REUTERS CENTENARY FUND
Report and Financial Statements Year Ended 31 December 2025 Charity Number 219404
REUTERS CENTENARY FUND
| CONTENTS | |
|---|---|
| Page(s) | |
| Report of the Trustee | 1-5 |
| Independent Auditors’ Report | 6-8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11-15 |
REUTERS CENTENARY FUND
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustee presents its report along with the audited financial statements of Reuters Centenary Fund (“the Charity”) for the year ended 31 December 2025. The Trustee has prepared the report and financial statements 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 applicable in the UK and Republic of Ireland (FRS 102, effective 1 January 2020).
OBJECTIVES AND ACTIVITIES
The objective of the Charity is to assist necessitous persons who are, or have been, in the service of Reuters Limited or any of its subsidiaries and the dependants of such persons. Grants are awarded at the discretion of the Trustee (“the Committee”) and vary in size depending on beneficiaries’ circumstances and investment performance. Consequently, the number of grants awarded may fluctuate between years. The Committee ensures that the Charity’s activities and objectives are aligned through regular meetings with the Directors of the Trustee where decisions regarding grant allocation are made by majority vote.
ACHIEVEMENTS AND PERFORMANCE
During the year, the Charity awarded fifteen grants totalling £61,087 to fifteen individuals (2024: thirteen grants totalling £38,172 to thirteen individuals).
In 2025, the Charity provided financial support to beneficiaries for the settlement of various medical costs (£14,262) and provided financial support to families experiencing financial hardship (£46,826).
The Trustee considers that these activities are pursuant to the public benefit guidance issued by the Charity Commission as referred to in section 17 of the Charities Act 2011.
FINANCIAL REVIEW
The Charity’s work is reliant on investment returns from funds invested in the Sustainable Multi-Asset Fund (SMAF). At 31 December 2025, the market value of the Charity’s investment in SMAF was £2,844,159 (2024: £2,564,411) and dividends of £107,491 (2024: £104,587) were received during the year. A gain of £179,747 (2024: £93,075) was recognised on the increase in the market value of the investment during the year.
Reserves policy
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity. The Charity’s reserves policy stems from the investment policy, which seeks to maximise income while protecting capital value. The Trustee monitor investment performance and adapt the level of charitable activities accordingly such that the Charity’s balance of reserves should be steady over time. At 31 December 2025, the Charity held reserves of £3,018,924 (2024: £2,777,332).
Investment powers and policies
Reuters Centenary Fund Limited acts as the Trustee of Reuters Centenary Fund and as such it purchases, sells and holds investments on behalf of the Charity in line with the Charity’s overall investment strategy of maximising income while protecting capital value.
Schroder & Co. Limited is retained as the fund managers, providing quarterly written reports to the Trustee on the investment performance and meets with the Trustee on an annual basis to review the investments.
As at 31 December 2025, the entirety of the Charity’s investments was held in SMAF, whose stated investment objective is to at least maintain the real value of capital over the long term whilst generating a sustainable and reliable distribution through investment in collective investment schemes
1
REUTERS CENTENARY FUND
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
Investment powers and policies (continued)
as well as directly held transferable securities, derivatives, cash, deposits and money market instruments. The fund is designated to provide a balance of risk and return from broad diversification. SMAF adopts a total return approach and aims to distribute 4% p.a. The total return for the year ended 31 December 2025 was 11.0% (2024: 8.1%).
The Trustee considers that SMAF’s and the Charity’s objectives are aligned and are of the view that the fund remains a suitable investment for the Charity.
Investments
During the year 2020, 100% investment in the Charity Multi-Asset Fund (CMAF) was switched to Responsible Multi-Asset Fund (a sister fund primarily focussed on ethical investment) (SMAF).
WIDENING OF BENEFICIARY CLASS
The Trustee has received a final scheme on 18 February 2025, from the Charity Commission to widen the beneficiary class of the Charity following the acquisition of Reuters Group PLC by The Thomson Corporation in 2008.
The Trustee will also continue to award grants in line with the policies of the Charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Reuters Centenary Fund was created as a charitable fund by a Trust Deed between Reuters Limited and Reuters Centenary Fund Limited in 1951, the year of Reuters’ centenary, and is a registered charity with registered charity number 219404.
The Trustee constitutes a body known as the Committee, which is the main forum for decision-making and allocation of grants. The Committee has a maximum of 12 members and is made up of representatives of the employees (past and present) and management of Thomson Reuters Groups’ Financial & Risk division and corporate centre. The Committee is free to regulate its proceedings as it sees fit but is required to meet a minimum of two times per calendar year, although in practice it meets around four times per year. Matters arising at meetings are decided by majority vote. The Committee also operates a “fast-track” procedure, to make emergency decisions on grant allocations arising between meetings, using e-mail to circulate details and to vote on the request.
Appointment of the Trustees
In accordance with the Articles, the directors are responsible for the management of the Company’s resources. The directors all together will constitute the Committee. The number of members of the Committee shall be 12. The membership of the Committee (and therefore the membership of the Company) should, as nearly as possible, reflect the geographical make-up of Thomson Reuters Group. For this purpose, the 12 members of the Committee shall consist of at least three representatives of the Human Resources department of Thomson Reuters Group, and at least one representative of the Editorial department. This Provision does not preclude a maximum of four retired Thomson Reuters Group staff from being members.
Risk management policy
The Trustee has introduced a formal risk management process to assess business risks and implement risk management strategies. This involves identifying the types of risks the fund faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks. The Trustee has determined that the principal risks affecting the Charity relate to investment performance, which is the key determinant of the level of funds available for use in charitable activities and is pivotal in the achievement of the Charity’s objectives. This risk is mitigated through the broad portfolio of assets held by the fund in which the Charity invests.
2
REUTERS CENTENARY FUND
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
As part of the Charity’s risk management process, the Trustee has reviewed the adequacy of the fund’s current internal controls. The Trustee is pleased to report that the fund’s internal controls, in particular, conform to guidelines issued by the Charity Commission. Regular reviews are carried out, with the latest review presented to the Trustee and ratified in September 2021.
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE CHARITY, TRUSTEE AND ADVISORS
The Trustee
Reuters Centenary Fund Limited (Company registration number 499854) is and remained throughout the whole year to 31 December 2025, the sole trustee of the Reuters Centenary Fund. Under the Reuters Centenary Fund Trust Deed, the power of appointing new trustees is vested in Reuters Limited.
The Directors of the Trustee during the year ended 31 December 2025 were as follows: R Ajam T Arlott R Baum K Stafford J Weir S Crang (Edmonds) R Davidson A Assar P Garibian J Oatway (resigned 15 August 2025) A Richter N Amer J Macharia (appointed on 16 December 2025)
Principal officers R Baum
Company secretary A Chan (appointed on 16 December 2025)
Principal office Five Canada Square Canary Wharf London England E14 5AQ United Kingdom
Independent Auditors PricewaterhouseCoopers LLP 1 Embankment Place London WC2N 6RH
Investment managers Schroder & Co. Limited 12 Moorgate London EC2R 6DA
3
REUTERS CENTENARY FUND
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2025 (Continued)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE CHARITY, TRUSTEE AND ADVISORS (continued)
Bankers Citibank Citigroup Centre 2 25 Canada Square Canary Wharf London E14 5LB
STATEMENT OF TRUSTEE’S RESPONSIBILITIES
The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period
In preparing these financial statements, the Trustee is required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions
Independent Auditors
It is the intention of the Trustee to reappoint PricewaterhouseCoopers LLP as auditors for the current financial year.
Provision of other information to auditors
In so far as the Trustee is aware, there is no relevant audit information of which the Charity’s auditors are unaware.
4
REUTERS CENTENARY FUND
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2025 (Continued)
Provision of other information to auditors (continued)
The Trustee has taken all the steps that ought to have been taken by it as trustee in order to be aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.
On behalf of the Trustee
R Baum
Date: 06 August 2026
5
Independent auditors’ report to the trustee of Reuters Centenary Fund
Report on the audit of the financial statements
Opinion
In our opinion, Reuters Centenary Fund’s financial statements (the financial statements”):
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
-
have been prepared in accordance with the requirements of the Charities Act 2011 and Regulation 8 of The Charities (Accounts and Reports) Regulations 2008.
We have audited the financial statements, included within the Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 December 2025; the statement of financial activities for the year then ended, and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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 charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charity’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or any form of assurance thereon.
In connection with our audit of the financial statements, 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.
Based on our work undertaken in the course of the audit, the Charities Act 2011 requires us also to report certain opinions and matters as described below.
Report of the Trustee
Under the Charities Act 2011 we are required to report to you if, in our opinion the information given in the Annual Report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.
Responsibilities for the financial statements and the audit
Responsibilities of the Trustee for the financial statements
As explained more fully in the Statement of Trustee’s Responsibilities, the trustee is responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustee is also responsible for such internal control as they determine 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 charity’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 trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We are eligible to act and have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 auditors’ 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.
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.
Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and relevant regulations made or having an effect thereunder, including the Charities (Accounts and Reports) Regulations 2008, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated the incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) by the trustee and those responsible for, or involved in, the preparation of the financial statements, and determined that the principal risks were related to the posting of inappropriate journals relating to grant expenditure and misappropriation of the assets of the charity. Audit procedures performed included:
-
Identifying and testing journal entries with a heightened focus on debits to grant expenditure and round-sum amounts;
-
Obtaining independent confirmations for the valuation of investments and cash at year end;
-
Inquiring of management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
-
Reading meeting minutes and contracts; and
-
Assessing financial statement disclosures and testing to supporting documentation, for compliance with applicable laws and regulations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act (Part 4 of The Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Charities Act 2011 exception reporting
Under the Charities Act 2011 we are required to report to you if, in our opinion:
-
we have not received all the information and explanations we require for our audit; or
-
sufficient accounting records have not been kept by the charity; or
-
the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London
6 August 2026
REUTERS CENTENARY FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Note Income from: Donations 2 Investments 3 Other Income 4 Total Income Expenditure on: Charitable activities 5 Total expenditure Net gain on investments 8 Net income Net movements in funds for the year Total funds brought forward Total funds carried forward |
UNRESTRICTED FUNDS 2025 £ 22,442 107,491 15,735 145,668 (83,822) (83,822) 179,747 241,592 241,592 2,777,332 3,018,924 |
UNRESTRICTED FUNDS |
|---|---|---|
| 2024 | ||
| £ | ||
| 27,904 104,587 6,779 |
||
| 139,271 | ||
| (66,239) | ||
| (66,239) | ||
| 93,075 | ||
| 166,107 | ||
| 166,107 2,611,225 |
||
| 2,777,332 |
There is no material difference between the profit on ordinary activities before taxation and the net income for the financial year stated above and their historical cost equivalents.
All gains and losses recognised in the year are included in the Statement of Financial Activities.
All activities are ongoing.
The notes on pages 11 to 15 form part of the financial statements.
9
REUTERS CENTENARY FUND
BALANCE SHEET AS AT 31 DECEMBER 2025
Note Fixed Assets Investments 8 Total fixed assets Current assets Cash at bank and in hand Total current assets Creditors: Amounts falling due within one year Net current assets Total assets less current liabilities Net assets The funds of the charity Unrestricted income funds 9 Total Charity funds |
2025 £ 2,844,159 2,844,159 174,765 174,765 - - 174,765 3,018,924 3,018,924 3,018,924 3,018,924 |
2024 | |
|---|---|---|---|
| £ | |||
| 2,564,412 | |||
| 2,564,412 | |||
| 212,920 | |||
| 212,920 | |||
| - | |||
| - | |||
| 212,920 | |||
| 2,777,332 | |||
| 2,777,332 | |||
| 2,777,332 | |||
| 2,777,332 |
The notes on pages 11 to 15 form part of these financial statements.
The financial statements on pages 9 to 15 were approved by the Trustee on Date: 6 August 2026 and signed on its behalf by:
R Baum Director
10
REUTERS CENTENARY FUND
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
A. Basis of accounting
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Accounting and Reporting by Charities preparing their financial statements in accordance with the latest Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Financial Reporting Standard applicable at the time the Charities (Accounts and Reports) Regulations 2008 came into effect.
B. Investment income and expenditure
Dividends are accounted for when receivable. Other interest income and expenditure are accounted for on an accruals basis.
C. Grants Payable The grants are recognised as liabilities in the period when the obligation arises, is quantifiable and there are no further terms and conditions to be fulfilled which are within the control of the Foundation.
- D. Gains or losses on investments
Investment gains or losses during the year are recorded in the statement of financial activities.
-
(i) Unrealised gains or losses are defined as the increase or decrease in value, between the balance sheet dates, of those investments still held at the year-end.
-
(ii) Realised gains and losses are defined as the excess or deficit of the sale proceeds over the valuation at the previous balance sheet date of those investments disposed of during the year.
E. Valuation of investments Reuters Centenary Fund holds no other fixed assets other than its portfolio of UK investments. Investments are valued on the basis of the market convention where they are primarily traded which is either last traded or middle market prices. Where representative prices are unavailable, investments are valued on the most appropriate basis in the opinion of Schroder & Co. Limited.
F. Gifts-in-kind
Donated services and facilities are valued and included as income and expenditure at the price the Charity estimates it would pay in the open market for an equivalent service or facility.
G. Cash Flow Statement Reuters Centenary Fund has taken advantage of the exemption for smaller charities from the requirement of producing cash flow statement defined by FRS 102 as income is less than £500k.
H. Allocation of overhead and support costs Overhead and support costs have been allocated between charitable activities (grant giving appointment and gift in kind salaries) based on staff time and governance. The allocation is analysed in note 5.
11
REUTERS CENTENARY FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
1. Accounting Policies (continued)
I. Resources Expended
Expenditure on charitable activities comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. These costs include costs related to the statutory audit and legal fees, together with support costs.
Management costs are not disclosed separately on the Statement of Financial Activities, as these are included in the pricing of the fund.
It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
J. Foreign Exchange Entries are posted at the rate in force on the transaction date. Accruals are posted at the exchange rate in force on 31 December 2025.
K. Taxation Reuters Centenary Fund is a registered charity and, accordingly, is not liable to tax on its charitable income or any realised chargeable gains when applied for charitable purposes.
L. Going Concern The Trustee has concluded that Reuters Centenary Fund can continue as a going concern, as the level of grant-making activity is at the discretion of the Trustee and is based on the funds available while operating costs are minimal and are predominantly provided pro bono.
M. Significant estimates Management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. These estimates and assumptions are based on historical information and other factors which management consider reasonable. The accounts affected by this is revenue recognition.
Gifts in kind (GIK) are recognised based on valuations provided by donors and management’s judgement on whether the Charity would pay the equivalent amount in the open market for an alternative that would provide a benefit to the Charity equivalent to the donated facilities, goods and service
2. Donations
| Audit Fee Employee cost of time: Finance Secretariat Total Gifts in Kind |
2025 2024 £ £ |
|---|---|
| 18,000 18,000 1,546 1,146 2,896 8,758 |
|
| 22,442 27,904 |
The audit of the Charity’s financial statements was provided by PricewaterhouseCoopers LLP. These services are paid for by Thomson Reuters Corporation and its subsidiaries as a Gift in Kind.
Employees from the Finance and Secretariat functions are provided free of charge by Thomson Reuters Group. No valuation is made to recognise office space as this is not considered to be material.
12
REUTERS CENTENARY FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
| 3. Investments Dividends: SMAF 4. Other Income Charitable contribution Interest income |
2025 £ 107,491 107,491 2025 £ 9,387 6,347 15,735 |
2024 £ |
|
|---|---|---|---|
| 104,587 | |||
| 104,587 | |||
| 2024 £ |
|||
| - 6,779 |
|||
| 6,779 |
5. Charitable Activities
During 2025, fifteen grants were made to fifteen individuals (2024: thirteen grants to thirteen individuals). The total value of these grants amounted to £61,087 (2024: £38,172).
| 2025 Grant Giving Total 2024 Grant Giving Total |
Grant funded activity Support costs Total 2025 £ £ £ |
|---|---|
| 61,087 22,735 83,822 |
|
| 61,087 22,735 83,822 |
|
| Grant funded activity Support costs Total 2024 £ £ £ |
|
| 38,172 28,067 66,239 |
|
| 38,172 28,067 66,239 |
6. Support costs The Charity does not employ any staff (2024: nil). Thomson Reuters Group bears certain expenses including the services of staff to the value of £4,442 (2024: £9,904) free of charge. The employee services provided are listed in note 2.
13
REUTERS CENTENARY FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
6. Support costs (continued)
| Cost Type Bank charges Gift in kind Finance Salaries Audit fee Secretariat Salaries Total |
2025 Charitable activities 2024 Charitable activities £ £ |
|---|---|
| 293 163 1,546 1,146 18,000 18,000 2,896 8,758 |
|
| 22,735 28,067 |
7 . Statement of Trustee’s remuneration The Trustee did not receive any remuneration for services during the year (2024: £nil). No reimbursement of expenses was made to the Trustee (2024: £nil).
8. Investments
As at 31 December 2025, the portfolio was invested as 100% (2024: 100% SMAF) in the Sustainable Multi-Asset Fund (SMAF). The SMAF is a long-term investment fund with a diversified strategy investing in equities, bonds, property and alternative assets. It operates within defined asset allocation parameters. At present the Fund allocation is as follows:
2025
| 2025 | ||
|---|---|---|
| Tactical | ||
| Strategic Asset | Range | |
| Responsible Multi-Asset Fund | Allocation (%) |
(%) |
| Global Equities | 75 | 74.6 |
| Bonds | 10 | 9.5 |
| Multi-Asset Funds | 0 | 0 |
| Alternatives | 13 | 12.9 |
| Cash | 3 | 3 |
2024
| 2024 | ||
|---|---|---|
| Tactical | ||
| Strategic Asset | Range | |
| Responsible Multi-Asset Fund | Allocation (%) |
(%) |
| Global Equities | 74 | 74.4 |
| Bonds | 11 | 10.5 |
| Multi-Asset Funds | 0 | 0 |
| Alternatives | 12 | 12.3 |
| Cash | 3 | 2.8 |
14
REUTERS CENTENARY FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
Investments (continued)
The valuation of investments held in the UK at 31 December comprise:
| INVESTMENTS Market value at close of previous year Additions Net Investment gain Market value at close of current year Investments at market value comprised: SMAF |
2025 2024 £ £ 2,564,412 2,471,337 100,000 - 179,747 93,075 |
|---|---|
| 2,844,159 2,564,412 |
|
| 2,844,159 2,564,412 |
|
| 2,844,159 2,564,412 |
Management costs of £6,531 (2024: £6,218) are included in gain on investment assets and are not disclosed separately on the Statement of Financial Activities as these are included in the pricing of the fund.
Reuters Centenary fund had invested into CMAF (managed by Cazenove capital) on 24 May 2011, with a book cost of £1,450,953. Followed by further investment of £100,000 on 14 October 2011 and a further purchase of £50,000 on 28 September 2012. Overall investment made in Cazenove capital by Reuters Centenary Fund amounting to £1,600,953.
During the year 2020, 100% investment in the Charity Multi-Asset Fund (CMAF) was switched to Responsible Multi-Asset Fund (a sister fund primarily focussed on ethical investment) (SMAF). During the year 2023, Reuters Centenary fund made an additional investment of £300,000 to the fund. In addition, during the year 2025, Reuters Centenary fund made an additional investment of £100,000 to the fund.
9. Unrestricted income funds
| Unrestricted Total Unrestricted Total |
1 January 2025 Incoming resources Outgoing resources Transfers Gain on investments 31 December 2025 £ £ £ £ £ £ |
|---|---|
| 2,777,332 145,667 (83,822) - 179,747 3,018,924 |
|
| 2,777,332 145,667 (83,822) - 179,747 3,018,924 |
|
| 1 January 2024 Incoming resources Outgoing resources Transfers Gain on investments 31 December 2024 £ £ £ £ £ £ |
|
| 2,611,224 139,271 (66,239) - 93,075 2,777,332 |
|
| 2,611,224 139,271 (66,239) - 93,075 2,777,332 |
10 . Related Parties
Thomson Reuters Group provides significant support to the Fund and all the Trustee are current or former employees of the Reuters and Thomson Reuters Group.
15
REUTERS CENTENARY FUND
All transactions with Thomson Reuters Group during the year and the amount due to it by the Fund are disclosed in notes 2, 5 and 8.
16