OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-09-30-accounts

The James Tudor Foundation

Company limited by guarantee

Financial statements

For the year ended 30 September 2025

Company registration number: 5178537 Charity registration number: 1105916

The James Tudor Foundation (company limited by guarantee)

Contents

For the year ended 30 September 2025

Page
Reference and administrative details 1
Trustees' annual report 3
Independent auditor's report to the Members 24
Statement of financial activities (including income and expenditure account) 28
Statement of financial position 29
Cash flow statement 30
Notes to the financial statements 31-44

The James Tudor Foundation (company limited by guarantee) Reference and administrative details

For the year ended 30 September 2025

The Trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 September 2025.

Reference and administrative details

Registered charity name The James Tudor Foundation
Charity registration number 1105916
Company registration
number 5178537
Principal office and registered Trym Lodge
office 1 Henbury Road
Westbury-on-Trym
Bristol
BS9 3HQ
Directors/Trustees S E Evans (resigned 05 March 2025)
L A Hooper
A F McPherson (Senior Trustee)
C B Nash
D A Vernon (appointed 24 September 2025)
F G Birchenough (appointed 27 October 2024)
S K Wren (Chair)
Chief Executive L Serratrice
Auditors Godfrey Wilson Ltd
Chartered accountants & statutory auditor 5th
Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Accountants Burton Sweet
Chartered accountants
The Clock Tower
5 Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

1

The James Tudor Foundation (company limited by guarantee) Reference and administrative details

For the year ended 30 September 2025

Solicitors Veale Wasbrough Vizards Narrow Quay House Bristol BS1 4QA Investment Managers Evelyn Partners 45 Gresham Street London EC2V 7BG

2

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

Trustees' report

The Trustees, who are Directors for the purpose of the Companies Act 2006, are pleased to present their Annual Report together with the audited Financial Statements of The James Tudor Foundation (“The Foundation”) for the year ended 30 September 2025.

The Trustees confirm that the Annual Report and Financial Statements comply with the current statutory requirements and Accounting and Reporting by Charities: the Statement of Recommended Practice issued effective 1 January 2019 (Charities SORP (FRS 102)). The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Reference and administrative details of the charity, the Trustees, advisers, and key management of The Foundation during the year under review and up to the date of the signing of the Trustees’ report, are set out on pages 1 and 2 and form part of this report.

Structure, governance and management

The Foundation is a charitable company limited by guarantee. The governing documents for The Foundation are the Memorandum and Articles of Association. The Trustees are appointed by the Board. The Articles of Association provide for a minimum of three Trustees, to a maximum of ten.

The Foundation was funded by an endowment following the transfer of membership rights from Bristol Contributory Welfare Association Limited (BCWA) to Hospital Savings Association Group in 2004. The Foundation honoured disbursal obligations that were made at inception and their fulfilment resulted in over £5 million being provided to charitable causes up to February 2007. Since the conclusion of the obligation, Trustees have set a strategy of living within The Foundation’s means so that future beneficiaries are not disadvantaged; this strategy has allowed a further £14.9 million to be awarded to charitable organisations since February 2007.

The Board has formally approved arrangements for the recruitment and induction of new Trustees and keeps the skills requirement of the Board under review. If a Trustee retires, or additional Trustees are required, the Board considers recruitment. On appointment, new Trustees are provided with an information pack containing a brief history of The Foundation, copies of the latest set of Board minutes, a copy of the most recent Annual Report and Financial Statements, a copy of the Memorandum and Articles of Association, together with copies of the Charity Commission's guidance "The Essential Trustee", the Good Governance Code and public benefit guides. New Trustees are asked to attend an induction with the Executive Team at The Foundation’s offices.

All Trustees give their time freely and no remuneration was paid in this year to any Trustee of The Foundation. Details of Trustees’ expenses are disclosed in the financial statements (see Note 7). Trustees are required to disclose all relevant interests, and these are reviewed annually and recorded in the Trustees' register. In the event of a potential conflict of interest the affected Trustee does not take part in any decision making and this is recorded in the minutes of the relevant meeting.

Changes in Board personnel during the year are disclosed under Reference and administrative details on page 1.

3 The Foundation’s financial year runs from 1 October to 30 September; meetings of the Board,

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

at which grants are awarded, were held in December, March, June, and September. This year, an additional, extraordinary Board meeting was held in January to consider applications to the Palliative Care funding programme. The Trustees also held a meeting in April to finalise the review of The Foundation's funding priorities. Any discretionary awards agreed by The Foundation’s Trustees outside of Board meetings were ratified at the next available Board meeting. At their quarterly meetings the Board agree strategy and areas of activity for The Foundation, including consideration of grantmaking, monitoring, and evaluation of awards, investments, reserves, risk-management policies, and The Foundation’s general performance. The day-to-day administration of grants and the processing and handling of applications prior to consideration by the Board is delegated to The Foundation’s Chief Executive.

The Foundation is run on a day-to-day basis by The Foundation’s Chief Executive, currently assisted by two members of staff.

The Foundation does not actively fundraise and seeks to continue its charitable work through the careful stewardship of its existing resources.

The Foundation is a member of the Association of Charitable Foundations (ACF); it holds a Cyber Essentials accreditation and is an accredited Living Wage Employer and Living Wage Funder. It is also a member of the Open & Trusting Grantmaking community of UK funders under the guidance of the Institute for Voluntary Action and Research (IVAR). Professional advice is sought from external advisers as and when necessary.

Charitable objects and activities

Charitable objects

The James Tudor Foundation has a principal object of the relief of human sickness. This is achieved by making grants to UK registered charities and charitable incorporated organisations (charitable organisations) with a total annual income of up to £20 million (the income cap does not apply to hospices) in response to proposals that fulfil The Foundation’s charitable objects, adhere to its guidelines, and are of public benefit.

Activities

The main activity of The Foundation is the award of grants to Charities and Charitable Incorporated Organisations registered in England and Wales, Scotland, and Northern Ireland. Grants are not awarded to individuals. In addition to making awards The Foundation offers non-financial support such as advice from Foundation staff on eligibility, the application process, and signposting to other suitable organisations.

Public benefit

The Trustees have regard to the Charity Commission's guidance on public benefit in directing the work of The Foundation and in ensuring The Foundation’s compliance with the Good Governance Code and the provisions of the Charities Act 2011 as amended.

Grants are awarded to UK registered charities and charitable incorporated organisations which themselves meet public benefit requirements.

Grantmaking policy

The Foundation established its grantmaking policy to carry out its purpose of the relief of human sickness. The Trustees typically award grants of £10,000 to £15,000 with occasionally

4

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

higher grants up to £25,000 per annum. Most grants are awarded for a single year, but grantees are allowed to re-apply. The Trustees also award a smaller number of multi-year grants. Grant recipients are required to report on the outcomes and impact of their award.

The Foundation seeks to support small to medium-sized charities and charitable incorporated organisations where awards can achieve the greatest impact. Grants are made across four funding programme areas to eligible organisations across the UK; annually between 10% and 12% of awards, in terms of the total grantmaking annual expenditure, are granted to provide support for UK charitable organisations working internationally.

Grant application process

The Foundation is listed in national directories of grant makers. The Foundation publishes application guidelines and makes these available from its website (www.jamestudor.org.uk). Additionally, the website provides guidance on The Foundation’s applications assessment process, information on each programme’s funding priorities and exclusions, terms and conditions of funding, reporting requirements, as well as examples of previous grants awarded (information on grants made is published annually on 360Giving). The Foundation’s website contains an eligibility checker for organisations considering an application and the grants management team is available to respond to questions about eligibility and other enquiries by email and telephone.

Application and assessment process

Applicant selection is based on a two-stage application process (for all programmes except for Palliative Care which is run as a single-stage application).

The two-stage process requires minimal time investment from the applicant at the Expression of Interest stage. The Grants Management Team front-loads the assessment on each application and aims to invite to Full Application stage the funding requests that have at least a 75% chance of being awarded a grant.

The two-stage process is applied as follows:

Applicants complete an online Eligibility Checker. If eligible, they can submit an Expression of Interst (EOI) via The Foundation's online application portal.

The Grants Management Team (GMT) reviews and assesses each EOI against The Foundation's eligibility criteria and against the focus of the relevant funding programme.

GMT invites shortlisted applicants to submit a Full Application via The Foundation's online portal. GMT notifies applicants whose EOIs have not been shortlisted for Full Application and provides feedback.*

5

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

GMT completes the assessment of the Full Applications and notifies the applicants whose applications have been shortlisted for Board consideration.

GMT notifies applicants whose Full Applications have not been shortlisted for Board consideration and provides feedback.*

Following Board decisions, GMT reports outcomes to the applicants (within 48 hours of the Board meeting date).

GMT issues new grant awards contracts, fulfils payments, and communicates the monitoring reports schedule to the new grant holders.

The Foundation runs four grant rounds annually. Application deadlines and corresponding Board meeting dates are published on The Foundation's website. The lead time to a final decision is between 3 and 6 months depending on the application’s submission date (whether at the opening of a grant round or close to its deadline).

Grants are made according to The Foundation’s grantmaking budget for the year, applicants’ supporting financial information, how closely the application matches the focus and priorities of the funding programme it relates to, and due diligence checks relevant to each funding programme.

The total annual expenditure budget (i.e. grantmaking and running costs) is approximately 4% of the value of the portfolio averaged over the previous four years.

In 2024-25, the Trustees completed the strategic review of The Foundation’s funding priorities which resulted in a revision of the existing funding programmes:

6

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

2024-25 Funding
Programmes		 Funding programmes from 2025-26
RELIEF OF SICKNESS
This programme has
supported charities
operating in both physical
and mental health
providing direct assistance
to patients and their
families, spanning a very
broad range of conditions
and needs.
AND
HEALTH EDUCATION
This programme has
typically supported
charities providing
condition-specific
information to patients /
loved ones / carers, as
well as providing
condition-specific training
for healthcare
professionals.		 PHYSICAL HEALTH
TheRelief of SicknessandHealth Education
programmes have been merged and have been
replaced by two separate programmes: Physical
Health and Mental Health (see below).
Physical Health focuses on direct healthcare
provision in the following four areas:
1) Evidence-based physical therapies for any of
the groups below:
a. People living with degenerative physical
conditions
b. People living with physical disabilities
c. People recovering from life-changing
injuries
2) Specialist, single-condition charities:
Typically, these are national charities that
provide information about a specific condition via
nurse-led helplines and via digital and print
materials.
3) Charities that provide direct healthcare
services to marginalised communities
Under this category we support charities
whose sole focus is to provide direct healthcare
to marginalised communities.
4) Air ambulance charities in South West
England, Wales, Scotland, and Northern
Ireland.

7

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

2024-25 Funding
Programmes		 Funding programmes from 2025-26
RELIEF OF SICKNESS
AND
HEALTH EDUCATION
These two programmes
also spanned the
spectrum of mental health
support, whether from a
direct healthcare delivery
point of view or an
educational point of view.		 MENTAL HEALTH
In response to increasing demand for support from a
wide variety of mental health charities, The
Foundation created a new funding programme.
Following a strategy review, the Trustees decided to
focus on charities that help children and young
people recovering from Adverse Childhood
Experiences (ACEs) and parents affected by ACEs,
mental illness, or addiction.
The two areas of focus are:
1) Support for children and young people
Under this focus, we wish to partner with
charities that solely support children and young
people who have suffered one or more ACEs,
and they do so through evidence-based, trauma-
informed therapies.
We only support charities that have a specialist,
single focus on one or more of the following:
•
Childhood sexual abuse
•
Living in a household where there is
domestic violence, and/or physical and/or
emotional neglect
•
Living with a parent who has a mental illness
and/or substance abuse
•
Bereavement and complex loss, including
children and young people bereaved by
suicide, murder, manslaughter, substance
addiction, or who have a parent in prison.
2) Support for parents
Under this focus, we wish to partner with specialist
charities that solely focus on supporting parents and
complex family challenges by delivering:
•
Evidence-based, whole-family, trauma-informed
programmes that help parents to confront their
own ACEs and help to break the
intergenerational cycle of trauma and abuse.

8

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

2024-25 Funding
Programmes		 Funding programmes from 2025-26
•
Evidence-based, whole-family, trauma-informed
programmes for families where a parent or
caregiver has a mental illness or substance
addiction and is at risk of harming their children.
PALLIATIVE CARE
This programme has
supported palliative care
and end-of-life charities
UK-wide first (2005-16)
then applying a
geographical restriction of
South West England and
South Wales (2016-23),
returning to UK-wide in
2024.		 HOSPICE CARE
For affordability reasons, eligibility for this funding
programme is once again restricted to independent
adult and children hospices based in South West
England and South Wales.
The programme provides renewable, unrestricted,
multi-year grants.
INTERNATIONAL
This programme
supported a wide range of
health focused charities
operating in OECD
countries.		 INTERNATIONAL
Due to The Foundation’s limited resources and
demand, this programme is continuing as a
discretionary programme only. The Trustees will
award unrestricted grants once a year to a group of
charities selected from past grant holders.

Grants in the new categories will be awarded from 2025-26 onwards. All grants in the 202425 financial year were awarded under the categories of Health Education, International, Palliative Care, and Relief of Sickness.

The Trustees retain the right to make exceptional grants that fall outside stated categories providing that such awards will meet The Foundation’s charitable objects and the recipient organisation is eligible.

Achievements and performance

Grantmaking activity 2024–25

A total of 118 (2023-24: 100) new grants were awarded to charitable organisations. No grants

9

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

were made to individuals.

New grants awarded in the year totalled £1,215,093 (2023-24: £911,167). One grant awarded in the previous financial year was returned in full for a total of £10,000. The total reported at Note 5 (£1,205,093) is net of the refund received. As per Note 6, at the balance sheet date there is £219,000 to be paid at a date in the future (2023-24: £374,468), of which £10,000 falls due at a time greater than one year (2023-24: £22,500). Of the 118 grants awarded, 5 were discretionary awards ranging from £1,000 to £15,000 for a total of £28,000. Of the 113 grants awarded competitively, the previous applicant / grant holder status of recipients was as follows:

While there are no quotas for doing so, The Foundation is keen to maintain relationships with past grant holders while remaining open to new partnerships.

2024-25 Grants by value

Grants are generally approved in the following grant value brackets:

While there are no quotas for grants in each bracket, the above shows The Foundation’s intention to award higher value grants with the most common value doubled over the last two years:

10

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

----- Start of picture text -----
£10,001 to 25,000 to
£25,000 £100,000 Up to £5,000
£5,001 to
£10,000
----- End of picture text -----

2024-25 Grants by geographical distribution

The Foundation awarded 118 grants to 107 organisations active in the UK (totalling £1,131,098) and 11 to organisations active internationally (totalling £83,995):

----- Start of picture text -----
International
UK
----- End of picture text -----

The UK grants were awarded to organisations based in the following regions:

UK Region / Nations Total no. of
grants		 Total grant
value		 Number
%		 Value
%
East Midlands 6 £59,922 6% 5%
East of England 11 £125,000 10% 11%
London 14 £178,000 13% 16%

11

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

North East 1 £10,000 1% 1%
North West 7 £66,671 7% 6%
Northern Ireland 1 £10,000 1% 1%
Scotland 2 £20,000 2% 2%
South East 26 £252,505 24% 22%
South Wales 2 £20,000 2% 2%
South West 15 £170,000 14% 15%
West Midlands 8 £85,000 7% 7%
Yorkshire and the
Humber		 14 £134,000 13% 12%
TOTAL 107 £1,131,098 100% 100%

Grants distribution by UK Regions / Nations

----- Start of picture text -----
East Midlands East of England London
North East North West Northern Ireland
Scotland South East South Wales
South West West Midlands Yorkshire and the Humber
----- End of picture text -----

The Foundation’s 11 International awards were made towards projects active in the following countries: Bangladesh, Democratic Republic of Congo, Madagascar, Myanmar, Nepal, Rwanda, Tanzania, and Zambia.

The Foundation made new grants across the same programme areas as the previous period, except for Medical Research (a programme closed in 2023-24 to new applications).

12

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

2024-25 Grants by programme

Programme No. of
Awards		 Percentage of
No. of awards in
this funding
programme		 Programme
awards value		 Percentage of awards
value in this funding
programme vs. Total
awards made in year
Health Education 6 5% £90,000 7%
International 11 9% £83,995 7%
Palliative Care 52 44% £514,098 42%
Relief of Sickness 49 42% £527,000* 44%
Total 118 100% £1,215,093* 100%

2023-24 Grants by programme

Programme No. of
Awards		 Percentage of
No. of awards
in this
funding
programme		 Programme
awards value		 Percentage of awards
value in this funding
programme vs Total
awards made in year
Health Education 11 11% £103,376 11%
International 20 20% £147,241 16%
Medical Research 4 4% £75,000 8%
Palliative Care 9 9% £116,011 13%
Relief of Sickness 56 56% £469,539 52%
Total 100 100% £911,167 100%

A list of material grants approved (at £15,000 or above), for the year, is listed in Note 6 of the accounts.

Funding programmes grants allocation 2024-25

Health Education

The key benefits in this area of funding are the publication and dissemination of health-related information to healthcare or other relevant professionals, patients, carers, and the public.

This year, 6 grants (2023-24: 11) were made totalling £90,000 (2023-24: £103,376).

Health education grants awarded in the period included:

13

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

No discretionary grants were awarded in this category. One multi-year grant was awarded in this category (£40,000 over two years to Hospice UK).

Palliative Care

This is the largest category by number of awards. Palliative care provides community services and end-of-life support to adults and children affected by life-limiting illnesses and complex needs both in hospices in-patient units and in the community through hospice at home programmes.

In response to the funding crisis affecting hospices, in the 2023-24 financial year, The Foundation ran a single grant round exceptionally open to all independent hospices in the UK. This attracted 56 applications and 50 grants were awarded in this competitive grant round. Two additional grants were awarded as discretionary (Children’s Hospice South West, in memory donation; Jessie May Trust, emergency appeal). A total of £514,098 (2023-24: £116,011) was awarded over 52 grants (2023-24: 9).

In 2025-26, The Foundation re-instated the geographical restriction of South West England and South Wales (adult and children’s independent hospices).

Grants awarded in this category in 2024-25 contributed to:

14

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

Beneficiaries in this category ranged in age from a few weeks to elderly patients suffering from advanced dementia and adult end-of-life patients requiring complex care. Two discretionary grants were awarded in this category (see above). No multi-year grants were awarded in this category.

Relief of Sickness

49 grants (2023-24: 56) were approved, representing a broad range of causes spread throughout the United Kingdom. These awards contribute to the treatment and rehabilitation of individuals of all ages suffering from physical or mental illness. The total value of new grants awarded in this category was £527,000 (2023-24: £469,539).

Due to closure, the charity Trauma Breakthrough returned the £10,000 grant which was awarded in 2022-23. The figure reported in Note 5 of the accounts shows the total awarded to the Relief of Sickness programme, net of the returned funds (£517,000). The £527,000

15

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

figure reported in the table above (2024-25 Grants by programme) shows the total value of the new awards made in this programme during this financial year, before accounting for the returned award.

Recipients in this programme were either small to medium charitable organisations operating in specific geographical areas, or national charities operating across the UK.

The relief of sickness is a broad category of grant-giving covering charitable organisations that are tackling a range of issues and individual needs. Funds were made available for:

Projects in this category of award are located across the UK; beneficiaries are children and adults of any age.

One discretionary grant was awarded in this category (The Anchor Society). Two multi-year grants were awarded in this category (Brent Centre for Young People; Roald Dahl’s Marvellous Children’s Charity).

International

The Foundation supports international projects run by UK registered charities and deployed in developing countries (as defined by the OECD). Awards in this category vary greatly in focus and include projects in health education , palliative care , and relief of sickness that

16

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

are delivered internationally by UK registered charities, with or without an international partner. This year, a total of 11 grants (2023-24: 20) were approved. The total awarded was £83,995 (2023-24: £147,241).

The Foundation awarded the following grants:

Two discretionary grants were awarded in this category (Disaster Emergency Committee; Leprosy Mission of Great Britain). No multi-year grants were awarded in this category.

Performance, monitoring, and financial information

All grant holders are required to report regularly to The Foundation throughout the life of their grant. The Foundation’s Terms and Conditions of Funding are signed by the grant holder and reporting schedules and requirements are made clear to grant holders at the time the grant offer is made. Reporting timelines are confirmed at the time the grant is paid.

The Foundation publishes reporting guidance for grant holders. Reporting timescales are closely monitored for the duration of the award, and further reports may be requested if deemed necessary. In the case of multi-year awards, instalments are released once The Foundation has received satisfactory reports for the work carried out in the previous grant year.

Grant holders’ reporting helps The Foundation to evaluate the effectiveness of its award

17

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

programmes and to ensure that funds awarded have been spent in line with its funding priorities as aligned to its charitable objects.

Financial review and performance

The Foundation is funded by an expendable endowment and is dependent on the income from its investments.

The total income in the year ended 30 September 2025 was £976,702 (2023-24: £973,287).

£1,476,918 (2023-24: £1,158,631) has been spent on charitable activities and the governance and administration of The Foundation, of which £1,396,194 (2023-24: £1,080,351) was grant funding (including support costs). The grant funding total is net of the grant refund received in year as explained above.

In recent years, except for the year ended 30 September 2021 due to the impact of the pandemic, the funding formula has been related to the total net assets of The Foundation at the conclusion of the previous financial year and not to income generated during the year. In 2024-25, The Foundation’s grantmaking budget was initially set at £900,000. The figure was based on the current value of the portfolio at 30 September 2024 and estimates of the total return of the portfolio by year end. In January 2025, thanks to the strong performance of The Foundation’s investments, the Board approved a grants budget increase of £305,000 to meet the exceptional demand from hospices. The total grants budget for 2024-25 was therefore set at £1,205,000.

In March 2025, the Trustees agreed a new Budget Setting Policy, establishing that annual expenditure discussions will begin at 4% of the Foundation’s average portfolio value over the previous four years. After accounting for running costs, remaining funds are to be allocated to grantmaking. The policy also allows the Board discretion to set a different percentage as a starting point, and to review the budget during the year in light of exceptional portfolio gains or losses.

Investment policy and performance

Within the Memorandum and Articles of Association there are no restrictions on The Foundation's power to invest. In accordance with The Foundation's Investment Policy, fund managers are instructed to make investments under strict guidelines to maximise the longterm return to the portfolio with a view to maintaining the real value of its investments while providing income, so that maximum return for beneficiaries is achieved. The Foundation’s investment policy states that it does not make direct investment in companies whose principal business is the production of tobacco. It also states that the following investments and activities are prohibited: exchange-traded contingent liability transactions; off-exchange traded contingent liability transactions; other off-exchange traded derivative transactions; forward foreign exchange contracts; unregulated collective investment schemes; short sales; stock borrowing; stock lending; and direct investment in crypto currencies.

The Foundation’s investment strategy is reviewed annually at the December Board meeting. The Foundation requires its investment managers to attend Board meetings every six months (December and June) when they present a detailed report on the performance of the portfolio and any issues to be addressed.

18

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

The investment managers provide monthly valuation and transaction reports with a more detailed quarterly review for the Board. The Trustees have instructed the investment managers to maintain a medium risk investment strategy. At 30 September 2025, the investment portfolio of The Foundation was valued at £38,221,224 (2023-24: £35,495,866) and was invested as follows:

Cash £947,449
2.5%
Alternatives and multi-asset £2,448,365
6.4%
Bonds £6,645,262
17.4%
Equities £28,180,148
73.7%
Total £38,221,224 100%

The Endowment is invested with the aim of producing the best financial return within an acceptable level of risk. The Trustees have adopted a risk strategy that is medium level overall and within the medium balanced definition as adopted by Evelyn Partners, The Foundation’s investment managers.

The investment objective is to balance income and capital returns. The assets should be managed to maintain the real capital value of the Endowment, whilst generating a sustainable level of investment income to support current charitable activities.

Although a total return target has been set, the long-term target is to maintain in real terms a portfolio with a current value of £38,221,224 after all deductions including grantmaking activities. The rate of return for investments in the year ending on 30 September 2025 was 13.10% (2023-24: 12.05%) compared to the index 7.24% (2023-24: 12.92%).

The Trustees, on the advice of their investment managers, have during the year considered the spread of assets held by The Foundation and repositioned the portfolio to offer some protection from the ongoing geopolitical influences and the increase in short term interest rates.

Reserves policy

The Foundation is sustained by an expendable endowment invested on the stock market (see Investments paragraph for further information). At the start of each financial year, the Trustees set an operating budget according to the Budget Setting Policy. Throughout the year, the Trustees authorise regular draw downs from the portfolio (typically quarterly) to meet expected expenditure in the quarter ahead (charitable expenditure and operational costs). The investment managers will honour the funds transfer requests by firstly drawing from the income received and will make up any shortfall by divesting capital from the portfolio. This is because investment income is received in irregular amounts throughout the year (based on the timing of receipt of dividends). The investment managers will replenish the capital by reinvesting a similar amount previously disinvested when dividends are received in excess of quarterly requirement. This is so that the endowment capital value can be preserved as much as possible.

The Trustees, therefore, do not aim to maintain a minimum level of unrestricted reserves but require the holding of sufficient cash or highly liquid investments which equate to at least three months' governance and support costs and to cover constructive obligations which are to fall

19

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

due. The Foundation’s current 5-year average annual expenditure is just over £1 million. In the unlikely event of catastrophic loss of value in The Foundation’s investments, The Foundation will use its reserves to pay for any charitable awards already committed and for operational costs due in the next three months.

At the year ended 30 September 2025, cash reserves amounted to £1,252,113 (2024: £236,821). The Trustees review the reserves policy at least annually and adjust it as required.

Risk management

The Trustees are responsible for monitoring the risks facing The Foundation and ensuring that adequate steps are taken to mitigate them. The Foundation has a Risk Management Framework based on a register of potential risks, ranked according to the aggregate of probability and severity of impact. This register is kept under quarterly review and is updated as required and re-issued to Trustees, most recently in December 2024.

The risks facing The Foundation:

Financial Risk: The Foundation has an investment portfolio in its endowment fund which generates its income. The material financial risks of The Foundation from the investment portfolio are as follows:

Market and price risk: The Foundation’s portfolio is invested in a variety of products both in the UK and overseas and therefore the value of the portfolio fluctuates with changes in the market for each product class. The portfolio's value and performance are monitored day to day by The Foundation’s investment managers who report on changes in value and any potential drop in income through their monthly reports and six-monthly presentations at Board meetings.

Credit risk: The Foundation notes two potential risks in this area; (a) the risk of its investment manager becoming insolvent and (b) the risk of entities in which The Foundation holds investments becoming insolvent. These risks are mitigated by regular, detailed reporting from investment managers; in addition to The Foundation’s investments being held by a separate custodian (and scrutiny of The Foundation’s portfolio monthly).

Liquidity risk: The Foundation has liquidity risk where it may not have sufficient cash to pay grants and other payables as they fall due. This is mitigated by:

The risks noted in this Trustees’ report are mitigated by The Foundation where the diversification of the investments held is formally reviewed every six months by the Trustees in meetings with The Foundation’s investment manager. There is additional monthly monitoring through review of valuation and transaction reports produced by the investment manager and quarterly reporting to the Trustees by the Investment managers.

Loss of key staff: The Foundation currently employs two staff (one member of staff on a part time basis) and the loss of one of these staff may pose a short-term risk in terms of the ongoing business of The Foundation. This risk is mitigated by documented policies and

20

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

procedures and a detailed holiday and absence policy. In case of total, sudden, and prolonged staff absence, Trustees could rely on the Business Recovery Action Plan.

Reputational Risk: Damage to the reputation of The Foundation is a factor in many operational and financial risk areas; reputational risk may arise through internal or external mismanagement; a high proportion of 'failed' grants; fraudulent or criminal use of grants by beneficiaries; loss of sensitive data; malicious external comment on The Foundation, its Trustees, staff, or performance. The Foundation mitigates these risks through due diligence, monitoring and evaluation of applications and recipients, keeping policies and processes under regular review and complying with relevant legislation and best practice.

Future Potential Risks: The Foundation’s investments are impacted daily by market volatility dictated by circumstances outside its control. The Trustees, with the assistance of their investment managers, will continue to monitor the impact of external events on The Foundation’s finances and will agree any necessary adjustments with its investment managers.

Should the UK government ever introduce a mandatory grant minimum as a percentage of the value of the endowment, this could erode the real value of the endowment, leading to a reduction in the funds available for grants and threatening the long-term viability of The Foundation. There is no such proposal at the time of writing and The Foundation is keeping up to date with any developments in this direction.

These risks are mitigated by a system of internal checks and balances and a policy of full transparency about all grants awarded and expenditure incurred. The Trustees review these risks at every Board meeting and such review is noted in the minutes. The last risk review took place in December 2024.

The Foundation’s running costs are kept to a level commensurate with good governance and best practice grantmaking processes and procedures. The Trustees are satisfied that effective measures are in place to ensure good governance; to prevent financial or administrative fraud or malpractice; protect the good reputation of The Foundation, and to ensure compliance with relevant legislation and guidance. The Foundation is not exposed to financial risk in relation to pensions. The Foundation operates from serviced offices, covers residual risk through insurance, and reviews health and safety procedures annually or sooner as required.

Plans for future periods

The Trustees have previously set a strategy for The Foundation to live broadly within its means so as not to disadvantage future beneficiaries. Good relationships continue with many grant recipients. Where grants have proved to be efficient and effective, as well as serving the public benefit and matching The Foundation’s objectives, further support is frequently provided. More enduring relationships are the source of reports that indicate the long-term positive impact of grant-awarding activities of The Foundation. However, the Trustees continue to welcome applications from organisations that have not been previously funded, provided they meet The Foundation’s funding priorities as well as the eligibility and selection criteria set.

Trustees' responsibilities statement

The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with

21

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

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).

Company law requires 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 income and expenditure of the charity for that period. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees 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.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of The Foundation (the charity) guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The Trustees are members of the charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

22

The James Tudor Foundation (company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

These financial statements were approved and authorised for issue by the Trustees on 24 March 2026 and signed on their behalf by:

Stephanie Wren

…………………………………………………

S K Wren Chair of Trustees and Trustee

23

The James Tudor Foundation (company limited by guarantee) Independent auditor’s report to the Members of The James Tudor Foundation For the year ended 30 September 2025

Opinion

We have audited the financial statements of The James Tudor Foundation (the ‘charity’) for the year ended 30 September 2025 which comprise the statement of financial activities, statement of financial position, cash flow statement and the related notes to the financial statements, including a summary of significant accounting 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:

Basis for opinion

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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ 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 relating 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 responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other

24

The James Tudor Foundation (company limited by guarantee) Independent auditor’s report to the Members of The James Tudor Foundation For the year ended 30 September 2025

information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees’ responsibilities statement set out in the Trustees’ report, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and

25

The James Tudor Foundation (company limited by guarantee) Independent auditor’s report to the Members of The James Tudor Foundation For the year ended 30 September 2025

fair view, and for such internal control as the Trustees determine 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 Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 detect a material misstatement when it exists. Misstatements 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

26

The James Tudor Foundation (company limited by guarantee) Independent auditor’s report to the Members of The James Tudor Foundation For the year ended 30 September 2025

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 24 March 2026

William Guy Blake

………………………………….……………………….

William Guy Blake ACA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

27

The James Tudor Foundation (company limited by guarantee)

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 30 September 2025

----- Start of picture text -----
Unrestricted Endowment Total Funds Total Funds
Funds Funds 2025 2024
Note £ £ £ £
Income and endowments from:
Investments 3 895,978 80,724 976,702 973,287
Total income 895,978 80,724 976,702 973,287
Expenditure on:
Raising funds 4 - 80,724 80,724 78,280
Charitable activities 5,6 1,396,194 - 1,396,194 1,080,351
Total expenditure 1,396,194 80,724 1,476,918 1,158,631
Gains on investments 12 - 3,617,060 3,617,060 2,980,525
Net income/(expenditure) 7 (500,216) 3,617,060 3,116,844 2,795,181
Transfers between funds 18 500,216 (500,216) - -
Net movement in funds - 3,116,844 3,116,844 2,795,181
Reconciliation of funds
Total funds at start of year 18 - 35,228,504 35,228,504 32,433,323
Total funds at end of year 18 - 38,345,348 38,345,348 35,228,504
----- End of picture text -----

The Charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing.

The notes on pages 31 to 44 form part of these financial statements See note 10 for fund-accounting comparative figures

28

The James Tudor Foundation (company limited by guarantee)

Statement of Financial Position

As at 30 September 2025

Company number: 05178537

----- Start of picture text -----
2025 2024
Note £ £
Fixed assets
Tangible assets 11 - 820
Investments 12 38,221,224 35,495,866
38,221,224 35,496,686
Current assets
Debtors 13 76,539 81,898
Cash at bank and in hand 304,664 58,563
381,203 140,461
Liabilities
Creditors : amounts falling due within one year 14 (247,079) (386,143)
Net current assets/(liabilities) 134,124 (245,682)
Total assets less current liabilities 38,355,348 35,251,004
Creditors : amounts falling
due after more than one year 15 (10,000) (22,500)
Net assets 38,345,348 35,228,504
FUNDS
Unrestricted funds
General funds 19 - -
Endowment funds 19 38,345,348 35,228,504
Total funds 38,345,348 35,228,504
----- End of picture text -----

The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

These financial statements were approved by the Trustees on 24 March 2026 and are signed on their behalf by:

Stephanie Wren

S K Wren, Chair of Trustees and Trustee

The notes on pages 31 to 44 form part of these financial statements

29

The James Tudor Foundation (company limited by guarantee)

Cash Flow Statement

For the year ended 30 September 2025

----- Start of picture text -----
2025 2024
Note £ £
Net cash (outflow) from operating activities 16 (1,629,260) (1,234,229)
Non-operational cash flows:
Investing activities
Purchases of other investments (4,479,973) (11,682,924)
Proceeds from sales of other investments 6,140,866 11,783,323
Dividends, interest and rents from investments 983,659 975,706
Net cash from investing activities 2,644,552 1,076,105
Net cash inflow/(outflow) for the year 17 1,015,292 (158,124)
----- End of picture text -----

Cashflow Restrictions

Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.

The notes on pages 31 to 44 form part of these financial statements

30

The James Tudor Foundation (company limited by guarantee) Notes to the Financial Statements

For the year ended 30 September 2025

1 General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Trym Lodge, Henbury Road, Westbury-On-Trym, Bristol, BS9 3HQ.

2 Accounting policies

Basis of preparation

The James Tudor Foundation is a charity limited by guarantee, incorporated in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The nature of the charity's operations and principal activities are the relief of human sickness.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 on 1 January 2019 (Charity SORP 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. We confirm that there are no critical judgements or estimates in these financial statements.

Income recognition

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from investments is recorded when receivable.

Expenditure

All expenditure is accounted for on an accruals basis and is recognised as soon as there is a legal or constructive obligation committing The Foundation to the expenditure. The charitable company is not registered for value added tax and accordingly expenditure is shown gross of irrecoverable value added tax.

Expenditure on charitable activities comprises those costs attributable to the main activities of The Foundation, representing grants and support costs. Grants are included in this category when they have been unconditionally approved by the Trustees and the beneficiaries have been informed, irrespective of the year covered by the grants. The value of such grants unpaid at the year-end is accrued in the balance sheet.

31

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

2 Accounting policies (continued)

Expenditure on raising funds represents those costs attributable to managing the investment portfolio and raising investment income, namely investment management fees and support costs.

Unrestricted funds used for grants comprise endowment income which is allocated at the discretion of the Trustees to priority needs identified in The James Tudor Foundation's own grants programme.

Governance costs are those costs incurred in connection with the administration of the charity and to comply with constitutional and statutory requirements. These include a proportion of the Chief Executive’s salary as they discharge their duties as chief administrator of The Foundation and as Company Secretary; any costs relating to Trustees and Members meetings and expenses; audit, accounting, and human resources support fees; insurance costs; bank charges, and professional memberships and subscriptions.

Support costs are those incurred in delivering The Foundation’s charitable purposes through the implementation of its grantmaking programme. These include the relevant proportions of staff costs; office costs; and marketing costs. Support costs are allocated based on estimated staff time and to each grantmaking programme based on grant expenditure per programme.

Pension costs and other post-retirement benefits

The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

Tangible fixed assets and depreciation

Fixed assets are held at cost less accumulated depreciation. Assets costing less than £2,000 are not capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset as follows:

Equipment - over 4 years; straight line

Fixed asset investments

Investments are recognised on acquisition at fair value, being the purchase cost plus any direct costs incurred in acquiring the asset. Subsequently, at each year end, the investments are measured at fair value, being the bid price at the year end date or nearest valuation point inclusive of accrued interest. Movements in the fair value of investments are recognised in the SOFA as an unrealised gain or loss included within net gains/(losses) on investments.

On disposal of investments, the realised gain or loss recognised is the difference between the value on initial recognition and the disposal proceeds after the deduction of any direct costs incurred in the disposal of the asset. Realised gains or losses are recognised in the SOFA within net gains/(losses) on investments.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

32

The James Tudor Foundation (company limited by guarantee) Notes to the Financial Statements

For the year ended 30 September 2025

2 Accounting policies (continued)

Employee benefits

Short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company makes contributions into registered Self Invested Personal Pensions (SIPPs) held by employees of the company.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in expenditure.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objects at the discretion of the Trustees and have not been designated for other purposes.

Expendable endowment funds represent donations given to towards the capital of the Foundation, the purpose of which is to generate income for the ongoing work of the Foundation. Capital gains or losses generated by the investments form part of the fund. Investment management charges and legal advice relating to this fund are charged against the fund. Apart from an amount equal to this total charge to the fund, income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. The trustees have the power to transfer funds from the expendable endowment into general funds.

Further explanation of the nature and purpose of each fund is included in note of the financial statements.

3 Income from investments

Current year

Bank interest receivable
Dividends receivable and interest from fixed-interest securities		 Unrestricted
Funds
£
286
895,692
895,978		 Endowment
Funds
£
-
80,724
80,724		 Total Funds
2025
£
286
976,416
976,702

33

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

3 Income from investments (continued)

Prior year

Bank interest receivable
Dividends receivable and interest from fixed-interest securities		 Unrestricted
Funds
£
260
894,747
895,007		 Endowment
Funds
£
-
78,280
78,280		 Total Funds
2024
£
260
973,027
973,287

4 Expenditure on raising funds

Investment management fees Unrestricted
Funds
£
-
-		 Endowment
Funds
£
80,724
80,724		 Total Funds
2025
£
80,724
80,724		 Total Funds
2024
£
78,280
78,280

During the prior year, all investment management fees were incurred by endowment funds.

5 Expenditure on charitable activities

Current year

Palliative care
Health education
Direct relief of sickness
International
Prior year
Palliative care
Medical research
Health education
Direct relief of sickness
International		 £
514,098
90,000
517,000
83,995
1,205,093
£
116,011
75,000
93,445
469,539
147,241
901,236
Grants
payable (note
6)
Grants payable
(note 6)		 £
81,525
14,272
81,985
13,319
191,101
£
23,285
14,329
17,912
94,931
28,658
179,115
Support &
governance
costs
Support &
governance
costs		 £
595,623
104,272
598,985
97,314
1,396,194
£
139,296
89,329
111,357
564,470
175,899
1,080,351
Total funds
2024
Total funds
2025

34

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

5 Expenditure on charitable activities (continued)

Support costs are as follows:

Support costs:
Staff costs
Office and other costs
Governance costs:
Staff costs
Office costs
Professional fees		 2025
£
92,382
43,016
28,837
5,453
21,413
191,101		 2024
£
83,960
31,840
33,646
5,477
24,192
179,115

Support and governance costs are allocated to programmes on the basis of grant expenditure per programme.

35

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

6 Analysis of grants

During the year, 118 (2024: 100) grants were awarded to institutions. No grants were paid to individuals (2024: none).

A breakdown of material grants awarded (over and including £15,000 in either year) to institutions is as follows:

Brent Centre for Young People
Hospiscare
Jessie May
Mothers for Mothers
On Call Africa
PANS/PANDAS UK
Roald Dahl's Marvellous Children's Charity
St Margaret's Somerset Hospice
The Brainwave Centre Limited
The HoverAid Trust
City Hospice
Hope and Homes for Children
Hospice UK
Meningitis Research Foundation
Prospect Hospice
St Peter's Hospice
Target Ovarian Cancer
The Brain Tumour Charity
Tommy's
Young Lives vs Cancer
Small Grants (<£15k)
Total grant commitments made in the year
Adjustments made to existing commitments during the year
Total grants payable after amendments		 2025
£
20,000
15,000
15,000
15,000
15,000
15,000
30,000
20,000
15,000
15,000
-
-
40,000
15,000
-
-
-
-
-
-
985,093
1,215,093
(10,000)
1,205,093		 2024
£
-
-
-
15,000
-
-
-
-
-
-
16,000
20,000
17,000
15,000
15,000
25,000
25,000
20,000
20,000
25,000
698,167
911,167
(9,931)
901,236

The charity publishes open grants data with 360Giving. Using the 360Giving Data Standard, all grants awarded since 1st October 2022 are available for download as an Excel file. The name and location of the organisations supported is provided, along with the amount sought by the applicants and the amount and duration of the grants awarded; which funding programme the grants were awarded under and a brief description of what the grants were awarded for. The charity also provides information about the location of the beneficiaries of the grant. Visit https://www.jamestudor.org.uk/360-giving to download the most recent data.

36

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

6 Analysis of grants (continued)

Reconciliation of grants payable
Commitments brought forward
Net commitments made in the year
Payments during the year
Commitments carried forward
Commitments at the year end are payable as follows:-
Within one year
(Note 14)
After more than one year
(Note 15)
7
Net income/(expenditure) for the year
This is stated after charging:
Auditor's remuneration
- for audit services (ex VAT)
- for other services (ex VAT)
- under/(over)-provided in prior year
Trustees' travel (2024: nil) and subsistence expenses (2024: nil)
Depreciation		 2025
£
374,468
1,205,093
(1,360,561)
219,000
209,000
10,000
219,000
2025
£
9,350
566
120
-
820		 2024
£
447,200
901,236
(973,968)
374,468
351,968
22,500
374,468
2024
£
9,000
350
(220)
-
1,365

No Trustees were reimbursed for expenses incurred for their duties as Trustee in the current year. No Trustee received any remuneration during either the current or the prior year.

37

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

8 Staff costs and numbers

The aggregate payroll costs were:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Wages & salaries|105,622|102,764| |Social security costs|6,130|5,460| |Pension contributions|8,401|8,062| |Other benefits|1,066|1,320| |121,219|117,606|

----- End of picture text -----

No employee received emoluments of more than £60,000.

The average weekly number of employees during the year was 3 (2024: 3), calculated on the basis of average headcount.

The average number of full-time equivalent employees during the year is as follows:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Administrative staff|2.5|2.5|

----- End of picture text -----

Key management personnel

Key management personnel includes the Trustees and those to whom the Trustees have delegated authority and responsibility for planning, directing and controlling the activities of the charity. Total benefits paid to key management personnel, including employer's national insurance and employer's pension contributions during the year was £69,169 (2024: £67,501).

9 Taxation

The charity is exempt from corporation tax on its charitable activities.

38

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

10 Statement of Financial Activities comparative figures

For the year ended 30 September 2024
Income and endowments from:
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Gains on investments
Net income/(expenditure) for the year
Transfers between funds
Total funds at start of year
Total funds at end of year		 Unrestricted
Funds
£
895,007
895,007
-
1,080,351
1,080,351
-
(185,344)
70,002
(115,342)
115,342
-		 Endowment
Funds
£
78,280
78,280
78,280
-
78,280
2,980,525
2,980,525
(70,002)
2,910,523
32,317,981
35,228,504		 Total Funds
2024
£
973,287
973,287
78,280
1,080,351
1,158,631
2,980,525
2,795,181
-
2,795,181
32,433,323
35,228,504

39

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

11 Tangible fixed assets

Cost or valuation
At 1 October 2024
Disposals
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
Eliminated on disposal
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024
12 Investments
Investments at fair value
Listed investments
Alternative and Multi-Asset
Bonds
Equities
Cash
Listed investments
Market value at 1 October
Acquisitions at cost
Disposal proceeds
Net investment gains
Market value at 30 September
Portfolio cash
Total value of portfolio
Cumulative unrealised gains at year end
Historical cost of listed investments at 30 September		 Equipment
£
3,525
(487)
3,038
2,705
820
(487)
3,038
-
820
2025
£
2,448,365
6,645,262
28,180,148
37,273,775
947,449
38,221,224
35,317,608
4,479,973
(6,140,866)
3,617,060
37,273,775
947,449
38,221,224
11,729,660
26,491,564		 Total
£
3,525
(487)
3,038
2,705
820
(487)
3,038
-
820
2024
£
2,762,325
6,384,394
26,170,889
35,317,608
178,258
35,495,866
32,437,482
11,682,924
(11,783,323)
2,980,525
35,317,608
178,258
35,495,866
8,527,147
26,968,719

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

40

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

12 Investments (continued)

The investments are held primarily for an investment return.

The following investments are in excess of 5% of the portfolio at 30 September 2025: i) GBP 3,350,000 United Kingdom (Govt of) 4.25% BDS 31/07/2034, market value £3,257,243 ii) 42,500 Ishares core S&P 500 UCITS ETF US$, market value £2,092,913 iii) 26,000 Vanguard funds PLC S&P 500 UCITS ETF US$ DIS, market value £2,436,623 iv) 22,000 Vanguard Funds PLC FTSE All-World UCITS ETF US$ Dis, market value £2,623,060

13 Debtors

Due in less than one year:
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Grant commitments
(Note 6)
Other creditors
Creditors: amounts falling due after one year
Grant commitments
(Note 6)		 2025
£
76,539
76,539
2025
£
2,379
209,000
35,700
247,079
2025
£
10,000
10,000		 2024
£
81,898
81,898
2024
£
502
351,968
33,673
386,143
2024
£
22,500
22,500

14 Creditors: amounts falling due within one year

15 Creditors: amounts falling due after one year

41

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

16 Reconciliation of net movement in funds to net cash inflow from operating activities

Statement of Financial Activities: Net movement in funds
Adjustments for:
Investment income
Depreciation
Net (gains) on investments
Decrease / (increase) in debtors
(Decrease) in creditors: current liabilities
(Decrease) in creditors: non-current liabilities
Net cash (outflow) from operating activities
17 Analysis of changes in cash and cash equivalents
Note
Cash at bank and in hand
Cash held within investments
12
Note
Cash at bank and in hand
Cash held within investments
12		 2025
£
3,116,844
(976,702)
820
(3,617,060)
(1,598)
(139,064)
(12,500)
(1,629,260)
At 1 October
2024
£
58,563
178,258
236,821
At 1 October
2023
£
34,978
359,967
394,945		 Cash flows
£
246,101
769,191
1,015,292
Cash flows
£
23,585
(181,709)
(158,124)		 2024
£
2,795,181
(973,287)
1,365
(2,980,525)
(3,324)
(4,126)
(69,513)
(1,234,229)
At 30
September
2025
£
304,664
947,449
1,252,113
At 30
September
2024
£
58,563
178,258
236,821

42

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

18 Movement in funds

For the year ended 30 September 2025

Endowment funds
Expendable endowment fund
Unrestricted funds
General funds
Total funds		 At 1 Jan
2025
£
35,228,504
-
35,228,504		 Income
£
80,724
895,978
976,702		 Expenditure
£
(80,724)
(1,396,194)
(1,476,918)		 £
3,116,844
500,216
3,617,060
Gains and
Transfers		 At 31 Dec
2025
£
38,345,348
-
38,345,348

A transfer has been made from the Expendable Endowment fund into the General Unrestricted fund to cover the overdrawn balance on the General fund.

Endowment Fund

The endowment has arisen from the transfer of membership rights from Bristol Contributory Welfare Association Limited ("BCWA") to the Hospital Savings Association (now known as Simply Health).

Prior year

Endowment funds
Expendable endowment fund
Unrestricted funds
General funds
Total funds		 At 1 Jan
2024
£
32,317,981
115,342
32,433,323		 Income
£
78,280
895,007
973,287		 Expenditure
£
(78,280)
(1,080,351)
(1,158,631)		 £
2,910,523
70,002
2,980,525
Gains and
Transfers		 At 31 Dec
2024
£
35,228,504
-
35,228,504

43

The James Tudor Foundation (company limited by guarantee)

Notes to the Financial Statements

For the year ended 30 September 2025

19 Analysis of net assets between funds

As at 30 September 2025
£
Investments
-
Net current assets
10,000
Non-current liabilities
(10,000)
-
As at 30 September 2024
£
Tangible fixed assets
820
Investments
247,249
Net current liabilities
(225,569)
Non current liabilities
(22,500)
-
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through income and expenditure
Fixed asset listed investments (note 12)
Unrestricted
Funds
Unrestricted
Funds		 £
38,221,224
124,124
-
38,345,348
£
-
35,248,617
(20,113)
-
35,228,504
2025
£
37,273,775
Endowment
Funds
Endowment
Funds		 Total
£
38,221,224
134,124
(10,000)
38,345,348
Total
£
820
35,495,866
(245,682)
(22,500)
35,228,504
2024
£
35,317,608

20 Financial instruments

21 Related party transactions

There are no related party transactions other than those disclosed elsewhere within the report.

44