ThE GLAZIERS. FOUNDAIION
Icompanynumber: 077379341
ltharlty number 11437001
Company No: 07737934
(haiity No.. 11437
THE GLAZIERS. FOUNDATION
Acompafty L5n￿led by Guararltee
(Régistered thartty Pio. 114371JO)
REPORT AND FINAN(IAiSTATEMEMrs
FOR THE YEPA ENDED 30 NOVEMBER 2025
Leon¥d Jon25 & C•
arttied AccC4Jnt￿ts
I Printin8 HouseY¥d

THE G1I21ERS' FOUNDAIION
Icompahy number: 077379341
ICh•rlty number. 11437ixil
coTrtrENTS
ChairmaTh'5 Report
Tvustees. Repott Iln<orporatire the DirefioT< Reportl
3-12
Independent EKarninerfs Report to theTrusteesolThe Glazier< Fwndatiott
13
Statement of Financlal Atlmties
14
Summary Incomeond ExpendilvreAccount
Balance Sheet
16
Note5 to the A¢¢0￿￿￿
17-29

ThE 6iNZIERY FOUNDATION
(Company number= 077379341
ICh*rity number 114374JOI
CHAIRMAN'S REPORT
Whilst Shortage of funds and impwving support from the INery continue to be issues. the Trustees
have decKled on whi¢h a￿a$ the Charity should toncentrate its 51JPPOrt. As vrd5 predicted twelve
months aso. theworkofthe Edutat•Jn andTralfjinRCommittee has becomethe majorfocusof activity
and this has already had an encouraging impacton external frjndraising.
The ETCS shepherdln8 of thè attnual awards Is reSu￿1ng in increased interest in all of them. The
winners of the K%hton Hill Work Placement Award, the Leverwork PlacementAward.the Professional
DeveIopff￿nt Award and the George & Evetyn Gee Award5 We￿ all announced at the end of 2025.
The winner of tho new 8ustness DevelopmentAward was announced irs March of this year.
The Stained Glass Repositorfs work¢ontin￿5. bui as the Stsined glassworld changes it ts anticipated
that there will have to be some refocusin8 of the SGR'S intent*)ns soon.
In January 2025 the Trustees feviewed the Chorrvs iTh¥estrnent a0￿1¢e and appointed CCLA
Investment ManagemenL Since the apwntment there ha5 not been a marked improvement In
performance, atthough income is holdir4e up. There will be another regular meetin8 Wsth CCLA ITh
January 2027 and in January 2028 Ihere is liketyto be anotherfull revh?w. It ￿ hoped that bythen t
uncertainlÉes contributing to their ￿CeTrt poor perfomance will have reduced.
Using the work of the Efc the ftew Fundraising Committee has F*en ab￿ to identify several possible
Sources of funds for the Charitrf5 work in North Amersca. with the help of the Trustees a refined
oposol 15 being worked on. This is a very encouraging devehjpment a5 a fiow of fund5from the L15
would be most welcome aAd COU￿ transform the workof thè Charlty.
The Glaziers. Trust continues to dispense restoration grants that have already been agreed on
completion of the work. These are reducing a5 time goes on a5 no new Rrnnts are currentty being
awarded. Consider3tlon Is ￿lThg Eiven 35 to how a futureconse¥Vat￿n award or supportscherne
ml8ht be alignedwff(hc0rtservat￿n edtJ¢ation and traiAbn&given thètharitysemphasi5 on supportin8
and prornotln8 education and training. and the ￿￿S remlt.
Havin£ taken legal advice. theT￿￿tee5 are approachingthe Charitycommtssion. through ourlwyers.
to enable us to lift the restri¢tions on as many of our fijnds a5 wsslble. This would give the Charity
the much needed flexibility lo channel the money in the directions It is needed the Most.
The Worshipful Companvs Cutter. The Masler Glazier. is the re5wnsibllity of the Charity. The
appointment of a new Bargemaster from wtthin the LNery has injecied some m￿h needed energy
and eTrthu
asm into work of the Cutter Tr
perfor
ed well on the riverso
The Master Glazler Is now In good shape and has
Iss
S. J. Grah4m
Ch3irmaTh

THEGLAZIERS. FOIJNDATION
Icompany number 077379341
ltharity number. 11437001
YRusfEÉY REPORT{INCORPORATING THE OIREcfoRS' REFt)Rn
The Trustees, who are also directors for the purposes of the Compart￿ Act 2006, present thelr anThual report
tO8etherwith the finantial ststements forthe year ended 30th November 2025.
ConstItu￿Ort and thadtable oblects
The Glaziers. Foundètion wa5 Inwr￿lated on Ilth August 2011 as • ¢ompany limited by S￿rantee and not
having a share capital and 1$ 2ovemed ty its Memorandum and Artic￿5 of Asso¢iation. The Companws
registratk?n number is 07737934. The Cornpany was registered with the Charity Commission for England and
Wales as a charity With ette¢tfrom 7th September 2011. tsnder registration number 1143700.
The GlaZ￿r$. F￿ndatIOn'S ¢haritable objects are=
The adVan￿MeTht of education of the public In the art ar￿ Scien￿ of histodc and contemporary painted.
stained, detorated architertural and Str{￿ural 8lass and gla55 mosaics and the devebpment of public
appieciation of such art indudin8 bv..
al the provision anfl preservation offine examplesof suth3rt in pla￿S wherethey may beseen by membe15
of the public-
bl the provisioTh of reposltory forthe safvage and storage of meritOriOU5 examples of suth art at risk of10$5
ordamaEe-
cl the re4ocation or re-siting of 5alwaged glass in suitablè buÈldin85 linduding those of htstorkal or
archtte¢t¢Jral interest) to which the pU￿1C have access;
dl the mabDtsinlnE of a library or libraries of book5. journals and matèrials a$s￿lat￿ with suth art: and
el furthering research Into arwj the stLwJy of such art through any mean5theTrustees see fit.
lil At the Trustees. absolute discretion. to advan￿ any other charitable purpose for the benefft of the public,
including but not limitsd to. relief of povertV* dt5tre5s and sickness Iparticulady amongst thgse eneaEed in
decordtive glass making and related trades and their dependents) and the provision of facilitie5 for ￿treation
and other leisure-time occupation in the Inte￿Sts of social welfare with the aim of Impr0vin£ the conditions
ot life of those who have need of such facilitie5.
The Tw5tee5 confirm that, in setting their obje¢rive5 and plannlftE therr actNities. they have 8wen due regard to
¥uidance published by the Charity Commission. including guidance on ptsbllc benefit.
Or8anlsation and dectsion rnak5ng
The Glèzierg Foundatlon wa5 created by thè bringine togetherof a numberof fomercharitsble entities set up ai
variou5 times by the Worshipful Company of Gla2rers and Painter5 of Glass. A Mernorandum of Agreement dated
21st November2011 was made betweeTh the Foundation. the Wor5hipfvl Company and the fomier Charities.
Thes* foTmereharities were:
The Gk2iers'Trust
The London Stained GLiss Rep)sitory
The Glaziers. CutterTrust

THEGLAZI£RS' FOUNDATION
(compa￿ number. On379341
(char￿ ntsmber.. 114371x1)
7RUSfEES' REPORTIINCORPORAIINGTHE DW<ECTORS' REpomirnntinued)
The Memordndum sets out the remits of the various Committ￿ of the FOund*￿Tr which have taken over the
work of ihe5e forner cha11t￿$. harne￿ the GLazierf Trust Committee. the Londort Slained Glass Resy)sitory
Committee and the CutterTrust Committee. Injune 2019. the London Stsined Glass Repositorychanged ts name
tothe Stained Glass Repo$4tory to reftectthe change in Itt0t￿n. 35 Itwas no k)nKer based In London.
By agreement with the Charity Commi$5toD. the Glaiièts. Charity for Relief In Need was alA) brought into the
Foundation, together wrth the Master Glazierfs Charitable Fund. pfevb)US￿ set up as a CAF Bank Trust Fund.
Additionally. the Craft and COrnpetit￿nS Committee. formerfy a committee of the Worshipfvl Company. was
traTrsfèrred to the Foundation. The work of thi5 committee was prbncipally ￿n¢ern￿ with the discharging of
projects supportÈng the craft and utilising Charitable hjnds of the Foundation, but during 2024 it was repla￿d bv
the Education and Training Committee. This committee's objeetsve 15 to explore a pathway for aspiring students
to understs*d the fundamet)tslsof the cTrft. expèrience and developthÈ basic skills needed fora p)tentièl career
In stalned Ela5s and ultimately demnstrate a level of expertise xtr that they can be accepted to work in
professw)nal studfjos. In June 2025. following a reviewof the Foundation's fvture strdteBy. it was decidod that the
functions of the Glazier¥ Trust Committee shoLEld be subsumed within the Education and Trdining Commthe.
Membershlp ondTrustees
The membersof t￿Charitable wmpanyare theTrustees directors. There are thre¢•x-offic*)Truste¢s, bèlng
the Master and Wardens forthe time teing of the Worshipful CompaThyof Glaziers and Painters of Glass. There
is a maximum of Thlne elected Trustees, nominated and elerted by the member4 and approved by the Court of
the Company, and up to three furtherTrustees C(￿pted by the T￿￿tee5.
Meèttn85 and feportln
Duringthe year theTfUStees have metfive times in order to conduct the business of the Foundation. The various
cornmittees each meet at regularintervals in orderto manage the aspects of theworkof the Foundation forwhich
they are re5pon5ible. The thairs of the commtttees provide wiitten repjrts for each meet¢ng of the Trustees.
Regular reports are also made bythe Foundation tothe Courtof the Wor5hipfvl Company of Glaziers and Painter5
of Glass. Whilrt the Worshipful Company does not in any sense have responsibllity for dictstinB p￿liCY for the
Foundation. r( is important that tt is ful￿ infom)ed aboutthe workofthe Foundat*Jn and abletowork closety with
the Foundatton in are35 of common interest.
Bankers
CAF Bank Llmited.
25 KfinK5 Hill Avenue.
West Mallin&
Kent ME19 4JQ
Accountants and Independent Examlners
Leonard Jone$ & Co.,
I PrintlnE House Yard.
London E2 7PR
InvesknentAdvisers
CCLA InvestmeTrt Mahagement Limited
l Angel Lane
London
EC4R 3A8

THE GLAZIER5' FOUNDATION
(Compamy number.. 07737934}
l(hailty number I1437￿}
TRusfEE5' REPORTIINCORPORATINGTHE DIREcfoRS' r(EPORn icotthuedl
Trustees
TheTrustees. who are also Directors ofthe charitable company. who seryed during the year and subsequently,
were:
Mr. S. J. Graham
Eleeted Trusts• and ChaFrm4n
Elerted Trustee and Deplrty Chairnian
Elerted Tnjstee and Secretrry
Elected Trustee andTreasurer
Ex-officioTrustee Iretired 30 Novemlxr 20251
Ex4)fficioTrustÈe
Ex-officioTrustee
Sir Stuartj. Etherington
Mr. A. T Aplin
Mr. R. A. Bettinson
Mr. J. Reyntiens
Mr. T. J. McNally
Ms. H. Whittaker
Mr. H. F. M¢Arthur
Mr. M. N. Dalton
Mr. P. R. Hildebrand
Mr. A. R. Lane
Exffjfficio Trustee lapF¢Jinted l December 20251
Elected Trustee Iretired 16 June 20251
Elerted Trustee
Elected Trustee
Elected Trustee lapFointed 10 Novemker 20251
co-optedT￿5tee
Elected Trustee lapwinted 16 June 20251
Co￿pted Trustee
G>opted Trustee
Mr. J. A. Lane
Mr. M. A. Letth
Mr. C. M. L. Osbjrne
Ms. R. M. Mulligan
Mr. F. D. Small
The Trustees are a150 Members of the charitable company. The charitsble compkny is limlted by guarantee and
does not have a share Capital. In the event that the charity were to be di5501ved while a member remains
member, or wiihin one year afteNards. every member has ag￿ed to contribute up w £1 towards the costs of
dissolution and the liabilities incurred by the ¢haritable companv.
Company Seuel¥y
The Company Secretzry is Mr. A. T. Aplin.
Rwlew ofActi¥￿e$
The Trustees rnaintaln an orgaDisational structure whtch enabFes them to manage the wide43nging rèmit of the
Foundatior>. In particular. they are responsible for the ¢onsolldated investment fvnd for all the Cal￿tal assets of
the Foundation. From this fvnd investment income is dtstributed to the various restricted funds. However. the
majority of the Foundation's income come5 from other sources, princlpally from dOnat￿Tr$ and legacles. The
Trustees. togetherwr(h the Foundatior*'s committees. then utilFsethe inwmetodischargetheirsperific charitable
objectNes. More detailed r*views of the activitie5 of ea¢h commtttee and fund during the peri￿ follow.

THEGLAZIERS. FOUPIDATION
Icompafiy number 071379YII
(tharity number: 11437001
TRusfEES' REPORTIINCORPORATINGTHE DXiEcfoitY REPOAY) Icontlnu•dl
Rwlewof Actr4kles (C(￿t￿UedI
TheEducoUon ond Trnlning Commlttee (ETCI
The first meeling ofthe ETC. having been estsblished ￿ the Chorityo¥erthe summer. took ￿3c*0￿ 6 Nt)vember
2025.
The fvll ETC. chaired ty Upperwarden Helen WhittakerMBE. meetstw1cea￿Jra￿d its purwtyse is to help delN¢r
the CharitW5 newty prioTitised strategic focus on education and trdining forstainÈd Ela55 artists. craftspeople and
conser¥Btors by chamwoninÉ four areas of actNity= 'awareness, edu¢Jtp?n. training and developmenv. Funds
from the Charity We￿ allocated to the grc prirtCiPBlly in 2025126 to delNer a range of OW4Td5. bursaries and
funded studSo work-placementsfor new and emergin8 artlsts. craftspeople and conservators. Some of the onnual
schemes offered are now amongst the most generous in the architectUF31 glass art sector.
CoBnisant of the d￿ume¢1ted. accelerated decline in edwation and training provision overthe year5 in thi5 area,
the ETC seek5 to bring together e5tabli5hed edu¢ators. inn¢)Vat0￿ and k[￿ledge providers in the field. along
wr(h business experts. in orderto examine the longer-tern)viabilityof sustained education and tratning pr0ViSIOTr.
exF48nd careergrowth prospects. and to drive improvements.
Awards
In it$ fiTStyéar of operation, the Efc has made the folbwing indlvklual awards..
Ashton Hill Funded Work-placement Award wr(h selÈtttd host stud￿$ for 12 weeks in total Icon*Nationl.
worth £6,¢XKs'. Zoe Wi150n.
Lever Funded Work-placement Aw7rd wlth selected host studlos for 12 wèek5 ITh total Istalned glass crdftl.
worth £6.OCKI: Vikki Soanes.
Zoe and Vikki eath also received a Geor¥e and E¥etyn Gee Award of £3(Kltowards thè purchase of ¢raft too￿.
The ETC also rnade Professional Devebpment Awards Isupp)rting professional development èttivity such as
attending courses, reseorch or conference attendarKe - up to £750 each) to: Danlelle Croft1S day course on
stained glass design & constr￿tIOn with Derek Hunt. £7501,. ￿exandra Wysopal I'chemtstry for conservators..
£7501; Gerakjtne M¢Sporran lacid etchirqwith Brian Waugh, ￿681.
The Awards Interview & Assessment Panel comprfsed the following noted experts: Jullet Fotre5t (Chairl, Leonie
SeligerACR,Jane Campbell and PiotrFrac. TheAwar¢J55cheme is administered ty DrKètie Harrison, whowill atso
¢overany outstanding work pla*ment bureaucracy for awards mode in previoLS year5.
In 2025. the ETC introduced a unique avRrd of up to £3.C•)O lor setting up a new stained Bla55 business. or to
private bu5ine55 owners laokin8 to 8row an existing b￿lnesS via a new pmject The Award5 Assessrnent Panel
cutrently comprise5 Glaziers. Past Master David Strin8er-Lamarrè (Fortis Consulting). Lwery Court Assistsnt A2ad
Ayub Ifounder of Azad Ayub knmitedl and LNerymaD Mark Hosea (CEO of London Historic Buildings Tru5tl. This
award was won by Tara Collette of Collette Stained Glass and consisted of £3,000 towards the cost of a k41n to
support growth of her Lwsiness.
Additionaltyf. the Efc approved a Rrant to the Stained Gl455 Museum ISGMI of £3.500, now reeo8ntsed as an
important natiortal Collection and de54gnated as such. tyArt5Co￿Cil Ert8Jand. The SGM offers several short_

YHE GiAEIER5' FOUNDATION
(c￿1paNY number.07737934}
(Charlty llLÈmbor." 1143Th))
TRLi¥fEES' REPORT IINCORPORATINGTHEDIREcfoRS' REPORn Itontilluedl
RevlAW of Acbvities (cr￿tinUed)
The Educt*lon and fmlnlng CommItteel￿(l (continuedl
Awards
Continued
duratton trainin8 workshops for the publlc. a library and 8f4)win8 archive for prartttionets and academk
researchers,. and a range of teaching aryl learning courses for young people and thildren. The ETC awarded
further £2.S(K) to support a bursary for a Student on the internationalty actlaimed University of York MA COUfSè
In stsin*d Kla55 heritage and ¢on5ervation managemen¢. and £2￿00 to Vidirnus to help malntaln the only online
magazine devoted tothe history. art. craft and eonxry4tv)n of Stained 8L3ss.
Gla
iers. ÉdutatlOA P
The ETC is responsible for mana£lngoutstanding lega￿ arTrngements arising from the GEP'S suth55ful activities,
Such a5 the'seeing through our Eyes. projertwith Southwark Cathedral aTrd developing support for the nascent
stalned glas5 apprentyceship covrsewrf(h Universrty of W31e5 Trinity St Davsd. IA the case of the latter, as part of a
tt>llaborative consort¢um, also invo￿lD£ the 8ritish Society of Master Gla55%)ainters IBSMGPI, and the Church of
England ICOEI Conservation. the ETC has committed £15CKI of its 2025126 b￿l￿et to suppjrting a ￿r5drythere.
with the prospert offurther supp)rt in fvtureyears.
The fjEP's progTrmme of one-day schools'workshops. run bysophie Hackerand funded by a nuM￿r0f indiwdual
member5 of the Worshipful Company via the Found3tioTh, continued ir¢ 2025. The workshop5 involved a number
of Secondary schcol age groups f￿rn Kin¢5 School Winchester. many of whom had Special educational needs,
had come from marginal communities or were Iwifig with physital disabilrties. This year there was a more
collaborative approach wilh a f￿u$ on the environment. with a brief to create designs thèt ¢ould be turned Snto
semi-permanent full-colour window installatK)ns fortbsy) very large plate-gla55 walls in the scho(>f5 art blocK The
energy. smiles. concentratiot) and creativity that emerged in these sessions were an absolute joy to behold.
Gla2*èrs' Trust
Followin8 a review of thg Foundation's future strategy. it wa5 decided in June 2025 that the Efcshould be given
re5pJnsibility for oversvght of outstanding Glazièrs, Trust restor0t￿n Rrants and for reviewing the future of the
Foundation's SUPPOrt for conservation projects.. thi5 15 led by the p￿sent Chairof the Glaziers, Trust Committee,
Past Master Clive Osborne. The Glazier5' Tfust Committee held its lart fom)al meeting to consider grants In May
2025. at whi¢h one restoration grant of £2.500 was awarded tn respect of the nineteenth century west gable
windows of St Mary. Wreay. carli5￿.
vture Strat
nd Governance
Th¢ ETC hasoverseen an overhaul of the Foundation's award5' applteaticin and administratNe processes foronline
applScation, evaluation and assessment processes. ensuring greater consistency of approach. transparency and
less bureaucracy. This h35 been facilitsted by Dr Katie Harrison, who has been paid a smèll honorarlum to
acknowledge the time she has spent on this prosert.

THE GLAZI£RS' FOUNDAnON
IC¢)mpany number. On37934}
Icharty Trumber.. I1437￿)
TrUSTEES' REPORTIINCORPORAMNGTHE DKtEcfoRS' REPORn{toirtinued)
RÈVIEW of Acthttlles Iconthutd)
The Educotion Commfttee (ETCJ (coniinuedj
Future Strat
and GOverna￿e
ntinued
Funding Is a likely to be a perennlal challenge for the ETC.- in the present sltuation. the FoundatKsn has been as
generous as p055ible with allcratKJn of finances to us. Mindfvl of this. the Efc is keen t¢* publicise Sts successes,
demonstrate positve ed￿atIon and training outcomes as a result of its initiatives: and provide persuasive
evidence to support Foundation fundraising artivittes in this priority area. We are a￿VaYS w11li￿ to meet. and
engage with. existing and potential new funders.
In 2026. fvndlnE permittlnL the ￿rn$ to expand its actwlyes in the four key a￿$ of awareness. edLFcatlon,
tralnlng and development. Our 8oal Is to reverse the decline In education and training provision. by Increaslng
supportand fr*s￿ring the growth of wot*experie￿, professional developmentand widerlearnin8 0ppQrt￿1ttes
In the sertor. Through th15. we aim to create a dwelopmental pathway for all. whtch will enable the next
8eneration of artlsts. craftsFeople and conseryators tg flourish.
The EYC prtsently comprises: Helen Whittaker MBE Ichairl. Math Hosea (Wi¢e-Chairl, Clive Osbjmo Icthalr,
Glazlers. Tru5tl. Rkhard 8ettinson lfinancesl, Df Jasmine Allen. Jyllet Forrest Davkl StriftKer-Lamarre, Andrew
Lane. Sarah Janon ACR, Jonathan Lane Ifund-rni5ingl. John Mannell IGLiss & Glazing Federation),. Petèr
Hildebrand: Drcate Watkinson lfrorn 20261.. Dr Katie Harrison. suzan￿ Galloway Iminute SeC￿tary}.
SLoanne Galbway- Secretsry
7he5tolnedGloss RePo￿)ryc9rnn￿tet
The Committee is ￿eaSed to report a number of exciting devek•pments, not only in thè ￿k￿tIoN of rescued
stained 8lass, but also in the updating of its d￿rtaI presen￿.
New website
The Rep)sitory had been well served for many years by Its old website. which had been created by a previous
tt*mmittee member. However. there were problems in keeping the website up to date. and the design had
become dated. Duri￿ the year it was repEaced with a new website with a fresh contempornry design. It
incorporate5 examples of rtcent cases and has become a vffal calling ¢ard wh•n 5peakinc to those who may b
Interested in acquiring glass from the Repository.
in Panets from Sherborne Ab
The Repository has tsken on the task of finding new homes for the Stsined glass panels removed from the west
wlndow of SherbDrTre Abbey. Thls historically important glass wa$ desvined by the famous Victorian architec¢
designer. arttst and eritK. A￿uStUS Welby Northmore and made ￿ the leadin¥ Victorian stalned glas5
studio. Hardmam5 of Birmirgham. in 1851.
An essontlal tool In thls prolert wlll be the new w¢b5fte. whkh ha5 a sertlon dedtcate<l to the panels.Thewebslt*
went INe just before the end of the period under revthv. initial intèfert shown by both educational
e5tsbltshments and Pugin enthu$1è5ts has been encournEing.

THE GLAZIERS. FOiINDATION
(Company number. 077379341
(Charity n¥mber. 1143700)
iY¢usrEÉS' REPORTIlNCORPORA￿NG THE ORECTORS. REpoRn(cothtin*d)
Redlew of Adlvhles Itontknuedl
TheStoined GlassReFOSitoryCornmittee fcontinuedj
Old LH55 new homes
There havè ￿￿en two important projects completed this year. both of which highlight the p)tential in the pane
rescued by the Repository to find excttinE new homes.
The worked with Billeritay DAethodist Church to relocate three stsined glass windows. which woukl
otherwise have ￿lUrned to the Repository. i)) a new Ivéhtbox.
As none of the windows in the chvrch coutd attommodate the panets another solution was reouired. Together
with the church an alternative was found on a blank east wall. which had p￿VIouS￿ been covered by a simple
curtain. The partnership of mid-nineteenth century siainèd glass and a 1960$ ch4Trrch has prc*4ed to be a perfect
match. with the new windows providing a new focus for the congregation's Services. The use of a IiBhtbox
overcame the lack of natural IiBht and allows the windows to be seen throughout the year. Modern low ener8V
LED technology aL%o ensures a fiThe even Ibght Wtth minimal runnin8 costs.
The sltccess of the project prompted a feature in the Institute of Consethtyon's magazlfie. and it is hoped that
thi5 project will inspireother5 to see the potential ftsr usin8antiquÈstained Ela55 in ￿Ve1 way5.The second project
w35 more conventional and saw the introdu¢tion of two panels tsken from the ReFQSitory installed into the 50Uth
wall of a Lutor¢ church, to provide a fitting memorol for two much loved famdies.
ance
The Repositorfs work Temains dependent on the financial support it receives. The Committee 15 therefr)￿ m05t
Kfdteful to its donors. and in particulario the Loppy1￿S and Barbawa Morrison Charitable Trust. whose supp)rt is
Vital to rts continuinE work.
Peter Hildebrand- Secretary and r￿aSUrert0lhQ R*pvsitory
The Cutter Trnst Committee
Stephen Shaw continued to aet as Honorary Bargemaster during the year Whi￿ a succes50r was So￿ht. This
process was completed in the aulumn and Dan Heath was ap￿)Inted in November 2025. We thank Stephen for
hSs manyyearsof service as Hofiorary Bargemasterand partKUlar￿ for stepping bèck into tho role when his initial
su¢¢e550r became ill.
It was a150 a year of change for the Cutter itself a5 a new berth needed to be found for it following a signthcant
Increase in stordge charge5 leV￿d by the AHOY Centre. Sunbury Skiff and Sailing Club kindly alreed to provide
that Thew berth and the Club's member5 are also now providlng creivs frjr races and other events.
The Morter Glozlerfs Choritoble Fund
Th15ft&ndwasestablLshed in 2CK)5 byPast Master Philllda Shawtoenable future MasterGlazlers to makecharftable
grdnts at thelr discretion. This year On￿ one 8rant was made.. E875 to Reyntiens Studios for creation of a glass
panel as a glft for the guide on the Master'5 Oclober 2025 trlp to Lithuanta.

THE 61AZIER5' FOUNDATK)N
(Company number 077379341
l(harlty number.. 11437Th)1
TRUSTEES. REPORTIINCORPORAIIPIGTHE DIIEcfoRS' REPORn(tonllnugd)
Rewiewof PxthltJe5 Icontknuedl
The Rellef In NeedFund
The fund is used to make grdnts to provide relief in cases of need of member5 of the Worshipful Company of
Glazlers and Painters of Gk55 and ihelr famllles. iogether with other pev50n5 engaged in the glass trades, crafts
and professlons. and subject thereto. to make grants ift ts5e5 of rel*f in need of per50n5 who are engaged in the
lass trades, crafts and professions.
No Ernnts were made durine theyearl2024- one grdnt of ELS￿1.
TheTnJstee5contlnuetowel¢omeappSicatK+n5forsLyportfrom anyone In need whofrdllswithinthe Fund's remit.
Revlew of Flnandal Posftlon
During theyear. voluntsry irKome (including GiftAid ￿cOverable￿oI £69.31112024.. £53,174). investment income
of£31,06112024.. £41.8871 and other income of £2012024: £8CQI were received by the FoundatKin. givbnga totsl
Income of £100,39212024: £95.8611.
Aslgnrficant proportionof the FouTrJation's incomecomesfrom¥oluntarysources. mainlydonat40n5 and le￿CleS,
and the Tfusteeswoukl like toth3nk all our Supporte￿ fDrtheirzenerous funding. whlch hè5 often contlnued for
many years.
The￿ wa5 expenditure of E34112024'. £4.0771 in ￿SpEct of investment management feès, and £67.87612024..
£78.4381 on charitable actryities Trncludlng governance. giving totsl expenditure of £68.21712024: £82.5151. The
$urplu5 for the year was therefore £32.17512024- £133461.
At 30th Novemt4r 2025. the total funds on the b3￿fice Sheet stooj * £82355612024.. £815,489) and the value
of investments was £684.93512024.. £702.3891. f 648.93512024: £666,389) was held in UK listed investments
Keneratlng income. whKh is dislributed to the various reStr￿ted fund5 In accordante with the wrcenta8evalue
att￿b￿table toeach fund. Further detsils wlll be found In Note 8tt*the a¢¢¢yJnts.
Related party tiansarttons
Note 15 to the accounts provides detsils of tr•nsactioThs with related partle5.
Reserves Pollcy
Within each restricted fund, the Trustees will nornially alk>cate the income attributable to that fund for the
charitable purpose5 identifred forthe fund, provided ihat the requests made fOra55￿tan¢erneritthe expend6ture.
In the event that a surplvs of income remain$ at the end of the year. then the surplus tan be carr¢ed forwar(l and
added to th¢ iftcome availableforthe fokn¥in8 year.
Invesknent Pollty
TheTrustees have wide invethent $0 that any monres and other property forn)ing part of the a$5ets of
the Foundation may at any ttme be invested by the Trustees in anyway in which they in their ab501ute dlscretlon
think fit all respects as iftheywere the sole benefftial ownerthereof. and anysuch investrnents mayfrorn tome
io

THE GLAZIERS. FOUNDATION
(company number. 07737934)
ltharity numbEr. 11437fy)1
TRLISTEES. REPORT{INCORPORATINGTHE DIREcfoRS' REPORn Irorblinuedl
InvesbThent Pollcy Iconttnuedl
to time be reali5ed.transposed or reinvested. Duringtheearly part of the financialyear. the appolnted investment
rnanagers. Ravenscroft. contlnued to manage a pjrtfolio of eqijities, bonds an¢5 pjoled investment funds as
baL4nced portfolio. designed to provide both income and ¢aFxvdl growth. with the Trustees requiring a minimum
of 15% of the FKJrtfolio to be inve5red in envimTrmen￿l andlor ethltal sÈctor5. However. followlr$8 a serie5 of
irtt*rvi¢w5 in January 2025 with the current and w40 potential alternative managers. the TrLtstÈes decided to
transfer the management of the foundat￿￿'S portfolio to CCLA Investment Managers Limited, to be invested in
their COIF Charittes Investment Fund. The transfer was completed on 24 March 2025. With regard to
Environmental. Soctal and Govemance IESGI issues. the COIF Fund has minlmum ESG standards xross its whole
portfollo of imieslrnents and aims to act as agent of social and environrner¢tal change.
R15k Polky and Uncertalnties
The Trustees have carried out an assessment tsf the major risks towhich they considerthe charrty is exposed and
continue to tske steps to mitizate those risks. They hwe tsken out irtdèmnity insurdnce also t¢)verfor third
party risks.
DlrertOf5' Responslbllltles
The directo￿ (who are also the Trustees under chority lawl are responsible for prepartTh8 the Trustee5' Report
Iln¢orwratinE the Director5. Rewrtl and the finarKiol 5tatemefit5 in a¢¢or<l•nce with applicable law and
regulatlons.
Undèr company kw the directors m￿t prepare finarKk?I ststements for each financial year and they must not
approve the financial statements unless they are satisfied that they gNe a true aNJ fairview of the stateof affair5
of the charitable company and of its 5urplu5 or der￿lE for that perioj. In preparillg the financial statements, the
directors are ¥equirÈd to:
s¢le¢tsuitablè accounting pollcles and apply them consistently..
make judgements and accounting estimate5 that are reasonab￿ and prudent-
state whether applicable accounting stsndord5 have been followed. subject to any significant changes
eing disclosed and explained in the th"nancial statements- and
prepare the ffnantial 5tstements on the goin8 concern basis unless it 15 inappropriate to presume that the
charitab￿ company will cont¥nue in busines5.
The directors are responsible for keepingadeouote accounting recordsthat are stsfficient to show and •xplain the
companVs transactlons and di5c105e with reasonab￿ accurary èt anytirne the finan¢ial position of the company
and enable them io ensure that the financial stste￿nts comply with the C£smpaniès Act 2U)6. They are a150
responsible for safeBuardin8 the a55ets of the ￿MpanY and hence fortsking reasonable steps for preventbon and
detertv)n of fraud and other Irregularit￿5.
Theaccounts are prepared in a¢cordancewith the special provlsionsof Part 15 of the Comp3nie5Act 2Tr)6 relatin8
to small companie5.
Th8 financial statements have t&n prepared in accordance With the acwunting policies set out in the note5 to
the accounts and complywrth the charivs governing document. the CompaniesAct 2C¥)6. the Charit￿S Act 2011,
the Finantrdl ReportinE Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and Accountin8 and
Rèportin8 by Charities.. Statement of Recommended Prdrtice applicable to charities preporing their accounts in

THÉ Gi￿lERS. FOUNDATh)N
(Company number 077379341
lcharlty thumber= 11437001
IftUSTEÉS' REPORTIINCORPORA71NGTHE DIIECTORY REPORT) (Col￿1￿￿ed)
ljlrectors. Re5ponsibllltles Icontinuedl
accordance with the Fina￿la1 ReFQrtin8 Standard Appli¢ablo in the UK and Republk of Ireland IFRS 1021 I-SORP
IFRS 1021-1. effettNe January 2019.
Approved by the Trustees and $igned on their behalf ￿.
S. J. GTrham
Trustèe/rxrertorond tholmyon
T. Aplin
Trustee/&TrertorundHonomrySetretory
Date: 15 Junè 2026
Registered office:
Glailers, Hall.
9 Montsgue Close,
London Brxlge.
London.
SEI 900
12

THE GiAZIEPS' FOuNDAT￿N
{Company Thumber. 077379341
ICharFty number 114371KII
INDEPENDE1￿￿1￿￿1NE*s REPORTTOTHETRUSfEESOFTHEGiAZIERS' FOUNDATION
I reporttothetharity trustees orbmyexarninatton oftheaccoLmtsolthecharttablecomparyfortheyeaiended30 Novernber
2025. which are set out on pases 14 10 29.
ReSpons￿￿1t1£SondbO5lF01TePort
As the ifltytees of ihe ¢haritoblE company land atso its direciors fw the PUFP05e5 of company lawl you ale respon56ie for
the preparation of the xcounts in accordante Mth the rewirements of ihe CompanSesAct 20061'the 21rf)6 Arfl.
been satisfied that the accounts ol thechaiitable <ornpany are not reg￿red to be d￿jIted under Part 16 of the20C
Ad and are elieible for indeperident examination. I report in respett of my examination ol your tharita￿e companvs
accounis as carrled under Section 145 of Ihe Charities 20111.the 2011 ACVI. In carryin8 0￿1 my ex￿1rDatIOn I have
followed the Olrections KNen by the Charitycomrnksslon undetsertion 1451Sllbl of the 2011 Act.
IndependentexoThlneesstot¢meot
I havecompleted fnyexarninaiioTr. I confifm ihai fio rnatters have corne to my atteniion in wnrbErtioTh wfjih the examlnation
8rying me cause to beltevÈ:
actounting record5 were rK*t kept in iespert of the Charitab￿ corn￿￿¥ as required bysectlon 386 of ihe 2006
theaccounts do ntst accord with theaccountirrf rttord%
Ihe accounts do nol comply vrilh the accounLinB iequiiefflenls of settion 396 of the Act other Ihan anv
requlremenl that the accounts 8Ne a 'true and fabrf view whKh is not a matter ￿tI$[dered 85 part of the
IndepeThdeni exarnination- or
the attourlts have not been prepared rn ￿t￿rdance with the method5 and prirsC4ples of the StaterneTht of
Recomrnended lor 4tcountiThg and reportin8 by charities lappb¢able to thaTStie5 preparing their
accounts in accordance ￿1h the FIr￿1￿￿￿1 Reporting Stand4Td ￿p￿icable in the UK and Republic of Ireland
IFK%10211.
I have no cot)cerns and have come across no other maiters in conneCt￿n wth the examination to whkh èttention shoul4 be
drawn th￿report in order to enable a pioper understan¢knRof the accounts itsbe reathed.
O ALyons. FCA
leonard j£￿eS & Co
Chlrrte￿OAt¢￿￿lltunts
I PrfnVn8 Houseyard.
London E2 7PR
l? 2026

THE GL￿lEft5. FQUNDATION
(Company number. 077379341
(thal￿ number.. 11437LxII
STATEMENTOF FINANaALAcnvmES
FOR THE YEAR ENDED 30 NOVEMBER 2025
Year
ended
30.11.201
Total
Fynds
INote 17)
Yearendod 30.11.2025
Unresbkted End￿lI￿eTht Rt5tricted
Fstnds
Funds
Funds
{N¢¢e 111
Totsl
Funds
Income
Income and endtswments fmm:
Voluntary income-
donations lin¢l. Gift ar
le¥aciesl
lThvestment Income
32.776
36535
25?74
69.311
31,￿1
20
53,174
41,887
Other ￿(oM￿
io
37.883
62509
100.392
95.861
Ralsln8 fund&
Investrnent rnartra8emetrt fees
1351
13411
14,0771
actlvkles
117.lni
150,7041
167.8761
178.4381
Totsi expendtturt
117.1721
13061
150.7391
168.2171
182.51S
Net ith¢offle
r befor
ex
nditure
ains
for the
20.711
11.770
32.175
13.346
Tran5fer5 betwoen fibnd5
16
133.9401
33.940
(Losses) / gain50n Investrnent assets
121,6351
12A73
124,1081
5,417
Netmo
eni In fuodsforthe
20.711
IS5.8811
43.237
8.067
18.763
Total funds at beKiTrnin8 of period
694.604
120A85
8￿.489
796.726
Tot41 fu d$ 8t30 N¢>¥emb2r2025
£20.711
£638.123
£164.12Z
£823556
£815,489
There were no other recoEnised gain5 or losse5 other than the net Incoming ￿SourceS Included aboYÈ. There were no
discontinued acbvitks durin8 theyear.
The vote50n ￿Se5 17 to 29 lotrn partofthese finantial staiemen
14

ThE ￿L￿lEIl$. FOUNDATION
(Company numbgr. 07737934)
ICh¥lty number.. 11437001
SUMMMYINCOME ANO EXPENCATURE ACCOUP
FOR THE YEARENDED 30 NOVEMBER 2025
V** ended
).ll.YJ25
Ytai e#ded
.11.2024
Inctsmeforyearcompflw.
Voluntary inc(wnt- dMaiionslln¢. Grft
d and legacie51
Investment income
Other income
69.311
31.061
20
47.174
41.887
Totsl Income
IlbJ,39Z
89.861
RalsinK funds lintome fvndsl
Chariiable acd¥ltles
1351
167.8761
2181
178.4381
Total expendlDAre
167.9111
178.6561
etsu
ILkslor the
eav
£32.481
£11205
The Thotes on pa8es 17 to 29form part of these financial staternent>

THE GLAIIER5' FOUNDATION
(Company number. 077379341
(Charlty number: 11437th))
BAiAN(E SH
A5 AT 30 November2025
No
30.11.>)25
3th1LZ024
FiYEd a55els
Tanglblefixed assets
Investments
684.935
702.289
684,935
702.389
Debtors
Cash held bylnvestmenifflanagers
ash atbank
20.011
152,977
12L978
163.627
CrtdltorL' amountsfal
0.651
duewbth
Other cred¢Ns¥nd a¢cNa
io
I25￿06)
I37￿1)
Net wwrent assets
138.621
113.100
Toral Bssets kn cvvretht
£823.556
£815.489
Unre5tridedfund5
Endowment funds..
pe¥manent
expendable
13
20.711
li
63,860
574,863
66,236
628,368
11, 13
Resviaed income
63&723
164,122
694.604
120.885
E823.556
£815,489
Thedlrertors c0Tr51derthai ihe¢ompanyiS￿Lit1edto exempl1L￿frOM iherÈquirement to havean audit underthe prowsion5
of s.477 01 the Companie5 Act 21)06. Members h*e noi required the wmparry. under s.476 05 the Companles Act 2006. to
¢btain an audit for the year ended 30 Novernber 2025. The direttors ackntsvAedge iheiT respon￿billtyfQr ensurin8 thai the
company keeps accounting record5 to cornp￿ wrth s.386 ofthe Companie5 Act 2006. and for preparing accounts which giwe
a true and fairwewof the state of alfairs ol the company as al 30 November 2025 and of its result for the year then ended
In accordante wlth the requlrements of &396. atyj *thl¢h otherw15e comply ￿ ihe Act relatlng ￿ the actourts 50 tsr a5
applicable to the company.
The finan¢io1 statements have been p￿re￿ In aCCordar￿e Mth the s￿￿al PTOV45ions ielaithg io cornpanie5 subjectto the
sn¥•ll compan￿$ re8lme ￿thIr# Part 15 of the CornpaTr￿s A(t 2006.
Appro
he Boardand S￿ed on its on 15June2026
Grah
A Bettirm
/Dlrertor& Cholnno
The note5 on p4e5 17 to 29 forrn part ol thE5efinati(ial 5taEements.
16

THE GLA21ERS' FOUND4TION
IComp•ny humber. 07717934)
(Charity numbEr'. 11417th)
NOTES TOTHEACCOUNts
FOR niE YEAR ENDED 30 NOVEMBER 2025
COMPANY INFORMATION
The Gluierg Foundatiorb ¥ a privale cornpany limited by Euarontee reRtslered in En¥land and Wales,
re8i#ration i$07737934.The re￿ered office is at Glaziers. Hall. 9 Montague Close, London SEI 9DD.
Thecornpany isa registered charity. registered in England wa￿ fewstTrtion number 1143700.
51fj111FICPJ4T ACCOUNnNG POUCIES
Basis of preparat￿
Thefinancial ststements have been prepared underthehistorical costconventiongjbittt to inve5trnent5being
carried at market value. on a going ￿nCerft bays. i# accordance with the Charity Commlssloner<-AtcountinE
and Reporting by Charities." Slatemenl of Recofnmended Practice appltcable to charities preparln8 thesr
accounts in accordance ￿th the Financial Reptsrtillg StaThdard applirable in the UK and Republic of lielaod
IFR51021" l~thE SORP IFRS 1021-1. effectrve Jaauary 2019. With the Charities Act 2011. with the Companles Aci
2(N)6. Ihe Finanoal Reporting Stsndard applicable in the UK and the Republic of Ireland I-FRS 102.1 and
applkablÈ t￿￿laI￿oI1>
Thecharitable ¢ompanvtonstitth¢s a public benefit enlity asdefined ￿ FRS 102.
Thefinan£ial statefflenisaie denoffjinated ift pounds Sterlin81"£"1-
Ibl
6dng Concern
Thetru5te25 con￿derthere are no rnaterial ￿￿ertaInlieS3b0￿tthe charitable companvsabilityto continueas
oin8 concern. R￿￿e￿ of the postion and hJiure plans 8lves trnstees, confidence thai ihe tharlty
rernains a g(Mng conrem lor iheforeseeablefuture.
5tatemenlof Financial Arflwil￿5 lryoFAJI Income Expendi￿reA(￿oUnr
Theformat dillers Iromthai fora profit & lossaccouTht prestrlbed by the COM￿OIeS Act2006. the tru$tse-
dlrettors bEing oftheopinion that ihe h)Trnat adopted rellerts rnorefafjththeactr￿tIe5 of the<haTity.
The company lsa re8i#ered charity and is not WbA￿t to UK corywauon taxon its kncome or tapitslgains.
le)
Cash flowthtemtnt
The financial staternents do rtot Indude a cash flow stèterthent because the charitabte company meds thE
criteria for e%emptK)n Irorn the req1￿rementto prÈparesLKh a $raiement under the SORP (FPS 1021-
ifj
Depreciatlon of iath8knlEfixed assets
Cuiier equipmefit Iransfe1r￿ from Ihe Glaiiers Cuiter Charitylsee note 71 wa5 depretiated irs eqL¢al annual
in5talrnentS Ov4¥ the estirnaied remaininE U5ehJl lrfe (JF the equipment The tTUStees con%dered the remaining
usual life of the equiprnent io be approximaiely 5 years from the date the equSpment was transferred to Ihe
d￿llty. TheequlMDenl has been lulty depreciated.
18)
Investments
U#ed investments are accouTrted fat at markei valtsation. Reallsed arKI urtreal￿ed Kains and losses on frAed
a55et lnvestmevts are recognised in the ￿FA in the vear to which thty relate. The unquoted Investrn￿lS are
induded ot par being thè iruslees. best tstiinate olfair value.
17

THE GLJ21ERS' FOUNDAnoN
(Company number 077379341
lchawlty number- 11437001
NOTESTOTHEAccouNfs Icontknued}
FOR THE YEAR ENDED 30 NOVEMBER 2025
Z SIGNIFICAKf ACCOUNTING POLKJES Iconthu•d)
Fund
Unr4Strirted funds are the accumulated surpluses and deficits on 8knerol fvnds which can be used in the
hJrthefAfficeOftheoblett￿50f ihe tharityatthed15cretSot)ofthe I￿stee$. Endowment frJnd5Iepieseryttapital
funds ofthe charity. Restricted fundsarethose prowded by dDnorsonthecoThditton thatthey are expended o
particular asperts ofthe obprts ol thecharity. Ntste 12 pio¥ide5detsi1s of restwicted lunds.
Income
All incorne ts accounted In the S)FA whtn the arnouThi be measured rel10￿¥ and there is probabllity of
recLypL
til
Resource5•yehdtd
Expendiujre ￿ a(￿Unted fof on an atthia15 Ixsi5 ¢Lwssthed headiibgs the accounts that awegaie
all Costs related to the category.
Charitable actmties expenditure in¢ludes the costs idethttfted os whotly or rnain￿ attiibutable to athievlnz the
tharitable obleclive&
Grnn15 payable are accourlted IOF avRrded unless spKifi¢ perfor{r￿nCe tyiteria apply. ReStora￿On
8f¥nts.onceawatdEd, are available to bectsimedbythe ￿•ple￿I for 2 year4 butthi5 peritid may be extended
bya furtheryeaiin éx¢eptionalclrCumstaThc￿8Tant0ffers￿91clairTre￿￿1h1n theaBreed perkid ale wTrthdrawn
and the cost written bxk.
&Jpport Costs are 8ener81 costswhlth enable ihe thariVsattMtie5 to be undertaken and Include the costs gf
overnante whith relate to the general runnin8 of the eharity as s)pposed to dirert opeTational mana8ement.
Governance COSES ifjdude costs of the governance infrastrurture includtn8 con5titUlloTral and statutory costs.
independent exarninerfs lees. Wl advi￿ for trustees and costs aSS￿ialed with thestfale8ic m•nagementof
th*<h¥riVsactywties.
The charitable companyls notTe8fjsterd lor VATand soall expendlturelsshown Indusi%* of VAT.
Tran5actlon5 in frJrtyEn currencie5 have been translated at an averate exchanBe rate for the period a$ ati
app¥oximatlon for the late ruling at the dateof the transacuon. Monetaryasset5 held ina foreign iurrencyat
the period end have been iranslared at ihe rate ￿ling￿l the balance shtet date.
Debtor5
Ik)
Debrorsare recoKnised at thesettlerne•tamrAJntdue. Prepa￿tsare valued atthearnount prepaid.
Creditor5 and prov￿10￿$ ore re£(*nlsedwhere ihE charity hasa Present otAi8arion ￿e￿I￿Thg from a past event
Ihat will wobabty result the Lran5fer of funds to a thlrd party and the amount due to sttt12 the obligation
can be rneasuTed or estimaled Idiably. Creditor5 and provȥons are normalhf recognised at their settlernent
amtyunt after allowing for any tradediSc¢)untsd￿*.
18

THEGLJIIERS. FOUNDATION
(Compahy ttumbEr. 07737934)
ltharlty number. 114371JOI
NOTES TOTHE ACCOUPItS Icth¥tknuedl
FOR THE YEAR ENDED 30 NOVEMBER 1025
NVESYMENf INCOME
Yeaf ended Year ended
30.11.202S
30.11.2024
Total
Total
knve5tmenl incomecomp
Incomefrom UKlisted investmen
Bank and ¢AheT inierest
25.974
5,087
36.r144
5.843
É31.061
£41.887
QIAR ￿4￿LE EXPENDnURE
Charilable expendbture (omprke&"
Yearended
.11.2025
Tolal
Year ended
).11.2024
Totsi
Grantsto Irb5ti1Uti*lnS (see belowl
Grants and donatTrtins ro indwwjvals (see belDwI
8.957
22,298
31.255
26.882
24.776
51658
Support costslsee beJow>
36.621
26,780
£67.876
E78.438
Grantsio Jnstkutiohstompr15Q:
Ytarended
1.11.1025
Total
Yeav ended
ao.11.2014
Total
st￿ne￿9147$s lertor0ti￿ grants."
St Mary. Wfety
Si Mary. TeJnple GuiiiThg
Si Mary thevirgts). Woodkirk
Blanchlartd Abbey. BLin£hland
St George. Shimphng
St Mary. Stali%field
Winnow. L05twthi
JI Sainis, North Morelon
HolyTr*nity. Lon8 MelFord
Si Marytho Vbrgin. Hastingle
St Michael le Belfrey. Yo
Sl Margaret DIAntio(h. Barlev
12.2501
12,OWI
2.OQO
1.0
LOTr)
1.500
2.￿0
1.000
2.l¥JO
I,wo
IL5001
Cprrfedl￿WOfd
11.7501
10,000
19

THÉ GLNZIERS. FOiJNDATION
{fynpany humber.. 077379341
(Chath nurnber 1143MI
NOTES TOTHE ACCOUNtS Icontinuedl
FOR IHE YEAR ENDED 30 NOVEMBER 2025
CHARITABLE EXPENDrruRE Iconydj
GrI￿tst0 In51itutknnsl(l￿r￿)
ye￿ ended Ythir endèd
30.11.2025 ￿.11.2024
Total
Total
Stoined 91955restoro&on grunts (convd)
OVIhtfv￿Qrd
11.7501
io.orxj
Othergrants..
The siained Glass Musoum
Untversily of York
Vidimus
British Sodètyot Master Glass Painters
Reynitèns Glass Studwj IMa5ter Gl•zier< FLmd>
HMS Kent (Master Gla2ier< FLtndl
TreloarTrust IMasterGlatiers' Fund)
GLSE SEciorArmy Cadets 1M45terGlaz￿rs. Fund)
isit Stsined Glas< websilelUnTe5tri￿Qd Funds)
3500
3.ODO
2.500
400
875
4.5¢)0
3.000
2,500
soo
500
1.450
432
432
GI￿￿101nd1¥1d¥*￿￿rnPIkt
Year Ènded YÈ*r ended
JI.2025 30.11.2024
Total
Total
ieveT Award$12 irbdNldualsl12024.. 2 indfvidualsl
A5htcn FllllgranT5fordeTrRlopment o15kJllstowardsptacikal ¢areers12
indiTr*idualsl12024.- 2 indNidua&l
Stevens Compeviion and other prizes
Relief Fn 14eed 8rani lfjo indMdualsl12024.. 1 indMdu41
17.460
4,838
9.976
5.000
1,500
20

THE GLI21ERS' FOUNDATION
(Comp4ny number 077379341
{tharfty nurnbor: I1437￿)
NOTES TOTHE ACCOUNTS (cont￿￿1)
FOR THE YEAR ENDED 30 NOTrIEMBER 202$
CH#RWABLE EXPENDrtURE{<onVd)
Supp(rft(ostscomprlsv.
Yeai ended
30.11.2025
Tot•1
Y￿1 ended
1.11.2024
Total
Pri1￿1¥[￿8 and coThwetition costs
Subscription5 (rrRAI (The Cutter TrusE Fundl
Storage and adrTrinistratNe COSES Uhe SEalnei161ass Repo%tory Fuhdl
Glaziers EducatKtn Partnership projetts, iotsrs aod workshop512025..
unreslrirted fvnds and Gl¥tiers' Education PJrtnershtp FI￿d. 2Q24: G￿llers.
Education Partnership Fundl
Events and other expense5 of the CutterTrust Fund TrCutterTrust Fund)
Boydell Library costs
m￿ell￿neoUS expenses
1.730
1500
7.337
1.51JO
IL869
6.240
4,053
27
905
23.749
16,630
GoverrTrance costs15eenote 51
11872
10.150
SupportC05ts rdatetothe giant-makin8lTntludinB priltr￿￿TrZand competilN)nl aCtI￿tIeS ofthe charityexeept
wheiÈindttaled above as rdaEln8 to the acti¥itie5 of specific restrKted fvt¥J
GOVERNAN(E COST5
Year Èhded
3￿11.2025
Totsl
Yeaf ended
30.11.2024
Totsl
Independent eXarniner￿ fees=
independent oxaminati
accouThtanryseryices
taxatton 5eivbces
legal fet5
IT supportl dwek)pment
Tru5tees' meeting expenses and marbaqomentrosts
2,175
1.890
600
2.400
2205
1,890
600
4.943
5,455
2.872
£10.150
￿￿INcOME/ IEXPENDrruREI-£MPIOYEES
The Foundation had ernployees during the yearand therelore pald staff unoluments IZ024.' r￿￿e)
21

THE GiPZIERS' FOUNDATION
Icompany number 077379341
lthailty tturnbei.. 114J71KJI
NOTESTOThE ACCOUNTS Icontlnuedl
FOR THE YEAR ENDED 30 NOVEMBER 2025
7. TANGIBLE FIXED ASSEIS
Ojtter
Equtprnent
Coll:
At l De¢ernb￿ 2024
Addition5 in year
3,478
At 30 N¢)vember 2025
3.478
Depredation:
At l December 2024
Charge lof yeaT
3.478
At30 No¥ember 2025
3.478
Ntt booky￿￿e at 30 November2025
Net bookvalue at 30 N¢￿rnbel 2024
INVEsfMENTS
Iiive51menrs are hehl Primari￿10 pr￿de an Investment retum foi the (hkn. Movements in thEyearwere
a5 follo*ts:
Year to
Year to
1.11.202S >).11.2024
Brought forwaid l Oecember 2024. atrnarketvakne
Purthased durin8year
Shares re£eived bywayofgih
Disposals ITh year- proceeds
P4el Ilosse51 on disposals duringyear
Net Ilos%esl I￿1ftS0￿ revaluati￿ of investmÈnts
702.389
663.263
701.319
24.968
6,WO
135,3151
14111
5.828
1656.6091
115.2261
18.8821
Ma¥ket Value at30 No¥ember2025
£684.935
EY02.389
Hisiorr cost at 30 Novern￿r 2025
£693￿17
£668.787
IrNestmentsai markei valuec¢Jmwi%o:
).11.2025 XI.11.2024
UK listed Investmet)t5
Unquoted iTh¥estment
648.935
666.389
36.OTrJ
Marketvaluo a130 November 2025
£684,935
r102,389
Duiine the yoai Ènded 30 November2024 thecharityféceNed a8ilt of 6.(*JO preferentt sharesin Glat4ers'
Mall bmited. valued bytheTru#ee5aith•T parvalueof £6.f*X)12025.-nowft of shares received).
22

THE GLAZIERS. FOUNDATION
Icompanynumber 077379341
Icharity number: 11437(Kil
t40TES TO THE ACCOU￿$ Iconibjuedl
FOR THE YEAR ENDED 30 NOVEMBER 1025
INVESrnIEPIIS Ir(ntimuedl
VKlisled inveslments at 30 November 2025 were attributableto the Foundation'svorious fvThd% as follows:
>)AL2025
3th11.2025 30.11.2024
11.2024
Vilue of
V•luÈof
¥•sTm•t)ts
The Glazlers'Trust Futhd
The Lever and Asht¢Jn Hill Award5 FurLd
The Edward Boydell knbrary Fund
The Reliel in Need Fund
The Stsined Glass RePO￿tOry Fund
The Master Glaii?rf5 Fund
86.957
322.326
18,757
63.on
143.999
18.819
18.32%
49.67%
2.12%
9.72%
17.27%
2.90%
122.082
330,996
14.128
64,773
llS.085
19.325
49.67%
2.12%
9.72%
22.19%
iTri.oo%
E64B.935
ioo.oo%
£666.389
The unlisted investment is all asset of the GI￿l￿r¥ Tfi￿t Fund.
Thefol1o￿ng listed inve51mentshad a rnarketvalue in eKessof S% of the iotal portfolio v*luè as at30
Nov¢mber 2025."
30112025 XI.11.ZO25
3011.2024 30.11.2024
CCLACOIF Charities IrNesirnent FisTrd
AEW UK REITpl¢
Rc*yal iondot) Utm UK Equity IIK M GBP Nav
Temple 8af InvestrneTht Tr4J5t 25p Ords
N8 Private EqustyaassAOrd.
Princess Private EquiLV
Invest Fd serv Lid IFSL BAV HUFI GBL BLCP B INC
Pictet*sset M8L Gbl. Qpps.
Gulnne5sArn. Fds. Gbl. Eq. Inc.
644935
5.1%
6.1%
6.4%
5.3%
33.880
40,$00
42.800
35.512
38.410
40.450
34.014
36.403
6.1%
5.1%
5.5%
The CCLA COIF (htities knvestment Fund 15 afb aaNety managed, dl¥•sified fvnd %thl¢h has an emphasis on
equities (between 50% and 85%) but￿11 alw Invesi in othLY asset dasses. whlth may Include property, bond5.
rash artd aliernaiive asset classe5leg infrastructwe3$5ets. cornmodiiies. wivateequity, etcl. The lu*d aim5 to
provide a total rèturn Icapiial growth plus income) over the Ion4-lerm Idefined ¥$ fiveyearsor morel of UK CPI
+5% per annum. before costs and charges.
Ihe unquoted inv2sFm•i comts preferen¢e shares in Glaziers Han Lirniied arxl represent an asset of Thè
GLiiiers' TN5t ￿n￿.
23

THE ¢aAZIERS' FOUNDATION
(Company numbEr. 077379341
(Charlty number: 11437001
NOTESTO THE Accoup¥fs Itotttknuedl
FOR IHE YEAR ENDÉD 30 NOVEMBER 201$
OE8YORS
30.11.2025 30.11.2024
In£orRe tsx recovwable
Prepayments and actwed inc
oiherdebtors
10244
14,768
2J70
3.073
0.650
f20,QII
10. OTHER CREDITORS ACCRUAIS
30.11.1025 30.11.1024
Grantcommllrnenis
oihercreditorsand accFua15
9500
15,506
24.750
12.801
S,W6
7.551
Gnnt commftments asai 30 Novernber 2025 Comw￿ed.
30.11.2025 30.11.2024
ommitmentsat l Oecernber 2024
Grants and donaiionsappioved theyear Inetl
Grants pre￿O￿￿Vappf0yed witten bad¢ theyear
Arrbounts paiddurin8 iheyeJr
24.750
2.500
14,250)
113.5001
21.750
11.500
11.5001
(7.0001
£9.500
£24.750
11. ENDOWMENT FUNDS
Year ettded 30.IlaS:
Furth I.)
Vwses)
>).IL25
PermanerterMl0wmenth￿d.
The Relief In Need Fund
pendable endo¥nnentfvn
The Glaziers'Trust Fvnd
The Lew and Ashton Hll Awards Fund
The Edward Boyddl Library Fund
The Stained Gla55 RepDgtoryFund
The CutterTrust Fund
Iht MasterGlailerf5 Fund
66236
12.3431
63.860
231.659
274.830
14.298
133.1211
13.2311
111.9751
195.261
262.686
13.780
77.731
6,453
18.952
574.863
11691
1411
12,8761
7272
19.661
628.368
iioi
12731
16991
119.2921
133,9401
£694,604
1£33.94Ql
(£3061
le2L6351
£638.723
I'l See [￿le 16
24

THEGLPIIERS. FOUNDATION
(Compary nurnbEr. 077379341
lchaflty thumber.. 11437001
NOTESTO THE ACCOUNTS Icrffitinuedl
FOR THE YEAR ENDED 30 NOVEMBER 202$
11. ENDOWMENT FUNDS Ic#hthitsedl
Year ended 30.11.X-
M￿aB2ment
clh¥d
YO.ILZ4
Ib5sesl
PeimanentendowM*nt￿l￿.
The Reliel in Need Fund
66.IC6
13961
527
66,236
The Glèziers. Trust Ftsnd
The Lever &nd Ashton Hill Awafds Fund
The Edward Boydell Library Fund
The Stsined Glass Repository Fund
The Cutter Trust Fund
The Master Glailerfs Fund
215A14
274,164
14.270
W).488
7.272
19.622
621.230
17471
12,0251
1871
14861
992
2￿91
115
231.659
274,830
14.298
80,648
7,272
19,661
628,368
118
157
4.601
13.4631
£687.335
£6.(YY)
1£3.8591
£S.J28 E694.604
12. RESTftICTEO FUNDS
Year ended 3th112S:
Tw•Mler5
•laDr¢
OL1124
30.11.25
The Glaziers. Trnst Fund
The lever and Ashton Hill Awards
Fund
The Edward Boydell library Fur¥J
The Relief in NeÈd Fund
The Stained Glass Repository Fund
Tho Cuttei Trust fund
The Glazier< Educatbon Partnew5h
The Mastef Glazierfs Fund
133.llil
821
33,121
1,298
37.873
6.395
20.632
77.838
3.043
12.901
551
2525
15.427
1.691
3.750
16.784
E62509
122.2981
1271
28.476
6.919
23.157
74888
111.9)41
155531
125001
1875
1£50.7391
12.4731
819
1.739
23.645
£164.122
7.736
£UO.885
1£2.4731
£33.940
I'l-see note 16.
25

THE GLPIIERS. FOUNDATION
(Company number 07rJ79341
(Charity number.. 11437(h)I
NOTESTO THE ACCOUMF5 Ic¢)nithuedl
FOR IHE YEAR ENDED 30 NOVEMBER 2025
12. AESYRicfED RJNOS Itontinu•dl
Year ended 30.11￿.
Trun5tews
B•l•n
OLII
In%
Iuossesl
80.11.24
The Glaziers. Trust FurKI
The Lever and Ashton Hill Award5
Fund
The Edward Boydell bbrary Fund
The Reliefin Need Fund
The &ained Gla$5 Reposirory Fund
The CutterTfust Fund
The GlaiiÈis' Education Parthershui
The MasterGlaiiePs Fund
137.5771
134,2301
27.001.
133,1211
38.246
5.631
14629
71,798
3.659
114
17.SX)3
764
3503
13.306
1.789
5.438
2.795
118.Z761
37,873
6.39S
20,632
77.838
3,041
115001
I7￿5)
12.40SI
.0631
13.9501
289
8A91
7.736
E109391
E57.183
I￿2.979}
f289
£27.001
£￿tr.￿a5
I'1-See note l&
Detailsof restricted fijnds..
The restricted incomefundswereestablkhed to recelve kncomefrorniheendo%*Trentfvfidslis¢ed in rKJte 11 obove,
and from applkabk donatlons.
The IlaEierfTrust Fund
This lund d￿r￿e$ from 8enetsl funds transferred to the charity from The Gla¥ers' Trust thatity with effect trom I
December 2012. The fund 15 used for the adv•)¢emeni of education and the benefit of the publlc. to further
khowledge. understandin4 and appreci•tK*n of the art of st•iThed. etthed and othu torms tsf decorative 81¥55 and
8fa5S rnLS&)i<s. provide and preservefi•e examplesof suth art in places where thry may be sÈen by rnembersofthe
public. organi5e excursh)nsfor membersof the publict0￿$￿sUch places. ft¢rthu the study oF5uch art and rnaintaln
a library orlibiartes of book5.purnals and rnaierkwL
The Norn￿￿ A5htw HIN Momorfal Fund
Thls fund was e5tabltshed by a don*ioTr from The Norman Ashton Hill Memorial Fund tharlty to support
conservation scholarshlps and profes4onal devdopmeni 8rant5. Grants were made on a reBular ba*s. Followlng
tonsuFtaiion with reknnt parttes. ¢hE Fund wdsmeryed wilh The LeverAward Fund with effect from 30 Novèmber
2022 to fofmlhe LevÈr and Ashton Hill Awards F￿d lsee belowl-
The ie¥er Award Fwid
Thls fund was established by a donat40n fr¢)m a LNerymin and Pro￿ded for a ietent graduate a ￿week trainlng
placemenElnaselettlonoileadiw$I4￿￿?s. GIants￿re￿ade3Th￿UallY. Followfjnicon5ultation ￿th reJevan¢partles,
the Fund wa5 rnerged with Ihe Nornian *shion Hitl Mem¢xial Fu￿j with effectfrom 30 November 2022 to form The
LeverandA5hton N￿lAWardS F￿4 (see bel￿.
26

THE GL￿lE￿5, FOUNDATION
{CompaA¥ number.. D77379341
Ilharlty nLtmber. 11437C¥)I
NOTES TQTHE ACCOUNTS Itontlnued}
FOR niE YEAR ENDED 30 NOVEMBER 21ll5
12. RESTRICtED FUNDS{téntlnuedl
The Leverand Ashton Hill AwardsFuDd
After appiopliaie consuliations. Trustees re50hed to mer8eThe Norman Ashton Hill Memorial Fund and Thelever
Award Fund with effe¢1 Ertyn 30 November 2022 (see above). Th* merged Fund k kn4>wn asThe tever and Ashton
Hill Award5 FuThd.
The Edward Btydell library Fund
The fund wase$ta￿l5herf to payforl1￿ary?Thd aTcW malthtenance and new purthases.
Yhe ReURf In Need Fund
Thi5 fvnd derives frorn the pernianent endowment fund transferred io the ¢haiity from Ihe Glazier$' Charity for
Relief In Need effeu Irom l December 2012.Thelund is used in making8rants for the relief in cases of need of
members of ihe Glaiiers. Company and ther widows and other dependents. and gJbJecl thereto, in makin8 grants
In casesof relief in need of personswho are engaged in the8lasstrade4 craftsand wofess￿￿K
ThÈStsined Glass R*posilory Fund
This fund derive5 from general transferyed kn the chariiyfrom The London Stlined GLiss Repository charmv
with effectfrorn l Oecember2012.The is fDr thead¥an¢ement of edu¢abon of the publlc in theart of painted.
Siait)ed and decorated gla$5 and ihe de¥elopment of wt4i£ appreuatton of Such art by.. lal the provEIDn of
repository for thè salvage and stoiage of rnprstOriOUS ÈMampte5 Dfpainted,Siained and decorated 8lassai risk of Ios5
Of dama8e. Iblthe re￿lOCath)n orre*tingofsalva8ed8ia55in bulbjin￿OI h￿torical0r81ch1tert￿rd intere5tta whlth
the public havè at¢e5S.
The tutterTNst Fund
Thi5 fund derive5 from 8e•eral funds iransf*red to ihe tharity from The Glaziers. Cutter Trud charity ￿th effect
from l Decernber 2012. The trustees may u5¢thefund to 5UPPOrt such L*8ritsbie InstitLrtioD or institutions 35 thev
see fit at thelr ab9)lulediscietlo
TheGlathrf Educatlon PartrbeThhlp
The Mnd was established in 2022 and 15 to be used io educaie and Inforrn young people of secondary sthool age
aboutihe artand ¢tafi ofstained gla55SOthaitheyunenjiryii asanartfom)and alsoopen ihLYr mind5to apossible
eaieeraltemative.
The Masier G￿lee$FUnd
Ihi5 lund VAS established 2￿5 by Past Master PhillidJ Shaw to provtde fvture Master Glaiiers wlth a fvnd from
which they rnake chari&ble donation5 at thelr •b501utedtscretioTh thelr terrns of offi¢e.
27

THEGl￿ER5. FOUNDATION
Icompany numbEr.' 077379341
(Chat￿ number.. 11437CiII
NOTES TO THE ACCOLINTS (Cont￿ued1
FOR ThE YEAR ENDED 30 NOVEMBER 2025
13. NET ASSEfs OF THE CHARITY
Ihe tha¥1t￿S nei asset5 belongi￿ tothevariousfunds as¥t 30 Nf*rfember2025 wereas lollows=
Jr
Unrestrtcted Funds
Endowrnent Funds
Re$tritted Funds
20,711
21.292
96.618
20.711
638,723
164.122
617.431
67504
E684.935
E138.621 E823356
AI ￿.ILl02￿.
Unrestrirted Funds
Endowment Funds
Restrided Funds
27.￿0
85.300
6Y4.604
120.885
35585
E702.389
E113,100 É81S.489
14 CONTROLLING PARTIES
The tharltable covnpany 4$ under the (rffttrol of Its ItU5tees (who are 8150 direttor5 Under the Companies Art
21)061.
IS. RELATED PARTYTRAN5AalONS
ThoF0undatlOnrnzintainsar￿￿qnf a¢¢wnt wththeWcohiplulCoMp•rbyofGl•ziprsand Paint•rs olGlass l-the
Worshlplul Companfl. At the year end the Foundation owed £nll to the Worshipfvl Company12024.. £247 wa5
owed by the FouTrlaiiots to EheWor5hipfvl Ccmpanyl.
Fdlowingrec•pt of aglft of E6.iY)0 5haresduTi5b8 theyè¥ eTraed 30 Movember2024. at thatyeaiend and ar 30
Novernbei 2025 she FouThdation hekl £56￿00 of weference Shares in Glaiws Hall bm+ted l-GHL-l. a company
thatmanages Gla2iers' Hall (where iheworshlw Company is basedl.These shares are held in the Foundation's
ca￿4￿S. Trust Fund. During the vear GHL charEed ihe Foundaiion £131 12024-. £7771 for catering ser¥Ke5 In
resk*ctof priztrgivwJRevents. meetin8£05t5. etc The5e<harge5 rnade oh GHL'S comrnercial terms.
At theyear-end GHL wa5 owed £nil12024.. £5671.
The charity received no dthdQ[￿ from its hoWmgol wefuenteshares in GHL dur￿￿&the year12024.' none).
No truste@ received anyremuneration during theyear12024.- nonel.
Ourln8 the yÈar one trustee wa5 relMbts￿ed an expense of É34 in respert of a Companies Housè fee pald on
bE￿lf ol the Fovr>datioTr12024'. one try￿1ee wa5 r•mbursed £a4 in r*spptt of a Companies House lee pald on
behalf of the Foundation)_
Thore were other rdated party iransacth)nsl2024: Tronel
TRANSFERS BEnvEEN FUNOS
Truste£5 a£reed io transfer £81912024= ETrlll from the Cuiter Trust Fund's expendable endowment fund to its
ntome fvnd as at 30 tlovernber 2025 ttscovera small IrKOn￿ account deficit that arose durin¥ the year.. and a
transfer of É33.121 was made bet￿ten the UaziersTrust eKpendable efid0￿e￿t tund io tts Sntome tund with
effect Irorn l Decernbef 2024 in order to extinguish the br(wghi f¢)Tward deficfjton the income fun
21

THE GLPIIERS. FOUNDATK)N
(Company number 071379341
lchavlty number 11437QOI
NOTESTO THE ACCOUI4T5 Icontlhuedl
FOR THE YEAR ENDED 30 NOVEMBER 2025
16. TRANSFERS BThEEN FUNDS Iconllnued
Trustee5 3150 agreed to transfer Q7.001 fr05n unTestri¢ted lund5 to the Glaiw< Trust Fund with effect from 30
Noyernber 202412025=no eguNal￿1￿orbsferj inordertoreducethedeficitonthatincomefvnd asat 30 N￿ember
2024.
17. COMPARATIVESTATÉMENTOF FINANCIAiAcllvrnES
Year ended 3Qll.2024
lknrestrlcttd Endgwmeat Re5trfc￿l
Funds
Funds
Funds
{Noie Ill
(Notè Iz)
Yotsl
Fund5
Incomefrom:
Voluntary in¢Orne-
donations lind. Gift Aid)
Investmentincome
26.075
5.843
6.TrJO
21.099
36.QH
53.174
41.887
Other infome
760
Totsi inrome
32.678
57.183
95.861
lunils:
lTr¥estrneni mana8einent fees
13A593
12181
14.0771
15.6711
(72,7611
(78.4381
Totalexpendllure
15.677
13.&59
172.9791
I825￿)
Netl
af before
forth
27,Tr)1
2.141
115.7961
13,346
Transfer t¢￿ten ￿Thd$
16
P7.0011
27￿01
(Losses) on investrnent assets
5.128
5.417
Netm
tknlu
forthe
7269
11.494
18.763
Total fvndsat beBinTrln8 of pwwjd
687335
109.391
796.726
Total fund
£694.604
£120.885
E315.489
TherewerenootheTreco8nlsed8alftsorfos￿otheTth0Ththe neiincom1￿ resourceslncluded above. There were
nodlscontinuod athities duringthe year.
29