Charlty Numb•r: 32a028
THE WORSHIPFUL COMPANY
OF GIRDLERS
THE GIRDLERS, COMPANY
CHARITABLE TRUST
Flnanclal ststemonts
29 Séptombor 2025

Girdlers Company Charitable Trust
Trustee Report
Introduction
The Girdlers Company Charitable Trust (GCCT) is the means by which the Girdlers
Company. blessed as it is with significant assets, makes lis contribution lo the strengthening
of the society ofwhich il is part.
Impact on society and on people's lives
We work in partnership with chosen charities in five main sectors to transfonn lives and
society for th¢ bett¢r. We support communities and individuals. helping them io overcome
their problem5 and succeed. We do ihis through grant funding. opening Girdlers, H811 to
them for fund-rnising and stakeholder ¢vents' and providing training, mentoring and capacity
building support- and active participation through the members and staff of the Company.
Through our strategic grant programme we work towards the following beneficial outcomes..
• enhanced employability in order to boost beneficiaries. self-worth and economic
independence.
the improvement of carers, health and wellbeing to enable them lo continue supporting
those for whom they care.
a reduction in rnental health di50rders 10 irnprove people's overall health and happiness.
the improvement of people's literdcy. irrespective of age. to help their inte8ration into
society and improve their economic well-being.
a reduction in the rate of prisoner rewoffending through the better integration of ex-
off¢ndcr5 a5 active, contributing members olsociety.
Westminster House Youth Club DofE Exhibition

2024125 Donations by Charitable Activity
£854,004
Member Led
Progr8rnme$.
£155,170.18%
MentalH6alth,
£134,2(￿. 16%
Charity Uso of Hall.
£7.091 . 1%
Offendor
£64,500, 8%
¢arer8, £43,5QO.
Fund8r Plu8 Pllot.,
£20,000. 2%
Irish Guards
8enevolent Fund,
E33,000, 4
Llt8r8w. £48,000.
cityof London,
£11,000.1%
E337,543, 3Wh
• Fund¢r Pilot.. toprovido buyinE¥ wn#ulthrKy. ¢oll#E4JrnIi￿ m¢nwrim$, ondl ￿¥1¢t￿d ple￿10•F¢cr 5UPPUrt hr thntiu withln the
Cirdkrs'CompAny ii•n18 PQrtfol
Long term impact
The Girdler5 Company has been in existence since 1327. Throughout ils history, li has served
Ihc community initially by bein8 responsible for maintaining the trade of Girdlers and for the
last hundreds of year5 by providing welfare and charitable support to society.
Our aim is lo develop long terni partnerships wilh the charities with whom we work.
Currently we provide approx. over £850,000 of donations through our grant programmes to
over l 00 separate charities (see note 3 in the a¢¢ounts) and for some we can Irace our
partnership to the beginning of this century. Many of our 5UPPQrted charities value the
on5iStency and long-t¢rni natu￿ of our support and involvement.
The GCCT is proud of its long rnDning reputation for making an impact to the
eommullities that we serve.
Case studies
To make these commitments real, we want to share some individual stories from a few of our
partner organisations. Ahoy and Westminster House are both intervening al an early stage to
enhance young pcople's proSp￿tS in life, and so their employability- Honeypot cares for
young carers. And Swit¢hback works with younE ex-offenders. We are proud to be
associated with all of them.

rh¢
C4nlr#
TheAHOY Centre
The AHOY Centre is a Waler Sport5
charity based in Deptford, just downstream
of the site of King Henry Vlll's naval
dockyard and birthpla¢¢ of ihe Mary Rose.
AHOY offers activities on the tidal river
Thames and on land that includ¢ Sailing,
Ruwing and Powerboaling Ciym and boat
maintenance leading lo Royal Yachting
Associ&lion and other qualificalioiis, We
laryel Children and young people who du¢
to their economic, cultural and family
backgrounds would not oihen¥ise have the
opportunity lo engage in the excllisive and
expensive world of water5POrts.
Lasi year AHOY piloted a River Ind
Water SAfety Awareness Courge after the
tragiL deaths of 2 children in 2 separate
incidents in the Thaines. We are now
rolling) this programme out to schools near
the Thaimes, to prevent further fatalities.
We are delighted to engage in the
prizegiving evening at Girdler5' Hall, at
which Girdl¢rs' Medallions are presented
by the Master Girdler lo individuals
nominated by us. It is gre&1 WAY to
celebrate positive attitude, leadership and
contribution of our beneficiaries and this
year we have nominated a former
Shipmate.
The ongoing support of the Girdlers
Company for ShipttLates gives Children
and Young people a long-lerm engagement
WLth waler sports and a proven pathway to
employmenl.

eJv.
Westminster House Youth Club
Weslminsler House Youth CILIb,
established in 1888 is one of the oldest
Youth Clubs in Ihe Lountry with a strong
commilmenl to Cquality of opportunity.
Oiir membership is 8010 BAME and 50 %
girls and young wonien.
We have young people with both visible
and invisible disabilities, looked after
young people and those on Special
GL14rdiAnship Hrrangemenls and with
EHCPS engaged in of our programmes. We
currently offer.. 4 nighis ol'Generic Youth
Club and I night of Junior Club.. 5 targeted
ev¢ning5 Of afier school provision,
including GCSE homework and liieracy
aiid numeracy.
We work with children and young people
and their families lo ensure that they
remain in educalion, and stay out of the
criminal justice system by engaging our
members in a wide array of activilies.
We have worked in partnership with The
Worshipful Company of Girdlers for
almost ? decades now. They are ali
excellent exampl¢ of a funder who actually
listens to Ihe needs of the organisalions
they suppoil and will adjust aitns and
targets if needed. They visit often and
foster strong relationships wilh individiial
Girdler5, the Charities Manager and the
Charitics they support.
111141 I,_

Honeypot Children's Charity
Your funds are currently supporting
our wrap-round provision at Honeypot
House in Hampshire. specifically
helping children from Soiith-East
England and flexible in the services
that they go towards, meaning we can
choose to use them where we need
them most.
The majorily has been used for our 3-
day residential breaks, ensuring yoiing
carers can have time awlly from their
re5ponsibililies, enjoying fun and
dventure (and no chores!) in the New
Forest.
On our breaks, children almost always
mention that they have made a new
friend, helping to take ihem oul of the
i501ation that caring can cause.
Children also value the support they
get fmm our slaff, helping them deal
with worries about thosc they care for
and anxielies about lrying new things.
They take on new challenges like
climbing up high in New For¢st
Wildlife Park and riding a scary
rollercoasler in Paultons Park. They
run in the surf at Lepe beach, one boy
exclaiming it was the first lime he had
touched the seal The children talk
about how much fun they hav¢ playing
and how Ihey don't always get to play
at home. They have the chance to just
be children.

Switehbfick Initiative
SwilchbaLk supports young Londoners lo
find a way out of the justice system and
build stable, rewardin£ lives after prison.
Our pioneering mentor approach works: in
stark contrast to the national averag¢
which sees ncarly half of prison leavers
back inside within a year- only l 00/0 of
Switchback Trainees reoftend. while over
half Inove into lon&-l¢m) work.
Bclow, SwiichbaLk Trainee14amza* share8
his story. Growing lip, I lost a family
member and that was when I Iosi passion
for my hobbies. I started hanging out with
the wrong crowd and got into drug dealing
atthe age of15.
I still fiiiished college and did one year of
Uni because l olways tried (o keep Imy
mlim proiid. Eventually th¢ police caine
knocking. I went to prison in 2023 and
spent foiir months not knowing how long
I'd be there. When I plead¢d guilty and gol
58 months,
I wanted io change my life, and I knew ihat
Switchback could help me. I'll be honcsl, I
was 5car¢d to even start a job, so I was
turning everyil)ing down. I didn I have
faith in myself.
Now I work tull-lime al Dusly Knuckle,
'm playing football agaii), volunteering
and coaching at Streel Soccer. Switchback
opened so many doors for me and helped
me see myself for who l am. Switchback
changcd my life."
Name has been
changed.

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS. COMPANY CHARITABLE TRUST
Flnanclal statements for the year ended 29 September 2025
TN$le8'8 Rewt
1-9
Indopendani Au(1Jk￿s Report
10-12
Statement of FInar￿al hdv1I08
13
Bala￿e Sheet
14
Ca8hlSow Stat•mont
16
tel to th& FIn￿al Statamant8
16-23

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Trustse's Report for the year ended 29 September 2025
REFERENCE AND ADMINISTRATIVE DETAILS
The Glrdlers, Company ch￿table Trust fthe Charit*l 18 a roglstered charity under the Charitie5 Act 2011.
Number 328026.
Thése financlal 8talemBnts comply wllh current stslutory requlrements. the TN$t Deed, and the Stslement of
Recommended PracUce'Acc¥Juntlng and Roportlng by Charftl88' (SORP 2015).
The Girdler8' Company. whlch18 managed bythe Court oftho Company,18 the Trus188 ofTho Charlty. Member8
of the Court during the year were..
ARUd81+#
S K Drake +#
A M Jam&8
A R We81all
J M Weslall
OCSSwann
Sir Charles Bumell 81 #
R T H Robart8
I C N Sealon MBE CC #+
RMJKeen8
The Rl Hon the Lord Strathalmond
M G Roberts
S N Sèaton
The Hon Robln Nelll
PHR88ve#
The Reverend Slr G8org8 Nthwton Bt +
J N M8ltl8nd
C N G Crowthersmlth +
J T Jarnes +#
T H Crawfey-Boevey #
N P G Soll¥bury #
A K Maluand
MCR Jam08
E Mackangss
T Moul (El8cted 28n125)
Members of the Benefactions Commiltee
# Members of the Finance Commlllee
Lwerymen Mr SW Loveridge and Mr TW F81cxm are a180 membern, bjl not on the Court.
The Glrdlers, Company Is also Trustse of the Begston's. Andr￿5, and Palyn's (Almshouse) Ch8rty.
Staff assisting thg Court wore..
Mr N ￿￿her ICl8rk lo the Company)
Mrs S T Harris (Financial Manager}
Miss S A Bennett (Charllio$ Manager)

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Trustee's Report
Year endad 29 September 2025
Addrn•8
The GIrd￿ls, Company
Girdlers, Hall
B08inghall Avenue
London
EC2V EL)D
Bank•rn
National W8stmln¥ter Bank PIC
POBox712
94 M¢￿al8
London
EC2M 6UR
Audltor
Saffery LLP
71 Queen Vlctorfa Street
London
EC4V 48E
v••tm•nt M•n•g•r
W1M
10 8abrDaeB Stregt
London
SW1Y 8AH

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Trustee's Report
Year ended 29 September 2025
Con$titutlon, Alms and ActiVFti•
Under the terms of the Tnjsl Deed of g December 1988, th8 Court of the Glrdler8' Compgny a$ Trustee {se
Statement of Re8ponslbllilie$ infr8) delermlnos tho general pollcy of the Charlly, on the basi5 of advlce frorn Its
8enefactions Committee, which is responsible for recommendations to the Court on the charitable polbcy of the
Trust and the distribution of thelr fund5. The Fin8nce Commrttee is responslble for advislng the Court on matter8
concerning money management, Investments, accounllng and financlng of the Tru81'5 commilfftents. The (jay-
to-day affairs of the Charity and any advlce and guidelines necess￿ for excepllonal Items are Cowordinated by
the Clerk. the Charities Manager and the Fbnanclal Manager.
The Benefactions Committee and the Fin￿C0 Commlllee ￿th conslsl of the M8sler. a number of members of
the Court of Assistants arKI representallvos from the Llvery. The Commtttees each meet al least three times a
year. Th8 Clerk ar￿ Charilles Manager attend the Benef8ction8 Comfnlttee. The Clerk and the Flnancial
Manager attend the Finance Commlltea.
M•mb•r•hlp ol th• Gourt
The Court Is made up of the Ma8ler, ltsee Wardens and up lo 24 A8818tanl8 gnd Its member8hlp18 dr8wn Irom
the Llvgry of the Company.
Progre89lon lo the offlc8 of Master, by alection at each stage. is from A$$l$tant (for tsvo y8ar81, Renter Wardèn,
Mlddle Warden. Upp8r Warden lone year In each offlcel ané ffnally lo Master. Aftor one further year as
Immgdlate Past Master. memberB of the Court asBumg the officè of Pa81 Master unbl retirement from the Court.
Assl$tants. when lolning the Court. recelve an inducllon p8ck whlch Sndud88 the Charlty Commi8Blon'8 Yhe
Essential Tnjslee,. the Charity'8 Tru81 Deed and lalg$1 accounts. They ère encouraggd to allend appropflate
semlnar8, run ty the Compangs various prof8ssional advisers, 011 the re$ponsibililies of being a trustee.
Gov•manc•
M•mb•rn' Re9l•t•r of Inter••t•
During the year, Court members raviewed ond, as rèqulred. updated thelr Register of Intsrests Fomis.
Tru¥to• Ellglblllty
All Court M6mber$ have revlew8d and signed a Tru8te8 Ellglbllity Fomi.

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Trustee's Report
Year ended 29 September 2025
Risk manag•m8nt
The Trustee has examined tho Charivs operations and cDngidere(I the ￿Sk5 arlslng. In the opinlon of th8
Truste8, the Charity has well*stsblished resources and revlew systems which. under normal condrttons. allow
risks identified to be managed al an acceptable level In Its day-to-day operat10t￿. Risk areas monllored Include
Charlty Law and R9￿18110n- Governance and Managem8nt,. Exlemal Influences,. Operallonal Proce8ses,'
Human Resources.. Technologkal,. and Flnancial. Further detalls of the Trustee's approach lo managing ri8k¥ in
these araaB are given later in Ihls r8port.
Saf•guardlng
Th8 Trustee endorsed the Benefactsons Commlttae's recommendallon that the Charllable Trust had a
safeguarding responsibllty tjolh as a charfty in Its own right and as a funder of other organisalions. The Tw8toe
ha8 agreed a Safeguardlng Pollcy and proce88 to ensure that rlwrous duo d￿l￿en¢0 15 carrfed out on al
appllcant8 and grantees.
08JECTIVES AND ACDVITIES
The Charlty's objective 18 to provide flnanci818UPPOrt to charllles or charitable c8u8es, whether In the Unlted
Kingdom or elsewhere, as th8 Trustee shall in118 ab$olule dl8crellon delerrnlne.
The Charfty assesseB naw wanl fec4plent8. This revl8w Include8 under8tandlng the Impact In one or more of Ihe
following arèas..
The Improvement In people's employablllty, In order to Improv8 tholr sense of sew-worlh and oconomlc
ndependen￿.,
The improvemonl in carers, health and wellbelng, In order that they are able lo conllnue 8UPPOrtlng
those for whom they c8re"
The reduotknn In mental heolth dlsoTder8: Speclficalty. to improve people'8 overall health and
happlnes8',
The Improvement in people'8 lil8r8cy {IrrespeclSve of ago), In ordèr to help th8ir integrauon Into Boclety
arKI improve economlc wellbelng,.
The reductlon in prisoner r8offendlng. in order to support Ihelr Int8gratJon a8 actlve and poslUvo
members of sociely and h¢lp make society a $8f8r place.

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Trustee's Report
Year ended 29 September 2025
Tho Charity's granl-making Is focused on its Principal Charitl8S. tYFM'cally numbering around 20, with many of
which it maintairbs longstanding relationships, and whlch receive around half its annual grants. For exarnple.
Girdler links wrth the Crown and Manor CILJb for boys go b8ck three generatlons. A formal revl8w of each
rdatkjnship is undertak8n every or three years applylrKJ tha following crit8ri8:
1. Does the ch8rily's model of op8rallDn work?
2. Does the charity have the desire and méans to a888SS the value of Its work?
3. Whal has bèen the outcome of the grant?
4. Is th8 charty financially Bound?
5. Is there a dose relalion8hip with the leadershSp of the ch8rlty7
6. 18 the Chari￿8 approach to ènvlronmental suslalnability compatU)le wlth Girdler values?
Elghl princlpal tharilies were rav￿ad durlng the yaar urKler revlew.
The Jock French Charttablo Fund en8ble8 Membgr8 of tha Lfvery lo Secure fundlng from tha Charlty to enhancè
Ihelr personal BUPPOrt for p8rtlcular charllles. Th8 Fund glves lo those Charit￿5 8 total of three Ilmes the value
of donations made lo tho Charlty by members of the Llvery. Subscritsng Member8 nomlnote chaltles wlth whlch
they or a family member have a cloye Involvemenl, whather as a volunteer, donor or Trustee lo recèive grBnlg,'
a COmm￿lee of Livery Member8 COll8ider8 th8se nominallons and Makes rocommendalion8. ThlB area
ropresenls the Ihlrd largest part of the Trust's charitable gfving.
Members of the Court may In addllbon nomlnale cherltles to receive a don8Uon at Chr18tmas.
M881arfs Fund enabl85 th6 M88tsr to donate to charrtS0¥ of hls own cholce.
Durtng the year, the Tru8lee laun¢hed a new fund. The 700 Fund, lo celebrate tho 700th anniver88ry of The
Glrdler$' Company. An gxp8ndable endrywmanl fund, lo receive donatk*ns from members ané legocle8 and lo
b8 dlstributed for the advance of education. This fuThl 1$ to be bu511 up over a number of years before ditstrlbullon.
The Charlty Commlsslon'8 g8n8ral guldance on publlc benefft informs all g￿Ing by the Charhy.
ACHIEVEMENTS ANO PERFORMANCE
The Charlty'8 grants Incraas8d thls year. wrth the Trustee Increasing donations to current Prfnclpal ¢harltle5. A
surnmary of donations is included In note 3.
1. Prlnclpal. Hamm•r8mlth & P•¢kham, l¥llngton. G•n•ral Charkl•B. and Select•d App•a
Nearly all the Charlty's grants are to regiytered charlti88 whose benefiCIa￿e8 wlde In England. Geographlcally
the Chariivs priorllies are the City and. In Greater London, Isllnoton, Hammersmilh and Peckham. The Glrdlers
hava hlstLViC Ile8 Wlth all Ihe8e areos.
Princlpal Charft￿s ￿presented 48% of the Charl￿5 lolal gr8nts12024'.41%1
2. The New Zealand Connoctlon
There have been dose Ilnks be￿en the Girdler8' co￿panY an¢J New Zealand slnc8 1933, when members of
the Mew Zealand Soctety were first invited to the GlrdleT5' Hall after a Wallangl Day Service at St Lawrence
Jewry.
Thi5 relallonshlp Is reflected In the Charity's contsnulng supporl of New Zeal8nd Ur￿ergTadU?l8 8chdar$hip8 at
Cambridge Univorsity and a mgdKal research fellow3hKp 8t Green Templelon College, Oxford. This aree
represents 9% of the Charity's grants in thè current year (2024'.1fl.). The beneficiarie5 durfng the year undar
revlew were:

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Trustee's Report
Year ended 29 September 2025
Nw Z•aland Fdlowshlp IGr88n Tornpl•ton Colhg• Oxft+rdl
DrAlex3ndra Wild, the 2024 Fdlow, commenced her ￿gearch in the f*ld of gaslroonlerology, sp8clficallylooking
at blomarkers assoGialod wllh irr*lable bowel syndrome.
Now Zoaland Scholarships (Corpus Chrlsil Collo9•. Cambrfdg•}
On8 New Zealand scholar. All tuition fees are met, and each schol8T rec8ives 8 grant for accommodation and
Ilving expenses.
3. Corpu• Chrl8tl Coll#g•- Po•t Gradu•t• scholar•hip
In May 2023, Mr Elliot Sludholmo wa5 8electetJ a8 the Inaugural UK poslgraduale scholar and commenced his
PhD skndle8 in Physics with a focus on oplooloclronlcs al Carnbridge In October. He was lolned In October 2024
by Mr Joshua Abioye, comm•ncing his Pho in organic chemlslry.
Th• Irl*h Guard•
The Charlly ho$ had a charltable Ilnk wfth the Irlsh Guards 9inc8 2004. Th8 8nnual donation goes to the
Regirnenl's Benevolent Fund whlch supports 9uard$men'$ welfare, adv8nlurou8 tralnlng and sporting 8clivities.
The dortalion repr88ented 3.5% of the lota12024'. 3.8%}.
S. Jock Fr•nch Charltabl• Fund
Aclu81 (Jonalions from members were £36,364 12024.. £41.2471. A total of £125.300 {2024'. £130.6301 wa$
donated to 71 12024.'74} charities from Ihls fuTrJ.
O, L•ath•r Fund
The Charity awards grants to support leather-reloted a¢tlvity In orejer lo malnlaln 8 connectlon with the Glrdler8'
hl8loric trade. During tha ygar or8nt8 were awarded lo Northampton Unlverslty's Instllute for Creatfve Leather
Sl¢Jdies. tho London College of Fashion, and the Bill Amborg Sludlo for a néw apprenticeship. Donations In Ihls
area represented 3.5% of the total12024.'2.3%1.
T. Chrf•tm￿ Court Donatlon•
Court member8 8nd Senior Past Masters were each allotted £1.000 lo donate to charit￿S of Ihelr choice. A lolal
of £29.00012024.' £31,000) was donat8d to 38 {2024.' 411 charftles.
8. Mut•r'• Fund
The Master donatBd £2.370 from hls fulld {2024-. £2,000).
9. 700 Fund
The fund value at the year-ond was £374,103.
A8 the Glrdl8rs' Company approaches its 700th annNersaTy in 2027, the Girdlers. Company Charrtable Trust
has launched its first ever Endowm8nl Fund lo glve many more young people transformational educational
opportunities in future.
The Expendable Endowment Fund will initially be financed by donations from, and fvnd-raising efforts by.
individual Girdlers. Ov8r time the Trustee expects il to grow too through the re-Snve51ment of its Sncome. Monits
this Fund are ring-fenced for this purpose only, and lor the long-term.

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Trustee's Report
Year ended 29 September 2025
10. Ukraine fund
Thls restrict¢d fund was wound up Shortly aft8r the year end, with th8 balance being fully dislit*ut8d.
Inv•stmont power•lpollcy
Tha Charity's Investment power3 are governed by the Trust Deed. whlch perrnits the fvrKls to be Invested wilhcwl
reStr￿￿on.
The unr8stricte(I portfolio Is managed on a total rèturn basis, With a lonTrlerm oblectSve of CPI + 4.5%.
maxlmislno the valu8 of its capital by participallng in the growth of the wodd economy. in selecilve asset cla¥$e8.
The fuod should then be well positioned lo tolerate periods of slgnlncant volallllty and have the flexibility lo hold
a8h In dlfflcull market condition8.
AS a b8nGhmark for performance. ft wa8 8gree¢Y lo use the MSCI AC World Index and the TN8lee18 content wlth
the perfomiance of the fund over the perfiod under conslderallon.
The new 700 fund has a separate Investment pollcy - funds are to be held 50..50 Waverton Charrty Growlh
Income Fund and a 81ackrock cash funtl.
The Trusteg has reoently engaged wlth Portfollo R8vl8w Servlca8 lo undertake a raview of Its curr8nl inv8Stmenl
objecllve, lo ensure Ils policy 18 Sultable an¢J conslslenl wlth bèst pr8ctlc8 Within the sector.
There18 no Income requlremanl. The Charlty18 not rellant on Income from Investments and has tha power to
reo1180 ca8h from held reserve8 If needed.
Flnanclal R•vl•w
During the year donallons 8nrJ glft 81d Income amounted lo £405,89412024.. £47.597,1 wilh inveylment Income
and Interest of £41,382 (2024.. £56.220). the total income lor the year lolalled £447,056 {2024= £103,817). The
81gniflcent Increase 1$ due to the launch of Ihe 700 fund.
The Tru81ee reviewed ils medium term cashflow and reserv8$ dufing the year ond determined that annual
b8nefactions can be increased by 3% year on year, slgnlficanl reservo# havlng been built up In the Charlty lo
cover years when It would not recelve éonatlons from th8 Glrdler8 Company. Fwther comment bè found in
nol8 la of Ih88e account8.
Charita￿e expenditure was £1,088,379 {2024..£925,1011. The Inv881ment portfollo had a net unreallsed galn of
£187,49812024. gaSn £556,958).
Ru•rv•• polky
At 29 September 2025 the charity had total funds of £2,405.717 of which £374,173 were hold as an expendablg
endowment, £3,428 were restrtcled an(J the balancè wa8 endowed. 12024.. £2,839,542 with £3,078 being
re8trictsdl.
ThB Charlty is curnnlly using accumulated reyervey from it3 expeThJable endowment fund to fund Its unrestrlcled
commitments and ￿11 conllnue lo do so over the next 3 years. ThSs is a planned slralegy underpinning the
Tnjslee's commitment lo Increase the Charlly's glving 3% year on year. To maintain adeqvate liqu*lity, 8 C8sh
balance of c. £250,iX)O will be malnlained in the near-tervn fLrtur8. funded from wlthdrawais from the equity
porttolio.
The pract￿8 of the Trustee Is to sellgvels of granls and donations which reflect the expecteil lev81 of income in
any given year. A low level of donations Irom the Company Is anticipaled in the short tanm. The Tnjstee Is
aware of this and has plannod accordingly. 11 is anlicipata¢J that the Charty ￿11 have remainlng funds of
c£560,000 on 29 Septemb8r 2027. (excluding the 700 fund)
The 8xpendable endowment 700 fund wlll be built up In tha shcrt lo medium 18rm.

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS. COMPANY CHARITABLE TRUST
Trusteo's Report
Year ended 29 September 2025
10 year ¢8shfiow8 8r6 malntslned, updatsd rev1￿j at Ilwe8 Twsts8 me8tlng8 durlng the yoar. Even wlth
the lovffjr return8 antknpated from ihe Inve8tmenl porifollo In the short twm, and draknlowns from that portfolio.
the Charity will stlll have more than 5ufflclant re88Ne8 for its operations.
FufuRE PLANS
TheTruatea has no plan to changèthe main oblectfvas or main responsibilities of th• Charlty. Further [rrf￿rnall0ft
rQgwdir￿ the CharityB ability to oJnlSnue as a wlng concemlg induded In note 1 (0).

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Trustee's Report for the year ended 29 September 2025
STATEMENT OF TRUSTEE'S RESPONSIBILITIES
The Trustee is responsible. prudanlly, dlllgently and in good fallh. for preparing the TTU51ee's R8port and the
fln8nrAal statements in a¢cordanr* wllh applicable law and Unit•d ltirydom ACCOUn￿ng Standards (United
Kingdom Generally Accepted Accwnling Practscel.
The l&v appllcabl8 lo ch8r6tl88 In England & Wole8 requires th8 Trusteg lo pr8pare financol slater￿n1$ for eath
ngndal year gNe a true and falr vw of the state of affairs of the charity and of the incoming re$ource5 and
applicalion of resourc88 oflho Ch￿ty￿that In pr8parbng Ih88efinancial statements, th8Trustee is required
¢om(Ay with the Fvovlslon8 of the Deed ofTrusL
Seknt 8uftablo a￿oUntIng polkies and apply fhern con8lstenUy",
obueNe the methods arKI prIncI￿e8 in th8 Char￿18$ SORP.,
make ludgmonts and gsts'maies that are reason*￿8 and pwdenl",
8t#lo ￿ether ap￿￿able se￿untIng 8laTrd8rds have been followed, Buts￿¢1 to any material d8partUfa8
dlschxed and explaln8d In the 8tstem•nl8,'
prewe the ￿n￿ClaI 8tatements on the wlng corThrn bas18 ￿￿eSS It Is Inopmlate to kyesume ihal
the charity WHI conllnue kn LMJslngS8.
Pursuant lo the above. the TnJste8 Is r8spon8lble11) for keeplng [￿per a￿untIng records th81 dlsclose wEth
reasonable ￿c￿r¥ gt any tlme the financlal poslllon of the charlty and121 for causirKg to be kyoduced financial
statements whlchcornply with the relevant provisions oflha CharSlle5 Act 2011, Ihg Chwity (Accounts and RgPOrt8)
Regulalhin8 2008 and the provLsions of the Charfty's Tnjst Deed 8nd13) fcf Sofeguardlng the 8SSo1s of the charfty
and in 80 dolng t8kSng r8880n8Ne stops for the preventlon and delecilon of fraud and other Irr¥trlarlUes.
The Tru8lae is responsible for the maintenance and Integrity of the charity and flnanci81 Inform8tlon Included on
the charfty's webs￿0. L8gi¥lallon in th• United lQngdom govomlng the ￿ePara￿On and dl86emlnation of finandal
8tstemonls may dlffer from leg151allons In other lurisdlcllon8.
AUDITOR
Soffery LLP has expre889d Its wllllngness to b8 reappointed as audltor for the forthcomlng year.
Approved on 12m May 2026 and SIgn￿ 4)n behalf of the TnJslee by..
ALOU.
MrARUdal
Mastor of th8 Girdlgr5 Company

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Independent Auditor's Report to the Trustee
OplnSon
We have audited the financial staternenls of The Girdlers, Company Charitabk Trust for the year ended 29
September 2025 whlch comprise the Slatement of Financial Aclivltles. Balance Sheet and Cash Flow Statornenl
and notes lo the financial slalemenls, Indudlng significant accounting pol￿&$. The finarKial reporting framework
that h8s been applled Sn Ihelr preparation is applicable law and United Kingdom Accounting Standards, includlng
Financial Roporting Standard 102, the Financial Reporting Standard aPpl￿ble In the UK and Republlc of Ireland
(Unlted Klngdom Generally Accepted Accounting Practice).
In our opinlon the flnanclal slalements..
glve a true and fairvlew of the 8iale uf the charity'5 affalr8 as at 29 September 2025 and of Ils Incomlng
r8source5 and 8pplicalion ol resourc&s for the year than ended.,
havo been properly prepared In ac￿rdanCe with United Kingdom Generally Accepted Accounllng
Practice.. and
have been prepared in accord8nc8 wlth the r8qulrements of the Chorilies Act 2011.
Ba•18 for oplnlon
We conducted our audlt in accordancè vAlh Inlemalbnal sta￿lar(l6 on Audrtlng (UK) (ISA8 IUKII and appllcable
law. Our responslb11115es under those standards ar8 further described In the Audltor's responsSbllllios for the 8udll
oflhe f￿ancIal statements section of our report. We are independent of the charlty in accordance with the ethical
requirements that a￿ relevant to our audll cf the flnanclal 8tslemenls in the UK, Includlng tho FRC'S Ethlcal
SiBfjdard. gnd we hava fulfllle(l our olhar 8thlcal r8sponslblllknes In Accordar￿ wllh these requirements. We
believe that Ihè audll evidènce we have obtained Is Sufficient appropriate lo provlde a basis for our opinion.
Conclu•lon8 r•latlng to golng conc•rn
In audillng thè flnancial 8tstements. we have conduded that the Trustee's U89 of the golro concem ba818 of
8ccountiry in th• pr8parollon of the flnanclal slalements Is 8pprowlate.
Based on the wc¢k we have performed, we have not idenlrfied any Mat￿01 uncertalnlies rdaling to events or
(x)nélllons Ihal, IndNi¢Jually or ￿lIe￿Vely, may cost 81gntficant doubl on the charlty's ablllty lo contlnve 08 3
gJing Car￿rTr for a perh)d of al least ￿1ve monlhg from when ihe financlal statements are authorlsed for i88ye.
Our r8spon8ibilst188 and the responsibilitiey of the Trustee wllh respect lo going concern de8cdbed In the
relevant sectlons of this report.
Other Infonn*loD
Th8 Trustee 18 respons1t￿8 for the other InforTnati￿. The othor infomiallon comprises the Infomallon Included
In the annual report, other than the financial slalemenls and our au¢YSlor's report thereon. Our opinion on th8
financial stalem&nts does not cover the other infomiallon and. except lo the extent otherwise explicllly state(1 in
our report, we do not express 8ny fomi of 888urance conclusSon Ihefeon.

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Our r85ponslbS1ity is to read the other Informatlon and, in doing so, consider whether the other Information Is
materially Inconsistent with the financial statements or Ouf knowledge obtalned In the course of Ihe audit or
olhwise appears lo b8 materially misslaled. If we Ident1fy such material inconsistencies or apparent matérial
misstalemanls, we are required to determlne whèther this gNes rise to a material mi8Statsmenl In the financial
statemen15 themselves. If. based on thè work we have performed, we Gonclude that there Is a materlal
rnisstalement of this other information.. w8 are requlred lo report that fact.
We have nothlng lo report In Ihis regard.
Matters on whlch wo are requlred to roport by exceptlon
We hav8 nothing lo report in respect of the following matters Sn relalbn to which th8 Charities (Accounts and
Reports) Regulations 2008 require us to report lo you if. in our opinion..
the informatlon glven Sn the Tru8188's Annual Report is Incon$lstenl in any material resP￿t with Ihe
financlal statements,. or
the charity has not kept sufficient acc(MJntlng records.. or
the flnanci81 statements are nol In agreement with the a¢xountlng records and retum$,' or
we have not rec8Sved all the information and 8xplanalions we require for our audll.
R••pOn8lbSlltl￿ ol th• Tru•t••
A8 explained rnore fully in th8 Truslea's Responsibilities Slalemenl set out on pa98 g, the TTu8188 Is responslbla
for the preparation of the financlal 8tat8mants and for being sallsfied that they glve a Inje and fair view, and for
such internal control as the Tru8lee determlnes Is necessary to enable Ihe preparauon of financlal s18ternent8
Ihal ar8 free from material misstalemant, whether thje lo fraud or error.
In preparSng the finBncial 8lalemenls, the Tnjslee 1$ responsible for assesslng Ihe chafity's ability lo contlnue as
a golng concem. disclosing, as applicable, matters Telaled lo going concern and using the golno concern basss
of accounting unles¥ the Trustee ellher Intends to15qultlata tho Charity or lo cease operallon8, or hB8 no reallsl
allernatlve bul to do $0.
AudStorn' r••pon•lbllltlM for th• audlt of th• flnandal •tat•m•nts
We havo been appolnted as audllors under the Ch¥rlll68 Act 2011 ond report In accordance wFth r8gulatlon$
made under Ihal Act.
Our oblecllves are to obtaSn reasonable assuranoe about whether the flnandal Statements a8 a whole are free
from malarial mlsslalemenl, wholh8r due lo fraud or error, and lo issue an auditors. report th8t includes our
opinlon. Reasonable assurance 1$ a high level of assuranc8 but Is not a guargnlee that an audit conducted in
accordance wblh ISA5 {UKI wlll alwoy8 delecl a malerlal Mlsslalement wh&n it exists. Misstalemenls can arS$e
from fraud or error and are considefed material If. Sndividually or in the aggregate, they Could reayon8bly be
expected to infiu8noe the ewnomic decislon8 of users taken on the bosss of these ffin8ncial ¥talemenls.
1mgul8rit1￿, includlng fraud, are instsnces of non-wmplian¢e with laws and regulallons. We deslgn pr￿eduleS
In Ilne with our responsibi1Slles. outlined above, to delecl rnalerial missialemen15 In re$pecl of irregularities.
induding fraud. The specific procedures for Ihls engagemanl and the extent to whlch these are capable of
delecling Irr8gulari1Ses, including fraud are detailed balow.
Identlfylng and ￿8¢531n9 rl8k8 rolatsd to Irr•gularltloS:
We asse85ed the susceplibiliiy ofthe charitlsfinancial stalements to materlal misst818m8nt and howfraud might
occur. including through discussions with representatives of the Tnjstee. discusstons wlthin our audit team
planning rneeung, updating our record of internal controls and ensurlng these controls operated as inlended. We
evaluated possible Incentives and opportunlt19s for fraudulent manipul*ion of the financial statements. Vve
identTffed laws and regulations that are of signiftcanca in the context of the charity by discussions wlth
represantatives of th8 Trustee and updating our understsr*Jing of the Seth in vthich the charity operates.
La￿ and ￿gula￿Ons0f Llreclslgnilkanc8 in the context of the charity includethe Cheriti8sAct 2011, tne Charibès (Accounts
Repcthl Regulauons 2008 and guidane8 issued by Charity CoMmissN￿ for England anLI WaleB.

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Audlt response to risks Sdanlifi•d..
We considered the extent of compllance wlth these laws and regul8llons as part of our audit procedures On the
related financial statement items Induding a review of financial slalemenl disdosures. We reviewed the chaflly's
records of breaches of laws and regijlalions, mlnules of meellngs and correspondence wlh relevant authorities
to identtfy potents'al material misstalomenls arising. We discussed tha charlty's poliaes and procedures for
compllance with laws and re￿latIonS with memb8r8 of manag8menl re5POll8ible for complSance.
During the planning meetin9 with the audit tgarr, the engagement partner drew attention lo the key areas which
might involve non-compllance with laws and regulations or fraud. Wo enqulred of management wholher they
were 8W8re ofany instances of non-compliance with18ws and regulations or knowledg8 ofany actual, 8uspected
or alleged fraud. Vve addressed the risk of fraud through manag8menl override of conlrds by le31ing the
appropriateness of Journal entrles and iijentfylno any significant transactions that were urnjsual or outside thg
normal course of business. We assessed whether judgemen18 made in making acc(xJntlng 0811mates gave rlse
lo a p089ible indicauon of management blas. At the cornplelion stage of the audll. th8 enG8g8ment partnerfs
review Included onsudng that th8 188rn had approached Ihgir work wth 8ppropriale professlonal scepJcl8m and
thu8 the capxity lo Identlfy rKWmpl1an￿ with laws arKI regulatbns and fraud.
Thore a￿ Inherent limltallons in the audit procedures described above and the fvrther ￿0Ved nonwcompliance
wilh law8 and regulation818 from Ihè events and transactions r8ftectgd in the financial sta¢em8nls, the1888 likely
we would become aware of11. Aso. the rl8k of ￿1 deloctlng 8 material mi88tatemenl due to fraud Is hlgher than
the risk of not detecting one resulting from 8rror. as fraud may Involve deliberate concealment ty, for 8xampl8.
forgery or Intenllonal mlsrepres8ntations, or through collusion.
A further d8scrfplSon of our responslbllllles ly avallable on Ihe Financial Reporting Councll's webslte al,.
.ukJa
rsre
. Thls descrlplion forms part of our audilorf8 report.
U•• of our r•port
Th18 report 18 made scAdyto the ch8dty'8 Truste8. as a boo￿, In accordance wllh Part 4 of th8 Charille8 (Accounts
and Raportsl Regulations 2008. Our Budil work has been undertaken so thal we mlghl Blale to the Trusleo those
matters we are requlred to slate to 11 in Bn audrtorf$ report and for no other pur￿)Se. To the ￿lIest extent
permltted by18w. we do not accapl or a88ume r6spon8lbllity to anyone other than the charlty and the Tru5te8,
for (¥Jr audh worK for thls report, orfor the opinions we have formad.
Saff8ry LLP
Stslulory Audllor8
71 Queen Vlcloria Streat
London
EC4V 48E
D810.'
113cxnL 2 016
Saffery LLP Is eligible to act a¥ an audrtor in lem18 of sBGtion 1212 of the Companles Act
12

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Statement of Financial Activities
Year ended 29 September 2025
Reytrlct•
U*raine
lund
E%￿nd£b1•
Erthwmonl
Fund
fund
7001und
1025
2024
DOn￿￿tI)S legacl
38,489
3SO
404
4T,597
41.319
43
41.302
5e,220
Totsl Incon¥•
79,808
350
368,898
447.ose
103,817
Rql¥lng fijndi
12.493
12.
18.1
I.055￿88
1,055,1
925.101
Tot41 Exp•ndlturn
1,088.379
1,008.379
,293
Not Expend5tyJrn bofor•
gHIrf(k>E￿l on
IrNwtrnenlB
1988.5711
350
388.898
1621.3211
1830,4ni
Nity1￿k)s￿I on
Invwhanra
180.223
187,491
556.958
7,275
1988.5711
350
374,173
180.223
14348251
1282,5181
988.671
1988,5711
380
374,173
1808.3481
143&USI
1262,51al
B81#n￿ bmughl
ftstha￿ YO S8pt*nbex
2024
3.078
2.838.484
1839M42
2,057.024
8il•w ¢•rrf•d
forw•rd 29 S•pt•mb•r
2025
374,1n
2.028.116
2,4QS,717
2.839,542
AJI actfvltles are continulng.
The note5 on pages 16 to 23 fomi part irf these financial slalemants.
13

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Balance sheet as at 29 Soptember 2025
Not•s
2025
2024
Fix•d A•$•ts
Invostmonts- al mthl value
2,582,$24
2.952.505
1062.524
2,952,505
Current A8•ats
Debtors
Cash al bank
26.736
234.398
231,576
280.132
Cr•dltorn: amounts falliry du
vAlhln one year
(28i397)
(281,957)
N•t curr•nt (IlabllitiMya•••t•
162661
(9.573}
Cr•dftorn: amount8 fallSng duo after more than on8 year
(100,542)
(103,3901
2,405.717
2,839,542
Fund•
Unre81rlcl•d fund8
Restricted fund - Ukralne
Expendable Endowment 700 F￿￿
Endowment fvnd8
3,428
374.173
2,028,116
3,078
2,836.4e4
2 405 717
Approved by the Tru$tg9 arvj autl¥Jri88d for186ue on 12UT May 2028 anol sh3ned on Its beham by..
OL
MrARUdal
Master of the Glrdl8r3 Comp
The notes on pages 18 10 23 form W ofthes8 finoncial statements.
14

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Cash Flow Statement
Year ended 29 Septembar 2025
Not••
2026
2024
Cash flows from op•rating activitloo:
N•t cash uged In op•ratlng acthilti
11
¢￿h from Inv•sllfig aCtl¥ttla•:
Dlvldends and Interest from Inv8stmonts
Proceeds from Sale of inva8lment8
Purchas8 of Snvestmenls
Demsel(Incr88se) In c88h 8waMlng re4nve8tmenl
N•t cuh provld•d by Invostlng •¢tlvltle8
31,308
2,421325
(1,741.0751
49,812
1,721.812
1938.734)
731200
Ch•ng• In c••b and cA•h •qulval•nl• In th• y••r
2,821
<13.215)
Ca•h cmh •quival•nt• at th• b•glnnlng of
th• r•portlng p•rlod
231,$75
Cuh •rKI ca•h •qulval•nt• at th• •nd of th•
r•portlng p•rlod
12
234,396
231.575
Thg notes on page8 16 to 22 fonn part of IheBe flnanclal 61alements.
15

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Notes to the financial statements
For the year ended 29 September 2025
A¢countlng pollGles
(8) Ba¥l8 of accounting
The Charity18 an IneA)rporaled charrty Iregisl8r8d nufflber 3280261. Th9 addr83$ of the wlstered offlce
18 The Gffdlers. Company, Girdlers, Hall, Baslnghall Avenue. London EC2V5DD.
The flnancl81 statements have boen prepared under the hl¥toric81 c081 convenllon (except for the
valuation of Investmen151. The fr'nanelal stslements are prepared In accordance with the 'Slalemenl of
Recommonded Practice.. Accounting and Reporting by ChaTilles preparing Ihelr accounts In accordance
vAlh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102}' and the
Financial Reporting Standard appl+cabl8 In the UK and Republic of Ireland {FR5102} and the Charitt08
Ac12011.
The finanGSal slalem8n18 have been prepared lo give a 'trLte and lair. vlw and havo doparted from the
Ch8rilies IAccounls and Report$) Regulations 2008 only lo the exlenl requSred to provide a 'lrug and
fair. vlew. Thls departure has involv8d following AccoLtnlSng and Reportin9 by Charitie$ Pfepaftng Ihelr
rinancial slalemenls In accordance wllh the Financlal Reporting Standard appllcable In the UK and
Republic of Ireland IFRS 1021 Isecond Edillonl rather than the Accounting and Raportlng by Charltles..
Stsiemenl of Recommended Praolke effecUv8 from 1 April 2005, whlch has since been withdrawn.
The accwnl8 are wapared In kX)und 8terling and are rounded lo IhB nearest pound {£}.
The Chortty congt51utss a publlc benafit enllty as dofined by FRS 102.
Golng Conc•m
The Tru8tee has a reA8onable expectation th8t tha entlly ha8 adequalo Teyources to contlnue In
operalSon¥l exlstence for tho foreseeable future which Is a per￿d of al18asl 12 month8 from thg glgnlng
of the accounts and audit report.
(b) In¢om•
AJI inwme 15 rewgnisod in the Slalement of Financial Aclfvllies whell tha chartty Is enlllled lo the
Incom8, the amount can be ￿lIablY measured and receipt Is probable. Donation8 are recowised wh8n
received.
(cl Expgnditurg
Expendiivre Is allocated lo two expen88 headings, Costs of Raising Funds and Charitable
Activities, on a dlrect cost basis. Costs of Raising Funds are inveglmenl managerfs fee5.
Charitable activities comprises (Jlrect charitable expendkure Idonatlons-se8 3 bolowl plus chadly
managers 58lary costs. Govemance costs are included here and wmprise aud¢t costs, recharged
salary costs for support staff, and other similar charges.
Donations payable are recognis￿l In Ihe Stalgment of Flnancial Acllvilies as charltable
expenditure in the perlod in which Ihe grant is communicated to the benef￿lary. A￿o￿nIS payablè
more than one year from ba5ance shoot dale are separately disdos8d.
Penslon contrfbutions are made on behalf of staff lo a defir￿d contrlbulion P8rsonal Pension Plan.
16

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Notes to the flnancial ststements
For the year ended 29 September 2025
{dl Taxatlon
The Charty is enlHled lo exemption from laxalion on I￿Orne and capitsl galns lo the extenl that its
funds aré applied for charitable purpos88.
le) Investment8
Investments held for the long term to generate income cy caplt81 growth ar8 caryled al markot
value as fixed asse15. Realised and unrealised gains and losses are included In the Staternenl of
Flnancral Activit￿5.
(fj Flnanclal In¥trumonts
Flnancial liabilllles and equity are classified accA)rdlng to the substance of Ihe finandal inslwmant'8
contractual oblvJallon8, rather than ils legal fom). The Charity's cash at bank and in hand and trade
and other debtor8 and rts Ir8de and olh8r credltors arKI bank overdrafts are measureil initially al th8
Iran88cllon price, indudlno Iransoclion co818, and subsequenlly al amortised cosl usirYJ the offective
Inlefvsl method. Debt Instrument8 that are payable or receivable wlthln one year are measured at the
undiscounted arnount of the cash or other con81dwalion expected lo bb pak1 or recoived.
Ig) Fund•
The fund8 are cateBori8ed a5 lollow8'.
Unreytrlcled fund8 can be u88d for the Chartty's general purposes.
RestrKted fvnds comprlse income recefved by the Charity whore the donor has specified that the
funds or8 to be used for partkular purp08e8 of the Charity. They can only be Bpgnt on Ihg Speclfied
purpose.
The ondowmenl fund 18 expendable at tho Tru81ee'8 di8crelion. Th8 Trustee tr8n8ferred funds to tho
k)come funds In the ye¥ to ensure Ih08e funds were able lo mael th8 c08ts of deliverlng the charlty'8
actfvllles.
The 700 fund Is an expend8ble endomnent. where the donor h89 spaclfled that the fund8 be h8ld In
the short to medlum term and spent onlts 8pectflod purpose.
Ih) Crltlcal ludg•m•nts and estlmatlon•
In proparlng these aceounls, the Truste8 has estOrn8ted th8 future cost f￿ the current stholars,
based on Ihelr bes1 esUmate$ of the course being completed in the expected tlmefrarne. For
fijrther In1￿matIon on the Charity's Golng concprn, please refer lo nole 1 la).
In¢om• •nd gndowmgnt•
Total
Total
2025
2024
Unr•strSctgd
Inrome from members
Donations
Inveslmenl income
Bank interest
Re•trlct•d
Income from members- Ukraln
Incom8 from mombBrs- 700 fund
3&364
2.125
31.308
10,054
40.305
6,000
49,812
6.408
350
366,B55
350
103,817
17

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Notes to the flnancial statements
For the year ended 29 Septembor 2025
Charltable acti￿tI
Amounts approv•d for paym•nl In yoor
2025
2024
Frqmn Unr••trSct•d FundB:
Prfncipal Ch8rllle6
Enhanced Selected
Gir(iler8 SuppcKIpoJ Charilie8
Harnmersmith and Peckham Charllles
New Zealand Scholarshlps and Fellowshlp
Corws Chrislle P08t Graduate Scholarsh
Id8h Guard8
Loather Fund
400,175
325,226
28,849
33.000
08,000
78,209
28.859
33.000
30,000
5.500
20,000
55,000
87,940
12,890
30.000
29,500
5,000
29,000
1811ngton Charllle8
Other
On8 Off Grants
9,850
Entertalnmanl- Charlty use of hall
7,091
11,781
Jock French Charftable Fund
124300
130.630
ChrL8tma8 Court Charlty
MaBWs Fund
28,500
31,000
2J70
2.000
Total Donallon• approv•d for paym•nl
850.004
788,865
8rcwhl forw8rd acLwed bursarl•s
(237,1741
(229.9721
Carrled forward accrued bur88rles
304328
237,174
Total donations pay•ble
796 887
0[￿t staff costs
71540
74,488
Govemance costs:
Staff ¢J)sts
Audrt fe88
Charlties databasg Software
Professional fees
Entertainment
26,041
8,860
2,625
314
17,080
T¢)tal cos1> charitablg acllvlti•
1055 880
925 101
18

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Noto5 to the financlal statements
For the year ended 29 September 2025
With the exceptton of mainlanance grants paid lo the New Zealand Scholars tolalling £11,802 (2024 £19,670)
donatlong are pald ta rxganisations.
The fc41¢M6ng organls&tton8 receNed materlal donalknnB In the year ended 29 Sepiembw 2026..
AHOY
Barons Court Project
The Bill Amberg Studio
B08ence Farm Community
The Chlldren8 Lltgraoy Chgrity
Country Trust
Crown and Monor Club
Discovery Sailirg Project
Dorothy House H08pMce
Gordon Foundallon
Gulldhall S¢hool of Mu¥lc and Drama
Honeypot Chlldren's Charlty
Irl8h Gu8rd6
Klng Edward'8 Sthool, Imlley
LorKlon College of Foshk)n
London YcMJth- Hlndlèap Warren
Lord M8yorf8 App8al
Pecan
Queen Ellzabelh Foundatk*n
Roy81 Sch)ol of Needlework
SportsAid
Sl Giles Trust
27,500
11,000
16,500
11,OlX)
11,000
22,000
16,500
10,000
16.500
26.350
16,600
22.1)]O
33,000
19.8110
14,300
13,750
10,000
10,000
16.500
16,500
13,750
27.500
14,850
20.000
11.000
10,000
12.500
16.500
16.500
st Paul'8 Cathedral Chorlster Trust
Swltchback
The School and Famlly Works
The Uppw Room
Tho Wine Centre
Wesknlnsler House Youth Club
Young Actor8 Theatre
Total •xp¢ndlturn
tmrect
Costs
Tctal
2025
Total
2024
Cogts
Investment Manage¢s cosi8
Charitable ActNith
12.493
12,493
1055 886
18.192
925.101
943,293
109,933
1.068,379

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Notes to the flnancial statements
For the year ended 29 September 2025
St•ff ¢￿tS
2025
2024
Staff cosis..
Wage8 and salari
Employer's NIC
Penslon costs
81.654
10.429
74.904
10.248
No omployee eamed in exc88s of £60,￿0 dur+ng the year fof servlc88 provlded to the Charmy. The
averag9 number of Staff on an average head count basls dudng the year was 812024.. 8)-
K•y manaym•nt p•r•onn•l
The Twslee ha8 authority and respon8lbllty for plannlng, dlrectlng and conlrolllng the acllvllies of the
Charty, The Trustee receives no remunoratlon for serv*e8 provkled 88 Trustse.
Flxed a•Mt Inv••tm•nt•
RM¢rlct•d Endowm•Trt
700 Fund
fund•
2025
2024
Quoted Investments
L181ud Investments
Cash awaiting re-lnveslmant
340,199
2,202,455
2.542.654
2,912,894
343,169
2.219365
2.562.524
2,952,505
Market value al 30 September 2024
Additions
Dlspo381 at carying value
Unrealised galns
2.912.894
2.912,894
3.139.014
1.408.152
1.741,075
938.734
12,421.2251 (2.421.225) {1.645.7851
480911
332,923
Markot v•lu• at 29 SoPt•mb•r 2025
2 202 455
2912894
Cost of investments al 29 Sept8mber 2024
332,923
1.899.821
2332.744
1,936.943
r•dllors.' amoun1• falling du• wlthln ono yoar
2023
2024
AccnJ815- audit fee
Accruals- investment manage18 fees
Other- charitable donations
Due lo The Girdlers, Company
Other
7.320
3,000
212,538
41,245
7.080
4.500
221,434
28,943
397
261957

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Notes to the financial statements
For the year ended 29 September 2025
Cr•dltors.' amounts falling du• aftér more than one year
2025
2024
Charllable donations
150,542
An8ly¥l• ol net a$8Ots ￿twe8n fund•
Y•ar •nd•d 2V Septhmbor 2025
Rostrlct•d
Ukraln¢
Fund Endowm•nt
Iln.
r8•trlet•d
R•strl¢ted
700 Fund
Tot•1
Flxed A889t Inv8atsn¢nts
Net curfanl 088•t8
Cr8(Jknts'. falllng thjo gftor moro
than on• year
343,158
2•,945
2319,305
1189,8831
2.M2,523
14,9681
{151,$421
2.407,013
151.542
1151,5421
3,428
373,103
3,428
2,02•,482
FLxed a8get Investments
N•t current 8680t8llllablliti881
Crèdltoi¥.. fallFng due aftermoro Ihan
one yoai
2,952,505 2,952,505
11 t8,041}
{9,5731
1103,3eOI
103,3
3.078
1103.3gKIi
Y￿r endod 2W S8ptw)ber
2024
3.078
2,836,464
2,839,542
The entlowmentfund Is axpendab4e. Incom& generated by thè fund can be used to 8UPPOrt the Chadtys
ganeral purposes. The restricted Ukraine fund reflects income received Io 8UPPOrt the Charlty's work Sn
relation lo Ukrain8,11 cal) only bg spent on this purpose, was lully dlstrltxjled shoruy after the year and
and 15 now c108ed.
The restrlGled 700 endowment fundls 8xpendable. Income generatsd by tho fund can only be u8ed lo
8UPPOrt 113 charllabl8 obl8CtIv8s.
10.
OutlSn0 •ummary of lund mov•mont¥
A• •t Igth S•pt•mber 2025
Galn8
and
Lo880S
Fund
Balance
Incom• Exp•ndltur• Tr•nsfvr¥
Balanc¢#
Unreslr¢cted
Reslricled
700
EThlowment
Totsl
79,808
350
366.898
11.068,379)
988,571
3.078
3,428
373,173
2028116
2 405,717
7,275
2.836.464
2,839.542 447,056
1068 379
187 498
21

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Notes to the financlal statements
For the year ended 29 September 2025
As at 2W Soplemb8r 2024
Fund
Balanco
Income Expendlture Transfers
Galns and Balances
Losses
Unrestricted
Restricted
Endowment
Total
100,763
350
1943,293)
839,476
2,728
3,119,332
3 122 060
3,078
558 958 2 836 464
556 958 2 839 542
839 476
103817
943 293
11.
R•conclllatlon of n•t •xp•ndl¢ur• to n•t c•ih flow from oper•tlng acllvltloj
2025
2024
Nat •xp•ndltur• for the y•ar
Adjustments for..
L0888sllgaln8) on Inve8lm8nls
Dlvld8nds. Interest and rents from Inv88tments
IDecreaseylncrease in credil(vs
Dec￿38e/lln¢reasO> Sn debtors
Net cash us•d In op•ratlng actlvltl
1433.8251 (282.518)
1309,9111 {556,9581
(31,308)
(49,812)
B1.592
19.944
728 379
881218
12.
Analy•l• ol ¢a•h and ca•h •qulval•nts
2025
2024
Cash In harKI
234,396
231.575
Total ¢uh and cwh •qulval•nts
231 575
Th8 Charlly di(1 rK)t have ary dèbt al the year end.12024'. none)
13.
Rol•t•d party tr•n¥a¢tlon*
The Glrdl8r8' Company18 IheTrnslee ofthe ChaMty.11 recefve8 n6ilher remuneration norexpenses
for 8ervice8 provlded as Trust80.
Membors of the Truslee who make an annual qualfylng donation to the The Glrdlers, Charflable
Trust. ar8 entitled lo nominate a registered charity whlch ￿11 b8 consldered by the Jock Fr8r￿h
Charflable Fund commlitea to réceNe a donation.
Th¢ Girdlers. Compary maintains a central payroll system for all employees. Salary and wages
costs tolaling £108,637 12024.. £100,529) are r8fie¢t8d In the accounls. An am￿1n1 of £41.245
(2024.. £28,943} w89 due lo The Girdlers. Company at 29 September 2025.
Mgmbers ot the Tru8lee were invited, in 2023 to donate to th8 Charitvs Ukralne appeal. £350 was
received from tnernbers this PUTpose {2Q24.. £350}. Th8 new 700 fund 81so received donations
from members this year totallng £147,580. Further details about how tha fiinds will be used are
p￿ded in the annual TèWI
22

THE WORSHIPFUL COMPANY OF GIRDLERS
THE GIRDLERS, COMPANY CHARITABLE TRUST
Statement of Financial Activlties
Year ended 29 September 2024
re8trfctsd
Funds
R88ttsted
Fund$
Endovrnnl
Fund8
2024
2023
DDnattons and1￿#￿$$
47.247
350
47,597
56,220
63,423
67,3C
Inve8tsm8nts
56,220
Totol Incom8
103.467
103.817
120,723
Exp8ryJlture on:
Ral8lrvJ fund8
ch0rfta￿B acdvlt508
18,192
925,101
18.192
925,101
17,737
957,798
Totsl E%pendlture
943.293
943,293
975.536
(839,8281
350
1839,476}
(854,8121
gaIn￿lI08086)On
On In¥e91rn￿I8
668.958
566,958
336.126
Net l9xp8nd1turnllr￿K1ma
1839,8281
350
556.958
1282,518)
{518,88ei
Tron8for batsy￿Tr fund9'.
839,828
1839.8261
N81 m0vern￿l In
360
(282,8681
1282.518?
1518,6881
8alanc88 broughtforwaTII
30 Septambgr 2023
2,728
3.119.332
3.122.080
3.840,746
Balance3 carri9d fonvard
29 September 2024
3,078
2.836,464
2,839,542
3,122.CfO