2025-03-31-accounts

LONDON FUNDERS London Funders Report and Accounts for the year ended 31 March 2025 4 Chiswell Street London ECIY 4UP Tel: [phone] Email: [e-mail] Website: www.londonfunders.org.uk Company registration.. 5596299 Charity registration: 1116201

LONDON FUNDERS Report and Accounts for CONTENTS Page Trustees, Report Statement of Trustees, Responsibilities 19 Independent Auditor's Report 20 Statement of Financial Activities 24 8alance Sheet 25 Cash Flow Statement 26 Notes to the Financial Statements 27

LONDON FUNDERS Report and Accounti for STRUCTURE, GOVERNANCE AND MANAGEMENT London Funders is a charity and company limited by guarantee. The London Funders, Board is the board of directors of the company and its board of trustees. The formal objects of London Funders {revised and approved at the AGM in 2022) are for the benefit of the public and particularly to improve the conditions of life of people who live and work in Greater London. Thi5 IS through the advancement of citizenship and community development, particularly by., promoting the voluntary and community sector; providing advice and information particularly on funding and social investment opportunitie5 to facilitate co-operation and collaboration between the voluntary and community sector and funding organisations; and providing resources and funding to the voluntary and community sector, As well as the advancement of education, particularly by providing training and information to, and facilitating the exchange of information, knowledge and experience between, the voluntary and community sector and funding organisations, to enable funding organisations to provide support and funding to the voluntary and community sector more effectively. Board offlcers Chair David Farnsworth (to December 2024} Jenny North (from December 20241 Sara Cooney {from October 20241 Sally Dickinson (to October 2024) Edith Galliers Ugo Ikokwu Vice Chairs Treasurer Board members Shabana A51am Susan Barry Naz Biggs Access to Justice Foundation Haberdashers, Company Guy's and St. Thomas, Foundation {Impact on Urban Health) (from December 20241 Metropolitan Thames Valley Housing London Councils Lloyds Bank Foundation for England & Wale5 National Lottery Community Fund Berkeley Foundation The City Bridge Foundation (to December 20241 The City Bridge Foundation (from December 20241 London Borough of Waltham Forest John Lyon's Charity Trust for London London Borough of Southwark (from December 2024) Dominic Briant Yolande Burgess Sara Cooney Emma Corrigan Sally Dickinson David Farnsworth Simon Latham Edith Galliers Lynne Guyton Ugo Ikokwu Jessica Leech

LONDON FUNDERS Report and Accou nts for Andrew Matheson Jenny North Tunde Olayinka Matthew Parsonage London Borough of Southwark (to December 20241 Clothworkers, Foundation {from December 20241 Greater London Authority Clarion Housing (to December 20241 Staff members Jessica Allsop Ora Ataguba Nasyah Bandoh James Banks Geraldine Blake Malene Bratlie Louise Henrv Helen Mathie Grace Perry Saboohi Bukhari Daniel Orrego Shreya Gautam Operations Coordinator Learning and Communications Coordinator Membership Manager Chief Executive land Company Secretary) Director of Collaboration and Development Learning and Communications Manager Collaboration Manager Director of Policy and Partnerships Head of Programme Deliverv Director of Place Based Giving / Resource Hub (from May 20241 Programme Delivery Manager {from January 2024) Research and Evidence Manager (from June 20241 Professlonal advisers Bankers Unity Trust Bank Four Brindleyplace Birmingham Bl 2JB Charity Bank Fosse House, 182 High Street Tonbridge TN9 IBE CCLA One Angel Lane London EC4R 3AB Virgln Money 177 Bothwell Street Glasgow G2 7ER Solicitors Russell-cooke LLP 2 Putney Hill London SW15 6A8 The Board members are the Trustees and Director5 of the Company. There are up to 12 elected members, each can serve a maximum of three three-year terms and are drawn from London Funders, Full members. In addition, the Board can appoint up to three co-opted members. Honorary Officers are elected by the Board from among its members. London Funders has a small office at the end of the year. During the year covered by this report London Funders rented office space from Trust for London at 4 Chiswell Street, London ECIY 4UP.

LONDON FUNDERS P.eport and Accoun IJ for Background and structure London Funders was incorporated as a company limited by guarantee in 2005, It is a charitable company structured as a membership association. Members are funders of the voluntary and community sector in London. Each pays a subscription and has a named representative (to vote at meetings such as the AGM). Most member organisations involve a range of staff and trustees in London Funders, activities, such as grant makin& commissioning, policy and research staff. Associate membership allows civil society organisations in London which do some funding, but not as their primary remit,.to belon8 to London Funders but with no voting rights. OBJECTIVES London Funders, mission Is to brlng funders together to build a better London by taking action on what matter5 to our clty and our communities. London is a complex city, and its funding landscape is changing dramatically. This change is being driven by a cornbination of factors including the impact of the covid-19 pandemlc, the ongoing impact of the cost of living crisis, the redefining of the role of the state (both national and local), the changing profile of poverty and the needs of the population w.ithin London, and the increasingly complex governance and public policy landscape that our members operate wlthin. Other regions and countries in the UK have high levels of need and disadvantage but in London their scale and complexity are masked by areas of extreme affluence. Funders need to know about how policy affects the capital and how funding can be developed to meet the diverse needs of London's communities. London Funders is unique in bringing together public-sector funders and commissioners with independent foundations, social and corporate investors, lottery funders and others. Our members invest in every aspect of Londoners, lives, from the arts to welfare, and they fund acr05S all 32 boroughs and the City of London. These funds are invested in London through a number of channels including the voluntary and community sectors, social enterprises and the private settor, as well as directly to Londoners. As funding and policy challenges continue, our priorities are to focus on funders working together better, with clearer priorities; new ways of working, challenging funders and providers; and modelling evidence- and intelligence-led 501utions. Our beliets We believe that Londoners should be at the heart of our work, and that of our members- with their needs, their strengths and their hopes driving developments in the funding community. We believe that effective and resilient civil society organisations are essential ta enabling London's people and communities to thrive. Equally, the systems that govern civil society are important determining factors in how effettive and efficient it can be. We believe that civil society organisations are best supported to meet the needs of Londoner5 when funding is based on a shared understanding of need, with good funding practices, and a collaborative approach to funding that ensures resources are channelled to the right places.

LONDON FUNDERS Report and Account) for We believe that social Systems the policy framework within which civil society operates, and how funding is accessed by civil society organisations can be altered to meet the needs of Londoners better. This Outcome is underpinned by funders efficiently allocating resources, as well as collaborating with others to improve understanding of where funding is most needed and how best to channel support there. It is further driven by changes to policies and structures that affett civil society organisations, for which we believe funder5 can be active advocates. Our aims and objectives Our ambitions are to.. Enable a movement of members to have strong and trusted connections, based on shared values and ambitions Facilitate and lead collaborative programmes where only working together can achieve the change that's needed Drive a learning culture, where shared data, intelligence and insight lead5 to better decision-maklng and action To achieve this: We involve and inspire, convening with purpose so that people and organisations can embrace opportunities to grow together We inform and influence, seeking and sharing knowledge so that funding and policy environments meet Londoners, needs We innovate and incubate, exploring new ideas and approaches, and ensuring those with potential have the support to thrive Whilst working towards our ambitions we will also maintain our agility- responding to events and developments as they arlse in London, to ensure we are effective at addressing emerging needs. Public benefit We recognise that as a charity, London Funders has a duty to provide public benefit.. this helps guide our plans and activities. Close attention is paid to outcomes from all the work we do. As a second tier organisation, London Funders does not directly claim impact on communities. What we do, as honestly and accurately as we can, is identify the directly attributable results of our work and consult members about the contribution to their practice that our work has made, noting the improved visibility of funders in London, increased collaboration between them, and opportunities taken up for work in partnership with other organisations. The ways in which we seek to create public benefit are illustrated in an online theory of change, which shows how our activities result directly and indirectly in outcomes relating to funders, knowledge, collaboration and voice.

LONDON FUNDERS Report and Accoun ri For ACHIEVEMENTS AND PERFORMANCE IN 2024125 Chairfs report on behalf of the trustees I'm in the curious position of writing my first and probably last introduction to the London Funders report and accounts, A first following my election by members as Chair at our AGM in 2024, following the incredible nine years, service of David Farnsworth {more on marking his contribution later). Last as we've recently completed a review of the future governance of the charity, to ensure we remain agile and effective for the long-term. Members will be asked to approve that the charity's name be changed to Funders Together, enabling a family structure to emerge where London Funders can play its part alongside friends and partners to strengthen our communities in London and beyond. So for next year's accounts I may be writing to you as Chair of Funders Together, celebrating the work of the London Funders team and the partnerships strengthened with others working together for positive change. For now, it's my privilege to highlight the incredible things that have been achieved over the last year by the movement of members who together make London Funders. That movement grew in size over the year-with eight new members joining the family- and also in impact- with the launch of Collaboration Circle, the establishment of a research function, a boosted learning programme, connections forged with city funder networks across the globe, and system change through long-term collaborative funding programmes. This report details the success of these areas of work, with our thanks to the 2,164 of you who joined events over the last year, the 6,514 of you who read our newsletters and briefings, and everyone who has supported our work over 2024/25. On the subject of thank5,1 must record my own, on behalf of our movement, to David Farnsworth. His work as Chair over the last nine years has enabled our organisation to rise to the challenges our city and communities have faced-from responding to the Grenfell Tower fire and the covld- 19 pandemic, to ensurin8 that collaboration and friendship are at the heart of everything we do as we focus on what matters for the future. In recognition of David's service, and to celebrate his personal commitment to equity and justice, we created the Farnsworth Fellowship- an opportunity for people with lived experience of seeking refuge to come to work with us and our movement of members, bringing theirtalents to the table for the benefit of us all. I look forward to welcoming our first Fellow in the coming year, and to London Funders land Funders Together) continuing to ensure that equity and justice are at the heart of all that we do, My final thanks is to everyone who works so hard to make a difference to our city and our communities- the members of London Funders, my amazing colleagues on our staff team and Board, our funders, partners and friends- it is a joy to work alongside you all in our pursuit of a strengthened funding sector that can enable our communities to thrive. Jenny North, Chair

LONDON FUNDERS Report and .4c"Ounts for ACHIEVEMENTS IN 2024125 Our membership has continued to develop thi5 year as we welcomed eight new organisations, takin8 our total membership to 170 by the end of March 2025. Like our wider membership they are diverse in their size, aims and geographic remit. Our new members are: Hadley Trust Global's Make Some Noise The 8adur Foundation The Paul Mellon Centre for Studies in British Art Balcombe Charitable Trust The Big Change Charitable Trust Rayne Foundation Sported We aim to equip funders with the knowledge and networks they need to fund a sustainable voluntary and community sector in London. At the heart of our work is a commitment to activity which aim to achieve tangible outcomes for our members. For 2024125 we set out five priority areas: l. Launching the new vehlcle for funder collaboration- with a new structure, Board of Directors and brand, to provide a space for communities and funders to work together, supporting the development of new collaborations in London and beyond. 2. Establlshin8 a new research function to strengthen funder insight and intelligence- produclng reports on the state of funding for advice, as well as for equity and justice infrastructure, and working in partnership with 360Giving on the launch of a new data platform for UKGrantmaking. 3. Strengthening our approach to sharing learning- extending the Festival of Learning, holding a new Big Network Day for all member-led networks, hosting our second member conference, and workin8 to create bridges between the academic and funding sectors to learn together. 4. Buildin8 connections beyond London to share and shape our work- engaging with UK and international networks of funders to bring learning to London and to share our work more widely. 5. Increasing the impact of our collaborative approache5 - piloting new ways of funding for the long-term through Propel, identifying opportunities to influence policy, practice and systemic change, and working in partnership with others to positively strengthen the funding settor in London. We delivered against these priorities whilst reaching across our membership and London's civil society to ensure engagement - with 2,164 people attending the 115 events we ran during the

LONDON FUNDERS Report and Accou nts for year, 6,514 people reading our regular newsletters, and with 52,701 people interacting with our website. We said we would launch the new vehlcle forfunder colloborution - with a new strurture. Board of Directors ond brand to provide o spocelor communities andfvnders to work together, supporting the development of new collaborations in London and beyond... In 2024/25, Collaboration Circle transltioned from concept to operational reality, with the subsidiary company formally registered in April 2024. This marks a significant milestone in our ambition to create a dedicated space for funders and equity and justice organisations to pool pounds, people and power to tackle the most pressing issues facing communities. Building strong governance - Following principles agreed by the working group in 2023124, the London Funders Board established an independent Nominations Committee to recruit a Board of Directors. Both the Board and the Committee were designed to reflect our values, with 50% representation from funding organi5ations and 50% from equity and justice organisations. Since its establishment, the Board has focused on puttingthese principles into practice by: Developin8 a framework for deci5ion-making, risk management, and schemes of delegation Appointing key roles, including a Vice Chair and Treasurer, and opening a bank account with Unity Trust Bank Creating a sulte of policies and tools to enable effective governance and equitable collaboration Operational progress- The Collaboration Circle has secured VAT, HR, and legal advlce to ensure compliance and readiness for managing pooled funds. Alongside thi5 we've partnered with London Metropolltan University through an Innovate UK Knowledge Transfer Partnershlp, bringing academlc expertise to design a best-in-class model for pooled funding. Funding and collaboratlon5 - We have continued to advance discussions with two funders on a potential £35m pooled fund for Propel, offering long-term grants of up to seven years. The Collaboration Circle secured a £296k development grant from the National Lottery Community Fund to design and implement an equitable end-to-end grant management framework and ensure we are operationally ready for holding pooled funds. Alongside this we've engaged in conversations with 17 potential collaborations across the UK, with three in active development. Communications and brand - We launched the Collaboration Circle website and prospectus at the Festival of Learning and have continued to build visibility through social media and sector press. The response to the new brand has been ovenNhelmingly positive, reinforcing the appetite for collaborative approaches to funding. Collaboration Circle is now positioned as a unique space for funders and civil Society to co-define challenges, co-design solution5, and co-deliver funding programmes that drive systemic change.

LONDON FUNDERS Report and Accounts for We sold we would establish a new research funrtion to strengthen funder insight and intelligence - producing report5 in the year on the st¢7te offunding fvr advice andfor equity and justice infrastructure, and working in partnership with 360Giving on the launch of o new data plotform for UKGrantmoking. State of advlce funding- As part of our new research function aimed at enhancing funder insight, we conducted a comprehensive funding-mapping exercise for social welfare advice services across London. Funded by the Greater London Authority and delivered in partnership with 360Giving, the project combined quantitativ.e analysis of f.unding flows with 18 qualitative interviews conducted with major advice funders during the year. We ublished a re ort in November 2024. Key Findlngs: Short-term fundlng dominates.. Only 26% of grants run for longer than one year, high lighting a lack of stability for advice providers. Hlgh dependency on government: Approximately 40% of Income wlthin the cohort derives from government sources, representing £42.7 million in grants and £66,9 million in contracts. Fundin8 Is hlghly concentrated: Just 20 funders account for 77% of all grant funding directed to advice services. Persistent sector pressures: Funders report increasing strain on advice organisations stemmin8 from rising service demand, staffing challenges, and the complexity of client issues. Emerging funding trends: Several funders are now exploring advocacy support and systems-change work to tackle root causes, beyond traditional crisis-driven advice. Collaboration valued, but expansion needed: While there is a strong tradition of joint working in the sector, the report recommends deeper alignment through pooled resources, peer learning, and Integrated funding models. Equlty & Justice Infrastructure Mapping - This year, we launched a landmark research project to map the current state of funding for equity and justice infrastructure organisations across the UK. Funded by a group of aligned funders; The National Lottery Community Fund, the Greater London Authority, Lloyds Bank for England and Wales, Paul Hamlyn Foundation, Trust for London, London Councils and City Bridge Foundation, and co-designed with sector partners, the project aimed to build foundational knowledge in a field where little formal research exists. We completed a literature review, which revealed a lack of dedicated studies on equity-focused infrastructure. This was followed by two sector-wide surveys, over ten stakeholder interviews with funders and local authorities, and detailed analysis of funding data for London-based organisations. The research has started to shape sector understanding, highlighting key questions around who funds equity infrastructure, how funding has changed over time, and what impact these organisations have on equity-led groups. We have built partnerships with peer organisations and academic institutions to strengthen our methodologi and share emerging insights. Findings have been shared with members and funders through insight meetings and the equity network, with a final report in development. This work positions London Funders as a key contributor to evidence-

LONDON FUNDERS Report and Accounts for based funding strategy in equity and justice, helping funders identify gap5 and opportunities for investment. Literature Review Insights A review of 65 core documents revealed a significant gap.. there is no dedicated academic or grey literature focused specifically on equity & justice infrastructure organisations. Data from 60 UK funders (2021-221 showed that 5.70A of foundation investment in the justice sector went towards justice infrastructure, but only 0.30h supported community organising and people power initiatives. Funding Landscape Analysis of the 360Givlng dataset identified 698 active infrastructure organisations across the UK12020-211, with a total income of £901 million, equating to 24Yo of grants awarded by the UK'5 top 300 foundations. Within London, 176 active infrastructure organlsations secured £284 million, of which 89 specialised infrastructure organisations {based on our criterial held £216 million, representing 76% of the capital's NGO infrastructure income. Sources of Fundlng 25% of infrastructure income comes from government grants and contracts, and a further 8% from other grant-makers. NAVCA data (covering 187 infrastructure members) indicates 36% of funding is from local government, 21% from health bodies, and 180A from trusts and foundations. The report will be shared with Members in Autumn 2025. UKGrantmaking- In June 2024 the new UKGrantmakin website launched. This collaborative project, led by 360Giving, developed a new platform that brings together data on the landscape of grant making in the UK from 2022/23. The platform aims to strengthen grant making understanding, collaboration, decision-making, strategy, and practice in the sector. London Funders worked alongside Association of Charitable Foundations, Association of Charitable Organisatioris, UK Community Foundations and a variety of other organlsations supporting the funding and charitable sectors. There is a dedicated page for London on the platform, with commentary and case Studies from London Funders. Looking at this data alongside our bi-annual member audit we can see that our members gave out an estimated £704m in 8rants across London in 2022-23. Applyin8 the 90A average increase in grantmaking, across our members, this would be around £767m in 2023-24. This aligns Wlth 48% of our member5 telling us that they are giving out more funding than in previous year5 due to the cost-of-living cri515 and the lasting impacts of the pandemic. And how funders give out their money is chan8ing too. 29% of our members said they want to 'change how they fund, in the future, for reasons such as: Increasing larger, longer term/multi-year grants and moving away from shorter term investments Providing or moving towards more core and unrestricted support Co-funding with others Targeting funding and support towards specific groups/causes Increasing or exploring social investment

LONDON FUNDERS Repoft and A￿cOu nti for Increasing non-financial support alongside grants Engaging with VCS and infrastructure organisations to understand what types of funding are most helpful to them From the recipient data we can see that children and young people ICYPI are the largest community served. This reflects what our audit found, where 770A of our members fund CYP work and 620A of our members are funding work around poverty. We hope this new platform for Grantmaking and our reflections highlight how important it is to keep sharing data, allowing us to learn, collaborate and make positive change5 in funding. We sald we would strengthen our approach to sharlng learnlng - extending. the Festlval of Leorning, holding o new Big Network Dayfvr all member-led networks. hosting our second member conference, and working to create bridges between the academic ondfunding sectors to learn together. From 14- 23 May 2024, almost 900 people, representing over 100 funders came together for our third annual Festival of Learning. The Festival Is an opportunity for London Funders, members to share learning, provide challenge, and be inspired by colleagues and chan8emakers from across the capital and beyond. Categorised under five core themes (systemic change, participation, process, equity, and collaboration), the Festival programme featured over 30 sessions from funders and friends on a range of tOPlCs, from embedding intersectionality in funder practice to working collaboratively to change systems and so much more. On systemic change: After over a decade that's seen us move from crisis to crlsis, where charities and community groups are often left to 'pick up the pieces,, there is increasing recognition from funders that we need to do things differently. For many, thi5 involves supporting organisations and investing In work that tackles the root causes of an issue, not just the symptoms. Funders continued to emphasise the importance of addressing root causes, by investing in transformational, long-term 5yStemic work. They hi8hli8hted the need to scrutinise who holds power, adopt partnership-based approaches, and stay flexible amid shifting contexts. Learned examples included Renaisi's reflective inquiry into funders, power, City Bridge Foundation's Anchor programme with multi-year support, and the London Legal Support Trust's collaborative efforts in the advice sector. Key insights included the necessity for shared power, relational funding, transparent assumptions, and the courage to embrace messiness in systemic efforts. On power: A recurring theme was the value of participatory grantmaking- placing power and decision-making in the hand5 of lived-experience communities. Sessions led by Camden Giving and the Mayor'5 Fund for London highlighted how devolving funding authority require5 not just financial resources but practical sUPPOrts- like covering travel, childcare, and co-creating decision- making from the outset. Festival insights made it clear: participation is not optional, it's fundamental to justice, and success hinges on intentionally designing system5 that empower communities at every stage.

LONDON FUNDERS Report and Accounti fgr On participation: The Festival underscored the value of devolving decision-making to those with lived experience. Discussions focused on developing city-wide participatory infrastructure covering skills, tools, and mechanisms-through cr05S-5ector collaboration between council5, funders, and community organisations. Practical learnings included covering costs for participation {e.g. childcare, travell and embeddin8 community voices from the start of funding processes. While participatory budgeting pilots and the Mayorfs Fund for London's youth engagement initiatives showed promise, sessions stressed the need for early involvement to avoid tokenism. On process: Speakers highlighted that'how you fund is as important as what you fund,, calling for agile and experimental processe5 that respond to societal trends like Al, climate change, and evolving work cultures. Examples ranged from trialing reduced working weeks, to ethical grant acceptance policies and climate-responsive grantmaking by Cloudesley. Across sessions, there was consensus that internal culture determines whether even well-designed processes are effective- summed up aptly as "culture eats Strategy (and process) for breakfast" On equlty: The Festival sesslons this year demonstrated the variety of ways principles of equity and justice can be applied across all aspects of funding-with sessions exploring how to centre equity in evaluation practices, to implementing intersectionality and improving outcomes for organisations led by and for their communities. This includes reflective questioning of who benefits from funding, disaggregated evaluation of equity outcomes, and taking the time to understand long-term, systemic equity goals and moving beyond surface-level metrics to meaningful societal change. On collaboratlon: Collaboration emerged as a consistent thread across 5e55ion5 on systemic change, participation, and process. Funders recognised that no single organisation can shift systems alone success relies on partnerships, convening power, and connected ecosystems. Sessions included funder-led networks in advice and participatory budgeting sectors, pooled funds, and cross-sector projects. Participants shared how relational funding practices, notably those emphasised by City Bridge Foundation and the London Legal Support Trust, enhance collective effort and resilience. Members came together for our Big Network Day, bringing together our nine member-led networks for a half day of reflection and connection focused on the question: how can we come together to create meaningful change in London? The day was framed by a panel discussion consisting of Fozia Irfan (BBC Children in Need) and Natsayi Sithole IRenaisi-TSIP); who highlighted the power of collective action and responsibility to harness our shared assets and be willing to push each other to move further and faster as a key to creating change. Members then had a chance to meet in theirthematic groups to explore and share insights around what creating change - as it relates to their network focuses - could look like. The Network Chairs then shared key reflections from conversations throughout the day with each other and to the wider audience, sharing their thoughts about how the network-spaces could be used to support further collaboration, learning and create change. Key reflections included: addressing systemic

LONDON FUNDERS Report and Accounti for inequality, the danger of using overcomplicated language, Rethinking risk and innovation, and moving forward together. At London Funders, Autumn Conference on 27 November, over 100 funders and community leaders united around a bold question: how can communities be truly in the driving seat? The di5CU55ion5, led by speakers from London and international cities including Nepal, Berlin, Toronto, and across the U.S., centred on balancing funder support with community autonomy- advisin8 funders to provide resource and capacity without seizing control. This focus reflects a growing understanding that sustainable impact requires shifting power, questioning traditional risk paradigms, and realigning. agendas with community priorities. A key theme was community wealth-building, with funders and local changemakers showcasing models - from community-owned assets to cooperative ownership and participative investment. Notably, community leader5 emphasised that wealth-building doesn't always requlre large-scale transformation. Instead, it can mean strengthening existing infrastructure to h elp communities weather economic uncertainties and establish foundations for future growth, This nuanced approach demonstrates how well-supported, locally rooted initiatives can yield both resilience and long-term change. The event reiterated that funders cannot rely on grants alone to 5UPPOrt grassroots organisations. Panel discussions highlighted the value of relational support- from critical friendship and peer networks to tailored HR and communications guidance- alongside financial resources. Moreover, this blend of material and relational backing is critical to creating safe, sustainable environment5 for community leaders navigating emotional, financial, and personal pressure We said we would build connections beyond London to share and shape our work- engaglng with UK and international networks ofAunders to brlng learnlng to London and to share our work more widely. Over the past year, we have strengthened our role as a connector and collaborator, creating spaces for funders to learn, share, and act together. Bullding relationships: We met with senior representatives from a wide range of members, including foundations, corporates, local authorities, and national funders. These conversations helped shape shared priorities and strengthen collaboration across London. We also connected with partners beyond the capital visiting regional funder forums in Belfast, Bristol, Leeds, Liverpool, Scotland, and Southend, and engaging with international organisations such as the Community Foundations of Canada, the City of Sydney, and the Majurity Trust in Singapore. Representing London Funders: Our team contributed to key sector events, including the Mayor of London's Civil Society Reception and the National Lottery Community Fund'5 England Portfolio Review. Internationally, we participated in the Philanthropy Asia Alliance Summit and the Philanthropy for Better Cities Forum in Hong Kong. These platform5 enabled us to bring learning back to London while sharing our approach with global peers.

LONDON FUNDERS Report and AccDUnlS for Learning and sharing: We deepened our engagement with UK-wide networks such as the Association of Charitable Foundations, the Association of Charitable Organisations, and 360Giving. These relationships supported our efforts to align with national priorities and share insights from London. Our Learning Hub provided a space for collaborative reflection, enabling members to explore challenges and opportunities together, and to draw on wider sector knowledge. Strengthening the ecosystem: Through these activities, we continued to build a more connected and informed funding community. By engaging beyond London, we ensured our work was shaped by diverse perspectives and contributed to broader sector learning. These connections have helped us amplify the voice of London's funders while remaining responsive to national and international developments. We sald we would increase the impact of our collaborotive approaches - piloting new ways of funding for the long-term through Propel, identifying opportunlties to influence policyp prortice and systemic change, and working in partnership with others to positively strengthen the funding sector In London. This year, we have continued to lead and strengthen Propel- an ambitious collaboration of funders and equity partners committed to tacklin8 Structural inequalities and drivin8 Systemic change. Propel aims to provide £IOOm over ten years to organisations closest to communities, and London Funders acts as the backbone for this work. Deepening collaboration and shared goals - Propel partners have spent the year clarifying our strategic ambitions, agreelng a framework that prioritises equity, systemic change, and bold fundlng. A key milestone was setting a target for 75% of grants to go to organisations led by and for the communities they serve. These shared goals now underpin the design of Propel's long- term grant offer. Piloting new funding approaches- We tested lighter-touch, relational 8rant-making processes through extension grants for or8anisations funded in Round l. This approach reduced due diligence requirement5 and strengthened trust between funders and grantees. Feedback has been overwhelmingly positive, with grantees describing the experience as "shocking and relieving" in its simplicity and trust. Designing for the future - Work is well underway to launch Propel's long-term grants-up to seven years of funding for organisations driving systemic change. Partners have convened a Task and Finish group to design new processes, guidance, and participatory approaches. Funded organisations have been central to this design, contributing through networking days, paid sense- checking sessions. and.monthly Systems Sessions exploring different approaches to change. Learning and reflection - Our learning partner, IVAR, has facilitated workshops and interviews with fvnders and equity partners to capture insights and identify barriers to embedding new way5 of working. These reflective spaces are rare in the sector and have helped strengthen trust and

LONDON FUNDERS Report and Accou nts for collaboration. IVAR also worked with our team to explore the challenges and opportunities of holding the centre of such a complex initiative. Looking ahead - By March 2025, we aim to announce Propel's long-term grant offer, 8ivin8 a full year for co-design and participatory decision-making before current grants end in 2026. This next phase will embed lived experience and grantee voice at every stage, ensuring that Propel remains a bold, equity-driven collaboration shaping the future of funding in London.

LONDON FUNDERS Report and Accounti for PLANS FOR 2025126 Through engagement with members, civil society groups and partners across sectors we have developed a clear strategy for the period through to 2030, which we will continue to deliver against during 2025126. We've clarified our purpose as being to bring funders together to build a better London by taking action on what matters to our city and our communities. We've outlined our ambitions for the years ahead, which are to: Enable a movement of members to have strong and trusted connections, based on shared values and ambitions Facilitate and lead collaborative programmes where only working together can achieve the change that's needed Drive a learning culture, where shared data, intelli8ence and Insight leads to better decislon-making and action Whilst working towards our ambitions we will also maintain our agility- responding to events and developments as they arise in London, to ensure we are effective at addressing emerging needs. The year 2025-26 will see us deliver a range of activities linked to our strategy, including: l. Strengthening our support for equity and justice- launching sector research on funding for the infrastructure to support led-by-and-for community organisations, sharing learning on approaches to embedding.equity in every step of the grantmaking process, and working with sector bodies to ensure the voices of minoritised communities are heard in the ongoing development of our Propel collaborative funding programme 2. Refreshing the vision for place-based giving in London- developing a clear vision for this collaborative work for the next phase of development in London and beyond, reviewing the ways that communities and giving schemes are heard in shaping the future priorities for the movement, and supporting jolnt working across the movement to strengthen foundations for achieving posltlve change 3. Developing our relationships with other sector bodies beyond London- representing our network at conferences and event5 across the UK and worldwide, hosting learning visits from peer organi5ations from other countries, and presenting evidence and ideas from our work in London at network events and conferences across the UK and Europe 4. Building effective governance for our longer-term future - undertaking a review of our systems and structures and engaging members in making changes to ensure we are being as efficient and effective in our use of resources, and developing new models to enable deeper collaboration with other sector bodies, and a strong London voice to shape our city-focused work 5. Demonstrating our commitment to strengthening the workforce for the funding sector in London- launching our Farnsworth Fellowship programme to bring people with lived experience of seeking refuge into the funding sector, engaging with programmes such as 10,000 Black Interns to offer opportunities for involvement, and sharing our experience

LONDON FUNDERS Reoort and Account5 for and insights with members and sector bodies to seek to positively influence the development of our sector's workforce 6. Growing our work supporting funder collaboration- embedding learning programmes on collaboration into our programme and events, supporting Collaboration Circle to take on its first major collaboration through the establishment of effective systems and processes, and securing the long-term future of ourten-year Propel funder collaboration All of this can only be achieved with the support of our amazing members from acr055 London's diverse funding community, and in partnership with the incredible civil society groups working with all our communities - the inspiration of these people will continue to drive our work, and enable us to ensure that our activities remain responsive and achieve the greatest impact we can for the city we love. Risk management The Board maintain5 awareness of areas which could represent risks for London Funders, assessing on grounds of likelihood and impact governance, market position, external factors, external credibility, operational and internal factors, and financial sustainability. The Board and staff aim to ensure that there are controls which minimise the likelihood of risks within these, if this 15 Within London Funders, ability, and lessen their impact. Any areas still considered high risk are regularly reviewed by the Board at its quarterly meetings. Reserves pollcy In July 2023 the Board undertook a risk review and as a result of that agreed that the Reserves Policy shou Id be to., "malntaln free reserves in unrestrictedfunds equal to at least six months. expenditure on core costs (includlng staffing, office, supplier and project delivery costsj" This policy has been reviewed annual to ensure it is fit for purpose. As at 31 March 2025 free reserves totalled £435,196 equal to 8.8 months, core running costs. To note that this is the first time London Funders has met the reserves target, after a period of working towards increasin8 our reserves- to note that we were at 86% of target in 2022123, 95% in 2023/24. Donors and supporters in 2024-25 London Funders Is grateful to City Bridge Foundation for continuing to fund some of our core costs, and for supporting the Resource Hub for Place Based Giving and our Equity & Justice Infrastructure mapping. City Bridge Foundation also provided the third year of a multi year grant during to support the costs of the Propel funder collaboration, which was also supported by grants from the Greater London Authority, Bloomberg, John Lyon's Charity and the National Lottery Community Fund, recogni5ing the cross-sector nature of this important partnership project.

LONDON FUNDERS Report and Accounti for We were also grateful to Paul Hamlyn Foundation, Lloyds Bank Foundation for England and Wales, London Councils, the National Lottery Community Fund, Trust for London, the Greater London Authority who provided grants to London Funders to support the costs the advice mapping and Equity & Justice Infrastructure Mapping. London Funders, core income comprised membership subscriptions, grants mentioned above, and small amounts of additional income from providing services and support to other organisations. Overall we are showing a Surplus of £181,557 forthe period covered by this report- of this £102,108 was a surplus on Unrestricted funding, and £79,449 surplus against Restricted funds (funds carried forward Into the next financial year). As noted in the reserve5 policy, the surplus in the Unrestricted funds has helped move the charity towards Its target for reserves, and the reserves policy will be reviewed in 2025/26. Preparation of the report This report of the Board has been prepared taking advantage of the small companies exemption of section 417 (1) of the Companies Act 2006. It was approved and authorised for issue by the Board on on its behalf by signed Jy Jenny North, Chalr, London Funders

LONDON FUNDERS Report and Accou n rs for Statement of Trustees Responsibilities The trustees are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resource5 of the charity for the year. 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 Charities SORP; make judgments and accounting estimates that are reasonable and prudent; 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 accounting record5 that are sufficient to show and explain the charity'5 transactions and disclose with reasonable accuracy at any time the financial position of the charlty and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made there under. 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. The trustees are responsible for the maintenance and integrity of the financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financlal statements and other information included in annual reports may differ from legislation in other jurisdictions.

Independent Audito￿8 Report To the members of London Funders Oplnlon We have audited the financial statements of London Funders for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. 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). Oplnlon on Ilnanclal 8tat•mont• In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its income and expenditure for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Ba•1• lor oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in Ihe 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 lo provide a basis for our opinion. Conclu8lon• r•latlng to golng conc•rn 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 colleclively, 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 directors with respect10 going con￿rn are described in the relevant sections of this report. Other inf0m￿tion The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 20

Independent Auditorfs Report To the membars of London Fundern In connection with our audit of the financial statements, our responsibility is lo 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 Of a material misstatement of the other informalion. 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. Oplnlon on othor rnatt•r prn•crfbed by the Companlos Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial 5tatements', and the trustees, report (incorporating the directors, report) have been prepared in accordance with applicable legal requirements. Mattern on whlch w• arn r•qulr•d to r•port by oXC•Ptlon In the light of the knowledge and understanding of the Charity and its environmenl oblained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by. us-, or the financial statements are not in agreement with the accounting records and relurns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. RMpon•lbllftlM of thg trusto As explained more fully in the Trustees, Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as they deterrnine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 21

Independent AudIt0￿$ Roport To tho members of London Fundors In preparing the financial statements, the Iruslees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related lo 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 responslbllltl•• for the audlt of the Ilnanclal statomonts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo 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 extent to which our procedures are capable of detecting irregularities, including fraud are sel out below. In identifying and assessing risks of material misstatement in respect of irregularlties, including fraud and non-compliance with laws and regulations, our procedures included the following.. We enquired of management, which included obtaining and reviewing supporting documentation, concern ing the charity's policies and procedures relating to.. Detecting, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance., Detecting of the risks of fraud and responding whether they have knowledge of any actual or suspected fraud,. The internal controls in place to mltigate risks related lo fraud or non-compliance with laws and regulations. We obtained an understanding of the legal and regulatory framework that the charity operates In, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundarnental effect on the operations of the charity from our professional and sector experience. We performed analytical procedures to detect any unusual or unexpected relationships that may indicate risks of material misslatement due to fraud, 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is localed on the Financial Reporting Cou ncil's website at-. Iwww.frc.org.uklauditorsresponsibilitiesl. This description forms part of our auditor's report. 22

Independent Audltorfs Report To the memborn of London Fundors Uso of our roport This ￿port is made solely to the charitable company's 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 charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. 18 November 2025 Anthony Epton (Sonlor Statutory Audltor) for and on behalf of Goldwlns Llmitod statutory Audltor Chart•r•d Accountsnt• 75 Maygrov• Road W05t Hampst•ad London NW6 2EG 23

London Fundern Ststsment of flnanclal actlvltle8 (incorporating an income and expenditure account) For tho year onded 31 March 2025 2025 Total 2024 Total Unrostrlcted R••trict•d Income from: Donationsllegacies & other income 10,421 10A21 4,031 Charitable activities.. London's Giving Propel Membership ServI￿S Research & Development Resource Hub Total Charitable activities Investment income 100,000 511,768 311,075 547,495 60,000 130,000 211,000 948,495 $47,495 314.367 130.000 211,000 1.202.852 13,132 1,226A05 254.357 254,357 13,132 922,843 5,361 Total Incom• 277,910 948,495 932,235 Exp•ndltur• on: Raising funds 6,352 6,362 5,938 Charitable activities: London's Giving Propel Membership services Research & Development Resource Hub 108,473 516.604 280,608 522,494 60,000 103,251 183,301 869,046 522N94 229,450 103,251 183,301 1,044,848 169,450 Total oxp•ndltur• 175,802 911,623 N•t I￿orne 1 (•xpondltur•) b•fore galn• I (lossm) on Inv￿lment* 102,108 79,449 181,057 20,612 Net galns l {losses) on investments Not Incom• for th• y•ar 102.108 79A49 181,667 20,612 Transfers between funds Not mov•m•nt In lund• 102.108 79A49 181,557 20,612 RKon¢iliation of funds: Total funds brought forward 333,088 112 333,200 312.588 T¢Jtal fund8 carrled forward 435.196 79.661 614767 333,200 All of tha above r8sults ar8 derived from continuing activities. There were no other recognised gains or losses other than thos8 Stated above. The attached notes form part of Ihese financial statements. 24

London Fundern Balance sheet A8 at 31 March 2025 2025 2025 2024 2024 Fix•d assets: Tangible assets Curront a880ts: Debtors Cash at bank 10 10.5IQ 851,314 661.824 6,548 548,913 555,461 Llabllltlw: Creditors.. amounts falling due wilhin one year 11 (147.067) 1222,261) N•t currnnt a8s9ts 1 (Ilabllltlm) 514.757 333,200 Total not a8•ets l (Ilabllltlo81 614,767 333,200 Fund• Restricted funds Unrestricted funds.. General funds Total unrestricted funds 13 79.561 112 435,196 333,088 436,196 333,088 Total fund• 514.767 333,200 The financial statefnerits have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006, Jonny North Chalr Ugo Ikokwu Troasuror Company r•gl8tratlon no. 5596299 18 November 2025 The attached notes form part of the financial slatements. 25

Charitable company Ststsment of cash flows For the year ended 31 March 2025 2025 2025 2024 2024 Not ¢a•h provldad by l (u8•d In) oporntlng acllvltlos 15 89.269 52,004 Cash flovr4 from Invmting •ctMtI8•: Interestl rentl dividends from investments 13.132 5,361 Cash provld•d by l {u8•d In) Invostlng actMtI•s 13.132 5,361 Chang• In ¢••h and c••h •qulval•nts In th• y•ar 102.401 57.365 Cash and cash equivalents at the beginning of the year 648.913 491,548 Ca8h and ca•h •qulval•nt• at th• •nd of th• y•ar 651.314 548.913 Page | 26

London Funders Notes to the flnanclal ststsments For the year ended 31 March 2025 l Accounting pollcles Ba$1$ of proparatlon 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 1 January 2015) - (Charities SORP FRS 1021 and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy or note. Golng concern The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next reporting period. Incomo Income Is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income re￿iVed in advance for the provision of specified service is deferred until the criteria for income recognition are met. Donatlom ol glfts. 8orvlc•• and helllti Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102}, volunteer time is not recognised so refer to the trustees, annual report for More information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market- a corresponding amount is then recognised in expenditure in the period of receipt. Int•re•t recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notificalion of the interest paid or payable by the bank. 27

London Funders Notss to tho flnanclal statements For the year ended 31 March 2025 1 Accounting policies (￿ntInu¢d1 Fund accountlng Unrestricted funds are available to spend on activities that further any of the purposes of charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. Expendlturo and Irr•coverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities Includes the costs of delivering services, and other activities undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity forwhich the expenditure was incurred. Tanglblo nx•d au•ts Items of equipment are capilalised where the purchase price eX￿edS £500. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Fixtures and fittings Computer equipment 33/. Dobtorn Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand 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 Ihe date of acquisition or opening of the deposit or similar account. Crodltorn and provlslon8 Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 28

London Funders Not￿ to the flnanclal statements For the year ended 31 March 2025 2 In¢om• from donallonthgacl8s & Other Income 2025 Total 2024 Total Curr•nt Y•ar Unrestricted Restricted Othér income 10,421 10,421 10.421 10,421 4,031 4,031 2025 Total 2024 Total Prfor year Unrestricted Restricted Other income 4,031 4,031 4.031 4,031 3,780 3,780 3 Incafflo from Charlt*bl• Acthiltl6• Curr•nt Ymr 2026 Total 2024 Total Unrestrictsd Restricted London'• Glvlng City 8ridge Foun¢Jalion Total for London'• Glvlng 100,000 100,000 Propl City Bridge Foundatlon Great8r London Authority Bloomberg John Lyon's Charity National Lottery Community Fund Total for Prop•1 84.000 151,461 50,000 40,000 219,910 545,371 Hooo 161,461 60,000 40,000 219,910 045,371 126,000 157,160 40,000 188,608 511,768 RM•arch & D•v•lopmont City Bridge Foundation Great8r London Authority Lloyds Bank Foundation of England and Vvales London Councils Paul Hamlyn Foundation Tnjsl for London Other income Total for R6••arch & D•￿lOPm8nt 20,000 60,000 20.000 5,000 20,000 5,000 2,124 132,124 20.000 60,000 20,000 5,000 20,000 5.000 2.124 132,124 RMourc• Hub City Bridge Foundatlon Greater London Authority Total for R••ourc• Hub 195,000 16,000 211,000 195.000 16,000 211.IHIO Mwnbornhlp S•rvlce8 City Bridge Foundation Paul Hamlyn Foundation Trust for London Gr8at8r London Authority National Lottery Community Fund Membership fees Total for Mamborshlp Sorvlcos 60,000 60.000 63,600 10.000 254,357 254,357 264,357 314.357 237,475 311,075 60,000 29

London Fundors Notes to the flnancial ststements For the year ended 31 March 2025 3 Incom• from Charftable Activiti￿ (continued) Prior y￿r 2025 Total 2024 Total Unrestricted Restricted London'• Giving City Bridge Foundatlon Total for London• Glvlng 100,000 100,000 11)0,000 100.000 100,000 100,000 Propal City Bridge Foundation Greater London AuthorSty Bloornberg John Lyon's Charity National Lottery Community Fund Total for Propo1 126,000 157,160 128.000 157,160 255,000 65,000 50,000 10.000 46.820 426,820 40,000 188,608 511,768 40,000 188.808 611,768 Mofflbor•hlp S•rvlc City Bridge Trust Paul Hamlyn Trust for London Greater London Authority National Lottery Community Fund Membership fees Total lor M•mb•rnhlp 8orvlc 63.600 83.000 10,IXIO 65,902 10,000 20,000 19,000 12,500 234,103 351,505 237,475 247,475 237.475 311,075 63,600 Total Incom• from ch•rft•bl• actlvlll 247,475 675,368 922,843 878.325 4 In¢om• from Invutm•nts 2025 Total 2024 Total Unreslricted Restricted Bank Inte￿8t 13,132 3,13 13.132 13,132 5,361 5,361 30

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London Fundarn Not•s to th• flnanclal •tat•ments For th• yur •nd•d 31 March 2025 N•1 Incom• I1oxp•ndlturnl for th• ymr This is stated after charging I Icredilingl.. 2026 2024 Depreaation Auditorfs remuneration.. Audit fees 4,OfrJ 4.000 4200 An•ly•ts of •laff GoBts. tnMto0 ramu￿ratIon and •XP•nM•i and the coBt of koy m•nag•m•nt p•rnonno1 Staff costs were as follows.. 2025 2024 Salaries and wages Social security costs Employer's Gonlnbulion lo deflnod conlrfbulion penslon schernes 486,043 47,•16 80,669 813,427 375,805 35,553 41,085 452,443 The number of employees who rec8lved lot81 employee benents lexctudlng employer ￿nsIOn c08181 ol more than £fjO,OOQ. in the year ¢0 31 March 2025 was as follows.. 2026 2024 £90,001- £11J).(>J1 The total employge beneflts includlng ￿nsIOn conlribulbons and nallonal Snsuranc• conlribullons of the key man¥ggmenl pgrsonnel were £127,035 {2024.' £118,781). The charity trustees were not paid or reCeI￿d any othar banefits Irom employmènt wllh the chaflly or Ils subsldlary in the year12024.' £nlll nellher were they relrnbursed 8xpenses dudng the year12024'. £nlll. No charity trustee received payrnent for professlonal or olh8r servlcès supplled lo the chartly12024.' £nill. Staff numlJ•rn The average number ol employees (head count based on nurnb8r of $18ff employed) during the year was as follows.. 2025 2024 No. 0.05 8.15 Raislng funds Charit8ble aclivilles Support Governance 10.2S 8.50 8 Txtlon The charftaole company Is oxempt from corporallon tax as all Its income is Charltable and Is applied for charitable purp08es. 33

London Fund•rs Not•• to the ftnanclal statsmonts For the year •nd•d 31 March 2026 9 T•nglbl• fix•d aJ••ts Fixturès and Computer equiprnent Total Cost At the start of the year At the end of the year 1,940 1,940 2,996 2,996 4,938 4936 D•pr•clatlon Al the start of Ihe year Charge for the year At the end of the year 1,940 2,998 938 1,940 2,996 N•t book TAIu• At th• •nd of th• y••r Al the start of the year Ail of the above a$selS are used for charllable purposes. 10 D•bt•r4 2025 2024 Trade debtors Othèr debtors P￿PaYMentS 70 IDrt40 1,956 4,342 250 10,810 11 Crndknrn: amount• f•lllng du• wllhln on• ymr 2026 2024 Trade creditors Taxation and soclal securfty Other creditors Accruals Deferred incom8 11,332 8,211 8,110 132,086 147,067 2,850 213,200 222.261 D•f•rv•d Inc 2020 2024 8alance at the beginning of th8 yaar Amount rele8sed 10 income in the year Amount deferwd in the year Balance at the end of the year 213,100 145,000 1213,2QO) 195,0001 132.006 163.200 1a2,OqS 213.200 Deferred Inoomg Gomprlsgs GranVmornb8r3hlps paid in advance 34

London Fundors Notss to th• flnanclal statements For th• y•ar ended 31 March 202S 12 Anfy#h of not a•8•ts b•twoon fund• General unreslrfcted Total fund• Restricted Tangible fixetj assets Nèl oJrrent assets N•t assets at th• •nd ofth• y•ar 435.196 79,561 514,757 4767 13 Mov•m•nts In fund• CuTh•nt y•r At the start of the year Incorning resources & gains Outgoing resources & lossas At th• •nd of the y••r Transfers R•trlelod fund•: Clly Bridge FoundaU¢n - Memborsnlp core Research & Development Resource Hub Prop81 TgtAI mlrfctsd fund• 60,cMJo 60.000 130.000 103.251 211,000 183,301 547.495 522.494 94a,495 869,048 ,749 27,699 2Q113 79.561 112 112 Unr••tslctsd fund•: Q•ft•r•l fund• 333,088 277,910 175.802 4Jll•8 Tol•l unY••trl¢t•d fund• Tot•1 fund• 13 IAov•m•nts In fund• Prfor y••r Al the stsrt of e year Incoming resources & galn8 Outgoing sources & losse3 Atth• •nd of lh• y••r Transfers R••trlctsd fund•: City 8ddge Foundation- Membership core Clty Bddge Foundallon- London5 Giving Propel T4)l•l v••trl¢t•d fundB 63,800 100.0(X) 511.768 63,600 108,473 516,604 8,473 4,948 112 Unv••trlct•d fund•: O•n•ral IuDd• 299,187 258,887 222,948 333,08B fotsl unrnBtrlct•d lund Tot•1 fund¥ of rn8trletsd lund• The Incorng ol the charity includes grant5 received for speari¢ resin'cted projects. The Iruslees. report includes a tJosGrlpfjon of the activities of each project. 35

London Fund•rn Nots8 to the financial 8tatement8 For tho yoar ondod 31 March 2025 14 Rocon¢lll•Uon of n•t Incom• I l•xp•ndlturnl lo n•t cash flow fr(xn op•ratlnq •ctlvltl•• 2026 2D24 N•1 Incomo I l•xp•ndrtur•l for th• r•portlng p•rlod (a• p•r th• •t•tsm•nt of flnanclal •ctJvltl•sl Depreciation nterest, rent and dividends from investments Ilncrease)I decrèase in debtors Inere8sel Ide¢re8sel in creditors itst ¢Mh provid•d by I lu4•d Inl op•rntlng ctMtI 181,$87 20l12 113,1321 {3,9621 (76,1941 89,219 15,3611 13,8711 40,624 52,004 16 An•ty•lB Ot u•h ind ctsh oqulYAl•nts At31 March 2026 Al 1 Aprfl 2024 Cash flows Other changes Cash at bank and in hand 548,913 102,401 651,314 Totsl cuh and ￿h •qulvil•nt• 148,913 102.401 661,314 16 L•q•l •t•tu• of th• charny The charfly15 a company Ilmlted by guarantee and has no 9h8re c8pltal. Each rnarnber is liable to contribut6 a sum not exceeding £1 in the evenl of Ime charlly belng wound up. 17 R•l•t•d p•rty ￿n•actIOn* There are no related party transactions to disclose for 202512024.. none). There are no donations frorn related partles which are ouislde the normal course of business and no reslrlcted donatlons from related par￿es. 36