**REGISTERED CHARITY NUMBER: 1006402**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS**
## **FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
## **FOR**
## **WORSHIPFUL COMPANY OF FOUNDERS**
**ANNIVERSARIES FUND**
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 3|
|**Independent Examiner's Report**|4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 to 12|
|**Detailed Statement of Financial Activities**|13|
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **REPORT OF THE TRUSTEES**
## **FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
The trustees present their report with the financial statements of the charity for the period 1 November 2024 to 31 October 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1006402
## **Principal address**
Founders’ Hall
Number One Cloth Fair London EC1A 7JQ
## **Trustees**
The trustee of the charity is The Worshipful Company of Founders of the City of London.
The Master, Wardens and Assistants comprise the Court of The Worshipful Company of Founders, its governing body.
Both the governing body and the Charity Committee meet quarterly. Grant applications are considered by the Charity Committee which reports to and recommends appropriate grants to the governing body for its approval.
## **Independent Examiner**
Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The principal objectives of the fund are helping the disadvantaged whose need is caused by poverty, infirmity or disability.
Following a restructure of the charities administered by The Worshipful Company of Founders funds the charity took over the funds established by an endowment dated 22 September 1941 from Gordon and Douglas Young (previously known as The Young Trust Fund) for the sole purpose of funding the gift of the Bible to each new Freeman.
“The Donors hereby declare that it is their united prayer that our Heavenly Father shall richly bless and prosper both those who receive benefits of the said Gift made by them and those who shall from time to time serve in administration thereof."
The funds of the Young Trust Fund are ring-fenced to ensure that the original purpose of this endowment are met by the charity.
Page 1
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **REPORT OF THE TRUSTEES**
## **FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
## **Significant activities**
In late 2024, all investments were consolidated at Charles Stanley, and the charity was allocated its separate endowed and non-endowed investment portfolios, removing the need to split investments and income on a percentage basis.
## **FINANCIAL REVIEW**
## **Reserves policy**
It is the policy of the charity that unrestricted funds which are readily available for spending and have not been designated for a specific use should be maintained at a level between six and twelve months’ expenditure. The trustee considers that reserves at this level will ensure that, in the event of a significant drop in funding, it will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
At 31 October 2025 the charity held £104K (2024, £38K). These levels are in line with the target range. The trustee intends to manage its expenditure to maintain the reserves in line with the target range over the coming 5 years.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Fund was established in 1990 to celebrate the 400th anniversary of the grant of the arms to The Worshipful Company of Founders of the City of London (The Founders Company).
Capital was subscribed by the members of The Worshipful Company of Founders by outright gift and additional capital is received each year from members' deed of covenants and occasional gifts.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
## **Decision making**
The trustee meets quarterly. The Charity Committee of the Worshipful Company of Founders agrees the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management, policies and performance. The day-to-day administration of grants and the processing and handling of new grant applications prior to consideration by the Charity Committee is delegated to the Clerk of the Company.
The Charity Committee also considers the monitoring information concerning the performance of grants to date, and makes recommendations to the Court concerning the extension, cessation or suspension of existing grant approvals.
Trustees are required to disclose all relevant interests and register them with the Clerk and if appropriate to withdraw from decisions where a conflict of interest arises.
Page 2
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **REPORT OF THE TRUSTEES**
## **FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
## **Risk management**
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The trustees consider variability of investment returns on the charitable assets to constitute the charity's major financial risk and recent extreme volatility in world stock markets has demonstrated this risk. The trustees manage the assets on a medium risk basis of income generation and capital growth, thereby maintaining stability for grant making, and hopefully thereby facilitating longer term grants and a more stable number of awards, but the trustees also take account of the outlook for investment returns and keep the level of awards under review.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2022, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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 concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ……………………………….. and signed on its behalf by:
……………………………………………………………..
S J Oliver Master
…………………………………………………………….. Revd NK Stephenson Clerk
Page 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **Independent examiner's report to the trustees of Worshipful Company of Founders Anniversaries Fund**
I report to the charity trustees on my examination of the accounts of Worshipful Company of Founders Anniversaries Fund (the Trust) for the period 1 November 2024 to 31 October 2025.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2022 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S P Muller FCCA ACA Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN
## Date: …………………………………….
Page 4
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
|Notes
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
2
Other trading activities
3
Investment income
4
**Total**
**EXPENDITURE ON**
**Charitable activities**
Grants payable
Bibles
Other
**Total**
Net gains/(losses) on investments 6
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
fund
£
40,400
5,000
41,704
87,104
39,753
-
8,906
48,659
20,481
58,926
220,536
279,462|Restricted
fund
£
-
-
365
365
-
-
-
-
-
365
(912)
(547)|Endowment
fund
£
-
-
-
-
-
-
-
-
146,718
146,718
1,259,207
1,405,925|2025
Total
funds
£
40,400
5,000
42,069
87,469
39,753
-
8,906
48,659
167,199
206,009
1,478,831
1,684,840|2024
Total
funds
£
44,103
-
38,726|
|---|---|---|---|---|---|
||||||82,829
34,389
1,895
5,122|
||||||41,406
96,896|
||||||138,319
1,340,512|
||||||1,478,831|
The notes form part of these financial statements
Page 5
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **BALANCE SHEET**
## **31 OCTOBER 2025**
|Notes
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Debtors
7
Cash at bank
**CREDITORS**
Amounts falling due within one
year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Falling due after one year
8
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
187,554
616
104,933
105,549
(10,641)
94,908
282,462
(3,000)
279,462|Restricted
fund
£
-
-
-
(547)
(547)
(547)
-
(547)|Endowment
fund
£
1,405,925
-
-
-
-
-
1,405,925
-
1,405,925|2025
Total
funds
£
1,593,479
616
104,933
105,549
(11,188)
94,361
1,687,840
-
1,684,840
279,492
(547)
1,405,925
1,684,840|2024
Total
funds
£
1,425,721
27,160
37,415
64,575
(8,465)
56,110
1,481,831
(3,000)
1,478,831
220,536
(912)
1,259,207
1,478,831|
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………………. and were signed on its behalf by:
## …………………………………………
T P Westley
The Worshipful Company of Founders – Upper Warden
…………………………………………
K G Woolmer
The Worshipful Company of Founders – Under Warden
The notes form part of these financial statements
Page 6
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2022. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
## **Investments**
Fixed asset investments are stated at market value. Market value is calculated as the charity's share of the net assets of The Founders Combined Charity Income and Capital Common Investment Fund. The charity's share is calculated in proportion to the market value of the investments transferred at 1 April 1996 and any subsequent capital contributions.
continued...
Page 7
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
|**2.**
**DONATIONS AND LEGACIES**
Legacy to Anniversaries Fund
Excess cash from Combined Charity Income Common Investment Fund
Excess cash from Combined Charity Capital Common Investment Fund
Donations to Anniversaries Fund
**3.**
**OTHER TRADING ACTIVITIES**
Sale of Art
**4.**
**INVESTMENT INCOME**
Charity Income CIF
Charity Capital CIF
Interest|2025
£
-
17,421
19,758
6,221
43,400
2025
£
5,000
2025
£
4,715
36,694
660
42,069|2024
£
33,000
-
-
11,103|
|---|---|---|
|||44,103|
|||2024
£
-
2024
£
4,419
34,307
-|
|||38,726|
The financial statements include income from investments managed by Charles Stanley, which is distributed to the Charity.
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
During the period the charity paid £7,199 (2024 - £3,648) to its trustee, the Worshipful Company of Founders, for administrative and management support.
No persons connected to the trustee received any remuneration during the year.
continued...
Page 8
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
## **6. FIXED ASSET INVESTMENTS**
|
**MARKET VALUE**
At 1 November 2024
Additions
Disposals
Revaluations
At 31 October 2025
**NET BOOK VALUE**
At 31 October 2025
At 31 October 2024|Listed
investments
£
1,287,723
-
-
167,199
1,454,922
1,454,922
1,287,723|Cash and
settlements
pending
£
137,998
41,409
(40,850)
-
138,557
138,557
137,998|Totals
£
1,425,721
41,409
(40,850)
167,199|
|---|---|---|---|
||||1,593,479|
||||1,593,479|
||||1,425,721|
All investments are carried at their fair value. Investments are all traded in quoted public markets, primarily the London Stock Exchange.
The total value of investments includes £13,999 (2024 - £12,525) that relates to the Young Trust Fund.
Cost or valuation at 31 October 2025 is represented by:
|||Listed|
|---|---|---|
|||investments|
|||£|
|Valuation in|2025|1,593,479|
Listed investments represents the Anniversaries Fund's and the Young Trust Fund's share of the funds held in The Worshipful Company of Founders Combined Charity Income and Capital Common Investment Funds.
## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Loan to Robert Warner Fund
HMRC Gift Aid Claim – Unrestricted
Investment Income from Founders Capital CIF|2025
£
-
616
-
616|2024
£
14,000
426
12,734
27,160|
|---|---|---|
continued...
Page 9
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
|**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors – WCF administration fee
Deferred income – doxy.me match funding for Medical Electives
Accrue Cornfield accountancy fees
Owed to Founders Charity Income CIF
**CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR**
Deferred income – doxy.me match funding for Medical Electives
**9.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Young Trust Fund
**Endowment funds**
Founders Combined Charity Capital CIF
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
87,104
**Restricted funds**
Young Trust Fund
365
**Endowment funds**
Founders Combined Charity Capital
Common Investment Fund
-
**TOTAL FUNDS**
87,469|At
01/11/24
£
220,536
(912)
1,259,207
1,478,831
Resources
expended
£
(48,659)
-
-
(48,659)|2025
£
7,199
3,000
990
-
11,189
-
Net
movement
in funds
£
58,926
365
146,718
206,009
Gains and
losses
£
20,481
-
146,718
167,199|2024
£
3,648
3,000
991
826
8,465
3,000
At
31/10/25
£
279,462
(547)
1,405,925
1,684,840
Movement
in funds
£
58,926
365
146,718
206,009|
|---|---|---|---|
|||||
|||||
Page 10
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
## **9. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Young Trust Fund
**Endowment funds**
Founders Combined Charity Capital CIF
**TOTAL FUNDS**
Net movement in funds, included in the above are a
**Unrestricted funds**
General fund
**Restricted funds**
Young Trust Fund
**Endowment funds**
Founders Combined Charity Capital
Common Investment Fund
**TOTAL FUNDS**|s follows:
Incoming
resources
£
82,523
306
-
82,829|At
01/11/23
£
167,731
709
1,172,072
1,340,512
Resources
expended
£
(39,479)
(1,927)
-
(41,406)|Net
movement
in funds
£
52,805
(1,621)
87,135
138,319
Gains and
losses
£
9,761
-
87,135
96,896|At
31/10/24
£
220,536
(912)
1,259,207
1,478,831
Movement
in funds
£
52,805
(1,621)
87,135
138,319|
|---|---|---|---|---|
||||||
||||||
Page 11
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
## **10. RELATED PARTY DISCLOSURES**
During the period, the charity had investment income receivable of £4,715 (2024 - £4,419) as well as a donation of excess of cash of £17,421 from The Founders Combined Charity Income Common Investment Fund. At the period end £nil (2024 - £826) was included in creditors.
During the period, the charity had investment income receivable of £36,694 (2024 - £34,307) as well as a donation of excess of cash of £19,758 from The Founders Combined Charity Capital Common Investment Fund. At the period end £nil (2024 - £12,734) was included in debtors.
During the period the charity agreed to pay £7,199 (2024 - £3,648) to its trustee, the Worshipful Company of Founders, for administrative and management support which was included in creditors as due to the Worshipful Company of Founders, the trustee of the charity.
At the year end £NIL (2024 - £14,000) was included in debtors as due from the Robert Warner Fund.
The charities have the same trustee and governing body.
Page 12
**WORSHIPFUL COMPANY OF FOUNDERS ANNIVERSARIES FUND**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025**
|
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Legacy
**Other trading activities**
Sale of art
**Investment income**
Interest
Charity Income CIF
Charity Capital CIF
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Bibles
Grants to institutions
Grants to individuals
**Support costs**
**Finance and Governance costs**
Bank charges
Withholding tax
Management fees
Talks and lectures
ICO registration
Insurance
Accountancy and legal fees
Total resources expended
**Net income / (expenditure)**|2025
£
40,400
-
40,400
5,000
660
4,715
36,694
42,069
87,469
-
39,453
300
39,753
50
154
7,199
358
47
114
984
8,906
48,659
38,810|2024
£
11,103
33,000
44,103
-
-
4,419
34,307
38,726
82,829
1,895
34,139
250
36,284
63
-
3,648
192
35
-
1,184
5,122
41,406
41,423|
|---|---|---|
This page does not form part of the statutory financial statements
Page 13