REGISTERED CHARI
NUMBER: 1154F18
d30Se
HE WHITWORTH
Leavitt Walmsley Associates Limited
Charte￿￿ Certified Accountants
8 Eas￿aY
Sale
Cheshire
M33 4DX

RTH
Conlents
ForT
inancial
Ended
r 2026
Report of the Tru$tg08
1 to 4
Independgnt Examlnerf8 Report
statsmenl of Flnanclal Activillos
Balance Sheet
Notes to the Financlal Stataments
8 to 12
Detalled 8tatsment of Flnanclal Actlvltl
13

FRIEN
E W￿lTwoRTH
Re
ort ofthe Trusts9$
The Trustees p￿sent their report and the finanaal statam&nts of The Friends of the Mitsvorth Art Gallery I'the Friends
for the year ended 30 s6piemb6r 2025.
BACKGROUND
The Friends was 8Stablished in 1933 as a charitable organisallon wlth the aim of helping the ￿l￿rth Art Gallery in all
PO88ible ways and. at the same time, to provide enjOyff￿nt and pleasure for Its membors.
In 1958 the Gallery building and its collections ￿Te transferred to the Univ8tBity of Manchester, of whith they remain
part.
OBJECTIVES AND ACTMTIES
Constitution and ob￿cts
sin￿ 13 November 2013, the Frlands of th8 ￿hl￿Orth Art Gallery (worklng name 'Frignds of the VWhltsvorth'} h85 been
régi8t8r&d by th8 Charity Commission a8 a Charitsb18 Incorporated Organi8atlon (CIO number1154178).
The Frrends, objects. as set out in its Constitution are the promotion, support, a$$i$iance and improv8m8nt of the
itsvorth Art Gallery in o)-oparation with Its managemènt and staff. All monies received by the Friends, ngt of
ex￿nseS are, or will b8, distributed to tha ￿lts¥0rth Art Gallery either for general purposes. or for the enhancement of
the collection a$ requèstad by the Gallery, or as a contrfbution to speGific appeals for th& Gallery, or for a 5pethfic
purpose as d8tsnnined by a donor.
Sln¢e 118 Inception, the Frfends have acquired, or conffibuted to the acquisition of, over 1,000 works fcr the Gallery'8
collection, sUpp￿ted by a number of capital dèvélopm8nt projects and sponsored exhibltions and programmes of
activity.
SIGNIFICANT ACTIVITIES AND OBJECTIVES OF THE FRIENDS
Membérnhlp
Not least, we are grdtaful to our 372 memb8ry& (2024: 406 members) for their continued support, both finandal and
through their participation in various activities. Since Covid, like many other societies and group3, the number of our
members ha8 decreased. However. we have plans In place with the aim of increasing our memborship and we will
continue to promote, at every opportunity, the advantages of Joining the Friends of the whi￿Orth, not1688t of which is
ing part of such a Ilvely and popular gallery, as wèll as ts role our organisation Flays making It so.,
Glft Ald
We thank the members who are covered by Glft Ald declaratlons which thi8 ye8r enabled us to daim £2,010 (2024..
£2,392} from membership and bud(et collections. Friends who are tsxpayers are to be encourag6d to make gift ard
dectarations as it increases the value oftheir $ubscripknns and donations by 25%.
All new mambers are now encknuraged to pay by Direct Deblt.
Student Amba8sador
Thls ptssl alms to promote Ilalson be￿8&n the students In the Art H16tory depathent of Manchester Universty,
Frlends of th& VVh1￿Qrth and the gallery. Emily Hargroaves has been our st￿lent Ambassador this year and has fuffilled
the role efficiently and th enthusiasm.
Emily was a first year Art History student at Manchester Unlvérsity, and was on8 of six students to 8pply by a written
application. Tina Hamièr 8nd Anne Mackinnon liked her enthusiasm and interest in contlnuing.. links beiween the Art
Hislory students and the University and the Friends oltho wmi￿rth.
Emily has been an extremely active Member of thè tsam and has enlhuslasttcally worked aloriuside m8mbers of the
Tuesday Team. She attended our wular Tues(lay Team meetings, has organised and collabDral8d In Look Clubs,
workshops and curator events. She hèlped at thè AGM and was very succ8ssful in affanging for sev8ral of h8r fellow
students b partiapate at various events. Including a very enjoyable Hat Making wothshop. Emily will finish her role at
Christmas 2025 and interviews will then take place b find her replacement.
Public bon•fil
The Friends of thg ￿l￿vorth provide significant bgneffts to the public by contrtbuting to the purchase of works of art, for
wblic display without charg@, which 8re of enduring future benefit.
Our Sunday C¢)n￿rts, perfomied by students of the Roy81 Northem College of Muslc, are free of charge and welcome
all visitors, of all age5, to the gallery. As well as on our web$ite, ll￿$e Concerts are publirised thr¢)￿h 8 Facebook page
and through emal and Instagram. The atmosphere at the concerts Is relaxed and all a￿ wel¢cAne t¢ join the audience
lor as long or short a time as they wish. The qualty of the perfomiancks is very high. This year, the rnusicians ranged
f(om a ha￿ soloist to a brass quintét.
Page 1

FRIENDS OF TH
RTH
ortoftho Tr
ember 2025
ACHIEVEMEMfs AND PERFORMANCE
Fundra18ing activldgs
As usual, our Programme Secretsry, Jennie Banfield, organisad some very enjoyable and stimulating events.
Our Christmas event was 'Go Llve,. 8 tour of Mand￿Ster MUs￿m followed by lunch at the Man¢hestsr Art Gallary.
Friends were treated to an exclusive tour of Ma[￿h￿Ster Museum's Wld exhibition followed by a wlder tour of the
redèvelorAnént ofthe Museum (in 2023) This was a very popular and enjoyable day.
We also had some enjoyabte tours earller In the year, to th6 Hat Museum in Stockport and to the Lady Lever gallery and
Port Sunlight in Merseysidg.
Joan Gem is continuing to organise UK tours. In October the Ftsnds wsited Dublin, Slane and Drogheda in North8m
Ireland. In April, we went to East Sussex, of the highlights of whlch, were Farl8ys House, th8 Sus58x home of Lee
Miller and Roland Penr¢￿ and National Trusfs Bateman's, onc8 the home of author Rudyard Kiplin9.
Mike Tierney has retumed a8 our Overse8$ Tour organiser. The first tour was to thg Venice Biennale in DeCem￿r 2024 '
and th8 second in May 2025 to Spaln, visiknng Madrid and Tole(kn. This trip colncided with a major power outagg whila .
the group were staying in Madrid but all agreed that although it was worrying at the tlm8, it gave them plènty of stori88 to '
tsll wh8n they returnedl Both trips were organised with Distant Horlzons in communication with art historian Nirvana
Rotnell,
Our Pilkington lecturé this yaar was héld in the Grand Ha51 and wa3 given by Esme Ward, Dire¢aor of the Museum. The
tld8 of h8r talk was, 'The Story of Change at Manchester Museurf. Esme'8 talk was fascinating and encouraged
members to loin the tour of the Museum at Christmas,
We a150 conlinugd to l)old many talks and louts thls year:
NiNana Romell gave Mio zoom talks entitled 'Spanish Art & ¢elebrallng 118 masters, which, although interesting b all,
was of particular Intsrest to those going on the trip to Spain. We also had a zoom talk by Alison lfjnnaird,
contemporary glass artlst This talk gave u8 a wonderful insight into gla88 as art.
Four tours were organlsed alongside current exhlblljons and were led by the curatorn:
o Imogen Holmes-Roe gavo us tsvo guided tours in the Turner exhibition.
o Poppy Bowers led on the Barbara Walker exhibition - Barbara Walker and the whi￿Orth exhilitton has slnce been '
awÈrded Ihe Sky Arts Msual Arts award and also Best Exhibition award at this yearfs Manchester Culture Awards.
o Oarran Pih led a tour of tho Santiago Yahuarcani exhibition ￿1¢h was part of the Manchester Intsrnational Festival.
In addition to the Hat Maklng workshop run by Christin8 Tomklnson, Isabel Dibden-Wight hèld kno workshops on
Shisha Mirror Ernbroidery which were exlremaly popular.
Our Sunday conc8rt8 continued to be very popu18r. W8 held 11 throughout the year th increasing number8 in thè
audience and in the amounts collected in donations.
Publlcatlons and communlcatlon8 wlth mombers
Jennie Banfield ¢ontinues to publidse our events through 80cial media and we now Ilalse with Melissa McFarlan8,
Communicolions Manager at The w)i￿rth, to Indude our 8vents in their gallery newsletter.
Our stall, selling cards, tea towels, notebooks etc is managgd by Mim Butter and is manned by members of the Th at,,
many of our e￿nts and on every Tuesday throughout Octobgr and November, when tho Chrlsknas cards are being ,
promoted. The money taken all goes into the Ftiends of the 1hh1￿Orth frJnd8,
FINANCIAL REVIEW
Flnanclal poslllon
As stated earller, the alm of the Friends is in helpirKJ the ￿l￿rth Art Gallery In all p0881ble ways as well as providing
enjoyment and plea8ure for its members.
Donatlons to the gallery
This year we donated a total of £26,5CQ12024'. £45,000) to the gallery.
Thls comprisad..
- £10,LK(J for a painting by John Lyons.
- £16,5CIJ for the publication of 'Tumer In L￿h1 and Shade,. the exhibition catalcgue.
Inve81ment policy and objective8
The trust888 a(kJpl a risk av8r88 investment policy, while $88king to obtsin a gc>Jd incorne retum.
Page 2

FRIENDS
F THE WHITWIORTH
ort ofthe TruBtee8
emb r2D25
FINANCIAL REVIEW
Reserves pollcy
All ffijnds raised are for the benefit of the gallery. In the interest of thè longer-term continuty of the gallery, however, the
FrTends can retsin reserves equal to llve years, rEvenue of revenue re￿Ip1S.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governlng documgnt
The chaiity is CLJntrolled by its goveming dcKument, a deed of trust, arKI cnnslitutes a limibj company, limited by
guarantee, as defined by the Companies Act 2(M]6.
Organisational stru¢turo
The members appolnt a Committee of Trust88s from amongst their number to act on their behalf. This eommltta8 has
continued to meet throughout the year on a ￿gUlar basis.
The officer8 aro:
Chalr
Mlnut08 Socretsry
Treasurer
Programmo So¢r•lary
Memb8r8hlp Sécretary
Anne Mackinnon
Anne Kirkham
Tina Harmor
Jennte Banfield
Sonya Crawford
Truste••'. Isabal Dibden-wright, Susan Jenkln8, Johanna Keane, Anne Klrkharn, Chrfstine Tomkin80n and Anne Wadg.
Eiteen Tunbddge £nd lan Hay both Compleied thelrbnure ofsix yoars and 80 r&tir8d at th AGM on 1 April.
David Wllarn was proposed as a trustsè (having treen co-opted for the pravious year) by Anne Mathlnnon and
seconded by Jennia Banfi81d.
Mike Tiemey joinad the board havlng been prop￿ed by Anne Mac%lnnon and seconded by Tina Haffner.
Lorraine Godkin and Cheryl Brazier both lolned the Board as ¢(￿pted members.
After the AGM, Valentin Diakonov, curator of Modem and Contemporary art at the wh￿Orth gave a talk entitled
'Oulside Looking In., Searching for the Common Ground.
Annu41 Ggngral Megtlng
We will hold wr next AGM in th8 gallery on 24 March 2026, commencing at 2pm. This report wll be presented to Ihat
meeting and question8 and comments from mambers are invited.
REFERENCE AND ADMINISTRATIVE DEfAILS
Reglstered Company numbor
CE(YJ1376 (England and Wal8s)
Reg18tornd Charfty nurnber
1154578
Reglstered offlc
University of Manchestsr
Oxford Road
Manchester
Lancashife
M158ER
Tru8ts8¥
Detslls of the Trustees that seryed durlrrfJ the year to 30 Septsrnter 2025 are shown under the Organisational Structure
section abovo.
Indopendont ExamSner
Stsv8n John Colliros
Leavitt Walm8lay Assoclat88 ￿mItsd
Chartered Certified Accountants
8 Eas￿aY
Sale
Cheshire
M33 4DX
Paga 3

RIENDS OF THE WHrrwoRTH
of the Tru8tee8
ar Ende
Approved by order of the board oflrustees on......
.. and slgngj on bthaFf by:
Ms A Maclfinnon - Trustse
Page 4

Inde
xami
Frl
The
Independent examlnefs report to th• t￿￿￿88 of Frfend8 of Tho whi￿Orth Vhe Company,)
I report to the tharity tsustees on my @xamination of the accounts of the Company for the y6ar ended,
30 September 2025.
Rosponslbllltles and b881s of report
As the ¢harity'S trust88s of the Company (and also its directors fer the purposes of company law) you are responsible for
the preparation ofthe accounts in accordance with the requIr￿ents of thè Companiés Act 20C6 {'the 2Q06 ACV).
HavirvJ satisfied myseff that the ac￿nts of the Company arg not required to be audited under Part 16 of the 2006 Acl ,
and are elWJ1b￿ for Indepéndent examination, I report in respect of my examination of your charity's Sccounts as carried
out under Section 145 of the Charflies Act 2011 (kne 2011 Act,). In carrylng out my examination I havg followed
Direclions given by the CharSty Commis8ion under Section 145{51 (b) of the 2011 Act.
Indgpendent examiner8 Statsmont
I have completed my examination. I confimi that no matt8ts have come to my attgntion in connection wth the
examination giwng me tsus8 to believe..
8ccountlng racords were not kept In resp8Ct of the Compary as required by Sectlon 386 of lh8 2006 ACL or
the ar￿unt8 do not aw)rd wilh those records; or
the accounts do not comply with tho accounting wuirements of Section 396 of the 2006 Acl ¢)ther than any
requiremenl that the accounts gfve 8 tru8 and lalr wew whlch is not a matter conslder&J as part of an
independènt examlnatlon. or
the accounts have not been prepared in accordance with the methods and principles of th8 Statement of
Re¢ommended Practice for accounting and reporting by ¢harltiÈs (applicable to charities preparfng their
8ccounts in aG¢ordanc8 ￿ the Financi81 Reporting Standard applicable In the UK and Republic of IrelarKI (FRS
102}1.
I have no COn￿rn9 and have come across no other matters in connection with tha examlnation to thich atténtlon should
be drawn in this report in order lo ena
a proper understandin9 of the accounts to be reached.
Steven John Colling8
Leavitl Walmslgy A8socigleB Llmited
Chartered Certified Accountants
8 Eath8y
Sal8
Cheshlre
M33 40X
Page 5

IENDS
WHITWORT
ment
orThe Year
30Se
mber
30.g.25
30.9.24
COIF
Investment
Fund
General
fvnd
Restrictéd
nds
Total
fvnds
Total
fjJnds
Notes
INCOME AND ENDOWMENTS
FROM
Donalions and legacies
19,186
19,186
20,650
Otrter trading xtivitie
Other income
9,703
9,702
2,950
9,415
3,190
Total
31,819
11)
31,818
33,255
EXPENDITURE ON
Charitable actlvltles
Donation to whi￿Orth Art
Gallery
Trading cost of 8al85
26,5cI)
4,518
26,500
4,518
45,000
6,873
Other
4,025
4,025
4,853
Total
35,041
35,041
56,728
g9in51(lossesl on
investrments
(3,247)
(3,247)
13,825
NET INCOMEIIEXPENDITURE)
(3,222)
(3,248)
(6,470)
19,846>
RECONCILIATION OF FUNDS
Total funds brought forward
19,857
118,250
136,107
145,753
TOTAL FUNDS CARRIED
FORWARD
16,635
113,002
129,837
136,107
Tha notas fom part ofthese financ121 stat￿ents
Page 6

FRIENDS OF THE WHITwoirr
Balance Shoot
ILSopt•mb•r 2025
30.9.25
30.9.24
COIF
General
fvnd
Totsl
fijnds
Total
nds
Fund
ffijnds
FIXED ASSETS
Investrnents
113.IY)2
113,Ci)2
116,250
CURRENf ASSETS
Debtrxs
Cash at bank
2.910
2,910
15.69)
19,869
18,6
18,6fy)
21,909
CREDITORS
Amounts falling due within one
(1.965)
(1,965)
12,052>
NEf CURRE￿ ASSEf8
16,635
16,635
19,857
TOTAL A8SET8 LESS
CURRENT LIABILITIES
16,635
113.002
129,637
136,107
NET ASSETS
16.635
113.002
129,637
136,107
FUNDS
Unrestricted funds
129,637
136,107
TOTAL FUNDS
129,637
136,107
Th& charftable company Is ￿ttIted to exempdon frtyn a￿lIt under Section 47T of ts Companies Act 2006 for the year ',
dfra 30 September 2025.
The member8 have not reqLNrgd tho (xjmpany kn obtsin ￿ audit of its financaal 8tatements for thè year 8nd8d,
30 sept￿nber 2025 in accordance V*ith Section 476 01 the Comp￿185 Act 2006.
The tru5te95 acknow*e Ihelr re9Wr￿1bI￿tIes for
(a)
gnsuring that tho charitsbl8 compary keeFK8 aCc￿nts￿ that ry)mpty ￿ Sections 386 and 387 of the..
Companles Act 2CC6 and
preparing finanaal statements which give a tn* and fak view of Ihe State of affairs of th8 charitabl8 c4xnpany as
al Ihe end of each ffinancaal year and of rfs swplus or defi(it frjr 8ach financial year In accordarKe with thè
requirements of s￿tiOns 394 and 395 aTrJ vthich otheMi59 compty with the requirements of the Compani&s Act
2(MJ6 ￿lathrO to financial statements, so far as applirnblg to the charitable company.
(b)
These financial statements have been weparnd li ￿Kdanc0 with the promsions applicab￿ to C*arItab￿ compank88
sublect to the small companies regime.
The finandal 8tatemertS V•we 4)pYoved by ts Board of Trustees and aUlh￿Sed for issue
..D..(o......Q.L.. ..2(o. and s19r￿d on Ets behaifby:
ad(innon- Trustse
The notes fomi mofthese financ4al statanents
Pag8 7

FR
18tatem
mber 2025
ACCOUNTING POUCIES
Basls of preparing thfr financial stalements
These ffinancial statements have been prepared in accordanc8 wlth the ptovisions of FRS 102 "The Financial
Reporting Standard applicable in the UK and Republic of Ireland the Companiès Act 2CMJ'6 and the Ststsment of
Rec))mmended Practi(E for accounting and reporting by charltles lapplic4ble to cl'arities preparing thelr;
accounts in accordance with Th6 Financial Repoilng Standard applicable in the UK and Republic of Ireland
{FRS 102>1. These financial statsments have been prepared undèr the historical cost convention.
Crlllcal a¢¢ountlng ludgemonts and k9y source• of 08tlmaOon uncertalnty
Tha tharity has a fixed asset investment vthich Is measured at falr value at &8ch reportlng date with changes In
fair value golng through the SOFA as a restricted fijnd. Falr vdue is bas8d on the dosing bid prlce quotéd from
kyicing and valuation tool obtaln8d at the yea end and the Iru8tees cOr￿lder thi8 price to b8 th8 proceeds which
would be rec*iv8d rf thè invèsfment was sold on 30 September 2025. Actual sales proceeds may higher or ,
l¢)wer depending on rnarket acuvity.
Incomo
All income 1$ reccgnised in the Statement of Financial Activiti8s On￿ the chaiity ha8 entluement to th& funds, tt '
18 probable that the income will ke receSved and th9 amount can be measur8d rdiably.
Ex￿ndItur•
Liabiliti'as aTr ￿cognised a8 expenditure as soon as there Is a legal or o)nstructlve el)ligation commhtlng th8
charity to that expenditure, it is probable that a transfer of economic tsenefi18 will be required In sèttlement and
the amount of the obligation can measured r&liabty. Expenditure is acctyjnted for on an acL¥uals basis and
haB b9en classified under headings that aggrégaté all ¢osts related to the c8tsgory. Vvhere wsts cannot be
diroctly attributed to particular hgadiros Ihey have bepn allocated to activities on a basis consistent with th8 use
of resoureAs.
Taxatlon
Thg charity is exempt from corporation tax on Its charitable activitk88,
Fund 4ccountlng
Unrestrided ttJnd8 can be used in accordance fft the charitable obJe¢*vg3 at the di6cretion ofthe trustees.
Restrlcted fijnds c¥n only bè u8ed for partlcular re8trict8d purpjses withln the objects of the charity. Reslrlctlon8
orlse when $p8c4tted by the donor or when fvnds are rai8ed for particular restrictod purposes.
Further e>planalicn oflhe nature and purpose of each lund Is included In the nobs to the finanLio1 statsments.
Flnan¢lal Instruments
The charity only holds basic finandal instrumènts as defined in FRS 102. The financi81 a88els and finand81
Ilabilibes of the charlty and their measurement ba515 are as follows..
Debtors in respect of gift ald r8P8y8ble from HM Revenue and Customs are measured at amortisad ¢o$t.
Cash gt bank 15 dassified as a basic financial instrum8nt and is m8asured at face value.
Creditors and accruals arè finanelal instrumonts and are measured at amortised cost Deferred income is not
dèemed to be a financlal Ilability as thè eash settlement has already taken place and therè is an obligatlon to
delivwservices rather than cash or another ffinanci81 instrumènt.
Inve8tments
Fixed asset invesbnants are induded in ts finanrial statements at thelr falr value at the balance sheet dat8.
Fluctuations in the invesknent'8 fair value al eath repcytlng date ar8 taken to the statement of financial aclivities
and shown as 'Net gainslllosses) on inv8$lments'.
Golng concem
The trustÈes assess whether the use of the going wnchm basis of acccmjnling Is approp.rTate, ie wh8ther there
are any material ￿n￿rtainl18$ related to events or conditions that may Cast signlficant doljbt on the ability of the
tharity to continue as a gthng concern. The trustees make th15 assessment in raspect of a perltyj of at least one
year from Ihe date of auth￿IsatIOn for issue of the accounts and have concluded that the charity has adequgte
twsources to continue in t¥Jerational 8XiStèn¢e for the foreseeable frjture and there af& no material Un￿rtaIntleS
about the academy trust's ability to continue as a going con￿rn. Thus, they conunue to adopt the going ¢oncern
basis of accountlng in preparing th8 financial stateménts.
Page 8
contlnued...

FRIENDS OF THE Vln4lTWORTH
otss to the Flnanclal Ststements . contlnu8d
or The Year Ended 30 Se
teffiber 2025
DONATIONS AND LEGACIES
30.9.25
30.9.24
Donations
Subsc¥ipttons
Incom8 tax refvnds
3.346
12,557
3,283
8,359
10,251
2,040
19,166
20,650
OTHER TRADING ACTIVITIES
30.9.25
30.9.24
Fundraising events
Trading sales
8.869
833
8,635
780
9,702
9,415
TrUSTEES' REMUNERATION AND BEMERTS
There were no twstees, remuneration cr othar benefits for tho year end8d 30 S8Ptsmber 2025 nor for tho year
ended 30 September 2024,
Tru81808' oxponi•s
There were no trustses, èxpen88s paid for tho year ended 30 September 2025 nor for the year gnded
30 September 2024.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES
COIF
Investment
Fund
General
fund
Rggtricted
fund8
Total
nds
INCOME AND ENDOWMENTS FROM
Donations and legacles
20,650
20,650
Other Iradlng activlties
Other income
9,414
3,190
9,415
3,190
Total
33,251
33,255
EXPENDITURE ON
Charltable actlvltlos
Donation to Ithi￿rth Art Gallery
Trading cost of sales
45,OCIJ
6,873
6,873
Other
4,853
Totsl
56,726
56,726
Net gains on inv6stmènts
13,825
13.825
NEf INCOMEI{EXPENDITURE)
Transfers between funds
(23,472)
10,000
13,826
{lO,C￿0>
19.e48)
Not movoment In funds
(13,472)
3,826
(9,648)
RECONCILIATION OF FUNDS
T¢)tsl funds brought forw8rd
33,329
112,424
145.753
TOTAL FUND8 CARRIED FORWARD
19,857
116,250
136,107
Pag8 9
continu&d...

FRIE
FTHEWH
otes to tho F"
tements -
For Tha Year Endad 30 S
FIXED ASSET INVESTMETrirs
Unlisted
investrn8nts
MARKET VALUE
At 1 October 2024
Revaluations
118,250
13,2481
At 30 Sépt6mbar 2025
113,002
NET BOOK VALUE
At 30 September 2025
113,002
At 30 September 2024
116,250
Thera were no inv￿tr￿ent assets ¢)utslde the UK.
Cost or valuation at 30 September 202515 represented by:
Unlisted
investrents
Valuation In 2022
Valuation In 2021
Valuation in 2020
Valuallon in 2019
Valuation In 2018
Valuation in 2023
Valuation in 2024
Valuation In 2025
9.341
12,753
9,654
24,564
50,0
6.112
3,828
13,2481
113,002
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.25
30.9.24
Glft ald
2,910
2,040
CREDrroRS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR
30.9.25
30.9.24
Deferied inccmne
Accrued expenses
.503
11462
1,392
2.052
MOVEMENT IN FUNDS
At
1.10.24
movement
in fvnds
30.9.25
Unrestrkled funds
Goneral fijnd
OIF Investsnent Fund
19,857
116,250
13,2221
13,2481
16,635
113,002
136,107
16,4701
129,637
TOTAL FUNDS
136,107
16,4701
129,637
Page 10
continued...

FRIE
FTHE
RTH
Notsg to tho F
cial S
For.. Th• Year End
ntlnue
Ose
MOVEMENT IN FUNDS- contlnuod
Net movement In funds, indudèd In the above are as follows..
Inccming
r8sourc&s
Resourc8S
expend
Gains and
losses
Movement
In funds
Unrestrfctsd fund8
Gen9ra5 fvnd
COIF Investmènt Fund
31,819
(35,0411
{3,222)
(3,2481
(3,2471
31,818
{35,041)
{3,247)
16,4701
TOTAL FUNDS
31.818
(35,041)
{3,247)
(6,470)
Comparallv•8 for movgmont In funds
Net
movèment
In fvncts
Transfers
betsveen
nds
At
1.10.23
At
30.9.24
Unre8tricted funds
General fvnd
COIF Inve3lment Fund
33.329
112,424
123,472)
13,826
10,000
{10,CQO)
19,857
116,250
145,753
(9,846)
136,107
TOTAL FUNDS
145,753
(9,646)
138,107
Comparative net movemgnt in funds, included In thè above are a8 follows:
In￿mIng
R080urces
resour￿$
exp8nd8d
Galns arKI
1055es
Movement
In fU￿S
Unrn8trlctsd fund8
General fund
COIF Investsnent Fund
33,254
<56,7281
(23,4721
13,826
13,825
33,255
(56,7261
13,825
(9,646)
TOTAL FUNDS
33,255
(58,7261
13.825
(9.646)
A current year12 months aThd prior year 12 months cnmbined p081tlon Is a3 ft)Il¢)ws'.
Net
movement
In fijnds
Transfets
ba￿en
fijnds
1.10.23
30.9.25
Unre81ricted funds
Ge￿ra1 fijnd
COIF Investment FurKJ
33.329
112,424
(26,694)
10,578
10,OfQ
110,OCQ)
16,635
113,002
145,753
(16,116)
129,637
TOTAL FUNDS
145.753
(16,116)
129,637
Page11
continued...

RIE
E WHrrwoRTH
Inancial Statsments .
ed 30 Soptember 2
nue
MOVEMENT IN FUNDS- contlnued
A cuwent year 12 months and prior year 12 months tJ)mbined net movement in fijnds, induded in the aboNp are
as follows..
Incoming
resources
Restsurc8S
. expend￿1
Gains and
losses
Movement
in funds
Unre6trl¢ted lund8
General fvnd
COIF Investment Fund
65,073
(91.767)
(26,694)
10,578
10,578
65.073
{91,787)
10,578
{16,116)
TOTAL FUNDS
85,073
191,767)
10,578
(16,116)
10.
RELATED PARTh D18CLOSURE8
Ther6 were no relatsd party transactlons for tho year ended 30 Seplernber 2025.
Pag8 12

IENDS
THE WHrrwoRT
11 d Statsmont of Financlal
30.9.25'.
30.9.24
INCOME AND ENDOWMENTS
Donatlont and lagacle8
Donations
Subscriptions
Income tax refurKI$
8,359
10,251
2,040
12,557
3,2.63
19,166
20,650
Other tradlng aetivltl
Fundraising events
Tradlng sa18S
8.869
833
8.635
9,415
Othor Incomè
Bank interest
DI￿dend reL*ived
93
2,857
330
2,950
3,190
Total Incomlng r080urco9
31,818
33,255
EXPENDITURE
Charltable adlvltl
Donatlons to Gallery
Cost of trading sales
Lecturèr fees
26.500
72
4,444
45,000
922
5,951
31.016
51,873
Support ¢08ts
Othor
P05tagg and ststionory
Sundrfes
Websltè costs
Bank charges
199
1,576
248
2,319
2,563
3,461
Govornanco co8t8
AccountanGy and legal fees
1,482
1,392
Total resource5 experKled
35,041
56,72e
Ngt oxpenditure befom gains and loue8
{3,223}
(23,471)
Reall8ed rocognlsed galng and108809
Realised gain31(losses) on fixed as8et
investsmonts
(3,247)
13,825
Not •xp8ndlture
(6,470)
19,646)
This page d08s not fomi part ofthe Statutcry financial statements
Page 13