1818,282) Net galnsl{1039oslon On Inv08tment8 336,126 336,126 1356.913) Not {oxpenditure)income (798,264) (56,548 336,126 1518,686) (1,175,195) Transfer between funds: 798,264 29,375 (827,639) Not movomont In funds: (27,173) {491,513> (518,686) (1,175,195) Balances brought forward 30 September 2022 29,955 3,610.791 3,640,746 4,815,941 Balances carrled forward 29 September 2023 2,782 3,119,278 3,122,060 3,640,746 23