Guilds were so-called because members are required to pay gold (money) for their continuing membership of the organisation. The membership subscription for City of London Guilds and Livery Companies is called Quarterage and was, historically, collected on the Quarter days (Ladyday, Midsummer, Michaelmas and Christmas).
Quarterage is due from all Freemen and Freemen Elect and forms the lion’s share (budgeted to be just over 75% in 2019-20) of the annual income of the Company of Entrepreneurs. In addition to the Clerk’s salary and running costs of the Guild, Quarterage allows the Guild to:
- ticket events on a costs-only basis;
- issue and reciprocate City invitations (including the Lord Mayor and Sheriffs);
- host representatives and speakers from partner organisations;
- provide financial support to the Company of Entrepreneurs Trust; and
- sponsor Company awards for students and fledgling entrepreneurs.
The Quarterage due for the period 1st December 2019 – 30th November 2020 is £408 (discounted to £385 if paid in full on or before 1st December). Many Freemen pay their Quarterage monthly – please contact the Clerk for more details.
The Company is a charitable organisation and cases of genuine hardship are considered by the December Court. Please ensure that the Clerk receives full details (in confidence) by 27th November 2019.
By convention, Quarterage is discounted for the first year only for candidates approved for the Freedom of the Company mid-way through the year. Candidates approved before 1st March may be offered the annual payment discount. A discount of 25%, 50% or 75% may be offered to candidates who are approved for the Freedom of the Company after 1st March, 1st June or 1st September respectively.