Charlty number. 1175425 Worshipful Company of Insurers Charitable Trust Trustees. report and financial statements For the year ended 30 September 2025
Worshipful Company of Insurorn Charltsbl• Trust Contsnts Page Trustees. report Independent Auditors, r•port Statsm¢nt of flnanclal actlvltles 10 Balance sheet Notss to tho ftnanclal statements 12-21
Worshipful Company of Insurnrs Charitable Trust Truste. Report The Trustees present their report together with the audited financial statements of The Worshipful Company of Insurers Charrtabfe Trust (the Charity) for the year ended 30 September 2025. The finanu81 statements have been prepared in accordance with the aCUnting policies set out in the notes to the accounts and comply wth the Chanty's goveming document, the Charities Act 2011 and Accy)unting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of IreEand (effective 1 January 2019}. The Charity is a Charitable Incorporated Organisation (CIO) and was registered on 27 October 2017 {regislratson number 1175425}. The sole member of the Charity is the Worshipful Company of Insurers (the Company)- Confirmation of its charitable stslus was received from HMRC on 22 Febwary 2018. Its Trustees are predominantly members of the Company. On 31 March 2018 the 8ssets. liabilities and activities of the Worshipful Company of Insurers Charitable Trust Fund (charity number 279959) and the Wotshipful Company of Insurers Second Charitable Tnjst Fund (charity number 288397) were transferred lo the Charity and Ihe Trustees of these fomier charities became ils Trustees. These charities were removed from the Charity Commtssion Register of Charities on 20 April 2018. The merger did not result in the o>mingling of the fvnds held by the fonner charitS which Temain ring-fenced and will be used solely for their original purposes, until such time as their reserves are exhausted. The funds fOrnrfy held by the Worshipful Company of Insurers Charitable Trust Fund ar8 held in a restricted fund. originally known as the 'Closed Education Fund, and now known simply as the 'Educalion Fund 1,. The funds formerty held by the Worshipful Company of Insurers Second Charitable Trust Fund were originally held in a resthcted fund known as the 'Closed General Fund, but Ihe funds are now exhausted and the Closed General Fund has now been closed. The Charity a150 has an unrestricted fund with rTh)re flexible objects, originally known as the 'OpBn Fund, and now known as Ihe 'General Fund,. On 3 November 2023 the assets ofThe Education and Training Tnjst ofthe Chartered Insurance Institute IEAThI (charity number 1021017) We formally transferred to the WCI Charitable Trust. These are now managed as Wcl assets. but a third lund has been ¢reated to ring fence these assets from the previous Education Fund (now renamed Education Fund 11. The new assets are held in a fund called Education Fund 2 and wll be managed wrth objects Klentical to Ihe fomer legal objects of the EA. ectives The objeds ofthe Charity are such charitable purposes as the Charity Trustees may, in their absolute discretson, determine. including. but not limited to- The advancement of educalion of the publi¢ in general in relation to insurance and to promote research for the public benefit in all aspects of that subject and to publish the useful results,. The advancement of the education for the public benefit of individuals practising or intending to practise the business of insurance or any other recognised business or profession. The relief of povety of current or former practitioners of the business of insurance or any other recognised business or profession and their dependents. and in pafticular members of the Worshipful Company of InsLrers and their dependents- and The provision of assistance and support for persons who are currently seNing or have served in the arnied forces of the United lQngdom and their dependents, including Iwilhout limitation) by making grants to charities established in whole or in part for that purp)se and registered in any part of the United Kingdom. The principal objective of the Education Fund 1 is to provide grants solely for th8 advancement of insurance education. support may be about insurance as a career andlor educating students in the terhnicalities of Insurance as preparation for eniering th8 industy (subjecl to the First WCI Charitabte TNst deed).
Worshlplul Company of In$ur&rs Charltable Trust Trustees. Report When applying the resources of the Education Fund 1 Ihe Truslees seek to develop educational opportunities at all levels for those seeking to practise within the Insuran industy and the financial se1viS market. While making appropriate donations in accordance with Ihe charitable objects of the Charity. the Trustees actively encourage members of the Company to parbcipate in projects tPot are the benefiuaries of fvnding, induding takn'ng part in mentoring initiatives. One of the Chanty's main beneficiaries of Education Fund 1 was Brokerage Citylink to which it made donations totalling £50.000 during the year and confirmed further ¢ommthents of£50.000 payable in 2025126 and a fvrther £50.000 payable in 2026127. The prFncipal objective of the Education Fund 2 is to provlde grantsto advance education and training of persons employed or engaged or desiring to be employed or engaged in insurance and allied occupations- and the general public in relation to insurance and allied crcupations and their role in society and the economy (subject to the First EATh charitable trust deed). When applying the resources of Education Fund 2 the trustee will honour certain obligations already entered into by the EATh, the main beneficiaries being Career Partnership Programs and University of Nottingham. The principal object of the General Fund 1$ to provide grants and general donations for charitable purposes. The Truste6s have regard to the Charity Commission's guidance Dn public benefit in setting the Charity's granl making policies and its futu plans. They regularly review their strategy for allocating the Charity's resources so as to rellecl the interests and concems of the members of the Company while pursuing the Charity's objects. Accordingly, the Trustees are salisffied Ihat Ihe grants that are made are within the Charity's objects and provide public benefit. In some cases, they seek to ciksponsor activity in partnership with other bodies to maximise the effectiveness of donations. Where substantl81 amounts are committed. they are generally of a longer-temi nature to support continuty of the recipient's charitable activity. Details of all grants can be found on pages 15 10 17. Ivltl•s and P During the period the Charity received donalions of £172.644 (2024: £3.218.8161, which included the fin transfef of education assets from the fvnd of £21,105, and investment income of £178,63612024.. £96.735). Grants made 8nd committed and associated support costs together amounted to £550.65312024.' £597,934). After investment management charges of £3,751 12024- £6,988}, govemance ¢osts of£18.306 {2024- £17,155) and net realised and unrealised gains on investments of £nil (2024.. £62.430). the Charity's reserves stood at £3,976,199 (2024: £4.197.629). Investment Review The Charity holds cash in various fixed temi r2sh deposits in relation to Education Funds 1 and 2, on the Insignis Platromi. Dunng the year the Trustees withdrew the assets from under management wth Cantab Asset Management Limited (authorised and regulated by the FCA, registered number 4492691. During the financial year ended 30 September 2025 a request for propos81 for fund managers was completed and Cazenove Capital (authorised by the PRA and regulated by the FCA, registered number 144206) have been appointed. Assets have been transferred across to Cazenove Captlal following the year end. At the year end the market value of investments was £nil {2024'. £nil}, value in fixed temi deposits held foi over 3 months was £nil12024: £4.069,915> and under 3 months was £1.82512024.' £439,220). The Trust is a Charitable Discrelionary Trust. The Trustees have the power to accumulate inGome and capital and have discretion as to whom and how much is paid.
Worshipful Company of Insurers Charltabl? Trust Trustses, Roport ResaNe$ polley At 30 September 2025 the Charity held total fuThJs of£3,976.19912024'. £4.197,629) ofwhich £3.941.577 {2024: £4,151,593) were restricted and £34.622 (2025.. £46,036) were unrestricted. In the General Fund the Trustees alm to meet CUTrent and committed expenditure from donation income, whilst maintaining an unrestricted reserves tsrgel of approximately £40,000 at all times so that fvrture commitments can be met should donations decline. It is the Trustees, intention to donate in the region of £200.000 each year from the restricted Education Fund 1 for at least the next year and a further distribution in the region of £260.000 from restricted Educalion Fund 2 in 2025126. The reserves of both restricted fijnds are reviewed annually by the Trustees. Rlsk Managgmont The Trustees have assessed the major risks to which the Charity is exposed in the light of current Charity Commission guidance, this was updated following the transfer of assets from EAAT. The Charity's major risks are financial and pUtatIonal. In principle, market volatility or a fall in donations could each have an impact on the Charity's ability to meel its grdnt commitments. In order to avoid this exposu, the Trustees do not make SIgnl¢ant lon*term commitments that would leave the Charity exposed. The Fund's largest grants are made from 115 Education Funds 1 and 2, whose assels are for the time being very significantly in excess of its liabilities. Our smaller grant commilments. which are alrnost entirety made from the General Fund, a strictly mor¢itored to ensure that they will al all times be affordable in the light of expected donations to the Charity. The Tnjstees are also aware of possible reputational risk arising from inappropriate behaviour by grant wipients- damage as a result of grants being issued outside of charitable Objects or public poliw, and complaints as a result of unclear application process andlor lack of visibility over grarit avaitability- Careful checks a made in relation to grant applicants before any grant is agreed and the use to which grdnts are pvt is carefully monitored wrth a view lo minimising this risk. Other risks identffied ano addressed by the Trustees include the risk of a successful cyber attack, conflicts of intsrest and the risk of a legal or regulatory breach. tructure Governance & Mana me The Company is SPOnSible for appointing new Truslees. Under Ihe Trust Deed the management arKI decislon making of the Charty 15 the responsibilty of the Tfustees, who take note of views expressed from lime to time by the Court oflhe Company on matters of wlicy. Given the size and nature ofthe Charity the Trustees consider the level oftraining and induction for new Trustees to be appropriate. The Truslee5 provide new Twstees with a copy of the Charity's constitution, Ihe most recent audtted finanaal statements and guidance booklet The essential tnjstee (CC3) published by the Charity Commission. The auditors. Kreston Reeves Audit LLP. have indicated their willingness to wntinue in offi. The designated Tnjgtees will propose a motion reappointing the auditr)tE at a meeting of the Trustees. The audit registration of Kr&slon Reeves LLP was transferred to Kreston Reeves Audtt LLP on 6th October 2025. Kreston Reeves Audf( LLP were fortnally appointed as auditor to the charity on 6th October 2025.
Worshlpful Company of InsuTors Charltable Trust Trusts&$' Report Trusts9s K Wade Chair S Bramall I Clark {Honorary Treasurer) K Gray L Hodgson (appointed 9 O¢tober 2024) S Mann (appointed 9 October 2024) H Pearson lappoinled on 16 September 2025) S Ross J Saggu (resigned 16 September 20251 S While {resigned 9 October 2024) V Wilkinson {resigned 9 October 20241 Reference and admini$traliv• d•lail$ of tho Charlty and advlsors Secretary to the Trustees V King Charity rogl$tored numbor (roglstered In England and Wales) 1175425 Ptln¢lpal offlce {reglstered office) 124 City Road London EC1V 2NX Audltors Kreston Reeves Audit LLP {appointed 6 October 20251 statutory Auditors 168 Shoreditch High Street EI 6RA Bankers Charities Aid Foundation 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA Investment Platlorm Insignis Cash 8 Devonshire Square London EC2M 4AE Fund Managers Cazenove Capital 1 London Wall Place London EC2Y SAU
Worshlpful Company of Insurers Charflable Trust Truslees. Roport Truslees. Responsibllity Statfrmgnt The TTUStees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢counling Practice). The law applicable to charitses in England and Wales requires the Trustees to prepare financial statements for each financial year which give 8 true and fair view of the state of affairs of the Chanty and of the Incoming resources and application of resources of the Charity for Ihat period. In preparing these financral ststements, the Trustees are required to: select suitable accounting policies and apply them nSIsteny' observe the methods and principles in the Charities SORP. make judgements and eslimates that are reasonable and pwdent,. stale whether applicable Unrted Kingdom accounting standards are followed. subject to 8ny materTral departures disclosed and explained in the financial statements- and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are resFX)nsib5e for keeping proper accounling records that disdose with reasonable accuracy 81 any time the financial position of the Charity and enable them to ensure thal the ffnancial statemenls ¢omply with the Charities Act 2011 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for Ihe prevention and detedion of fraud and other Irregularities. This report was approved by the Trustees on IO and signed on Iheir behalf by: (Lih oei K Wade. Chalr
Worshiplul Company of Insurers Charltable Ttust Independent Auditors, R•port Oplnlon We have audited the financial statements of The Worshipfttl Company of Insurers Charitable Trust Fund Ilhe 'chariV} for the yearended 30 September 2025 which rx)mwise the Statement of financial aclivtties. the Balance sheet and the related notes, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted lQ'ngdom A¢¢ounting Stsndards, including Financial Reporbng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally A(Lepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as al 30 September 2025 and of its incoming resources and appliGalion of resources for the year Ihen ended" have been properly prepared in accordance with Unite¢J Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements ofthe Charities Act 2011. Basi$ for opinion We conducted our audit in accordance with Intemational Stsndards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibiifEies under those stsndards are fvrther described in the Auditors, responsibilities for the audit of the financial statements section of rAJr report. We are independenl of the charty in accordance with the ethical requirements that are relevant to our audit of the financial statements in the Untted Kingdom. including tho Financial Reporting Council's Ethical Standard, and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng ¢oncern In auditing the financial $tstements. we have concluded that the Truste6s' use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have perfomed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charivs ability to conlinue as a going concem for a period ofat least e1ve mor¢ths from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of th8 Trust8es wtth re5peGt to going concern are described in the relevant secbons of this report. Other Informatlon The other information comprises the infom18tion included in the Annual Report other Ihan the financial slalemenls and our Auditors, Report thereon. The Truslees are responsible for the other infomation contained wrthin the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the exter¢t otherwise explictlly stated in our port, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other infomialion is materially inconsistent with the financial statements or our knowledge obtained in the course ofth8 audit, OT Otherwise appears to be materially misstated. If we idenbfy such material inconsistencies or apparent material misstatements. we are required to detemiine whelher this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we r£)nclude that there is 8 material misslatemenl of this other infomiation, we are qUired to report that fad. We have nothing to report in this regard.
Worshlpful Company of Insurers Charltable Trust Independent Audltors, Roport Matters on whlch we are requlrod to report by eXptIOn We have nothing lo report in respect of the following matters where the Char6ties {ACcnts and Rep)rtsl Regulation$ 2008 requires us to report to you if. in our opinion.. the information given in the Trustses, Report is inconsÉstent in any material respect with the financial statements,. or sufficient accountillg records have not been kepl" or the financial statements are nol in agreement with the accounting records and retums,. or we have not CeIVed all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Trustees. responsibilities $tatemenl. the Trustees are responsible for the preparation of the financial statements which gwe a tnje and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of ffinanrial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Tnjstees are responsible for assessing the charity's ability to continue as a going concem. disclosing, 8s applicable. matter5 related to going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charlty or to (ase operations. or have no realistic alternative but to do so. Audltors. responslbllltles for the audtt of the flnanclal statem•nts We have been appointed as auditor under seclton 145 of the Charities Act 2011 and report in accordance wtth the Act and relevant regulations made or having effect thereunder. Our objectives are to d)tsin reasonable 8SSLFrance about whether the financial statements as a whole are free from material misstatement. whelher due to fraud or eOr. and to issue an Auditors. Report that includes our opinKin. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wtlh ISAS (UK} will 8yS delect a material misstatement when it exisls. Misstatements can arise from fraud or efror and are considered material if. individually or in the aggregate, they could reasonably b8 expected to inffuence the economic decisions of users taken on th8 basis of these financlal stslements. Irregularities, including fraud. are instanc£s of non-compliance with laws and regulalion5. We design procedures in line with our responsibilities. outlined abDve. to detect material misstatements in respect of irreguSartties, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud 1$ detailed below: Capabilityof the audit in delactsng inBgularities, induding fraud Based on our understsnding of the charity and the sector as a whole, and through disuJssion with the Trustees and other management (as required by auditing standards). we ideniifd that the prinpaI risks of non-compliance with laws and regulations lated to anti-bribery and employment law. We considered the extenl to which non-compliance might have a material effect on the financial sL8tements. We also considered those laws and regulations that have a direct impact on the preparation of the finana81 statements such as the Charitigs SORP (FRS 102} SelMI Edition (released October 2019), and other relevant charity legislation. We ommunicated identified laws and regulations throughout our team and remained alert to any indications of non-complian throughout the audtt. We evaluated Trustees. and management's incentives and opportunities frx fraudulent maniputation of the financial ststements (induding Ihe risk of override of controls) and determined that the prinGipal risks related to posting inappropriatejoumal entries lo increase VenUe or reduce expenditure. Audit procedufts perfonned by the engagement team induded..
Worshlpful Company of Insurers Charltablg Trust Indopendgnt Auditors. R•port Discussions with management and assessmenl of known or suspected instances of non-compliance with laws and regulations and fraud" and Review of c8sh expendrture lo confimi evidence of personal benefit; and Confirmatn of related parties with management, and review of transactions throughout the period to identify any previously undisclosed trans8ctions wth related parties tsIde the nomal course of business., and Reading minutes of meetings of those Charged with g0veman. and reviewing correspondence with relevant tax and regulatory authorities; and Identifying and testing journal entries, in particularany manual entries made at the year end for financial statement preparalion. Because of the inhernnt limitations of an audit, the is a risk that we wll not detect all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or gulatIOn is renY)ved from the events and transaction5 reflected in the finar¢cial statements, as we will be less likely to become aware of instsnces of non-compliance. As part of an audit in accordance Yth ISAS {UK), we exercise professional judgment and maintain professional scepti¢ism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perfom) audit procedures responsive to Ihosg risks, and obtsin audit eviden Ih8t is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a malerial misstatement resulting from fraud is higher than for one resutting from error. as fraud may involve collusion, forgery. intentional omissions, misrepresentats"ons, or the ovwtde of intemal control. Obtain an understanding of intemal control relevant to the audrt in order to design audit procedures that are appropriate in Ihe ¢ircumstan¢es. but not fthe purpose ofexpressing an opiniorb of the effectiveness of the charitys intemal (x)ntrol. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disdosures made by the Trustees. Condude on the appropriateness of the Trustees. use of the going concem baw$ of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast signrficant doubt on the chartys ability to continue as a going concern. If we condude that a material uncertainty exists. we are required to draw attention in our Auditors, report to the related disclosures in the financial ststements or. if such disdosures are inadequate, to modify our opinion. Our condusions are based on the audit 8vKlence obtained up lo the dale of our Auditors, report. However, fLrture events or wndition$ may rAuse the charity to cease lo continue as a going )nm. Evaluate the overall presentatlon, stsuclure and ntent of the financial statements, indudlng the disclosures, and whelher the financial statements represent the underfying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters. the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in intemal control that we identify during our audiL
Worshlpful Company of Insurers Charitable Trust Independent Auditors. Report Use of our report This report is made solely to the charivs trustees. as a body, in accordance with Part 4 of the Ch8rities (A¢counts and Reports) Regulations 2008. Our audit work has been undertaken so that we might sLite to Ihe charity's trustees those matters we are required to state to them in an Auditors. report and for no other purpose. To the fullest ex1ent permitted by law. we do not accept or assume responsibilrty to anyone other than the Charity and its trustees, as a body. for our audit work. for this report, or for the opinions we have formed. Kreston Reeves Audlt LLP Slalutory Auditor London Dale- 25 March 2026
Thg Worshlplul Company of Insurors Charltable Twst Stat?ment of flnanclal a¢tlvitles For the yoar ended 30 Septembor 2025 Nots Unrestricted Restricted Gon&ral Fund Educatlon Fund I Restri¢t Education Fund2 Totsl Fund$ 2025 Total FndS 2024 Ineom& From: DonatK)ns 8nd18ga(a88 145.039 6.5 21,105 172,644 3,218,816 Investments 54,972 122,672 178.636 ,735 Total income 14Q031 61.472 143,7TI 351.280 3.314551 Expenditure on ralslng funds Investment 1.114 3,751 6.988 anagemenl chargPS Expenditure on charltable aciivities Grdnts 141.315 178.884 200,454 520,653 Support costs 10,tYJO 10.CKJO 10.OCX) 30,WO Govemance costs 6.102 6,102 6,102 18,306 17,155 Total expenditure 157145 196.100 219.165 5T2.710 622.077 N¢t gains on invoslments Net expgnditurn {11A14) (134.628) (75.3881 1221.430) 2,755.904 Total fvnds brought forward 46.036 1.305,512 2,848.081 4.197.629 1.441.725 Totsl funds at 30 September 2025 13 34,622 1.170,884 2.770.693 3,976,199 4,197.629 The statement of financial activities included all gains and10sses recogni$ed in the year. The notes on pages 12 to 21 form part of these financial ststemants. io
Th• Worshlpful Company of Insurers Charltablo Trust Batanco $hoOt as at 30 Septembor 2025 Nots Unr•strlct•d G•n•ral Fund Restricted Restricted Education Education Fund 1 Fund2 Total Total Funds 2024 Fund$ 2025 Fixed As$ots Investments 4.069915 Current assets Debtors 102.216 3.281 110,297 138.671 Cash at bank and on 66,579 1.281.341 2.975.353 4.323,273 439.220 deposit 71,379 1.383.5SI 2,978,634 4433.570 577.891 Credit¢rn: amounts (36.7571 (162,673) {207.9411 (407.371) {400,1771 falling within one year Net current assets 1.220.884 2.rn1,893 4026.199 177.714 Debtors". amunts falllng due after one year 10 1441)0 14,400 14AOO CredIt$.. amounts falling due afterone y&ar 12 (64,4001 164,400) 164JOO) Ttsial 8•1¢88 Ilabllltse8 1.170.884 2.m.693 3.976.199 4,197,629 Funds Genw81 Fun(J 13 46.036 Education Fun(11 13 1.170.884 1.170.884 1A05.512 Education FurKI 2 13 2,770,693 2.770.693 2A46.081 Totsl Funds 1.170.884 2.rio.693 3.976.199 4.197.629 The financial ststements were approved by the Tnjstees on 10 and signed on their behall by- K Wade Chalr I Clark TrusteelHonordry Treasurer The notes on pages 12 to 21 form part of these financial slalemenls li
Worshlpful Company of In$ur•rs Charltabl• Trust N¢)las to Iho financlal statements 1. A¢countlng pollcles 1.1 Basis of preparation and ass&s$m•nt of golng concem The financial ststements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charilies: Statemer¢t of Recommended PTactice applicable to Charities preparing their accounts in aeLordance with the Financial Rep)rting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a ITue and faiv view and have departed from the Charities (Accounts and ReForts) Regulalions 2008 only lo the extent reqUId to provide a 'lrue and fairf view. This departure has involved following the Charities SORP {FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. The Worshipful Company of Insurers Charilable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inrtially recognised al historical cost or transaction value unless otherwise stated in the levant acLounting policy. 12 Golng concorn The Trustees assess whether the use of going contsm is 8ppropri8te. i.e., whether there are any material uncertainties related to events or conditions that may cast signfficant d05Jbt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the dale of authorisalion for issue of the finanual statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charivs abilty to continue as a going cOnrn. thus they o)nlinue to adopt the going concern basis of accounling in preparing the financial ststements. 1.3 Cash flow exemptlon The Charity has taken advantage ofthe disclosure exemptvjn in the 'Amendments to Accounting and Reporting by Charities: Statement of Recommended Practice Applicable to Charities Preparing their A¢(x)unts in Accordance with the Finanaal Reportj'ng Standard applicable in the UK and Republic of Ireland - Update Bulletin 1.. 1.4 Income Oon81ion income was recognised when the Charity had enlitlement to the funds. it was probable that the income would reIved, and the amount could be measured reliably and was not deferred. Investment Income. induding Inte$[ was re¢ognised when received. 1.5 Fund accountlng The Charitys unrestricted funds are available for use atthe discretion ofthe Tnjstees in furtherance of the general objectives of the Charity and have not been designated for other purposes. The Charity's restricted fijnds are to be used in acCOrdae with spec¢fic restiictions contsined in the trust deeds of predecessor charbties from which they were transferred or imposed by donors. orwhich have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each reslrlcted fund is set out in the notes to the financial statsments. 12
Worshlpful Company of Insurors Charltable Tnt Notss to thg financlal statsmonts 1.6 Expendlture and irvocoverable VAT All expenditure was accounted for on an accfuals basis and was included under expense categories that aggregated all costs for alltiOn to activities. Where costs could not be 1ctlY attributed to particular activities, they were allocated on a basis consistent with the use of the SOurCes. Grants payable were charged in the year when the offer was made. except in those cases where the offer was conditional. such grants being reccgnised as expenditure when the conditions attaching were fulfilled. Grants offered subject to conditions which have not been met at the period end were noted as a commitment, but nol accrued as expenditure. Support costs were those costs Incurred directly in support of expenditure on the objects of the Charity. Govemance cA)sts were those incurred in connection with administration of the Charity and compliance with constitutional and ststutory requirements. All resources expended were inclusive of irrecoverable VAT. 1.7 Investments Investments were staled at market value at the balance sheet date. The Statement of Flnancial Activities irldeS the net gains and losses arising on revaluations and disposals throughout the period. 1.8 Debtors Trade and other debtors were OgnISed at settlement amount due. 1.9 Cash at Bank and In hand Cash at Bank and in hand includes cash and short terni highly liquid investments with varied rrraturity dates ranging from immediate access to l year. 1.10 Credltors and provlslons Creditors and provisions We recogni$ed where the Charity had a presenl obligation results'ng from past event that would probably result in the transfer of funds to a third paty and the amount due to settle Ihe obligation would be measured or estimated reliably. Creditors and provisions were recognised at their settlement amunt due. 1.11 Flnancial Instruments The Charity only had finanual assets and Ilabilitles of a kind that qualfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. 13
Worshlpful Company of Insurers Charltable Trust Notes to the Ilnanclal slatements 2. Donatlons and legacles Unrestrl¢tsd G•noral Fund Restrfct•d Restricted Total Edu¢atlon Educallon Funds 2025 Fund 1 Fund 2 Totsl Fund3 2024 Donations 145,039 21,105 172,644 3218.816 Tolal 2024 141,090 3.077. 726 3.218.816 3. Investment incom8 Unrestrlcted General Fund RestrIrt Ro$trbctsd Total Educatlon Edu¢atlon Funds 2025 Fund 1 Fund 2 Total Funds 2024 Investment Income 992 54,9Y2 122,672 178,636 96,735 Total 2024 3,987 41.928 50.820 96. 735 14
Worshlpful Company of Insurers Charltable Trust Notss to the flnaThclal statements Grants made Unrestrfcted Goneral Fund Restrfcted Educatlon Fund 1 Restrfcted Total Funds Educatlon 2025 Fund 2 T¢>tsl Funds 2024 GeneralFund Charity Partn•hs.. Gonarnl Actson Tutoring Blind in Business 5.000 5.000 5.0 5,000 Ckjthing Sol¢Jtions FCV Dorcas Go Kids Go M8de in Hackney Mudchute Park & Fam Music In Ho8pit81s St Pauls Mongy A(hice Centre (Crosslightl Sl Mary Le Bow Young H(xngtoss Succ4$s Club The Money Charity XLP Charlty Parlnots.. Clty CMC Barrow Fam) Flding School IM8sterfs Charity 2025} Ironbridge Gorge Museum Kent & Sharpshoolersyeomanry Association ry Fwd Initiative very S¢h(N)Is Link Lord Mayorfs Appeal Middlesex & North London 21 CompanyACF Royal Navy Cadets VCC Sheriffs, & Rertrs Fund Sheriffs Challènge Skylarks IMasle¢s Charity 2024} Sl Lawrence Jewry Church Surbrton & Esher "1 Cadet$ Alatch•d Fundlng Alzheim8rf8 &xi8ty Barrow Form Riding sch( Cancer Resoarch CoppaFeel Lord Mayors Appeal Kent A$sE9"0n forthe Blind Onward and Upward8 Sheriff and Recorders Fund s.000 4.000 4.000 3,0 10,0(X) io,ooo 4,000 10.OCKJ 10,orJJ 10.000 10,000 5.000 S,)0 iO.C4X) 10.000 1,000 3.¢)00 3,000 125 I,OOD 3.000 3.000 125 10.000 5200 4.000 6250 175 1,000 3,000 12$ 10.000 5.600 10.000 5.200 4.000 6.250 175 3,000 150 4,000 4.000 3,000 4.000 3,¢XJO 4.000 3.000 1,500 1.500 1,500 425 3.OCKJ 1WO 1.500 1,500 425 1000 1.50D 1,500 1,500 15
Worshlpful Company of Insurers Charltable Trust Notss to Iho financlal statsmgnts 4. Grants mado (contlnued) Unrgstrictsd General Fund Rostricted Education Fund 1 R¢strictod Education Fund 2 Total Funds 2025 Total Funds 2024 Ma¢¢hod Fundlng (witinu8dJ St Giles Twsl The Brain Turr¥)ur Charity REACT Disastor cospons Walking with th& Wounded XO Bikes 1.500 1,500 553 1,500 1,140 1.140 Ad I grants Adult Literacy Trust AFASIC 5.000 3,OC(S 2.5C 1,000 1,OCQ 3,0 2,5 3,0 Blooming Ajts Build Up Foundation Cirdan Sailing Trust Cros5 Light tknr Stèp Library GAIN Islington Centre Listening B(kS LLknI Village Nelwofk Number Champions Strength and SeamiwJ Ilwough horses Skylark8 Spitz SPLF Success Club SU & Booted The R98ding Ltst FoundBtion rimebanking UK Toucan EmployTrent Tower Hamlet Mission 5,000 3,000 3,000 2.500 1.090 2.000 500 2.500 5.000 3.000 5,IXIO 3,IxIO 2,000 3,1100 2.500 Education Fund$ Edu¢atlon Fund I Bayes Scholarships Brokerage Ctyink Cll priz&s Cll regional projramme IIL Priz& Into Insurance programme Mansion House Scholarship Sch8me Maribme London Cadet Scholarship Universty of Notbngham Uweach 15,8CK) 50.000 2,3(Kl 15,648 500 57,8(M) 15,800 50.000 50,0 2.300 15.648 47.619 250 61.200 57.600 6.000 17,625 8.411 17.625 8.411 16
Worshipful Company of Insur•rs Charitable Trust Notes to tho finan¢lal statsments 4. Grants mado (¢ontlnuod) Unrestrlctod General Fund Restrictod Educatlon Fund 1 Restricted Education Fund 2 Total Funds 2025 Totsl Funds 2024 Education Fund 2 Career Partnership Program Univerw of Noth"ngham 151.454 49.IX)O 151.454 49.000 211.047 43.500 T¢)tal Grants mad 141,315 178.884 200.454 520.653 552,934 Total 2024 5. Support costs Unré$trict•d Genoral Fund R•strlctsd Educalio Fund 1 Restricted Edu¢alion Fund 2 Total Funds 2025 Total Funds 2024 Staff costs Tot812024 10,000 15,000 10,000 75,000 10.000 t5,000 30.000 45,000 45.000 Stsff costs represent a recharge ofa propcftion ofthe staff costs ofthe Worshipful Company of Insurers. No key management disclosures are required. 6. Governance costs Unrostri¢tod General Fund Total Funds 2025 Total Funds 2024 Educatlon Fund I Education Fund 2 Audilorfs remuneration Administrative costs Legal fees 5,000 1.102 5,1)00 1,102 5,000 1,102 15,000 3.306 9.060 5,601 2.494 17,155 6,102 6,473 6.102 4.904 6.102 6.588 18,306 17.155 Totsl 2024 7. TNsto• remuneratlon During the year, no Trustees (2024: none) received any remuneration. benefits in ktnd or reimbursement of expenses {2024.' £nil). 17
Worshlpful Company of Insur•rs Charftablo Trust NotOS to the financlal statsments 8. Flxed asset Invo$tments Cash Idon deposit Llsted 60¢urltlos Market value Balan brought forward Additions Disposals Revaluations At 30 Sgptember 2025 Cash awaiting investment Total investments 4 069,915 4 069,915 Invastments at market value ¢omprlso: 2025 2024 Listed investments Cash 4 069,915 4 069 915 2025 2024 Historical cost of listed investments 9. Debtors 2025 2024 Other debtors Prepayments and acCed income 4.800 105,497 110297 138671 10. Dobtors: Amounts falllng after one year 2025 2024 Prepayments and accrued income 14,400 11. Credltors: Amounts falllng due wlthln one year 2025 2024 Accruals 407.371 400.177 18
Worshipful Company of Insurer& Charitable Trust Notss to the financlal statsmonts 12. Credltors: Amounts falling due after ono year 2025 2024 Accruals 64.400 13. Slatement of Funds ststoment of lunds- current year Brought forward Incomlng resources Resources expended Galns Carrled forward Rgstrlct•d Funds Education Fund 1 Education Fund 2 Total Restrlcted Funds 1,305.512 2.846.081 4,151.593 61.472 143.777 205,249 196.100 219,165 415,265 1,170.884 2.770.693 3.941,577 Unrestrlcted funds General Fund Total Funds 46,036 4.197.629 146.031 351,280 157.445 572,710 34,622 3,976,199 Statement of Funds- prlor year Brought Incomlng fonvard resources Resources expended Gains Carrl forward RestTiCtod Fund$ Education Fund 1 Education Fund 2 Total Restrictsd Fund$ 1,398.546 {5.323) 1,393.233 41.928 3.128,546 3,170,474 (197.392) {277.142) (474,534) 62.430 1,305,512 2.846.081 4,151,593 62A30 Unrestricted funds General Fund Total Funds 48.502 1,441,725 145,077 3,315.551 (147.5431 {622.07n 46,036 4,197,629 62,430 The incoming resources to the Edu¢alion Funds is investment income. Exp8ndrture from the Education fund l is made for the following purposes.. The relief of poverty of members of the business of insurers or any other recognised business or profession, those dependent upon them and in particular of members of the Company and their dopendan19" and The advancem8nt of 8ducation in any manner which is now or hereafter may be deemed by law to be charitable of persons desiring to practice the business of insurance or any other recognised business or profession or to be qualified for professional or adfflinislrats've posts in national. public or local authorities and in commerce, industy and finance. 19
Worshlpful Company of Insurers Charltable Trust N¢)tes to the flnanclal statements 13. Statement of Funds (contlnued) The New Education fund 2 was established from the transfer of assets from The Education and Training Trust of the Chartered Insurance Inslitule IEAThI. The objectives are identical lo the foer 0.e¢l$ of EATh being.. Developing effective leaming solutions for persons employed or seeklng employment in insurance and allied occupations. Activities comprise the provision of learning materials. associated tutor support and face-to-face revision courses. primarily to those persons studying for the examinations of The Chartered Insurance Instrtute. Summary of funds- prlor year Unrestrfcted General Fund Restrlcted Educatlon Fund 1 2024 Restrlded Educatlon Fund 2 2024 Total Funds 2024 2024 Fixed asset investments CuTrent assets Current liabilities Long term assets Long tenn liabilities 1,234,098 253,894 (132.480) 14,400 2,835,816 267,832 1257.567) 4,069,915 577,891 (400.177) 14,400 56.166 (10.1301 46,036 1305 512 4 197,629 1& Related party transactions The Worshipfvl Company of Insurers (the 'CompanYI appoints the Trustees of the Worshipful Company of Insurers Charitsble Trust. During the yearthe Company paKI staff u)sts totalling £30.00012024'. £45,(XIO), grants of £nil12024: £1.5001 and administrabon costs of £2,400 {2024.' £2,400) on beh81f ofthe Charity. The Charity received £nil (2024.. £3.6001 on behalf of the Company. During the year the Company also received donatior in respect of the Charity of £1.1 $0 (2024.. £2.048). Balanang repayments to the Company ofthe net amunts of£36.05012024'. £46.852) weie made by the Charity during the year. At 30 September 2025 £4,800 (2024: £4.800 due tol was due from the Company to the Charity. The Charity received totsl donatlons of £3.180 {2024: £3.5501 from th8 Trustees. 15. Controlllng party The Charty was und&r the contrrA ofthe Company. 16. Conllngent Ilablllty- Educatlon Fund 2 During the year lo 30 September 2024 the Trust took over obligations entered into by EATh. Two grants are conlingenl on certain parameters being met and applied for during each year to release the grants. The agreements are in place to provide The Universty of Nottingham with up to £130.500 of funding and Career Partnership Programme wrth up to £973.615 of funding when these conditions have been met. As at 30 September 2025 these commrtments were £87.000 and £611.114 specttVeIy. 20
Worshlpful Company of Insurèrs Charltable Trust Notes to the financial ststements 16. Contlngent Ilablllty- Educallon Fund 1 Further obligations are contingent on certain parameters being mel and applied for during each year to release the grants. There are new agreements in place to provide The University of Nottingham with up to £142,125 of funding when these conditKJns have been met. As at 30 September 2025 this commilment was £124,500. 17. Commltments- General Fund During the year the Charity entered a review of its Charity Partners. The process resutted in 3 new partners Sl Pauls Money Advice Centre (Crosslight). Su¢cess Club and the Money Charity, which would be given a grant of £10.000 per annum for 3 years. As al the year end the Charity is committed for the first year, but no form81 agreements were in place. 21