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 we￿fare, 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 resour￿8 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 con￿rn basis unless it is inappropriate to
p￿sume 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 in￿ntiVeS 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
b￿d
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 re￿iVed 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