Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
Charity registration number 1195526
TWENTYFOUR CHARITABLE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Ms S Nadarajah |
|---|---|
| Mr G Kirk | |
| Mr E Walsh | |
| Ms O Lawal | |
| Ms A Ofonry | |
| Ms C Hogg | |
| Charity number | 1195526 |
| Principal address | 8th Floor |
| The Monument Building | |
| 11 Monument Street | |
| London | |
| EC3R 8AF | |
| Accountants | TC Group |
| 5th Floor | |
| 3 Dorset Rise | |
| London | |
| EC4Y 8EN |
Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 2 - 4 |
| Statement of Trustees' responsibilites | 1 |
| Accountants' report | 6 |
| Statement of fnancial actvites | 5 |
| Statement of fnancial positon | 7 |
| Notes to the fnancial statements | 8 - 13 |
Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees 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 Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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 the prevention and detection of fraud and other irregularities.
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees present their annual report and financial statements for the year ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
Public benefit
The object of the charity, as set out in the charity’s governing document is to make grants to advance such charitable purposes for the public benefit (according to the law of England and Wales) in any part of the world as the Trustees see fit from time to time. The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Each year, the trustees determine the focus of the charity's grant-making strategy. The focus for the year ended 31 December 2025 remained the advancement of education and mental health. During the year, the charity furthered its purposes for public benefit by making grants to Grief Encounters, Debate Mate and funding a bursary to a student at Queen Mary University of London ("QMUL”).
Achievements and performance
Significant activities and achievements against objectives
In 2023 the charity committed to supporting Debate Mate and Grief Encounters for a period of three years, and 2025 was the final year of this three year commitment. The Trustees continue to believe that the use of the grants by the chosen charities has furthered its objectives. The Trustees will reconsider which charities to support in 2026.
In March 2023 the charity pledged to fund a three-year bursary at QMUL of £2,000 per year and 2025 was the final year for this three year commitment. Over the course of the three years, the charity supported the QMUL student both financially and through work experience with TwentyFour Asset Management LLP (“TwentyFour”).
Financial review
The statement of financial activities set out on page 5 shows that the charity received unrestricted incoming donations of £4,376 for the period and incurred expenses of £12,529, which when added to the brought forward unrestricted funds of £21,359 resulted in a net unrestricted fund of £13,206 at the period end.
The Trustees are confident that the charity has sufficient funds to enable the charity to meet its obligations as they fall due and carry out its charitable objectives.
Reserves policy
It is the charity’s policy to retain free reserves sufficient to cover its grant making commitments for a period of 12 months from the period end date.
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Plans for future periods
The charity’s future plan is to continue fund raising to enable it to achieve its objectives. The Trustees are planning fundraising activities with the employees of TwentyFour and since the year end, TwentyFour has undertaken to make a corporate donation of £15,000.
For the year ending 31 December 2026 the Trustees intend to make an additional grant to Debate Mate and consider new charities for grants.
Structure, governance and management
TwentyFour Charitable Foundation is a Charitable Incorporated Organisation in England. The governing document is its Deed of Constitution dated 16 August 2021.
The charity is governed by a board of Trustees which has ultimate responsibility for directing strategy and overseeing performance of the charity. The Board of Trustees retain oversight via board meetings.
Recruitment and appointment of trustees
Trustees have been recruited to date because they are known to current board members, have an interest in the charity's objectives and have skills, experience, and knowledge that the board needs. The Trustees who served during the year and up to the date of signature of the financial statements were:
| Ms S Nadarajah | |
|---|---|
| Mr G Kirk | (Re-appointed 16 August 2025) |
| Mr E Walsh | |
| Ms O Lawal | (Re-appointed 16 August 2025) |
| Ms A Ofonry | (Re-appointed 16 August 2025) |
| Ms C Hogg | (Appointed 15 March 2025) |
All Trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them. The charity has a Conflicts of Interest Policy in place to identify and manage any conflicts of interest. It is recognized that four Trustees are connected to TwentyFour Asset Management LLP and potential conflicts arising from this are managed in accordance with the Conflicts of Interest Policy. The charity's Conflicts of Interest Policy is reviewed annually.
Grant Making Policy
The charity has established its Grant Making Policy to set out the principles, criteria and processes that govern how the charity makes grants of its funds in furtherance of its charitable purposes.
Each year, the trustees will review the charity's activities and determine the focus of their grant-making strategy for the year. The focus will generally further one of the following charitable purposes, although the Trustees may at their discretion make grants to further different charitable purposes:
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the advancement of education;
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the prevention and relief of poverty;
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the advancement of health or the saving of lives;
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the advancement of environmental protection or improvement.
The focus of the charity's grant making activities for the year 2025 was the advancement of education and mental health.
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees' report was approved by the Board of Trustees.
.............................. Ms S Nadarajah Trustee
.............................. Ms A Offonry Trustee
30/6/2026 Date: .............................................
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donatons and legacies | 2 | 4,376 | 8,083 |
| Total income | 4,376 | 8,083 | |
| Expenditure on: | |||
| Charitable actvites | 3 | 12,529 | 13,839 |
| Total expenditure | 12,529 | 13,839 | |
| Net expenditure and movement in funds | (8,153) | (5,756) | |
| Reconciliaton of funds: | |||
| Fund balances at 1 January 2025 | 21,359 | 27,115 | |
| Fund balances at 31 December 2025 | 13,206 | 21,359 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TWENTYFOUR CHARITABLE FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2025
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Charities Act 2011 that relate to preparing the financial statements of TwentyFour Charitable Foundation for the year ended 31 December 2025.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
It is your duty to ensure that TwentyFour Charitable Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of TwentyFour Charitable Foundation.
You have determined that TwentyFour Charitable Foundation is exempt from the statutory requirement for an audit for this accounting year, and is not required to obtain an independent examiner's report. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the Trustees for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
TC Group
30/6/2026 .........................
Accountants
5th Floor 3 Dorset Rise London EC4Y 8EN
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
| 2025 Notes £ Current assets Cash at bank and in hand 15,706 Current liabilites 9 (2,500) Net current assets Net assets excluding pension liability The funds of the charity Unrestricted funds The fnancial statements were approved by the Trustees on ......................... .............................. .............................. Ms S Nadarajah Ms A Ofonry Trustee Trustee 30/6/2026 |
£ 13,206 13,206 13,206 13,206 |
2024 £ 27,204 (5,845) |
£ 21,359 |
|---|---|---|---|
| 21,359 | |||
| 21,359 | |||
| 21,359 | |||
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
Charity information
TwentyFour Charitable Foundation is a Charitable Incorporated Organisation registered in England & Wales. The principal address is 8th Floor, The Monument Building, 11 Monument Street, London EC3R 8AF.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the period end the charity had unrestricted reserves of £13,206. The Trustees are confident that the charity has sufficient unrestricted funds to enable the charity to meet its obligations as they fall due and carry out its charitable objectives.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, andthe amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2 Income from donations and legacies
| Donatons and gifs 3 Expenditure on charitable actvites Educaton Health 2025 2025 £ £ Direct costs Grant funding of actvites (see note 4) 5,000 5,000 Share of support and governance costs (see note 5) Governance 1,265 1,264 6,265 6,264 Analysis by fund Unrestricted funds 6,265 6,264 4 Grants payable Educaton Health 2025 2025 £ £ Grants to insttutons: Debate Mate 5,000 - Grief Encounters - 5,000 Place2Be - - 5,000 5,000 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ 4,376 8,083 Total Educaton Health Total 2025 2024 2024 2024 £ £ £ £ 10,000 5,000 6,345 11,345 2,529 1,247 1,247 2,494 12,529 6,247 7,592 13,839 12,529 6,247 7,592 13,839 Total Educaton Health Total 2025 2024 2024 2024 £ £ £ £ 5,000 5,000 - 5,000 5,000 - 5,000 5,000 - - 1,345 1,345 10,000 5,000 6,345 11,345 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ 4,376 8,083 Total Educaton Health Total 2025 2024 2024 2024 £ £ £ £ 10,000 5,000 6,345 11,345 2,529 1,247 1,247 2,494 12,529 6,247 7,592 13,839 12,529 6,247 7,592 13,839 Total Educaton Health Total 2025 2024 2024 2024 £ £ £ £ 5,000 5,000 - 5,000 5,000 - 5,000 5,000 - - 1,345 1,345 10,000 5,000 6,345 11,345 |
|---|---|---|
| Total 2024 £ 11,345 2,494 |
||
| 13,839 | ||
| 13,839 | ||
| Total 2024 £ 5,000 5,000 1,345 |
||
| 11,345 |
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5 Support costs allocated to activities
| Governance costs Analysed between: Educaton Health Governance costs comprise: Accountancy Bank charges |
2025 £ 2,529 1,265 1,264 2,529 2025 £ 2,400 129 2,529 |
2024 £ 2,494 |
|---|---|---|
| 1,247 1,247 |
||
| 2,494 | ||
| 2024 £ 2,400 94 |
||
| 2,494 |
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
No Trustee expenses were incurred during the year.
The total amount of donations received without conditions from Trustees in the year was £72 (2024: £2,170).
7 Employees
There were no employees during the year or in the prior year.
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9 Current liabilities
| Trade payables Accruals Accruals for grants payable |
2025 £ - 2,500 - 2,500 |
2024 £ 1,345 2,500 2,000 |
|---|---|---|
| 5,845 |
10 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.
| At 1 January | Incoming | Resources | At 31 | |
|---|---|---|---|---|
| 2025 | resources | expended | December | |
| 2025 | ||||
| £ | £ | £ | £ | |
| General funds | 21,359 | 4,376 | (12,529) | 13,206 |
| Previous year: | At 1 January | Incoming | Resources | At 31 |
| 2024 | resources | expended | December | |
| 2024 | ||||
| £ | £ | £ | £ | |
| General funds | 27,115 | 8,083 | (13,839) | 21,359 |
11 Analysis of net assets between funds
| Unrestricted | |
|---|---|
| funds | |
| 2025 | |
| £ | |
| At 31 December 2025: | |
| Current assets/(liabilites) | 13,206 |
| 13,206 |
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Docusign Envelope ID: B58CF344-1E56-8544-8265-ABD4CBDD1A23
TWENTYFOUR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
| 11 | Analysis of net assets between funds | (Contnued) |
|---|---|---|
| Unrestricted | ||
| funds | ||
| 2024 | ||
| £ | ||
| At 31 December 2024: | ||
| Current assets/(liabilites) | 21,359 | |
| 21,359 |
12 Grant commitments
| Charitable | |
|---|---|
| commitments | |
| accrued | |
| £ | |
| Grant commitments recognised at 1 January 2025 | 2,000 |
| Commitments made during the year | - |
| Grants paid during the year | (2,000) |
| Grant commitments recognised at 31 December 2025 | - |
13 Related party transactions
Four of the Trustees are connected to TwentyFour Asset Management LLP ('the LLP'). At the year end, no amounts were owed to the LLP (2024: £1,345).
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