2025-12-31-accounts

CRIPPLEGATE FOUNDATION

Annual Report and Financial Statements for the year ended 31 December 2025

Registered Charity No: 207499 13 Elliott’s Place, London N1 8HX www.cripplegate.org

Cripplegate Foundation

CONTENTS

Report of the Trustee

Report of the Trustee
Introduction	1
A brief history of Cripplegate Foundation	2
Islington in numbers	2
Strategic objectives	3
Public benefit	4
Activities	4
Islington Giving: a restricted fund	8
Beyond grant making	11
Structure, governance and management	12
Risk management	13
Key management personnel remuneration	14
Related parties and conflicts of interest	14
Fundraising compliance	14
Diversity, Equity and Inclusion	14
Funder Commitment to Climate Change	15
Trustee’s Financial Review
Financial results	16
Reserves policy	17
Investment policy and performance	17
Reference and Administrative Details	19
Statement of Trustee’s Responsibilities and going concern	20
Independent Auditors’ Report	22
Statement of Financial Activities	25
Balance Sheet	26
Statement of cash flows	27
Notes to the accounts	28
Appendices
Appendix 1 – Islington Giving 2025	47
Appendix 2 – Grants awarded in 2025	49
Appendix 3 – Grants written off in 2025	57

Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2025

1. Introduction

Cripplegate Foundation is a local grant making foundation and registered charity supporting residents in the London borough of Islington and the Cripplegate Ward of the City of London.

Our vision is of a society where everyone can live a rewarding and fulfilled life, free from poverty and inequality.

Our mission is to address poverty and inequality in the London Borough of Islington and the Cripplegate Ward in the City of London.

We work to bring about change that will transform the lives of our most disadvantaged residents, to improve access to opportunities for everyone, and to make lasting change.

We do this by:

• listening to, and learning from, local people and communities,

• raising funds and making grants, and

• working in partnership with local people and organisations.

In doing so, we work to maximise the benefit of all our assets – our endowment and investments, our knowledge, people and networks, our grant making programmes, and our partnerships.

In 2025, the Foundation awarded £2,147,333 (before grants cancelled or returned) through its grants’ programmes, supporting voluntary organisations and providing financial support to individuals.

To have the widest possible impact, the Foundation continued to invest in partnerships with other organisations and funders, in particular, through Islington Giving, a partnership and restricted fund. We also continued to work with the Council through the Islington Council Community Chest (ICCC) and Resident Support Scheme (RSS) programmes, and to partner with local community groups and many residents involved in our participatory grant making programmes and research. We strive to increase impact through our focus on diversity, equity and inclusion across all of our work, and by making the most of all our assets, including the use of our building, our ability to bring many local groups and residents together for sharing, learning and collaborating, pushing forward with responsible investing of our endowment and the exploration of further impact investing.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

2. A Brief History of Cripplegate Foundation

The origins of Cripplegate Foundation lie in gifts and donations for the poor and needy made to the Church of St. Giles without Cripplegate. The parish, named after one of the gates in the walls around the City of London, extended to the north to include the ancient manor of Finsbury. Today, the medieval Church stands in the heart of the Barbican estate in the Cripplegate ward of the City of London.

The first recorded gift to the Church of St. Giles without Cripplegate was by the Will of John Sworder dated 2[nd] April 1500. Many men and women followed his example, leaving benefactions for education or assisting the poor. In 1891, a Charity Commission scheme made under the London Parochial Charities Act of 1883 amalgamated all the non-ecclesiastical charitable donations previously administered as separate trusts into a newly established Cripplegate Foundation. All the assets of the Vestry of the Parish of St. Giles Cripplegate which had been given for charitable purposes were transferred to the new Foundation. Initially, the Foundation used these resources to build an Institute on Golden Lane with reading and reference libraries, classrooms, a theatre and even a rifle range. When this was closed in 1973, Cripplegate Foundation became primarily a grant giving trust.

On 1[st] April 2008 the Foundation’s area of benefit was extended to cover the whole of Islington, in addition to the Cripplegate ward within the City of London. At the same time, it appointed Cripplegate Foundation Limited (a company limited by guarantee with Company Registration no. 6129936), which had been incorporated in February 2007, as the sole corporate trustee of Cripplegate Foundation. The members and directors of Cripplegate Foundation Limited are referred to as Governors. The Foundation exists today thanks to the generosity and stewardship of many people over 526 years.

History is important, but the work of the Foundation today is guided by current research, evidence, and consultation with Islington residents. In 2010, the Foundation initiated a coalition of funders, businesses and local residents which launched Islington Giving, now a restricted fund of Cripplegate Foundation. The Foundation continues to chair and administer the Islington Giving partnership and covers associated running costs.

3. Islington in numbers

Islington is a proudly diverse borough where people from all faiths, nationalities and backgrounds have made their homes. The Foundation sees the borough’s diversity as our strength, a view shared by people who live here. However, it also has many challenges. A snapshot of our area of benefit:

• Approximately 225,000 people live in Islington, according to the mid-2024 Office of National Statistics (ONS) estimates.

• 40% of Islington’s population identifies as White British, and 60% as ‘Born in the UK’ (2021 Census).

• Spanish has taken over from Turkish as the most spoken language after English, but amongst children, Somali is the most common language after English.

• Whilst we have some of London’s wealthiest residents, Islington is also the 7th most deprived out of London’s 32 boroughs Index of Multiple Deprivation (IMD, 2025).

• Income deprivation affects children and older people particularly severely. The Index of Multiple Deprivation (IMD) 2025 shows that 53% of children in Islington are living in income deprived households (ranked 6[th] worst in London), and 44% of older people are living in income deprived households (ranked 4[th] worst in London).

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

• Population groups most affected by poverty and deprivation include: people who are disabled or living with a long-term health condition; people from Black, Asian and Minority Ethnic communities; and, households with children, particularly larger families and lone parents.

• Islington has the second highest prevalence of people diagnosed with a serious mental illness and depression in London. This includes 20,000 people living with depression.

Meanwhile, In Cripplegate Ward in the City of London, also within our area of benefit:

• This has a population of 3,836, mainly living within the Barbican and Golden Lane Estate.

• It has a larger proportion of working age adults (34%) and people living alone (55%) compared to the London average, with a lower proportion of children.

• 52% are white-British, and 56.5% were born in the UK (43.5% outside the UK).

• Deprivation at ward level is not as severe as for Islington Borough, although this data hides smaller pockets of deprivation within the ward area. The Barbican estate falls in the least deprived (10[th] ) decile for the Index of Multiple Deprivation 2025, whereas the area incorporating the Golden Lane estate falls in the 8[th] decile.

4. Strategic objectives

The Foundation’s governing document (a Charity Commission “Scheme”) states that its net income shall be applied to any or all of the following:

• 1) to provide or assist in providing, for persons resident or employed in the area of benefit, facilities for recreation or other leisure-time occupation in the interests of social welfare, with the object of improving the conditions of life for those persons;

• 2) the relief of persons resident in the area of benefit who are in need, hardship or distress by making grants of money to them or paying for goods, services, or facilities to those in need or making grants of money to other persons or bodies who provide goods, services or facilities to those in need; and

• 3) to promote such charitable purposes for the general benefit of the inhabitants of the area of benefit as the trustee thinks fit.

Cripplegate Foundation works to bring about change that will transform the lives of our most disadvantaged residents. Our area of benefit is the borough of Islington and the Cripplegate ward of the City of London.

The Foundation reviewed its strategy in 2022, setting a new plan to cover planned activities between 2022-2024. In 2024, Governors agreed that the strategy remained relevant and extended the current strategic period to the end of 2026. A copy of this strategy can be found at: https://cripplegate.org/about-us/introducing-cripplegate-foundation/.

The current strategy builds on our experience and learning, and our work now focusses on the following four strategic objectives:

• Listen, learn and act - to better understand the needs of local residents and adapt our grant making.

• Raise funds and make grants - maximising the money and resources available to support residents and communities.

• Amplify local voices - to promote and encourage greater equity and access to opportunities across Islington.

• Aim for organisational excellence - to achieve this strategy and our longer-term impact.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

We apply these four priorities to all our work, recognising the ongoing success and profile of Islington Giving which gives the Foundation the opportunity to make a step change in its own activities.

2026 will be a year of review as we develop plans for our next strategic period, which will cover the period 2027-2030.

5. Public benefit

The Trustee confirms that it has complied with the duty in Section 17 of The Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Foundation’s aims, objectives and activities. Our public benefit is demonstrated through:

• the provision of grants to a wide variety of community and voluntary groups within Islington borough and the ward of Cripplegate, ensuring the sustainability and effectiveness of organisations who work directly with our local community to tackle poverty, inequality and social isolation;

• alongside our grant making, directly supporting the local community to develop skills and experience through our resident involvement and alumni programmes;

• through the Domestic Abuse Development Partners programme, working with local partners and survivors to explore how a relational approach can improve the experiences and outcomes for people impacted by domestic abuse; and

• acting as a key advocate for the Islington community through public and corporate partnerships, resulting in increased funding, awareness and collaboration on local issues.

6. Activities

Grant making

Our grant making approach

Our Governors review the Foundation’s work to ensure it addresses our aims and objectives. This includes reviewing all grant making decisions and practice.

In order to better enable resident led approaches and to facilitate a faster response to voluntary and community sector organisations, from time to time, the Governors will delegate grant making for some funds to the Programme Director. In these cases, the Governors will have agreed on the overall purpose of the grants in advance and all awards made are then reported back to Governors.

We strive for best practice in our grant making and seek feedback from grantees and applicants to improve our programmes, policies and processes. We take a relational approach, and our priority is to learn alongside groups we support. We hold regular networking meetings for funded organisations and offer a range of one-to-one support, helping organisations to make better applications, both to Cripplegate Foundation and to other potential funders.

The Foundation is a member of the Institute of Voluntary Action Research’s (IVAR) Open and Trusting initiative, which promotes flexible, respectful funding practices that enhance relationships between funders and charities (https://www.ivar.org.uk/flexible-funders/). We have developed a rolling work plan to review and amend our practice, including looking at simplifying our application process and being transparent with organisations about our priorities. We work with IVAR as part of their peer review process.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

We also volunteered to participate in the Foundation Practice Rating this year, a framework which assesses and seeks to enhance practices of UK charitable foundations in terms of diversity, accountability, and transparency. We expect the results of this assessment in early 2026.

Beyond grant making, the Foundation seeks to work in ways that apply all our assets to effect social change.

Grants to organisations

In 2025, we saw a continued increase in applications to our open programmes. The Foundation awarded a total of £2,147,333 (before grants written off, cancelled or returned) to organisations in 2025. The chart below shows the allocation of grants by fund:

----- Start of picture text -----
Grants awarded by fund Cripplegate Ward
Catalyst (HSF), £5,777
IG Make It Happen IG Young Jobs Fund,
Fund,£33,115 £54,544
Cripplegate Catalyst
Grants, £55,000
IG Good Neighbour IG Food Fund ,
Scheme, £32,500 £230,226
IG Disability Fund,
£19,366
Cripplegate Main
IG Catalyst Grants,
Grants, £744,159
£30,200
IG Participatory Grant
Making, £196,220
IG Main Grants,
£529,085 ICCC, £217,140
----- End of picture text -----

‘IG’ within the pie chart above references ‘Islington Giving’ funds .

Main grants

Funding for organisations led by the communities they serve

In 2025 we funded 15 organisations led by and for minoritised communities, awarding a total of £500,000 over three years. This fund provides core support to organisations led by people from Black, Asian and other minority ethnic backgrounds, Deaf and disabled people, and LGBTQ+ people. It is the second round of funding we have made to organisations led by the communities they serve, and this year we included four new organisations – Islington Bangladeshi Association, Islington Chinese Community, Eritrean Community in the UK, and One True Voice. Through the fund, we aim to support some smaller organisations and to ensure that, where possible, we are funding work which reaches as many different communities in the borough as possible.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Advice and access to services

The Three Advice Project (TAP) exists to ensure residents can access specialist advice as well as making appointments available to clients referred by Help on Your Doorstep (HOYD) and other community partners. The funded partners in TAP are the Islington Law Centre (ILC), Citizens Advice Bureau Islington (CAB) and the Islington BAMER Advice Alliance (IBAA). The Foundation’s support for advice work in the borough is longstanding, with funding for advice partnership projects going back more than 19 years.

TAP supports the provision of housing and debt advice with a mixed model for welfare benefits advice. ILC provides welfare benefits and housing advice while Citizens Advice (CAB) deliver welfare benefits advice and debt work, working closely with local access organisation Help on Your Doorstep. Clients can be referred on to ILC for higher level casework as required, including appeals and tribunal hearings. Our funding also supports a form filling clinic (FFC) run by ILC. The clinic focuses on the high demand for help around Personal Independence Payments (PIP). The success rate for awards from the clinic is about 85% compared with the national average of 45% for applicants to these benefits, demonstrating that support at the first stage of application reduces refusal rates from the Department for Work and Pensions, securing income for vulnerable residents more quickly.

From April to September 2025, the service generated £297,651 in secured income, although the figure is probably higher as clients don’t always report back on success. In an average year, the funded partners as a whole can recover in excess of £1.8 million for clients in receipt of benefits, largely people living with a disability or in ill-health. The project helped 1,043 people in the 2025 reporting year and an additional 1,998 individual cases dealt with by IBAA – which represents six community advice organisations, in the areas of housing/homelessness and welfare benefits. A significant development for the Advice Sector during the year was The Renters Reform Act 2025, which commences 1 May 2026, a difficult situation for the sector.

Working in partnership with Cloudesley, another local foundation, we brought together advice partners from across the borough to network and share learning. Some of the smaller organisations in particular appreciated the opportunity to meet. Also with Cloudesley, we started a small research project at the end of 2025, to use the information and case studies provided by our funded partners to try to address some of the repeat issues which residents face. We will share those findings in 2026.

Islington Council’s Community Chest programme

Islington Council and Cripplegate Foundation jointly fund Islington Council’s Community Chest small grants programme for organisations with an annual turnover of less than £100,000. Cripplegate Foundation contributes £50,000 annually to the programme, with Islington Council contributing £190,000.

In 2025, there were a total of 81 applications to the programme with 50 organisations (62%) awarded grants of up to £5,000, amounting to £217,140. The fund is a vital source of support for grassroots organisations across the borough and plays a central role in sustaining the vibrant and diverse voluntary sector in Islington. The Cripplegate Programme Team visit or speak with every applicant, which helps us to understand the challenges local groups are facing along with the people who are using their services. These small organisations continue to operate under extreme pressure, both from increasing numbers of people who need help, and from dealing with the impact of the increasing cost of living on both clients and their own staff and operating costs. Affordable premises, rising costs of overheads, recruitment and staff retention remain huge challenges for many voluntary sector groups.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Development Partners

Domestic Abuse Development Partners (DADP) is a five-year programme (2022-2027) exploring and testing how and where systemic changes can be made to domestic abuse services to improve people’s access and journey through them.

The project is co-funded with City Bridge Foundation and led by a coalition of Islington women who have experienced domestic abuse, Cripplegate Foundation, two statutory sector partners (Islington Council Violence Against Women and Girls (VAWG) team and Islington Police) and four voluntary sector partners (Solace, The Maya Centre, Maa Shanti and the Kurdish and Middle Eastern Women’s Association (KMEWO). Voluntary sector partners and residents are both paid to participate. A learning partner, Ratio, are working with us throughout the five-year journey to capture the learning and evaluate both the process and outcomes of the work.

During 2025 we met as a partnership four times and subgroups met to develop ideas and action around four areas of work (embedding victim/survivor voice in developing Islington Council’s Violence Against Women and Girls Strategy, empowering men to be part of the solution, awareness raising, and public conversation walls to shift views through conversation). We developed a strong success criteria framework - including our vision, mission, approach, markers of success and key activities – to align thinking and maximise the final two years of the partnership.

We delivered a public conversation wall in Finsbury Park translating the questions posed about domestic abuse into several different languages and enlisting the support of bi-lingual volunteers to facilitate responses from people who would have found it difficult to engage in English. We worked collaboratively with Islington Council to host a strategy day for local stakeholders (including victims and survivors) to feed into Islington’s 2026-2031 Violence Against Women and Girls Strategy. We have also begun sharing our learning and conversations more broadly, running a session at London Funders Festival of Learning. We set up a Substack to share the work of the partnership and open out the conversation.

Support for individuals in Islington

Islington’s Resident’s Support Scheme (RSS)

The Islington Resident Support Scheme (RSS) continues to be a vital safety net for residents at risk and vulnerable. It is a key support instrument at a time when the cost-of-living challenges has been unrelenting and household budgets continue to be under severe pressure. The scheme provides emergency one-off payments to people in crisis, to purchase essential household items and to provide some help with one-off housing costs. The Foundation is a key partner alongside Islington Council in funding and administering the scheme, with a contribution from Cripplegate Foundation to the scheme of £55,000. Total awards between 1st April to 1st December 2025 showed that 912 awards were made from 1,327 applications, with a total spend of £708,339.

A member of our team also provides training support for the programme, providing training to 41 participants during 2025, and producing a quarterly newsletter and liaising with referral partners. A key development was the launch of a new online application form in December 2025, which is designed to make it easier, more user-friendly and straightforward to complete.

Catalyst awards

The Cripplegate Foundation Adult Catalyst programme has seven partner organisations, funded to award small grants of up to £500 to Islington residents on low incomes to pay for opportunities that make a difference to them. The programme is about aspiration, about giving residents the chance to do something fun, to take a step towards achieving a personal goal, or getting a bit of extra support to follow their passion. £55,000 was awarded in November 2025 to seven organisations covering a

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

two-year period, 2026-2027. The Adult Catalyst is a joint programme with Cloudesley – who also fund seven catalyst partners, with hosting of the annual meeting of partners alternating annually between Cripplegate and Cloudesley.

Cripplegate ward

Although most of the Foundation’s funding covers activities delivered in Islington, we also award a small number of grants to projects in the Cripplegate Ward of the City of London. This is supported with funding from the Henry Smith Foundation. We continue to make efforts to identify broader areas of need for support. During 2025 we funded two organisations to deliver activities to residents in the Ward:

• Living as Learning: to continue a weekly class of yin/restorative yoga for Golden Lane Residents and people living in and around the social housing of the City of London, Bunhill and Cripplegate for 31 weeks, with a grant of £4,827.

• Forget Me Not Memory Café received a grant award of £950 to deliver an outdoor event in September, which included outdoor entertainment for its 50 members. The majority are women, many of whom live alone, with terminal conditions and / or depression and memory issues. The members are mostly housebound and not used to outdoor local spaces.

There are plans to introduce new initiatives in the ward in 2026.

St Sepulchre pensioner grants

In March 2025, we stopped working formally with St Sepulchre United Charities, to support the promotion, applications and distribution of their pensions’ grants scheme to eligible local people. While we continue to promote the pensions where appropriate, the administration of the grants has now reverted to St Sepulchre.

7. Islington Giving – a restricted fund of Cripplegate Foundation

In 2010, Governors of the Foundation decided on a more proactive and collective approach to tackling poverty and inequality in Islington. We recognised that by working in partnership with other funders, businesses, local residents and Islington Council, we could leverage more resources for Islington, working with others to identify need, champion some less popular causes and support new developments. As a result, Islington Giving was launched.

Islington Giving is a restricted fund of Cripplegate Foundation; the Foundation administers Islington Giving and covers almost all of the running costs (although in 2025 both City Bridge Foundation and Esmée Fairbairn Foundation provided some funding to support the costs of our Participatory Grant Making programmes). This means that all other funds raised through Islington Giving supports local groups and activities directly through grants. All funding through Islington Giving is made in partnership; financial support comes from our coalition partners, who form the Islington Giving Board, as well as from other trusts and foundations, local businesses and from the people of Islington. In 2025 the Coalition Partners were City Bridge Foundation, Cloudesley, Cripplegate Foundation, Macquarie Group Foundation, The Morris Charitable Trust (The Business Design Centre), Paul Hamlyn Foundation, and Peabody.

The Islington Giving Grants Committee oversees the grants programme. In this report, we highlight just a few of the projects we fund through this coalition (more information is available on the Islington Giving website and in the annual Impact Reports.)

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Islington Giving Strategy

Our current strategic plan (which originally covered the period 2022-2025 and has now been extended by a further year to the end of 2026) focuses on the following five priorities:

1. Raise funds to support local projects.

2. Fund programmes that increase access to opportunities for residents.

3. Fund programmes that reduce isolation and create community connections.

4. Share decision-making power with residents through resident-led grant making and governance roles.

5. Sharing our learning openly and widely to positively influence the funding sector.

Progress against our strategic priorities for 2025 includes:

1. Raising funds – We raise funds to support local projects that respond to local need and create a greater sense of community in Islington.

   • Thanks to our coalition and corporate partners, trusts and foundations and the generosity of local people, we raised £1,379,272 to support the local community in 2025, and contributed a further £150,000 from Cripplegate Foundation funds.

   • This included the second year of our partnership with Camden Giving and Google to offer £222,500 of funding for food projects in the borough.

   • We also established new funding relationships with Esmée Fairbairn Foundation and Linklaters, to support our participatory grant making panels.

   • Islington Giving was honoured to be the chosen charity of the Mayor of Islington for the 2025-2026 term.

   • We also welcomed almost 100 corporate volunteers from companies across Islington to help produce our Angel Crackers for our 2025 Winter Appeal. With thanks to all for their incredible support.

2. Increasing access to opportunities – We increase access to opportunities and services that help people in Islington live a good life.

   • Islington Giving allocated £28,700 to its family and young person’s Catalyst programme. This supports a range of organisations to support individual young people and families to do something aspirational, fun or challenging. The grants are for people on a low income but are outside of crisis support, aiming instead to give people opportunities to enrich their lives and those of their families.

   • Islington Giving continued to co-fund the Big Alliance, which we founded along with Macquarie and the East London Business Alliance (ELBA) to connect businesses with local charities and mobilise employee volunteering. More details can be found at www.thebigalliance.org.uk.

   • In partnership with Macquarie, our Young Jobs programme provides work placements for local young people, enabling them to gain experience, build skills and develop their networks.

3. Reducing isolation and creating community connections – We aim to reduce isolation and foster connections, so that people in Islington are more connected to each other, their community and local services and support.

   • We continue to fund Help on Your Doorstep’s Good Neighbours Schemes, alongside Peabody, Islington Council and the Integrated Care Board. The scheme provides residents living on three estates in the borough with opportunities to come together, build

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

  - networks of support and learn new skills. The projects also enable residents to link to Help on Your Doorstep’s Connect and Advice services.

• In partnership with the Arsenal Foundation, over the last two years, we have funded a range of organisations offering mental health support to residents across the borough. These include All Change, James’s Place, Body and Soul, and the Brandon Centre. Given the rising need for mental health support, this partnership and Arsenal’s on-going commitment both to the issue and to Islington Giving, is very welcome.

• We continued to offer funding to groups to create opportunities for disabled people to attend the rich variety of activities provided by voluntary sector organisations in the borough. Grants of up to £3,000 are available to improve access to a range of activities.

• In parallel with our resident-led programmes, we run the Make it Happen programme, now in its 5th year, which awards microgrants to local residents and small groups to bring their ideas to life, bringing the community together and sparking joy across neighbourhoods. This year we awarded 68 grants of up to £500 each, totalling £33,115.

• Sharing power – We share decision making with residents, to distribute power more equitably and support more residents to develop skills to influence decision making.

• In 2025, we supported three resident-led panels. The Carers’ Panel and the Community Panel awarded funding of £40,000 and £150,000 respectively. We also launched our next Young Grant Makers panel (for 16-25 year olds) which will award £195,000 of funding in early 2026.

• With support from City Bridge Foundation and Esmée Fairbairn Foundation, we continued to develop our alumni programme, to offer further support to residents who have taken part in one of our grant making panels. The project aims to give residents opportunities to use what they have learned with us, both outside the organisation and to strengthen our own approach to resident involvement. This year, this programme has enabled us to have two resident roles on the Islington Giving Grants Committee, increasing resident voice at a strategic level. Two residents also now sit on the decision-making panel for Islington Council’s Community Chest Fund, and we have residents joining the Make It Happen awards panel. We also have four alumni on our staff team, our Make it Happen Fund Coordinator, our Alumni Manager and our two Young Grant Makers’ leaders. One of our alumni has taken part in the Endowments Investing Challenge. Alumni have also joined us to meet funders and talk about their involvement with our work. We have funded three alumni to start or run their own community projects through our Make It Happen Fund. A former Young Grant Maker spoke to the full Council about his role as a grant maker, while other Alumni have met with the Mayor of Islington to share their experiences of, and hopes for, the borough. Our alumni have also helped with our fund raising by selling festive winter crackers and taking part in Lunch on the Green.

• Sharing learning – As a coalition, we share our learning widely, to support and positively influence our public and voluntary sector peers.

• We facilitated spaces and events for over 60 grantees and community members to share insights, create new connections and offer feedback on our processes.

• In April 2025, we published our 15 years Anniversary report on for Islington Giving, which was shared with partners at an impact event at Union Chapel. We published reports on each of our participatory grant making programmes – all available on our website.

• We regularly connected and collaborated with our Place Based Giving movement peers through the growing London’s Giving network.

Grants made throughout 2025 reflected these aims and will continue to include Islington residents from many different communities.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

8. Beyond Grant making - wider opportunities for impact

Cripplegate Foundation proactively seeks ways to make the best use of its space, its connections, and its people for the benefit of residents in Islington. Cripplegate Foundation’s staff and Governors provide a range of wider support to local voluntary organisations, including through attending events, providing advice and helping groups to network, to sitting on project advisory boards and leadership groups, and communicating grant partners’ work.

The Foundation continued to be members of the Council’s Community Partnerships Board, the Funders for Race Equality Alliance and shared learning at several Association of Charitable Foundations (ACF) and London Funders’ events. We also continued to chair monthly cross-Islington voluntary and community sector and funder meetings, encouraging partnership and greater local coordination.

Investment impacts

Governors continue to consider how we can better align our endowment with Cripplegate Foundation’s mission. The Foundation’s investment policy restricts investments in pornography, tobacco, alcohol, high-interest lending, gambling, fossil fuels and firearms or handguns, and companies found to have United Nations Global Compact (UNGC) violations. In addition to screening out investments which may conflict with our mission, we also meet quarterly with our investment manager to review progress, to improve the quality of environmental, social and governance (ESG) data provided, and to review voting decisions and company engagement objectives to ensure that we continue to push for responsible employment practices, and to minimise any negative environmental or societal impacts arising from our investments. We are very grateful for the support that we receive from the Charities Responsible Investment Network and ShareAction to work collaboratively on these objectives.

Alongside this, we have a commitment to carve out 5% of our endowment towards impact investing. In 2022, the Foundation approved its first impact investment of £250,000 into the Women in Safe Homes (WISH) fund. This is a gender-lens impact investment property fund which helps address the housing crisis for women escaping domestic abuse, leaving the criminal justice system and at risk of or experiencing homelessness. At the end of 2025 we received our first capital distribution from this investment.

We also explored opportunities for new impact investments. In February 2025, New Philanthropy Capital (NPC) delivered a landscape mapping of some potential impact investments which met our investment policy and the four Sustainable Development Goals which we have prioritised. However, the subsequent due diligence processes resulted in us deciding not to invest in any of the opportunities identified at the current time. We continue to seek potential impact investments which align with our values and with our investment policy objectives.

In doing so, we have joined a collaboration of five other UK Foundations to run the ‘Endowments Investing Challenge’. This is an open and collaborative tender process for an impact focussed investment manager who can prioritise future generations. The combined mandate will be up to £50 million (of which we have allocated between £5-10m). We have challenged the investment industry to create an ambitious portfolio that prioritises positive social and environmental impact for future generations alongside financial returns. A Future Generations Panel, made up of young adults aged 18–25, is participating throughout the process, helping to ensure that investment decisions reflect the needs of tomorrow’s society. Responses to the tender were received at the end of December 2025. Shortlisted Investment Service Providers (ISPs) will present their investment solutions at a

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

high-profile event in March 2026 at the Barbican, London. Based on the outcome of the process, we intend to commission a new investment manager in mid-2026 which addresses both our diversification and impact objectives.

Providing resources

As well as awarding grants, the Foundation offers the use of resources to Islington’s voluntary organisations in more collaborative ways. This forms an integral part of the Foundation’s 2022-26 strategy.

The Foundation was able to offer its office space for free to other voluntary sector organisations for meetings and training sessions. Throughout 2025 we were pleased to welcome 18 local voluntary sector organisations who used our Boardroom and meeting rooms for a total of 172 hours in the year without charge. The Foundation also continued to provide rent-free office and meeting space for the headquarters of Help on Your Doorstep as well as hosting the offices of two charities, our partner Businesses for Islington Giving (BIG) Alliance, and British Future.

The Foundation had previously offered a lease of ‘The Drum’, a former public house in Whitecross Street, to YMCA London City and North (YLCAN) at a peppercorn rent following an agreement made on 4[th] July 2000 for 25 years. In 2023, YMCA requested to end this lease and the Foundation placed this asset for sale as it was no longer required. Artbox London, a local charity and grantee, made temporary use of the building from 2024 through into the first quarter of 2025, prior to the building finally being sold in April 2025. The funds from the sale of this property have been reinvested into our endowment.

9. Structure, Governance and Management

The Foundation’s trustee company has a board of Governors. Two Governors are appointed by the City of London Corporation and two by the London Borough of Islington. All other Governors are appointed by the trustee company’s Board and serve for five years after which period they may put themselves forward for reappointment. (See page 19 for a list of current Governors and senior management staff).

In 2025 we undertook a diversity survey and the results of this survey have been published on our website. We continue to recruit new governors with a focus on building a Board which has a wide diversity of skills, experience and backgrounds.

In 2025, four governors stood down, having come to the end of their term. We appointed one of our advisers, who had gone through the full Governor recruitment process, to a Governor position and undertook an open recruitment process for the three further vacancies. These three new Governors are due to join the Foundation from January 2026.

We provide a formal induction and mentoring programme for new Governors as well as annual governance training conducted by the National Council of Voluntary Organisations (NCVO). Governors are also regularly invited to and attend training sessions held by our investment managers and partners relating to good governance and financial stewardship. Governors are also offered the opportunity to attend the Association of Charitable Foundation’s (ACF) annual conference.

Governors review the strategy and priorities of the Foundation at their quarterly meetings, taking into account grant making, development programmes, investments and risk management. An annual strategy awayday is held by Governors in the autumn to plan our future strategic priorities. Day-today administration of the Foundation is delegated to the Chief Executive Officer, Sarah Benioff.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

The Finance and General Purposes Committee meets three times a year and has delegated powers to deal with finance and investment matters. This Committee reviews the annual budget and management accounts, acts as an audit committee and deals with pension, insurance, and property matters. The Committee also keeps its asset allocation under regular review in line with its Investment Policy, with the day-to-day management of investments delegated to our investment managers.

The Foundation has final legal responsibility for Islington Giving’s funds but delegates the power to make decisions on strategy, programmes, and fundraising to the Islington Giving Board, which is chaired by a Cripplegate Governor, with two additional Cripplegate Governors. In 2025, Islington Giving Board members included representatives from City Bridge Foundation, Cloudesley, Cripplegate Foundation, Macquarie Group Foundation, The Morris Charitable Trust & Business Design Centre, Paul Hamlyn Foundation, and Peabody. The Islington Giving Board met twice in 2025. The Islington Giving Grants Committee (which is also chaired by a Cripplegate Governor, includes a representative from Cloudesley, Peabody, Paul Hamlyn Foundation, City Bridge Foundation, and the National Lottery Community Fund, and two additional Cripplegate Governors, alongside three local residents) makes decisions on applications for funding and met three times in 2025.

Cripplegate Foundation Governors are also members of the Islington Council’s Community Chest Panel, the Islington Residents’ Support Scheme Strategic Management Board, the steering groups of the Islington Advice Project and the Catalyst Programme.

The Foundation had an average staff team of 15 (full time equivalent 12) during 2025.

10. Risk Management

In line with the requirement for Trustees to undertake a risk assessment exercise and report on it in their annual report, Governors have looked at the risks the Foundation currently faces and have reviewed the measures already in place, or those that needed to be put in place, to address and mitigate risks. Governors have identified five main areas where risks may occur:

• Governance – how strategic priorities are set, and decision making is carried out, with regard to the future activities of the Foundation, as well as compliance with its regulatory duties, but also the structure, knowledge and experience of its board.

• Financial – risks associated as a result of poor budgetary management, inadequate internal controls, poor accounting and inappropriate investment policies coupled with unpredictable income streams due to market variances, exacerbated by geopolitical events.

• Grant Management – assessing the risks inherent in the charity’s operation with regards to its grant making, including how grants are made, who they are given to, and adapting to the needs of the local community to respond quickly to any changes in need whilst ensuring its adherence to the Foundation’s charitable objectives.

• Operational – any risk that may arise due to non-compliance with data protection regulations, inadequate HR practice and procedures or a failure to safeguard the Foundation’s assets i.e., its premises and IT infrastructure.

• External – assessing the risks that can arise as a result of political, social, and economic change, as well as possible damage to the Foundation’s reputation due to adverse publicity or failed partnerships.

Governors have examined key controls over the areas of risk identified and confirm that systems are in place to mitigate the significant risks.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Safeguarding statement:

Cripplegate Foundation reviews its safeguarding policy and procedures annually. Staff receive regular safeguarding training, and we have a designated safeguarding governor. There were no safeguarding issues to report during this year.

11. Key Management Personnel and Remuneration

Governors consider the Chief Executive, Director of Finance and Resources, Director of Programmes and Director of Development and Communications as comprising the key management personnel of the Foundation.

The remuneration and related benefits of the Chief Executive is reviewed annually by the Remuneration Committee following an annual appraisal process.

Salaries for all other employees are reviewed annually and are normally increased with reference to the Consumer Price Index (CPI). The remuneration is periodically bench-marked with grant making charities of a similar size, and we continue to review regular benchmarking publications such as the annual Association of Charitable Foundations salary benchmarking report to ensure that our scales remain appropriate.

12. Related parties, conflicts of interest, and payments to governors

All Governors give their time freely and no remuneration was paid to any Governor in the year 2025. Full details of Governor expenses and related party transactions are disclosed in notes 19 and 20 to the accounts. Governors are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Foundation’s policy, withdraw from decisions where a conflict of interest arises.

13. Fundraising compliance

The Foundation raises funds from individuals and organisations through Islington Giving. Our strategic approach to fundraising aims to engage more supporters with Islington Giving’s vision to increase our voluntary income from individual donors, Trusts and Foundations and businesses.

We are voluntarily registered with the Fundraising Regulator and commit to our fundraising being legal, open, honest and respectful, meeting the standards set in the Fundraising Code of Practice. The code was complied with in full, and there were no breaches reported against the code in 2025. The Charity did not make use of any external fundraisers. No complaints were received in respect of its fundraising activities.

14. Diversity, Equity, and Inclusion

The Foundation is committed to being a diverse and inclusive organisation that truly reflects the community it serves. The Foundation continued its focus on advancing Diversity, Equity and Inclusion (DEI) through its DEI plan, which is regularly updated with progress and shared on our website. The DEI committee holds accountability for the Foundation’s strategic DEI plan and reports directly to the Board of Governors. Progress was made across all areas of the Foundation’s DEI plan in 2025, with highlights including:

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

• We commissioned a report into the Foundation’s origins of wealth, and received this report in October 2025. We have now set up a sub-committee of governors and staff to determine potential future actions related to the findings, and aim to publish our response alongside the report in 2026.

• We volunteered to participate in the Foundation Practice Rating this year, a framework which assesses and seeks to enhance practices of UK charitable foundations in terms of diversity, accountability, and transparency. We expect the results of this assessment in early 2026.

• We held three participatory grant making panels this year to distribute grants: a carers panel, community panel, and young grant makers panel. The young grant makers panel will award funds in early 2026.

• We led a discussion with the Islington Giving Board (chaired by Cripplegate Governor) on sharing power and DEl within and across Islington Giving. This has led to the creation of three alumni/resident roles on the Islington Giving grants committee.

• We reviewed and invested further in our Disability Fund, which supports groups to make their activities accessible for disabled people, and to train staff around access issues.

• We ran the second round of our 3-year grants for organisations led by and for the communities they serve, awarding £744,159 in core funding to 18 groups.

• We joined ShareAction’s Good Work Coalition, which campaigns and engages directly with employers on key issues of inequality, such as Living Wage, Board diversity, and diversity pay gap reporting.

• In partnership with fellow funder Cloudesley and our funded advice groups (Citizens Advice Bureau, Islington Law Centre, the Islington BAMER Advice Alliance and Help on Your Doorstep), we commissioned a small research project to use the evidence from their work to highlight issues around access to housing repairs in the borough. This will be published in 2026.

15. Funder Commitment to Climate Change

The Foundation has been a signatory to the Association of Charitable Foundations (ACF’s) Funder Commitment on Climate Change since 2022. This is a holistic, high-level framework supporting funders to play their part in tackling the causes and impacts of climate change. Our action plan aligns with the six pillars of this commitment and, in accordance with the commitment, we continue to report annually on progress and to share this publicly on our website and in ACF’s public report.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

FINANCIAL REVIEW

Financial results

The Foundation has three sources of income:

• investment income generated by its permanent endowment;

• voluntary income raised from local businesses, trusts, and residents via Islington Giving; and

• income from third parties with which it administers grant programmes on their behalf. These consist of other trusts and foundations operating within its area of benefit and the London Borough of Islington.

Key financial indicators in 2025 include:

• In 2025, total income amounted to £3,480,289 (2024: £2,851,437). This was a significant increase on the year prior. A large proportion of this increase related to strong fundraising within our restricted fund, Islington Giving, which raised £1,379,272 (2024: £919,222). Our investments also performed more strongly than the previous year raising £1,712,841 (2024: 1,571,752). The balance of our income was derived mainly from other key grants from the London Borough of Islington for our RSS and ICCC programmes, and a smaller amount generated through rental income generated from our Elliott’s Place office. We also received income from two unexpected sources: a refund of £96,514 from the process of closing our old defined benefit pension scheme, and £15,950 from the extension of leases for a building that we own the freehold of (included within note 5 – property).

• Total expenditure amounted to £3,346,008 (2024: £3,102,589). This comprised grant commitments for multiple years made in 2025 (after grants written off), of £2,107,097 (2024: £1,906,633), fundraising costs for Islington Giving of £132,055 (2024: £86,215), overheads of £871,291 (2024: £883,926) and investment management fees cost £235,566 (2024: £225,815)

• Our investments performed strongly, with unrealised and realised gains on investments amounting to £5,357,717 (2024: £2,117,694).

• Cash held in the bank at the end of the year amounted to £1,391,207 (2024: £958,160). Cash is held to make payments for the grant commitments due throughout the year.

• Grant commitments are included under creditors. Grant commitments due within one year amounted to £1,048,340 (2024: £991,459) and those due after more than one year totalled £420,856 (2024: £293,333).

• As a result of strong income performance, and despite having set a deficit budget at the beginning of the year to reduce our reserves, net movement in unrestricted funds for the year was £181,901 (2024: £173,229).

• Total funds at 31st December 2025 were £54,871,724 (2024: £49,379,726) of which £52,391,537 (2024: £47,477,270) represented endowment funds (see note 17 for further detail), £580,910 represented restricted funds (2024: £185,081), £317,611 (2024: £347,254) represented non-endowment fixed assets, and £1,581,666 (2024: £1,370,121) represented unrestricted free reserves.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Reserves Policy

Governors annually review the adequacy of the Foundation’s reserves, which in this case are defined as the part of the Charity's accumulated surpluses that are available to spend once it has met its commitments and covered its other planned expenditure, often called "free" reserves. Governors aim to keep six months of overhead and staff costs to cover unexpected reductions in income. This excludes endowed funds that have been invested to provide a secure and predictable income stream, property and fixed assets held for charity use, funds accumulated for a designated purpose within the overall purpose of the charity, and restricted funds. For our 2026 budget, 6 months of core overheads and staff costs will amount to £524,106.

In recognition of our high reserve level at the end of 2024, we commenced 2025 with a planned deficit budget of -£373K (of which -£267K related to unrestricted funds). However, strong performance from our investment portfolio both in terms of income and also unrealised gains on our unrestricted funds have meant that we have ended the 2025 year with a surplus. In addition, we received an unexpected refund on the closure of our defined benefit scheme of £96,514 and a windfall of £15,950 relating to the extension of leases of West Kensington Mansions.

At the end of 2025, the Foundation therefore held £1,581,666 in free reserves (2024: £1,370,121). Unrestricted free reserves are held in cash and liquid investments, so can be easily accessed if needed.

The Governors recognise the importance of getting funding out to organisations in need and to support opportunities which reflect Cripplegate Foundation’s aims and objectives. In recognition of our currently high level of reserves, we have therefore set a significant deficit budget for 2026 of c.-£600K unrestricted and -£300K restricted, and have prioritised additional participatory grant making as a key strategic priority, while also retaining the capacity to respond to needs or opportunities as they arise through the year. This will bring our reserves much closer towards our stated reserve policy.

Investment policy and performance

Under the terms of the Foundation’s governing scheme, Governors may only spend the income of the permanent endowment fund and may not expend the capital. The Foundation’s Investment policy was updated in 2025, giving reference to the newly published Charity Investment Governance Principles. The investment objective was, and remains, to maximise income whilst preserving the value of the capital against inflation. However, there is recognition of the impact of our investments on people and the planet. Therefore, the Foundation seeks to understand the impact of the investment portfolio, investing with the intention of avoiding harm and aligning with our aims to reduce poverty and inequality for our beneficiaries and to achieve better lives for the people of Islington. The investment policy and the principles enshrined in this reflect these ambitions.

The endowment is held in a mix of listed investments (managed by Newton Investment Management Ltd), impact investments (WISH fund) and property (the Foundation’s current premises in Elliott’s Place).

Management of the funds held by Newton Investment Management Ltd

Newton Investment Management Ltd (Newton) currently holds just over £50m of the Foundation’s endowment funds.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

In 2025, Newton had been set a performance objective of achieving an annual income of £1.5m which equates to a performance target of achieving returns equal to CPI inflation plus 3.3% per annum (net of fees). This target was exceeded by £212,841.

Asset allocation and benchmark

In 2025, Governors reviewed the asset allocation for the portfolio managed by Newton and agreed:

	Asset allocation benchmark %	Asset allocation **range **	Performance Benchmark
Global Equities	75	65 -85	MSCI AC World
Fixed Income	10	0 – 20	FTA Govt All Stocks Index
Property	10	5-15	IPD Index
Alternatives	5	0-10	Cash +2%
Cash	0	0-10	LIBID 3 months

Investment restrictions

These are as follows:

• No more than 1% of the total capitalisation of any company may be held.

• Gearing is not permitted.

• No derivatives, futures or stock lending.

• No investment in the managers’ owners.

• Unless prior permission has been given, no more than 10% of the portfolio to be invested in any one company.

Responsible investment

The Foundation has adopted a responsible investment policy to ensure that its investments do not conflict with its aims. Therefore, the Foundation seeks to avoid harm through applying the following restrictions:

• Exclude tobacco from the Foundation’s investments on the grounds that the London Borough of Islington has the second lowest life expectancy for men in the UK, largely due to tobacco-related illnesses.

• Exclude investment in any company that derives more than 10% of its revenue from gambling.

• Exclude investment in any company that derives more than 5% of its revenue from highinterest-rate lending.

• Exclude investment in any company that derives more than 3% of its revenue from pornography or adult entertainment services.

• Exclude investment in any company that derives more than 10% of its revenue from the production of alcohol.

• Exclude investment in any company that is involved in the manufacture or sale of weapons intended for use by the general public including semi-automatic rifles, firearms or ammunition, or key parts or services for firearms or ammunition.

• Exclude investment in any company that derives more than 5% of its revenue from the manufacture or sale of civilian firearms or related products.

• Exclude investments in any company that derives more than 10% of revenues from fossil fuel, with a complete exclusion on coal and tar sands.

• Exclude corporate issuers deemed to have violated one or more principles of the UN Global Compact (UNGC).

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Investment managers are expected to actively engage and vote in order to encourage businesses to make progress towards the sustainable development goals. Where there are specific topics that impact the Foundation beneficiaries, the Foundation will use its influence as a shareholder to seek to represent the beneficiaries e.g. improving lending practices, worker rights. This may involve collaboration with other likeminded asset owners. Where underlying portfolio companies do not sufficiently respond to engagement activity, or the manager is unable to evidence progress against engagement targets, we will seek to encourage divestment from either portfolio companies or ultimately, our holding in the fund.

Climate change : the Foundation intends to align the investment portfolio with the Paris Agreement on climate change and will reduce the overall portfolio carbon emissions and encourage the energy transition, through active ownership and investing in solutions (e.g. renewable energy and infrastructure).

The Foundation expects the investment managers to be signatories to the UK Stewardship Code and UN Principles for Responsible Investing.

Impact investment : The Foundation will look to contribute to solutions to social need through a 5% allocation to impact investments. Selected impact investments will particularly seek to target four sustainable development goals: No Poverty; Participation of Women; Reduced Inequalities; and Sustainable Cities. Section 8 above of our annual report identifies the actions that we have taken this year to increase our allocation towards impact and values led investments.

Reference and Administrative Details

The sole corporate trustee is the company of Cripplegate Foundation Limited (a company limited by guarantee with company registration number 6129936) of which these Governors are directors and members:

Co-optative Governors

Anna-Marie Tomm (appointed 25 September 2025) Anna Min (resigned 2 July 2025) Bethlehem Tewelde Deborah Higgins Edmund Brandt Emma Whitby (appointed 1 January 2026) Emmanuel Wiafe (resigned 13 October 2025) Fiona Au Jop Bekink Margaret Elliott Mairi Macrae (appointed 1 January 2026) Micky Khurana Nezahat Cihan (resigned 3 December 2025) Paul Formosa (resigned 13 October 2025) Saffi Jones Sarah Lee (Chair)

Nominative Governors appointed by the City of London Corporation

Elizabeth King Dawn Frampton

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Nominative Governors appointed by the London Borough of Islington

Councillor Jenny Kay Councillor Saiqa Pandor

Special thanks were given to governor Nezahat Cihan who stepped down in December 2025 for her ten years of service to the Foundation, as Governor, Chair, Vice Chair and other significant contributions to the work of the Foundation and the local community.

The following individuals and firms are not directors or members of Cripplegate Foundation but performed significant functions in relation to the Foundation.

Senior Management Team

Sarah Benioff, Chief Executive Officer Jenny Couper, Director of Finance and Resources Anne Shewring, Director of Programmes George Pope, Director of Development and Communications

Auditors

UHY Hacker Young Thames House Roman Square Sittingbourne Kent ME10 4BJ

Solicitors

Devonshires Solicitors LLP 30 Finsbury Circus London EC4R 1AG Bishop and Sewell LLP 50-60 Russell Square St Giles, London WC1P 4HB

Bankers

Royal Bank of Scotland Islington High Street London N1 8XB

CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ

Investment Managers

Newton Investment Management Ltd BNY Mellon Financial Centre 160 Queen Victoria Street London EC4V 4LA

Statement of Trustee’s Responsibilities and Going Concern

The Foundation has a corporate trustee, Cripplegate Foundation Limited. The directors and members of Cripplegate Foundation Limited are referred to as Governors.

The trustee is required by charity law to prepare financial statements for the financial year which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that year.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

In preparing the financial statements the trustee must:

• adopt suitable accounting policies and apply them consistently;

• adopt the principles and methods of the charity Statement of Recommended Practice (SORP);

• make judgements and estimates that are reasonable and prudent;

• state that applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and

• prepare the financial statements on a going concern basis unless it is inappropriate to do so.

The Governors consider Cripplegate Foundation to be a going concern and have prepared the accounts on that basis.

The trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and which enable it to ensure that the financial statements comply with charity law. The trustee is responsible for safeguarding the assets of the Foundation and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the trustee on 1 / 7 / 2026

Sarah Lee Chair of Governors, Cripplegate Foundation Limited

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Cripplegate Foundation

Independent Auditors’ Report to the Trustee of Cripplegate Foundation

Opinion on the financial statements

In our opinion, the financial statements:

• give a true and fair view of the state of the Foundation’s affairs as at 31 December 2025 and of the Foundation’s incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charites Act 2011.

We have audited the financial statements of Cripplegate Foundation (‘the Foundation’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditors’ report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• adequate accounting records have not been kept by the Charity; or

• sufficient accounting records have not been kept; or

• the Foundation’s financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of the Trustee for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Foundation or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Non-compliance with laws and regulations

Based on:

• our understanding of the Foundation and the sector in which it operates;

• discussion with management and those charged with governance; and

• obtaining an understanding of the Foundation’s policies and procedures regarding compliance with laws and regulations;

we considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP (FRS 102), the Charities Act 2011 and UK tax legislation.

The Foundation is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the Health and Safety Act 1974, the Data Protection Act 2018, Employment Rights Act 1996 and the Bribery Act 2010.

Our procedures in respect of the above included:

• Review of the financial statement disclosures and agreeing to supporting documentation;

• Review of minutes of meetings of those charged with governance for any instance of non-compliance with laws and regulations;

• Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations; and

• Review of legal expenditure accounts to understand the nature of expenditure incurred.

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Cripplegate Foundation Report of the Trustee for the year ended 31[st] December 2025

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

• Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

• Obtaining an understanding of the Foundation’s policies and procedures relating to:

• Detecting and responding to the risks of fraud; and

• Internal controls established to mitigate risks related to fraud.

• Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;

• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;

• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud.

Based on our risk assessment, we considered the areas most susceptible to fraud to be journals and key estimates and judgements.

Our procedures in respect of the above included:

• Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;

• Assessing significant estimates and judgements made by management for bias, including the allocation of support costs;

• Testing the existence and accuracy of income recognised in the year.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of our report

This report is made solely to the Foundation’s Trustee, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Foundation’s Trustee those matters we are required to state to them in an Auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Foundation’s Trustee as a body for our audit work, for this report, or for the opinions we have formed.

UHY Hacker Young

Date: 6 July 2026

Thames House Roman Square Sittingbourne Kent ME10 4BJ

UHY Hacker Young is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Cripplegate Foundation

Statement of Financial Activities for the year ended 31[st] December 2025

Notes Income and endowments from: Donations and legacies 3 Trading activities 4 Investments 5 Other income 6 Total Expenditure on: 7 Raising Funds Investment Management Costs Fundraising Costs Charitable activities 8 Advice and access to services Confronting social isolation Financial inclusion and capability Investing in young people Mental health and well-being Supporting families Total Net (expenditure) / income before investment gains Net gains on investments 12 Impairment losses on assets held for sale Net income / (expenditure) Transfers between funds 17 Net movement in funds 17 Reconciliation of Funds Total funds brought forward Total funds carried forward 17	Unrestricted Funds Islington Giving Restricted Fund Other Restricted Funds Endowment Funds Total 2025 Total 2024 £ £ £ £ £ £ 39,000 1,363,760 219,000 - 1,621,760 1,248,922 33,316 15,512 - - 48,828 30,763 1,712,841 - - - 1,712,841 1,571,752 96,860 - - - 96,860 -
	1,882,017 1,379,272 219,000 - 3,480,289 2,851,437
	7,617 - - 227,949 235,566 225,815 132,055 - - - 132,055 86,215 557,758 66,245 12,900 - 636,903 429,824 203,176 131,537 39,950 - 374,663 1,009,843 89,850 167, 013 24,000 - 280,863 266,041 471,233 417,798 55,350 - 944,381 595,395 140,825 140,319 67,012 - 348,156 388,101 162,299 211,152 19,970 - 393,421 101,355
	1,764,813 1,134,064 219,182 227,949 3,346,008 3,102,589
	117,204 245,208 (182) (227,949) 134,281 (251,152) 215,501 - - 5,142,216 5,357,717 2,117,694 - - - - - (106,035)
	332,705 245,208 (182) 4,914,267 5,491,998 1,760,507 (150,803) 84,770 66,033 - - -
	181,902 329,978 65,851 4,914,267 5,491,998 1,760,507
	1,717,375 304,576 (119,495) 47,477,270 49,379,726 47,619,219
	1,899,277 634,554 (53,644) 52,391,537 54,871,724 49,379,726

25

Cripplegate Foundation

Balance Sheet as at 31[st] December 2025

Notes Fixed Assets Tangible assets 10 Investments 11 Current assets Assets held for sale 13 Debtors 14 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 15 Net Current Assets/ (liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets Represented by Funds and reserves 17 Endowment fund Islington Giving restricted fund Other restricted income funds Unrestricted income funds Total funds		2025 £ 1,567,611 53,319,708 54,887,319 - 189,097 1,391,207 1,580,304 (1,175,043) 405,261 55,292,580 (420,856) 54,871,724 52,391,537 634,554 (53,644) 1,899,277 54,871,724		2024 £ 1,597,254 47,033,883
				48,631,137 1,143,965 63,353 958,160
				2,165,478 (1,123,556)
				1,041,922 49,673,059 (293,333)
				49,379,726
				47,477,270 304,576 (119,495) 1,717,375
				49,379,726

The accompanying notes numbered 1 to 23 form part of these accounts.

Approved by the Trustee and authorised for issue on 1 / 7 / 2026 and signed on its behalf by

Sarah Lee Chair of Governors, Cripplegate Foundation Limited

26

Cripplegate Foundation

Statement of Cash Flows for the year ended 31 December 2025

Cash flows from operating activities: Net cash provided by (used in) operating activities Cash flows from investing activities: Dividends, interest and rents from investments Purchase of tangible fixed assets Purchase of investments Proceeds from sale of asset Movement on cash held for investment Proceeds from sale of investments Net cash provided by (used in) investing activities Cash flows from financing activities: Repayments of borrowing Cash inflows from new borrowing Net cash provided by (used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Reconciliation of net expenditure to net cash flow from operating activities Net income /(expenditure) for the year(as per Statement of Financial Activities) Adjustments for: Depreciation charges (Gains)/losses on investments Dividends, interest and rents from investments (Increase) / decrease in stocks Impairment of assets held for sale (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash provided by (used in) operating activites Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Overdraft facility payable on demand) Total cash and cash equivalents			2025 £ (1,493,204) 1,712,841 (2,447) (11,563,387) 1,143,965 (606,788) 11,242,067 1,926,251 - - - 433,047 958,160 1,391,207 2025 £ 5,491,998 32,090 (5,357,717) (1,712,841) - - (125,745) 179,011 (1,493,204) 1,391,207 - - 1,391,207		2024 £ (2,071,299)
					1,571,752 (1,100) (9,195,390) - 978,543 8,968,474
					2,322,279
					- -
					-
					250,980 707,180
					958,160
					2024 £ 1,760,507 34,274 (2,117,694) (1,571,752) 0 0 14,975 (297,644) (2,177,334) 958,160 - - 958,160

27

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Notes to the financial statements for the year ended 31 December 2025

1. General information

Cripplegate Foundation is an unincorporated charity registered in England and Wales (charity number 207499), governed by a Charity Commission scheme made under the London Parochial Charities Act of 1883. Its principal office is 13 Elliott’s Place, London, N1 8HX.

2. Accounting Policies

a) Basis of preparation and going concern

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments and assets held for sale, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland Charities SORP (FRS 102) (second edition – October 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland 102 (FRS 102) (January 2019) and the Charities Act 2011.

The functional currency of the Foundation is in pounds sterling as the Foundation operates and receives income in the UK, and the financial statements have been rounded to the nearest pound.

The Foundation constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and 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 Charities SORP (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2005), which has since been withdrawn.

The Trustee is satisfied that the Foundation has sufficient reserves to continue as a going concern for the foreseeable future. The uncertainty in investment performance given the macroeconomic climate means that income can be difficult to forecast, but whilst the Foundation seeks to protect grant commitments as much as possible, there is scope to adjust these to accommodate any significant changes in income. In addition, reserves have been set at a high enough level to account for any expected fluctuations in income and discussions with the Foundation’s investment managers do not indicate that there should be any concern that may affect this going concern assessment.

The principal accounting policies are set out below:

b) Funds Structure

Cripplegate Foundation holds the following types of funds:

• Unrestricted funds

• These are available for use at the discretion of the Trustee in furtherance of the general objects of the Foundation.

• Permanent endowment fund

This is the fixed capital of the Foundation, which is invested in financial investments and property. The income is available for general use, but the capital may not be spent, except for investment management costs expended on portfolio management and administration, and governance and support costs specifically attributable to investment assets.

• Restricted funds

These funds are subject to specific restrictive conditions imposed by funders. The purpose and use of restricted funds is set out in the notes to the financial statements.

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Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

c) Income

Income is accrued and included in the Statement of Financial Activities when the Foundation is entitled to the income, it can be measured reliably and it is more likely than not that the economic benefits associated with the transaction or gift will flow to the Foundation.

Donation income is recognised in the Statement of Financial Activities in the period that it is received. Where a donation is made with a valid Gift Aid declaration, the Gift Aid is recognised in the period in which the original donation was made.

Grant income is recognised in the Statement of Financial Activities in the year in which this becomes receivable and when any conditions for receipt have been met.

Investment Income is accounted once the Foundation has entitlement to the resources, it is probable that the resources will be received and that the monetary value of income can be measured with sufficient reliability.

d) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation. Grants are recognised in the Statement of Financial Activities when they have been approved by trustees and noted to the beneficiaries. They are apportioned between amounts due within one year and after one year based on the expected payment profile. The Foundation monitors the usage to which a grant is put, and reports are required from beneficiaries before the next instalment is paid, however, the beneficiary would have a valid expectation that they will receive the grant as offered and accepted. Cancelled grants are credited to the Statement of Financial Activities when the cancellation has been approved. Circumstances in which a grant may be cancelled include adverse performance issues, a breach of the conditions of the grant, the grantee no longer being able to accept the grant, or there being an underspend on the project which would lead to a partial cancellation. Grant liabilities are initially recognised at the amounts awarded and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case, they are stated at cost.

Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

e) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost including any incidental expenses of acquisition. All assets costing more than £500 and with an expected useful life exceeding one year are capitalised. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives as follows:

Long leasehold and improvements 75 years* Furniture, fixtures and fittings 10 years Computer equipment 3 years

*The long leasehold refers to the Foundation’s property at 13 Elliott’s Place, London, N1 8HX on which the Foundation holds a 999-year lease. The 75-year depreciation period is considered a fair and reasonable basis as assessed by the Trustees.

f) Listed Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using their stated bid price.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the yearend and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

29

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

g) Social Investments

Social Investments are programme related investments, as defined by the Charity Commission and represent funding to organisations in order to further the Foundation's charitable objects. The primary purpose of Social Investments is to provide a social return rather than a financial return. Social investments that are loans are accounted for at the outstanding amount of the loan less any provisions for unrecoverable amounts.

h) Assets held for sale

Assets held for sale are carried at fair value less costs to sell. Impairment is considered at the point of classification of the item as ‘held for sale’ and at each subsequent Balance Sheet date.

i) Allocation of overhead and support costs

Overhead and support costs have been allocated between charitable activities and governance and have been apportioned based on staff time. The allocation of overhead and support costs is analysed in note 7 and 8, they are based on grant amount spent under each charitable activity.

j) Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

m) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to the expenditure.

n) Employee benefits

• Short term benefits

Short term benefits including holiday pay and pensions are recognised as an expense in the period in which the service is received.

• Pension costs

The charity operates a salary sacrifice defined contribution group personal pension scheme with Royal London. Contributions payable for the year are charged in the Statement of Financial Activities.

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Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

o) Judgements and estimates

Preparation of the accounts requires the Trustee and management to make significant judgements and estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The items in the financial statements where judgements and estimates have been made include:

• Depreciable assets Estimating the useful economic life of tangible fixed assets for the purposes of determining a depreciation rate.

• Grant commitments

• Management estimates the value of grant commitments payable within one year based upon the anticipated timing of payments per the original offer letter to the beneficiary. The Foundation’s offer of grant payments may include conditions to be met or milestones to be reached ahead of the next tranche of funding to be released, which are outside the control of the Foundation. Accordingly, the timing of grants payable within one year and after more than one year is considered an estimate.

• Recovery of social investments

Management have included social investments at their book cost or market value (where there is a reliable source) less any provisions and revaluations. Social investments that are loans are accounted for at the outstanding amount of the loan less any provisions for unrecoverable amounts. Judgements on reliable estimate takes on a range of factors including availability of independent verification of the underlying holdings, recent entrants to and exists from funds. See Note 12 for movement of social investment during the year.

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Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025

3. Income from donations and legacies

LB Islington Community Chest LB Islington RSS CF Domestic Abuse Dev Partners CF Social Welfare - Cripplegate Ward CF St Sepulchre Islington Giving Other donations Total	Unrestricted funds Islington Giving restricted fund Other restricted funds 2025 2024 £ £ £ £ £ 36,000 - 154,000 190,000 256,600 - - 20,000 20,000 20,000 - - 45,000 45,000 45,000 - - - - 4,600 - - - - 3,500 - 1,363,760 - 1,363,760 919,222 3,000 - - 3,000 -
	39,000 1,363,760 219,000 1,621,760 1,248,922

In 2024, £0 was attributable to unrestricted funds, £919,222 to the Islington Giving restricted funds and £329,700 to other restricted funds.

Islington Giving income is further analysed in the appendix.

4. Income from trading activities

Income from letting of property Other trading income Total	Unrestricted Islington Other restricted Total funds Total funds funds Giving funds 2025 2024 restricted fund £ £ £ £ £ 33,316 - - 33,316 30,523 - 15,512 - 15,512 240
	33,316 15,512 - 48,828 30,763

In 2024, all income from other trading activities was attributable to unrestricted funds.

5. Income from investments

Equities Fixed interest Tax reclaimed Interest on cash Property Total	Unrestricted funds Islington Giving restricted fund Other restricted funds Total funds 2025 Total funds 2024 £ £ £ £ £ 1,477,680 - - 1,477,680 1,307,407 186,959 - - 186,959 187,440 14,556 - - 14,556 57,520 17,696 - - 17,696 19,385 15,950 - - 15,950 -
	1,712,841 - - 1,712,841 1,571,752

In 2024, all investment income was attributable to unrestricted funds.

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Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025

6. Other income

Reimbursement of pension closure overpayment Other miscellaneous income Total In 2024, there was £0 other income. Total Income	Unrestricted funds Islington Giving restricted fund Other restricted funds Total funds 2025 Total funds 2024 £ £ £ £ £ 96,514 - - 96,514 - 346 - - 346 -
	96,860 - - 96,860 -
	1,882,017 1,379,272 219,000 3,480,289 2,851,437

33

Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025 7. Expenditure

2025 Expenditure

Grants Programme cost Salary costs Other staff costs Governance costs Office costs Insurance Professional fees Depreciation & loss on disposal Islington Giving campaign costs Investment Management fee Total

Investment Management Fundraising Advice and access to services Confronting social isolation Financial inclusion and capability Investing in young people Mental health and well-being Supporting families 2025 £ £ £ £ £ £ £ £ £ - - 450,585 265,060 198,700 668,114 246,308 278,330 2,107,097 - - 5,799 3,411 2,557 8,598 3,170 3,582 27,117 - 99,743 133,975 78,811 59,080 198,653 73,234 82,757 726,253 - - 3,612 2,125 1,594 5,358 1,975 2,232 16,896 - - 1,603 943 707 2,376 876 990 7,495 - - 18,869 11,100 8,321 27,979 10,315 11,656 88,240 - - 4,533 2,667 1,999 6,721 2,478 2,800 21,198 - - 11,065 6,509 4,879 16,407 6,049 6,835 51,744 - - 6,862 4,037 3026 10,175 3,751 4,239 32,090 - 32,312 - - - - - - 32,312 235,566 - - - - - - - 235,566

235,566 132,055 636,903 374,663 280,863 944,381 348,156 393,421 3,346,008

2024 Expenditure (prior year)

Grants Programme cost Salary costs Other staff costs Governance costs Office costs Insurance Professional fees Depreciation & loss on disposal Islington Giving campaign costs Investment Management fee

Investment Management Fundraising Advice and access to services Confronting social isolation Financial inclusion and capability Investing in young people Mental health and well-being Supporting families 2024 £ £ £ £ £ £ £ £ £ - - 293,675 689,969 181,771 406,800 265,168 69,250 1,906,633 - - 6,747 15,852 4,176 9,347 6,092 1,591 43,805 - 58,598 94,678 222,440 58,602 131,149 85,488 22,326 673,281 - - 3,671 8,625 2,271 5,085 3,314 866 23,832 - - 324 761 200 449 292 76 2,102 - - 18,240 42,854 11,290 25,267 16,470 4,301 118,422 - - 3,168 7,442 1,961 4,387 2,860 747 20,565 - - 4,042 9,497 2,502 5,599 3,650 953 26,243 - - 5,279 12,403 3,268 7,312 4,767 1,245 34,274 - 27,617 - - - - - - 27,617 225,815 - - - - - - - 225,815

225,815 86,215 429,824 1,009,843 266,041 595,395 388,101 101,355 3,102,589

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Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025

Governance costs comprise:

Governors’ meeting expenses Companies House fees Governor recruitment costs Governors’ training / away day Total	2025 £ 2,481 34 4,230 750 7,495	2024 £ 842 - - 1,260 2,102

Auditors’ remuneration fees in respect of statutory audit are £12,570 (2024: £11,880) which have been included within professional fees.

8. Expenditure on Charitable Activities

Advice and access to services Confronting social isolation Financial inclusion and capability Investing in young people Mental health and well-being Supporting families Total	Grants to institutions Support cost 2025 £ £ £ 450,585 186,317 636,902 265,060 109,603 374,663 198,700 82,163 280,863 668,114 276,267 944,381 246,308 101,849 348,157 278,330 115,091 393,421
	2,107,097 871,290 2,978,387

Support costs are apportioned in accordance with the value of grant expenditure on each area of need as a percentage of overall grant expenditure.

8a Expenditure on Charitable Activities (prior year)

Advice and access to services Confronting social isolation Financial inclusion and capability Investing in young people Mental health and well-being Supporting families Total	Grants to institutions Support cost 2024 £ £ £ 293,675 136,149 429,824 689,969 319,874 1,009,843 181,771 84,270 266,041 406,800 188,595 595,395 265,168 122,933 388,101 69,250 32,105 101,355
	1,906,633 883,926 2,790,559

35

Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025

9. Expenditure - staff costs

Wages and salaries Social security costs Other pension costs Total	2025 2024 £ £ 603,045 555,265 60,588 46,541 62,620 71,475 726,253 673,281

Total average number of employees for the year 2025 was 15 (2024: 14), full time equivalent 12 (2024: 10.5) with all employees’ time involved in providing support services to charitable activities of the charity and to governance of the charity.

During the year, the following number of employees who received total emoluments, including benefits-in-kind, in excess of £60,000 was:

£60,001-£70,000 £80,000-£90,000 Total	2025 1 1 2		2024 - 1
			1

Key Management Personnel

Cripplegate Foundation considers its key management personnel to comprise the Governors (not remunerated), the Chief Executive, the Director of Finance and Resources, the Director of Programmes and the Director of Development and Communications. The total employment benefits for the year in respect of key management personnel, including employer pension contributions and social security costs, were £317,293 (2024: £279,390)

36

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

10. Tangible fixed assets

Asset Cost Balance brought forward Disposals Additions Balance carried forward Accumulated Depreciation Balance brought forward Charge for the year Disposal in the year Balance carried forward Net book value At 31/12/24 At 31/12/25	Long Leasehold £ 1,857,815 - - 1,857,815 284,454 24,777 - 309,231 1,573,361 1,548,584	Fixtures and Fittings £ 58,723 - - 58,723 39,215 3,825 - 43,040 19,508 15,683	Office Equipment Total £ £ 30,543 1,947,081 - - 2,447 2,447 32,990 1,949,528 26,158 349,827 3,488 32,090 - 29,646 381,917 4,385 1,597,254 3,344 1,567,611

Cripplegate Foundation owns boardroom furniture and works of art dating from the 19th century. No value is attributed to these assets since the Trustee does not believe they have a material value.

11. Inalienable tangible fixed assets

When Cripplegate Foundation was established in 1891 under the London Parochial Charities Act 1883, all the assets of the Vestry of the Parish of St. Giles Cripplegate which had been given for charitable purposes were transferred to the new Foundation. In the main these consisted of the property (land and buildings), which the Vestry had administered. In 1965, the Vestry was abolished, and the Parochial Church Council of the new joint parish was vested with all the ecclesiastical assets. However, the Vestry still had a collection of secular silver plate that had been presented to it by the Inquest of Cripplegate Without in 1865. The then Governors of the Foundation agreed to take “this curious collection of silver” and to be the trustees for it. The Foundation is responsible for the plate since that time, and it is now on public display at St Giles Church, Cripplegate. The Trustee has also taken out insurance cover. It is the Trustee’s view that this plate is held in trust and may not readily be sold. No valuation is therefore recorded in the accounts of the Foundation.

37

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

12. Investment assets

Analysis of Movement of Investments Opening Market Value 01/01/2025 Additions at cost Disposals proceed Transfer Gain/(loss) on revaluation Carrying Value at end of year Cash held by portfolio manager Total Investments Analysis of Investments by class Impact Related Investments Clerkenwell Medical Mission Women in Safe Homes Fund (WISH) Investments held on recognised stock markets Equities UK Equities Overseas Fixed Interest UK Fixed interest Overseas Property Unit Trusts Other Cash held for investment purposes Other Total	£ £ £ £ Unrestricted fund Endowment fund 2025 2024
	1,876,315 44,127,270 46,003,585 43,658,974 - 11,569,881 11,569,881 9,661,370 - (11,242,067) (11,242,067) (8,834,380) (5,635) (859) (6,494) (600,073) 215,501 5,142,216 5,357,717 2,117,694
	2,086,181 49,596,441 51,682,622 46,003,585
	- 1,637,086 1,637,086 1,030,298
	2,086,181 51,233,527 53,319,708 47,033,883
	£ £ £ £ Unrestricted Fund Endowment Fund Total 2025 Total 2024
	- 20,000 20,000 20,000 - 243,991 243,991 248,202 - 14,793,151 14,793,151 10,791,141 - 24,828,789 24,828,789 24,799,203 - 4,143,223 4,143,223 3,533,906 - 949,133 949,133 139,442 - 4,516,705 4,516,705 3,963,878 2,086,181 101,449 2,187,630 2,507,813 - 1,637,086 1,637,086 1,030,298
	2,086,181 51,233,527 53,319,708 47,033,883

Property

Cripplegate Foundation owns the freehold to property in West Kensington Mansions. The property is let on long term leasehold and the Trustee believes that there is no monetary value; therefore, it is not reflected in the fixed asset register.

Impact investments

The Foundation has an impact investment with the Women in Safe Homes (WISH) fund of £243,991 which is a gender-lens impact investment property fund helping address the housing crisis for women escaping domestic abuse, leaving the criminal justice system and at risk of or experiencing homelessness. This is now fully invested. During the investment period, this was stated at cost, however, now that the fund is fully invested, we have changed the investment policy this year, so that it is now stated at fair value. We have not re-stated this from the year before as we believe the re-statement to be immaterial.

38

Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025

A loan of £25,000 was made to the Clerkenwell Medical Mission in 1982 to assist them in purchasing properties for their charitable purposes, and in 2012 £5,000 of this was repaid. The Foundation’s interest is registered on the title deeds. The loan has to be repaid if the property is sold.

13. Assets held for sale

Valuation at 1 January 2025 Impairment Expected costs of sale Assets sold Valuation at 31 December 2025 14. Debtors Amounts receivable within one year Prepayments Accrued Income Trade Debtors Other Debtors Investment tax to reclaim Total 15. Creditors Amounts falling due within one year Grants payable Other creditors Accruals PAYE, Pension, including management charge Deferred Income Total Deferred income brought forward Amounts released Amounts deferred Deferred income carried forward Amounts falling due after more than one year Grants payable			2025 £ 1,143,965 - (1,430) (1,142,535) - 2025 £ 11,554 104,807 230 50,000 22,506 189,097 2025 £ 1,048,340 10,282 94,061 17,360 5,000 1,175,043 5,000 (5,000) 5,000 5,000 2025 £ 420,856 420,856	2024 £ 1,250,000 (75,000) (31,035) -
				1,143,965 2024 £ 5,253 5,574 229 33,000 19,297
				63,353 2024 £ 991,459 12,519 99,896 14,682 5,000 1,123,556 190,756 (190,756) 5,000 5,000 2024 £ 293,333 293,333

39

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

16. Staff pension commitments

a) Defined Benefit Scheme (closed)

Until 2006, the Foundation participated in a multi-employer pension scheme, the Cripplegate Foundation Pension and Assurance Scheme, for all staff. The assets of the scheme were held separately from the Foundation. The scheme was funded by contributions from the employees and participating employers in accordance with the recommendations of independent qualified actuaries on the basis of triennial valuations. Since 2006, due to the scheme being underfunded, the participating employers closed the scheme to new members and ceased accrual for existing members.

The Trustee of the Scheme commissioned a formal funding assessment every three years. The main purpose of this funding assessment was to determine the financial position of the Scheme in order to address the level of future contributions required so that the Scheme could meet its pension obligations as they fall due. A funding assessment as at 5[th] April 2021 was carried out for the Trustee of the Scheme by a qualified independent actuary. As at this date, the fair value of the Scheme’s assets was £10.7m, and the present value of funded obligations was £12.6m giving a deficit for the Scheme as a whole of £1.9m as at 5[th] April 2021. The Foundation’s share of the deficit was estimated to be 20.53% of this total.

The Scheme was a multi-employer scheme as defined in Financial Reporting Standard 102 (FRS 102), and under the provisions of FRS 102 relating to multi-employer schemes, the Foundation’s accounts for contributions paid to the Scheme as though it were a defined contribution scheme. Under FRS 102, a liability in respect of the future contributions due under any commitment to make good the shortfall in the Scheme and to cover the Scheme’s expenses was then recognised. The Trustee and employers agreed a Schedule of Contributions, signed by the Trustee on February 11[th] 2022, which required total annual contributions to the Scheme of £368,796 by 5 April 2025, starting in April 2022. Of this, the Foundation was required to pay monthly contributions of £6,177, which excluded contributions of 20% of £105,000 pa towards future expenses and levies. All funds due were paid prior to 2025.

The wind up and transfer process concluded in late-2025, with JUST Pensions making their first payment to pensioners in December 2025. We also received a refund to Cripplegate of £96,514 following the true-up process undertaken by the Scheme buyer, JUST Pensions. The only remaining costs to complete the wind-up include legal and auditing fees which are expected in January 2026. An accrual has been made to accommodate the expected remaining costs. An indemnity has been purchased to cover any liabilities arising after the transfer of the scheme.

b) Defined Contribution Scheme

The Foundation now participates in a defined contribution pension scheme and makes a contribution equal to 10% of pensionable salary for staff who have passed probation. Cripplegate Foundation has no on-going obligation in respect of this scheme other than to make the payments as they fall due.

40

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

17. Funds

17a. Analysis of Fund Movements

Permanent Endowment Other Restricted Funds LB Islington Community Chest LB RSS CF Cripplegate Ward CF Domestic Violence CF St Sepulchre Total other Restricted Funds Islington Giving Islington Giving Total Islington Giving Fund Unrestricted Funds General funds Total Unrestricted funds Total Funds	Fund b/fwd at Gains, Losses Fund c/fwd 01/01/25 £ Income £ Expenditure £ and Transfers £ at 31/12/25 £
	47,477,270 - (227,949) 5,142,216 52,391,537 3,221 154,000 (213,404) 56,280 97 - 20,000 - (20,000) - 2,887 - (5,778) 5,400 2509 (126,478) 45,000 - 25,228 (56,250) 875 - - (875) - (119,495) 219,000 (219,182) 66,033 (53,644) 304,576 1,379,272 (1,134,064) 84,770 634,554 304,576 1,379,272 (1,134,064) 84,770 634,554 1,717,375 1,882,017 (1,764,813) 64,698 1,899,277 1,712,375 1,882,017 (1,764,813) 64,698 1,899,277
	49,379,726 3,480,289 (3,346,008) 5,357,717 54,871,724

Detail of funds:

Permanent Endowment Fund

The Permanent Endowment is the Foundation’s capital fund – only the income may be spent, and the capital is not to be touched except to change the disposition of assets.

Restricted funds:

Islington Council Community Chest : Islington Council has awarded Cripplegate Foundation the contract for administering Islington Council’s Community Chest. The funds received are for grants to small groups across Islington. Cripplegate Foundation contributes £50,000 annually to Islington Council Community Chest grants. Islington Council contributes £190,000, of which £36,000 is unrestricted funding towards Cripplegate administrative costs, and £154,000 is towards the grants. This year an additional £6,280 was contributed to the scheme from Cripplegate’s unrestricted funds to respond to an increase in funding applications. A returned grant of £3,736 from Metrobox was also added back into this fund and re-allocated, leaving a small balance of £97 on the fund.

Islington Residents’ Support Scheme: This represents Islington Council and Cripplegate Foundation’s joint response to recent welfare changes and the abolition of the discretionary Social Fund. It creates a fairer and better support system for those who need it most. It offers financial assistance and helps residents to improve their longterm situation through services such as welfare rights and money advice. The Council provides to Cripplegate Foundation a grant of £20,000 per annum to cover salary costs – this is transferred to Cripplegate Foundation unrestricted funds on an annual basis once the work has been delivered. Cripplegate Foundation also contributed £55,000 to the Scheme.

Cripplegate Ward Catalyst Grants (supported by Henry Smith): This funding is intended to support grants to organisations specifically within the ward of Cripplegate where the foundation has its origins, based in the City of London, just adjacent to our main area of benefit, the London Borough of Islington. Although we did not receive new funding from Henry Smith this financial year, funds carried forward from 2024 were spent, and Cripplegate Foundation contributed £5,400 in match funding towards the Cripplegate Ward fund.

41

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Domestic Abuse Development Partners (supported by the City Bridge Foundation): This restricted fund relates to a five-year partnership that the Foundation has created with City Bridge Foundation where City Bridge Foundation will fund £225,000 over five years to allow the Foundation to work with experts in Islington who have both personal and professional expertise of domestic abuse. Specifically, the project aims to explore how a relational approach can improve the experiences and outcomes for people impacted by domestic abuse. Grants of £220,000 were awarded in year 1 to four voluntary sector partners to conduct this work over the life of the project, with the expenditure being fully recognised in 2022, although the income from City Bridge Foundation (CBF) to fund this programme will be received and recognised between 2022 and 2027, resulting in a current fund deficit. In 2025, Cripplegate Foundation contributed £25,228 from its general funds to the Development Partners Programme to cover the proportion of the remaining deficit that will not be covered by CBF contributions to this programme over the remainder of the programme term, to ensure that the fund deficit will reach £0 at the end of the 5-year programme.

St Sepulchre Pensioner Grants: Cripplegate Foundation received £0 this financial year from St Sepulchre, but carried forward £875 from 2024 to support local people to apply for the St Sepulchre pensioner grants. This remaining funding was transferred into Cripplegate unrestricted fund to cover the salary costs incurred on this programme in Q1 2025. This fund is now closed.

Islington Giving: Cripplegate contributed £150,000 from its general funds to Islington Giving in 2025 (£50,000 in 2024). A transfer of £65,230 was also made from Islington Giving back to the Cripplegate Foundation unrestricted funds – this represents a contribution towards salaries and overheads supporting our participatory budgeting and alumni costs, as approved by two funders, City Bridge Foundation and Esmée Fairbairn (2024: £59,575). The appendix to this report provides further details of the income and expenditure on this fund as well as our key partners and donors towards this fund, including any specific restrictions.

Unrestricted funds : these are, in the main, the accumulation of the differences between income and expenditure over the years, and wholly available for charitable purposes.

Designated funds: At the end of 2025, there were no designated funds.

42

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Fund movements prior year

Permanent Endowment Restricted Funds LB Islington Community Chest LB RSS CF Cripplegate Ward CF Domestic Violence CF St Sepulchre Total Restricted Funds Islington Giving Islington Giving Islington Together Total Islington Giving Fund Unrestricted Funds General funds Total Unrestricted funds Total Funds	Fund b/fwd at 01/01/24 £ Income £ Expenditure £ Gains, Losses and Transfers £ Fund c/fwd at 31/12/24 £
	45,743,610 - (225,815) 1,959,475 47,477,270 466 256,600 (267,845) 14,000 3,221 - 20,000 - (20,000) - 5,550 4,600 (7,263) - 2,887 (171,478) 45,000 - - (126,478) - 3,500 - (2,625) 875 (165,462) 329,700 (275,108) (8,625) (119,495) 420,078 919,222 (1,101,996) 67,272 304,576 76,847 - - (76,847) - 496,925 919,222 (1,101,996) (9,575) 304,576 1,544,146 1,602,515 (1,499,670) 70,384 1,717,375 1,544,146 1,602,515 (1,499,670) 70,384 1,712,375
	47,619,219 2,851,437 (3,102,589) 2,011,659 49,379,726

17b. Funds analysis by net assets

	Investment	Assets held	Tangible Fixed	Other Assets /	2025
	Assets	for Sale	Assets	Liabilities
	£	£	£	£	£
Permanent Endowment	51,233,527	-	1,250,000	(91,990)	52,391,537
Islington Giving	-	-	-	634,554	634,554
Restricted Funds	-	-	-	(53,644)	(53,644)
Unrestricted Funds	2,086,181	-	317,611	(504,515)	1,899,277
Total Funds	53,319,708	-	1,567,611	(15,595)	54,871,724

43

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Funds analysis by net assets (prior year)

Permanent Endowment Islington Giving Restricted Funds Unrestricted Funds Total Funds	Investment Assets £ Assets held for Sale £ Tangible Fixed Assets £ Other Assets / Liabilities £ 2024 £
	45,157,567 1,143,965 1,250,000 (74,262) 47,477,270 - - - 304,576 304,576 - - - (119,495) (119,495) 1,876,316 - 347,254 (506,195) 1,717,375
	47,033,883 1,143,965 1,597,254 (395,376) 49,379,726

44

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

18. Financial instruments

Financial assets Financial assets measured at fair value through income and expenditure		Year ended 31 December 2025 £ 54,710,915	Year ended 31 December 2024
			£ 48,867,806

Financial assets measured at fair value through income and expenditure comprise listed investments, cash held by the investment portfolio manager, assets held for sale and cash at bank.

19. Related party transactions

The Foundation is a parochial charity with a restricted area of benefit. Governors are chosen, in part, because of their knowledge and local expertise and because of their involvement in the community. As a consequence, it is sometimes the case that Governors or their partners are trustees of organisations to which grants are made. The Foundation has a policy that any Governor who is a trustee of, or otherwise connected to, an applicant organisation may not take part in the decision on that application.

In 2025, there were two related party transactions.

• Paul Formosa was a governor to Cripplegate Foundation until October 2025, and is also a Director of Change, Act! CIC. In November 2025, Change, Act! received £5,000 (2024: £3,370) through Islington Council’s Community Chest (which has a separate grants panel comprising Islington Councillors, Cripplegate Foundation Governors and members of the Islington Community Network). At this time Paul had already stepped down from the Board of Governors and was not part of the decision-making process for this award.

• Micky Khurana is a current Governor to Cripplegate Foundation and is also a trustee of Hanley Crouch Community Association. Hanley Crouch Community Association received three grants during 2025: an Islington Food Fund grant of £2,500, and two Make It Happen Grants, each for £500. Micky Khurana was not part of the decision-making panel for any of these grants awarded.

• During the year, the Foundation received donations to Islington Giving totalling £1,500 (2024: £566) from four Governors, without conditions that would require the Foundation to significantly alter the nature of its existing activities.

There were no other related party transactions during the current year.

20. Governors’ remuneration

No Governors received any remuneration or were paid any expenses during the year (2024: £Nil)

Professional Indemnity insurance was taken out to protect the Foundation from loss arising from claims made against it by reason of any wrongful act committed by the charity, its employees or any other person, firm or company director appointed by and acting on behalf of the charity. The cost in 2025 was £1,684 (2024: £1,578). This cover was extended at no extra cost to include Executive Liability, which provides cover for Governors. The limit of indemnity is £500,000 per claim.

21. Contingent liabilities

There were no contingent liabilities at 31 December 2025. There were no contingent liabilities in the prior year.

45

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

22. Capital commitments

There were no capital commitments at the end of 2025.

23. Post balance sheet events

There were no post-balance sheet events to consider.

46

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Appendix 1: Islington Giving 2025

Islington Giving is a restricted fund of Cripplegate Foundation. Islington Giving is a charitable coalition set up in September 2009 and launched in September 2010. Its membership consists of the City Bridge Foundation, Cloudesley's, Cripplegate Foundation, Macquarie Foundation, Morris Charitable Trust, Paul Hamlyn Foundation and Peabody Foundation. Islington Giving fund is administered by the Foundation, including all administration costs.

Funds brought forward Transfer from Cripplegate Foundation Income IG BIG Alliance Core Programme IG Good Neighbour Scheme IG Make It Happen Fund IG Catalyst Fund IG Food Partnership Fund IG Young Jobs Fund IG Young Grantmakers Fund IG Carers Fund IG Community Grantmakers Fund IG Health Fund IG Trading (crackers) IG General Fund IG Programme costs Total income Grants to organisations in Islington Advice and access to services Confronting Social Isolation Financial inclusion and capability Investing in Young People Health, mental health and well-being Supporting Families Total grants awarded in year Panel and programme costs Transfer to Cripplegate Foundation (overheads) Total Expenditure Funds carried forward Costs covered by Cripplegate Foundation Staffing costs Support costs Direct campaign costs Total	2025 £ 304,576 150,000 95,000 62,500 18,450 100 222,500 68,762 95,000 5,000 34,000 55,000 15,512 631,448 76,000 1,379,272 65,526 130,110 165,200 413,264 138,796 208,860 1,121,756 12,308 65,230 1,199,294 634,554 £ 371,716 87,065 32,312 491,093	2024 £
		496,925
		50,000
		95,000 30,000 20,020 13,500 123,089 65,488 - 40,000 2,000 - - 442,458 87,667
		919,222
		26,900 494,009 125,771 246,640 120,420 69,250
		1,082,990
		19,006 59,575
		1,161,571
		304,576
		£ 376,245 90,175 27,617
		494,037

Cripplegate Foundation contributed £150,000 to Islington Giving grants in 2025 (£50,000 was for general coalition grants, and £100,000 was specifically towards the Young Grantmakers Fund).

The majority of administrative and support costs are also borne by Cripplegate Foundation (except where these have been agreed through a specific restricted grant) allowing all funds raised from community and corporate

47

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

donations to directly benefit the people of Islington. However, two Islington Giving restricted grants also contributed a proportion of their grant towards panel costs, salaries and overheads in 2025; the City Bridge Foundation contributed £51,000 (2024: £59,575) and Esmée Fairbairn Foundation contributed £25,000 (2024: £0).

We would like to thank all our individual, corporate and foundation donors for the generous support of Islington Giving, including: Arsenal Foundation (match funding for mental health projects), Bolt Burdon, Chivas, City Bridge Foundation, Clarion Futures (Make it Happen Fund), Cloudesley (Health Fund), Elevation Church, Erith, Esmée Fairbairn Foundation (Young Grant Makers Fund and Community Fund), Google, Google.org (Food Fund), London Borough of Islington (Good Neighbour Scheme), LSX, Islington Dipensary Fund (Mildmay Institutions), Macquarie (Big Alliance and Young Jobs), The Mark Leonard Trust, The Mercers’ Company (Carers Panel), Morris Charitable Trust, Mullaley, Multiplex, Paul Hamlyn Foundation, Peabody (including Good Neighbours Scheme and Make It Happen), Portal Trust (Young Catalyst), RED Construction, Related Argent (Good Neighbours Scheme).

With thanks also to Henry Smith Charity for their support of Cripplegate to fund projects in the Cripplegate ward.

At the end of 2025, there was a balance of £634,554 to be brought forward for Islington Giving expenditure in 2026.

48

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Appendix 2: Grants awarded in 2025

CRIPPLEGATE FOUNDATION

Cripplegate Foundation Main Grants awarded in 2025

Organisation	Amount(£)
Jigsaw GC CIC	33,000
Islington Law Centre	125,969
CommunityLanguage Support Services	47,000
Action Youth Boxing	33,000
MinorityMatters	49,500
One True Voice	33,000
Sayit Loud Club	49,500
Peoples Place Community	33,000
Life Chances	22,500
Islington Chinese Association	15,000
Network of Eritrean Women UK	18,000
Galbur Foundation	18,000
Asperger London Area Group	49,500
Islington Bangladesh Association	33,000
Eritrean Communityin the UK	33,000
The Turkish and Kurdish Children’s Group	33,000
RCJ Advice Citizen Advice Islington	40,190
MinorityMatters	18,000
Total	684,159

Cripplegate Grants (other) awarded in 2025

Organisation	Amount(£)
Islington People’s Rights	5,000
Islington Council Resident Support Scheme(RSS)	55,000
Total	60,000

Cripplegate Catalyst Grants awarded in 2025

Organisation	Amount(£)
The Parent House	9,500
Hillside Clubhouse	9,500

49

Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025

Single Homeless Project	9,000
The Manna	5,000
Pause	8,000
Islington Mind	8,000
Islington Council(Rough SleepingTeam)	6,000
Total	55,000

Cripplegate Ward Catalyst Grants awarded in 2025

Organisation	Amount(£)
Yogashare CIC	4,828
Forget me Not Cafe	950
Total	5,778

Islington Council’s Community Chest awarded in 2025

Organisation	Amount(£)
Go Africa CommunityHub CIC	5,000
Pakeman PrimarySchool PTA	4,000
St Peter’s Children and YoungPeople’s Activities Group	5,000
ArchwayupcyclingGroup	5,000
SingalongSongs CIC	4,500
Its More Than Music CIC	4,000
Daylight Studio	5,000
Al-Abrar Foundation	5,000
Cut Moose	4,970
Make Do PlayCIC	5,000
Arco- Music for All	4,390
Amberleigh	3,000
Eritrean Youth club	4,550
The Angel Canal Festival	5,000
Islington Climate Centre	5,000
Galbur Foundation	4,970
Aflah	3,000
MemoryGardens	5,000
Kurdish Association for New Generations Abroad(KANGA)	5,000
Mei Mei Social CIC	4,500
Islington Panthers	5,000
Mafia Weekend	4,000

50

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Survivors Can Shine	5,000
Islington Turkish Kurdish Cypriot Women’s Welfare Group	5,000
Venus BlazingMusic Trust	5,000
Earlstoke Tenants and Residents Association	2,500
SundayClub	3,000
Rehabit	5,000
Allie’s Art Club	5,000
Go Full Steam	4,640
Weeds School	3,000
WeJam Foundation	4,000
PETRA	5,000
Federation of Iraqi Refugees	5,000
Somali Education Centre	5,000
East London Metropolitan Opera	5,000
Olden CommunityCentre	4,000
CallyConnects Us	5,000
Fit Women Group	5,000
Yogashare CIC	4,800
Change,Act!	5,000
Odd Eyes Theatre	2,850
Urban Forest Tribe CIC	5,000
Sapphic Bison	4,900
Room CounsellingCIC	4,800
Caledonian Park Users Group	870
SteppingStone 4	4,900
We Swim CIO	5,000
Read EasyIslington	2,000
Total	217,140

ISLINGTON GIVING

Islington Giving General Fund Grants awarded in 2025

Organisation	Amount(£)
SEN FamilySaturdays	10,000
Bodyand Soul	40,000
FullyFocussed	50,000
Street Storage	33,000
Islington Mind	48,400
Mama Suze	500

51

Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025

Islington Mind	200
Islington Mind	200
Helponyour Doorstep	200
CommunityLanguage Support Services	200
Manor Gardens Welfare Trust	200
Pedal Power CyclingClub	200
MemoryCafé at Christ Church Highbury	200
Park Theatre	200
SEN FamilySaturdays	200
The Parent House	200
East London Business Alliance	88,500
Brandon Centre	101,375
Brandon Centre	29,490
Kurdish and Middle Eastern Women’s Organisation	50,000
The Parent House	44,820
Homestart Camden and Islington	31,000
Total	529,085

Islington Giving Catalyst Grants awarded in 2025

Organisation	Amount(£)
Islington Virtual School	3,600
Action Youth Boxing	3,000
Body& Soul	3,500
Islington Bangladesh Association	600
Middle Eastern Women and SocietyOrganisation(MEWSo)	3,000
Islington Council(No Recourse to Public Funds Team)	3,500
Friends of the Rose Bowl	3,000
St Luke’s Parochial Trust	3,500
The Maya Centre	3,500
Homestart Camden and Islington	3,000
Total	30,200

Islington Giving Carers Fund grants awarded in 2025

Organisation	Amount(£)
Manor Gardens Welfare Trust	8,000
Islington Mind	8,000
Park Theatre	7,965

52

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Pedal Power CyclingClub	8,000
SEN FamilySaturdays	8,000
MemoryCafé at Christ Church Highbury	6,250
Total	46,215

Islington Giving Community Fund grants awarded in 2025

Organisation	Amount(£)
Cook for Good	15,000
Claremont Project	18,620
MemoryGardens	9,095
MRS Independent Living	23,860
HighburyRoundhouse	23,075
Hillside Clubhouse	22,550
HighburyVale Blackstock Trust	24,850
Islington Somali Community	12,955
Total	150,005

Islington Giving Disability Grants awarded in 2025

Organisation	Amount(£)
Arco Music for All	2,210
Almeida Theatre Companyltd	3,000
Urban Forest Tribe CIC	2,975
National Youth Theatre	2,360
Stuart Low Trust	2,836
Change Arts Ltd	2,990
Cubitt Artists	2,995
Total	£19,366

Islington Giving Good Neighbour Scheme Grants awarded in 2025

Organisation	Amount(£)
Helponyour Doorstep	27,500*
Helponyour Doorstep	5,000
Total	£32,500

*this was a pass-through grant from Peabody Community Foundation, and not a direct award from Islington Giving.

53

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Islington Giving Food Fund Grants awarded in 2025

Organisation	Amount(£)
House on the Rock	2,500
Arc Collective CIC	30,000
Blackstock Trust	2,500
FinsburyPark Trust	2,500
The Margins Project(Union Chapel)	2,500
Sacred Heart Church Foodbank	2,500
Miracles	2,500
Jude and St Paul’s	2,500
HanleyCrouch CommunityAssociation	2,500
HilldropCommunityCentre	2,500
Luke’s Parochial Trust	30,000
Bags of Taste	2,500
MildmayCommunityPartnership	20,000
Chabad Lubavitch of Islington	2,500
Manor Gardens Welfare Trust	20,000
The Manns	2,500
Gabriel of Our Ladyof Sorrows	2,500
Pakeman PrimarySchool PTA	2,500
Copenhagen Street Foodbank	2,500
Hillside Club House	2,500
Cook for Good	2,500
The Peel Institute Company	20,000
Choices CIC	2,200
VoluntaryAction Islington	27,526
Helponyour Doorstep	30,000
Octopus CommunityNetwork	8,000
Total	£230,226

Islington Giving Young Jobs Fund Grants awarded in 2025

Organisation	Amount(£)
Creative Opps	7,296
Cook for Good	3,648
Islington Council	2,770
People’s Place CommunityPartnership	18,240

54

Cripplegate Foundation

Notes to the financial statements for the year ended 31[st] December 2025

Cook for Good	5,472
Creative Opps	5,472
Creative Opps	11,646
Total	£54,544

Islington Giving Islington Make it Happen Grants awarded in 2025

Organisation	Amount(£)
Brandon Centre	110
Hargrave Hall CommunityAssociation	500
Soho Swim CIC	490
Queer Chinese Collective CIC	500
Friends of St Johns CoE PrimarySchool	500
Yogashare CIC	500
Cut Moose	500
Healthyminds HealthyBody	500
ArchwayUpcyclingClub	500
Life Chances	500
YoungElite Management CIC	500
Newington Green Action Group	500
Bevin Court Tenants and Residents Association	340
HanleyCrouch CommunityAssociation	500
Copenhagen Youth Project	500
Little Angel Theatre	500
HealthProm	500
HealthProm	500
Islington Centre for Refugees	500
Islington Centre for Refugees	500
MildmayCommunityCentre	500
MildmayCommunityCentre	500
MildmayCommunityCentre	500
Rehabit	500
Britain’s Got Reggae	500
Health Generations	500
Islington Bereavement Service	500
HollowayNeighbourhood Grants	500
Intrasonus	500
Caledonian Park Users Club	500
Seaforth Crescent TRA	500
Monkeydo CIC	500

55

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Families in Harmony	500
Helponyour Doorstep	500
St Luke’s Parochial	440
Friends of Hayward Adventure Playground	500
The Peel institute Company	500
Helponyour Doorstep	500
Helponyour Doorstep	480
RODLAB CIC	480
Allie’s Art Club	500
Ashmount School PTA	500
Bubble and Squeak CIC	375
Hargrave Hall CommunityCentre	400
Finsburyand Clerkenwell Volunteers	500
Look ahead Care and Support ltd	500
MildmayStreet TRA	500
Olden CommunityGarden	500
St Jude and St Paul’s PCC	500
SundayClub	500
HollowayNeighbourhood Group	500
Go Africa CommunityHub CIC	500
Islington Turkish Kurdish Cypriot Women’s Welfare Group	500
Fit Women Group	500
The Parent House	500
The Garden Classroom	500
HealthProm	500
HealthProm	500
MildmayCommunityPartnership	500
Brunswick Close TMO	500
Whittington Park CommunityAssociation	500
Manor Gardens Welfare Trust	500
Walaalo FC CIC	500
Caxton House Settlement	500
HanleyCrouch CommunityAssociation	500
Awesome ELM CIC	500
Somali CommunityGardening	500
HollowayNeighbourhood Group	500
Total	£33,115
Totalgrants awarded	£2,147,333

56

Cripplegate Foundation Notes to the financial statements for the year ended 31[st] December 2025

Appendix 3: Grants Cancelled and/or Returned in 2025

Organisation	Amount(£)
One True Voice(CF Main Grants 2025)	33,000
Metrobox(Islington Council CommunityChest 2023)	3,736
Helponyour Doorstep (Make it Happen 2023)	500
Galbur Foundation(IG Catalyst)	3,000
Total	£40,236

57

Registered Charity No: 207499 13 E l iott’s Place, London N1 8HX www.cripplegate.org

Cover: Islington Giving Young Grant Makers Panel 2025-2026