THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
REGISTERED CHARITY NO. 1199721
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
Hub Accountants Ltd
Chartered Accountants Innovation House Wincombe Lane Shaftesbury SP7 8FG
THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
YEAR ENDED 31ST JULY 2025
REFERENCE AND ADMINISTRATIVE INFORMATION
BOARD OF TRUSTEES
The Trustees at the date of this report and holding office during the period were:
| HONORARY TREASURER: HONORARY SECRETARY: WEBSITE: REGISTERED CHARITY NUMBER: INDEPENDENT EXAMINERS: BANKERS: |
Gary Simmons (Chairman) Jill Ampleford (appointed 5 June 2025) Christopher Bamford Andrew Cherkas (appointed 5 June 2025) Jane Curtis (resigned 3 July 2025) Christopher Green Irene Paterson Robert Ross (resigned 4 June 2025) Jay Stewart (resigned 4 June 2025) Jennifer Stott Jeremy Staffurth Perry Cottage Matthews Lane Hadlow Kent TN11 0JG Nyasha Stolerman www.actuariescompany.co.uk/en/charity 13 Parliament Street York YO1 8XS 1199721 Hub Accountants Ltd Chartered Accountants Innovation House Wincombe Lane Shaftesbury SP7 8FG e-mail: charity@actuariescompany.co.uk HSBC UK Bank e-mail: charity.sec@actuariescompany.co.uk |
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
ANNUAL REPORT BY THE TRUSTEES YEAR ENDED 31ST JULY 2025
The Trustees present the report and unaudited financial statements of the Charity for the period ended 31 July 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting for Charities 2005.
The Charity is a Charitable Incorporated Organisation ("CIO") established by a Constitution on 20[th] July 2022. A copy of the accounts for the year ended 31 July 2025 is included with this report. The Charity’s registered address is The Worshipful Company of Actuaries Charity, 167-169 Great Portland Street, 5th Floor, London W1W 5PF. Trustees are appointed by the Court of the Worshipful Company of Actuaries ("The Company").
Principal Objects
The Objects of the Charity are set out in clause 3 of the Constitution. These may be summarised as follows:
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the relief of poverty of members of the profession of actuary.
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grants for the advancement of education of actuaries and others.
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to promote and support charitable research in the field of actuarial science.
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awards of exhibitions at an educational establishment to persons intending to practice the profession of actuary.
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to make donations to any registered charity.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting their grant making policy.
Company of Actuaries Charitable Trust Fund ("CACTF")
The Charity was established to take on the charitable activities of CACTF with effect from 1 August 2023. CACTF closed on 31 October 2025, after the period covered by this report. CACTF has merged into the Charity and the remaining assets and liabilities have been transferred to the Charity at that point.
Financial Report for the period ending 31 July 2025
The income from member contributions amounted to £126,680 during the year, including reclaimed gift aid. The Trustees are very grateful to all those who have supported the charity during the year. Some members continue to contribute to CACTF and those contributions are transferred to WCAC. Transfers totalling £10,000 were received during the year from CACTF.
The investment portfolio held with M&G was closed during the year and replaced with a new Fidelity arrangement. £202,166 was realised from M&G and £115,000 was reinvested with Fidelity. The balance was used to fund cash flow requirements during the year and to increase the amount held in the Income Account. Investment Income of £5,645 was received in respect of the assets held in the Capital Account during the year.
The amount in the Capital Account at 31 July 2025 was £122,970 and the amount in the Income Account was £60,563 on the same date.
During the year, donations were made to: Maths-related charities totalling £93,120; charities where an Actuary is involved totalling £18,800; and charities connected to the City of London totalling £23,550. In addition, £28,800 was paid out in respect of bursaries and prizes and £12,270 to other miscellaneous causes.
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
ANNUAL REPORT BY THE TRUSTEES (continued) YEAR ENDED 31ST JULY 2025
Risk Management
The Trustees have considered the main risks to which the charity is exposed:-
Our major risk is the level of contributions from members, which is the prime source of income. The Charity and The Company have focussed on encouraging new and existing Livery members to contribute to the Charity as this is vital for future income. The Company also runs initiatives aimed at raising additional donations. It is hoped that these initiatives will help maintain a strong level of income in the future. Most expenditure is discretionary and can be varied according to the availability of funds.
The Charity is exposed to a cyber attack, in line with all institutions. The trustees monitor this risk on an ongoing basis and do not feel that The Charity is particularly exposed.
Report on Activities during the year
The Charity has been collecting contributions and making payments to various charities throughout the year. Work has also been carried out to further develop the strategy regarding the amount and distribution of donations between various beneficiaries.
Our largest contribution was £30,000 to the Royal Institution to support their Maths Masterclasses.
Trustees' responsibilities in respect of the preparation of the Accounts
The Trustees are required by Law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity. 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.
Approval
This report was approved by the Trustees on 18 January 2026 and signed on its behalf by:
Jenni Stott Trustee (and Chairman from 1st September 2025)
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
YEAR ENDED 31ST JULY 2025
We report on the accounts of the Charity for the period ended 31 July 2025, which are set out on pages 5 to 9.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission
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under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with our examination, no matter has come to our attention:
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(1) which gives us reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met: or
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Paul Stacey FCA
For and on behalf of
Hub Accountants Ltd, Chartered Accountants Innovation House, Shaftesbury, Dorset, SP7 8FG
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 31ST JULY 2025
| Incoming Resources Member contributions by standing order Other direct member contributions Member contributions through third parties Contributions from Company events Legacies Transfer from CACTF Miscellaneous income Gift aid received Income from investments Total Receipts Charitable Payments Charities involving Mathematics or Actuarial Science Education (Note 3.1) Charities where an Actuary is involved (Note 3.2) City of London Charities (Note 3.3) Bursaries and Prizes (Note 3.4) One-off donations (Note 3.5) Other donations (Note 3.6) Total Charitable Payments Governance Payments Bank charges Accountancy Miscellaneous (note 4) Insurance IT costs Total Governance Payments Excess of Payments over Receipts for the year Withdrawn from investments Net movement in income fund Income Account balance brought forward Income Account balance carried forward |
2025 2024 £ £ 77,240 48,001 4,220 - 13,905 8,060 5,881 - - - 10,000 78,000 1,835 150 25,434 - 5,645 5,460 144,160 139,671 93,120 84,400 18,800 27,000 23,550 23,000 28,800 8,650 3,500 18,542 8,770 8,033 176,540 169,625 152 97 1,200 300 1,267 736 428 433 115 114 3,162 1,680 (35,542) (31,634) 87,166 40,000 51,624 8,366 8,939 573 60,563 8,939 |
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
BALANCE SHEET YEAR ENDED 31ST JULY 2025
| INVESTMENTS (At Market Value) Vanguard ESG Developed All Cap Equity Index Fund Royal London Emerging Markets Equity Tilt Fund M&G Group Charifund Income units CURRENT ASSETS Cash at bank - Current account Represented by:- CAPITAL ACCOUNT(Note 5) INCOME ACCOUNT (Note 6) |
2025 2024 £ £ 106,420 - 16,550 - - 209,643 122,970 209,643 60,563 8,939 183,533 218,582 122,970 209,643 60,563 8,939 183,533 218,582 |
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On behalf of the Trustees of the Worshipful Company of Actuaries Charity we approve the Financial Statements set out on pages 5 to 9.
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Trustee
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18 January 2026
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST JULY 2025
1 PRINCIPAL ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF ACCOUNTS
The accounts (financial statements) have been prepared on a receipts and payments basis and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts and in accordance with the Charities Act 2011.
The presentation currency of the financial statements is the Pound Sterling.
1.2 FUND ACCOUNTING
Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in futherance of the charitable objectives. There are no designated or restricted funds.
1.3 INCOMING RESOURCES
All incoming resources including donations and legacies are recognised once the funds have been received into the Charity's bank account.
1.4 RESOURCES EXPENDED
Liabilities are recognised on a payments basis and are reported as the expenditure clears the bank account. All expenditure is included on a payments basis and has been classified under headings that aggregate all costs related to that category.
Governance costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to accountancy services, together with support costs and overheads. Governance costs comprise all costs involving those relating to compliance with regulations and good practice.
Charitable activities
Costs of charitable activities include donations and projects together with other costs directly associated with the charitable objectives of the Charity.
1.5 FIXED ASSET INVESTMENTS
The Charity's invested assets were transferred from M&G to Fidelity during the year. This was achieved by realising all of the funds invested with M&G and reinvesting a proportion of the proceeds with Fidelity.
2 CONTRIBUTIONS
Contributions are made by members of the Worshipful Company of Actuaries by standing order or through Charity Aid Foundation, Charitable Trust or Just Giving. Contributions were received totalling £5,881 in respect of the Master's "Shave" challenge and a donation of £3,233 was subsequently made to a charity chosen by the Master as shown in note 3.6.
Gift aid totalling £25,434 was reclaimed from HMRC during the financial year.
Transfers totalling £10,000 were received from CACTF during the year. These largely reflect the contributions made by members to CACTF.
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST JULY 2025
| 3 DONATIONS TO CHARITIES AND OTHER BENEFICIARIES 3.1 Maths and actuarial science education Royal Institution Royal Society Partnership Maths4Girls IFoA Foundation (Actuaries of Tomorrow) Tower Hamlets Education Business Partnership (BEE) - The Switch Oxford University Number Champions United Learning Bantam Trust Exeter Mathematics School Dulwich College Liverpool Mathematical Society Kings College London Maths School 3.2 Charities with an actuary involved Dan's Fund for Burns The Brainwave Centre Suited & Booted Heartsease Community Money Advice Marylebone Project The Leprosy Mission Himalayan Trust UK Watford Sheltered Workshop Ltd 3.3 Charities having a connection with the City of London Lord Mayor's Appeal Fund Mansion House Scholarship Scheme Sheriffs' and Recorder's Fund St Paul's Cathedral Foundation Musicians Benevolent Fundaka Help Musicians United Guilds Service Edmonton Sea Cadets Air Cadet Development Fund Army Cadets No 10 Company No Going Back (through Mercers) Worshipful Company of Insurers Livery Schools Link Livery Foods Initiative aka City Harvest carried forward |
2025 2024 £ £ 30,000 30,000 - 9,000 - 5,000 - 3,000 5,150 4,900 4,920 - - 3,000 19,200 - 1,500 - 7,500 7,500 7,750 7,000 2,100 - 15,000 15,000 93,120 84,400 5,000 5,000 - 5,000 5,000 5,000 - 2,000 - 2,000 800 - 5,000 5,000 3,000 3,000 18,800 27,000 5,000 5,000 - 1,000 1,000 1,000 500 500 500 500 250 250 3,000 3,000 - 2,250 3,000 - 2,300 2,500 2,000 - - 1,000 6,000 6,000 23,550 23,000 135,470 134,400 |
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST JULY 2025
| brought forward 3.4 Bursaries and prizes IFoA Foundation (Actuaries of Tomorrow) University bursaries University prizes IFoA Prizes Phiatus award 3.5 One off donations Abbeyfield Beaconsfield Society University of Wales Community Safety Education Team Up For Social Mobility Bang Edutainment Leicester University Heritage Charity London 3.6 Other donations Company's Charity Allowance Donations from Company events Miscellaneous |
2025 2024 £ £ 135,470 134,400 9,000 - 11,000 - 1,800 1,650 2,000 2,000 5,000 5,000 28,800 8,650 2,500 - 1,000 - - 2,200 - 2,500 - 3,000 - 6,342 - 4,500 3,500 18,542 5,450 7,950 3,233 - 87 83 8,770 8,033 176,540 169,625 |
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4 MISCELLANEOUS PAYMENTS
These payments are £260 for the registered office, a refund of £1000 to a member and £7 postage.
5 CAPITAL ACCOUNT CHANGES
| Balance at start of year (M&G) Increase in value of investments (M&G) Transfer to Income Account (from M&G) Transfer from Income Account (to Fidelity) Increase in value of investments (Fidelity) Balance at end of year 6 INCOME ACCOUNT CHANGES Balance at start of year Net movement of funds Balance at end of year |
209,643 (7,477) (202,166) 115,000 7,970 122,970 8,939 51,624 60,563 |
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7 TRUSTEE REMUNERATION AND EXPENSES
No remuneration was paid to the Trustees during the year. In the year no expenses were paid to the Honorary Secretary or to the Honorary Treasurer.
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