REGISTERED CHARITY NUMBER: 222905-5
REPORT OF THE TRUSTEES AND
NAUDITED FINANC
AL STATEMENTS
FOR THE PERIOD I NOVEMBER 2
0 31 ocfoBER 2024
THE WORSHIPFUL COMPANY OF FOUNDE
ROBERTWARNER FUNO

THE WORSHIPFUL COMPANY OF FOUNDERS
ROBERTWARNER FUND
CONTENfs OF THE FINANCIAL sfATEMEPITS
FOR THE PERIOD I NOVEMBER 2023T031 OCTOBER 2024
Pa8e
Report ￿ theTrugtees
I to 3
Independent Examlner's R•port
Statement of Flnantlal Art6v6tles
8alan¢e Sheet
Notes to the FlnancSal Statements
7 to 11
Detalled Statement ol Flnanclal Attl¥ltles
12

THE WORSHIPFUL COMPANY OF FOUNDERS
ROBERTWARNER FUND
REPORT OF THE TRusfEES
FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024
The trustees present their report with the financial statements of the tharity fgr the period l November 2023 to
31 October 2024. The trustees have adopted the provision5 of Accounting and Reporting by Charities.. Statement of
Recommended Practice applicableto charities preparin8 their accounts in ac¢ordance with the Financial Reportlng Standard
applicable in the UK and Republic of Irèland IFRS 1021 (effective l January 20191.
REFERENCE AND ADMINISTRATIVE DEfAILS
Rezistered Charmy number
222905-5
Prlnclpal addr•ss
Founders, Hall
I Cloth Falr
London
ECIA 71Q
TfUStee5
The trustee of the charty Is The Worshipful Company of Founder5 of the Oty of London.
The Master. Warden5 and Asslstants comprlse the Court of The Worshipful Company of Founders, Its 8overnln8 body.
Both the 8overnin8 boo￿ and the Indusiry Committee meet qu•rterty. Grant applications are considered by the Industry
Commlttee whlch reports to and recommends approprlate grants to the governlng body for its approval.
IndÈp•ndent Examlner
Cornfield A¢countsnts Limlted
Chartered Accountsnts
5 Cornfield Terrace
Eastbourne
East Sussex
8N214NN
OBJEcfivES Af4D A￿1VITIEs
Oblectlves and alms
The original purpose was for the founding of a fellowship or fellowships in metallurgical research as app5ied to foundrv
Practice. In recent years and follown8 the agreement of the Charity Commission in November 1985. the funds are applied
for supportin8 education and research in the materlal sciences and related fields In en8ineerln8. The annual Robert Warner
Lecture is supportèd by this charitv.
The trustees confirm that they have refèrred to the guidance contained in the Charrty Commlssion's general guidante on
public benefit when reviewlng the Trust's aims and objectives and in plannlng future activitles and settSn6 the grant maklng
policy for the year.
Significant activities
The charltytransferred éts investmentsto a pooled fund-The FoLtndersCombined Charity Capital Common Investment Fund
Endowed fund on l April 1996. The charity receives a share of the net income of the fund artsing in the period and own5
the net assets in proporrion to the marketvalue of the invesThents at l April 1996and any subsequent capital contribution5
to that fund. At the start of the yearthe fund's share of the income and net a55et5 is 55.884%12023- 55.913%).
Page I

THE WORSHIPFUL COMPANY OF FOUNDERS
ROBERTWARNER FUND
REPORT OF THE TRUSTEES
FOR THE PERIOD I NOVEMBER 2023 TO 31 ocfoB
R 2024
During the year all investments were consolidated at Charles Stanley, and the charity was allocated its separate endowed
investment portfo5io, removing the need to split investments and income on a percentage basis.
FINANCIAL REVIEW
Reserves pollcv
It 15 the policy of the charity that unrestricted funds which are readily available for spending and have not been de5i8nated
for a specific use should be maintsined at a level between six and twelve months, expenditure. The trustee considers that
resefves at this level will ensure that, in the event of a si8nificant drop in fvnding. It will be able to continue the charl￿5
cuirent actlvlties while consideratlon Is 8iven to ways in which additional funds may be raised.
At 31 October 2024 the charity held £IK reserve5. These leve15 are below the target range. The trustee intends to mana8e
Its expendlture to brin8 the ieserves in Ilne with the target ranee over the comin8 S years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governlng do¢ument
The charlty was established by a bequest of the late Robert Warner to The Worshipful Company of Founder5.
De¢lslort makln
The trustee and the govemlng body meet quarterly. The Industry Committee of the Worshlpful Company of Founders also
meets quarterly and a8rees the broad strategy and areas of a¢tivity for the Twst, In¢ludlng ¢onsideratlon of grant maklngi
Investment, reserves and rlsk management, policies and performance. The day-tQ-day admlni5tration of grants and the
proce55tng arnd handling of new grant applications prlor to consideration by the Industry Committee is delegated to the
Clerk of the Company. The Industry Committee subsequently makes recommendations for appropriate grant funding to the
Coun for its final approvol.
The Industry Commlttee also considers the monltorlng infomiatlon concemlng the performance ofgrants to date, and make
re¢ommendations to the Court concerning the extension, cessation or suspension of exlsting grant approval5.
Trustees are rèquired to dlstlose all relevant Interests and re8t5terthem wlth the aerk and If apprgpriate to wlthdraw from
declslons where a conflict of Interest arises.
Rlsk management
The tTUStees have considered the major rlsks io which the charity is exposed and ha¥e reviewed those rfsks and e5tabllshed
Systems and procedures to manage those risks.
The tru5tee5 consider variability of investment returns on the charitable assets to constitute the charity's major financial
rlsk and recent extreme volatility in wodd Stock markets has demonstrated this risk. The trustees manage the assets on a
medium risk basi5 of income generation and capital grovrth. thereby maintainin8 Stability for grant makrng, and hopefully
thereby fatilitating longer term grants and a more stable number of awards, but the trustees also take account of the
outlook for investment returns and kèep the level of awards under review.
Page£

THE WORSHIPFULCOMPANYOF FOUNDERS
ROBERTWARNER FUND
REPORT OF THE TRusfEES
FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024
STATEMENT OF TRUSTEES, RESPOM5181LITIES
The trustees are ￿sponsible for preparin8 the Report of the Tru5tee5 and the financial statements in accordance with
applicable law and United Kingdom Accourtting Standards (United Kingdom Generalty Accepted Accounting Practice).
The law applicable to charities in England and Wale5, the Charitie5 Act 2011. Charity IAccounts and Reports) Re8ulatlons
2008 and the provisions of the trust deed requires the twstee5 to prepare financial statements for each financial year which
8ive a true and fair view of the state of affairs of the charity and of the incomin8 resource5 and application of resources,
including the Income and expendlture. of the charity for that period. In preparing those financial 5taternent5, the tru5tee5
are required to
sÈlect suitable accounting policies and then apply them consistentfy,.
observe the methods and principle5 in the Charity SORP..
make judgements and estimates that are reasonable and prudent..
state whether applicable accountinz Standards have been followed. sublea to any materlal departures dlsclosed and
explained in the financial statements-
prepare the financial statements on the golng ¢on¢ern basls unless It Is Inappropriate to presume that the charlty wlll
contlnue In buslness.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the
flnancial position of the charity and to enable them to ensure that the financlal statements comply with the Charlties Act
2011, the Charity IAccounts and Reports) Re8ulatiort$ 2008 and the provisions of the irust deed. They are a150 responsible
for saleguardlng the assets of the charlty and hence for takin8 reasonable step5 for the preventlon and detectlon of fraud
and other irregularities.
Approved by order of the board of trustees on 28 Aprll 2025 aftd s18ned on its behalf bv:
A Hughes
Master
knyl SW-
Revd NK Stephenson
Clerk
Page 3

INDEPENDENTEXAMINER'S REPORTTOTHETRUStEES OF
THE WORSHIPFULCOMPANYOF FOUNDERS
ROBERTWARNER FUND
Independent ex8mlner's report to the trustees of The Worshlpfvl Company of Founders Robertwarner Fund
I report to the charity trustees on my examination of the accounts of The Worshipful Company of Founders Robert Warner
Fund Ithe Trust) for the period l Novernber 2023 to 31 Ortober 2024.
Responslbllltles and basls of report
As the charity trustees of the Trust you are responsible for the prepaTatlon of the accounts In accordance with the
requirements of the Charities Att 20111'the A¢t'l.
I report in Tespect of my examination of the Trust's accounts carried out under settion 145 of the Act and in carrying out mv
examination I have followed all applicable Directions given by the Charity Commi55ion under section 1451Sllbl of the Act.
Independent examlner's statement
I have completed my examination. l Confirm that no materfal matters have corne to my attention In connection with the
examination giving me cause to believe that in any material respect..
ccountin8 records were not kept In respect of theTrust as required by sectlon 130 of the Att,. or
the accounts do not accord with those retords.. or
the accounts do not comply with the applicable requirements concerning the form and conteni of accounts set out
in the Charities IAccounts and Reportsl Re8ulations 21J)8 other than any requirement that the accounts give a true
nd falr vlew whlch Is not a matter consldered as part of an Independent examlnatlon.
I have no concern5 and have come across no other matters in connectjon wlth the examlnailon to whlch attentlon should
be drawn in thls report in order to enable a proper understanding of the accounts to be reached.
A L Breeze FCA
Cornfield Ac¢ountants Limited
Chartered Accountants
5 Cornfleld Terrace
Eastbourne
East Sussex
BN214NN
Date-.
Page 4

THEWORSHIPFULCOMPANYOF FOUNDERS
ROBERTWARNER FUND
STATEMENT OF FINANCIAL AcnviTIES
FOR THE PERIOD I NOVEM8ER 2023TO 31 ocfo8ER Z024
2024
Total
furhds
2023
Total
fund5
Un￿Stricted
fund
Endowment
funds
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Fundralslng
Investment Income
19,809
Ico
40,243
21.309
ICMJ
40.243
8,227
8,481
31.803
Total
60.152
1,5ryJ
61.652
48.511
EXPENDITURE ON
Charltable artNities
Grants
Talks and Lectures
13.641
1,195
13,641
1,195
16,560
Other
2.747
2,747
3,501
Total
17,583
17,583
20,061
Net 8ains111055es1 on Investments
116,486
116.486
104,9841
NET INCOMEIIEXP£NDITUREI
42,569
117,986
160.555
176,5341
RECONCIUATION OF FUNDS
Total funds brought fon¥ard
141,3331
1.488.102
1.446,769
1,523,303
TOTAL FUNDS CARRIED FORWARD
1,236
1,606.088
1.607.324
1,446,769
The notes form part of these financial 5tstements
Page S

THE WORSHIPFUL COMPANY OF FOUNDERS
ROBERT WARNER FUND
BALANCE SHEET
31 OCTOBER 2024
2024
Total
fund5
2023
Total
funds
Unrestricted
fund
Endowment
funds
Notes
FIXED ASSETS
Investrnent5
1.604,588
1,604,588
1,488.102
CURRENT AssErs
Debtors
Cash at bank
18,245
2.113
18,545
3,313
4,726
5,780
1,2CQ
20.358
1,5
21,858
10.506
CREDITORS
Amounts falling due wlthln one year
119,1221
119,1221
151.8391
NET CURRENT ASSETSIILIABIUTIESI
1.236
2,736
41,3331
TOTAL ASSETS LESS CURRENT UABIUTIES
1.236
1,606,088
1,607,324
1,446,769
NET ASSETS
1,236
1,606,088
1,607,324
1,446,769
FUNDS
Unrèstricted lunds
Endowment funds
1,236
1,606.088
141,3331
1,488,102
TOTAL FUNDS
1.607,324
1,446.769
The flnancial statements were approved bythe Board of Trustees and authorised for issue on 28&y*2025 and were signed
on its behalf bv..
HHJ ￿ Oliver
The Worshlpful Company of Fo
ers-up
Warden
TP Westley
The Worshipful Company of Founders- Under Warden
The notes form part of these financial statements
Page 6

THE WORSHIPFUL COMPANY OF Fouf4DERS
08ERTWARNER FUND
NOTES TO THE FINANCIAL STATEMEp¥rs
FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024
ACCOUNTING POLICIES
Basts of preparlnB the Ilnanclal statements
The tinancial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in
accordance with the Charr(ies SORP IFRS 1021'Accounting and Reporting by Charities.. Statement of Recornmended
Practice applicable to tharitles preparing their accounts in accordance with the Financial Reportin8 Standard
applicable in the UK arbd Republic of Ireland IFRS 1021 leffective l January 20191., Financial Reportin8 Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charitie5 Act 2011. The
frnancial statements have been prepared under the historical cost conventlon. with the exception of investments
which are included at market value, as modthed by the revaluation of certaln a55ets.
Income
All income Is rttogni5ed in the Ststement of Flnanclal Artlvftles once the charTty has entltlement to the funds, It Is
probable that the income will be received and the amount can be measured reliably.
E¥pendlture
Liabilities are recognlsed as expendlture as soon as the￿ is a le8al or constructlve obllgatlon commltting the charlty
to that expenditure. it is probablethat a transler of economic beneftts will be required in Settlement and the amount
of the obligatlon can be measured reliably. Expenditure is accounted for on an accruals ba51s and has been classified
under heading5 that aggre8ate all cost relaied to the category. Where cost5 cannot be directly attributed to
particular headinBS they have been allocated to actlvitles on a basis con51Stent wlth the use of resour¢es.
Grants offered subjert to condStlons whlch have not been met at the year end date are noted as a commltment but
not accrued as expenditure.
Taxatlon
The charity15 exempt from tax on Its charftable actlvltles.
Fund accountln8
The endowment fijnd represents those assets whlch must be held perfflanently by the Char￿¥, prlnclpally
investments. Income ari5in8 on the endowment fund can be used in accordanee with the objèct5 of thè charity and
15 Included as unrestrlcted Income. Any capital galns or losses arising on thè investment5 form part of the fund.
Unrestrlcted funds tomprise those funds which thè trustÈe is free to use In accordance wlth the charitable objects.
Investments
Fixed a55et investments are stated at market value. Market value is calculated as the charity's share of the net assets
of The Founders Combined Chartty Capital Common Investmeni Fund. The charity's share Is calculated In proportlon
to the market value of the investments transferred at l April 1996 and any subsequent capitsl contributions.
Page 7
continued.

THE WORSHIPFUL COMPANY OF FOUNDERS
ROBERTWARNER FUND
NOTES TO THE FINAhlCIAL STATEMENT5- etsttinued
FOR THE PERIOD I NOVEMBER20Z3TO 31 OCTOBER2024
INVESTME1￿ INCOME
PERIOO
oi/IV23
TO
3VIO124
PERIOD
26110122
TO
31110123
Founders Combined Charity CIF
40.243
31.803
The flnan¢Sal statements include net income from inve5trnents mana8ed by Charles Stanley and Ruffer, which Is
distributed to the Charity.
TRUSTEES, REMUNERATION AND BENEFrrs
Durlng the period the charity paid £1,79412023- £2.7911 to ltslntsteefor provldlng admlnlstratlve and mana8ement
support. At the period end ihi% amoynt was In creditors.
No persons connected to the trustee recelved any remuneration durlng the year.
Trustees. expenses
There were no other trustee expenses paid for the period ended 31 October 2024 nor for the perlod ended
31 October 2023.
FIXED Ass￿ INVESTMENTS
Llsted
Investment5
MARKET VALUE
At l November 2023
Revaluations
1,488,102
116,486
At 31 October 2024
1,604,588
NETBOOKVALUE
At 31 October 2024
1.604,588
At 31 October 2023
1,488,102
All investments are carried at their fair value. Investments are all traded in quoted publlc markets, prlmarily the
London Stock Exchange.
Pa8e 8
contlnued...

THE WORSHIPFUL COMPANY OF FOUNDERS
ROBERTWARNER FUND
NOTES TO THE FINANCIAL STATEMENTS. tt*ntlnued
FOR THE PERIOD I NOVEMBER 2023TO 31 OCTOBER 2024
FIXED Ass￿ INVESTMENTS. contlnued
Cost or valuation at 31 October 2024 is represented by:
Listed
investments
Valuation In 2024
1,604,588
Listed investments represents the Robert Warner Fund share of the fvnds held In The Worshlpfvl Cornpany of
Founders Combined Charity Capital Common Investment Fund.
DEBTORS: AMOUNTS FALLING DUE WJTMIN ONE YEAR
2024
2023
HMRC Gfft Ald accrual
Thames Rgw Fundraisin8 donatlon a¢¢rued
Owed from Founders Combined Charity Capltal CIF
3,763
3,411
so
1.265
4.726
14,782
18,545
CREOITORS: AMOUNTS FALLING OUE WtrHIN ONE YEAR
2024
2023
Trade credltors
Accruals
Anniversaries Fund
Sexcentènary Appeal Fund
1,794
828
14.OChJ
2.S(Kl
19,122
2,661
778
14,000
34,400
Sl,839
MOVEMENTIN FUNDS
Net
movement
in funds
At
OUll123
At
31110124
Unrestrfrted funds
General fund
141,3331
42.569
1,236
Endowment funds
Founders Combined (harity Capital CIF
1,488,102
117,986
1,606.088
TOTAL FUNDS
1.446.769
160,555
1,607.324
Page 9
continued...

THE WORSHIPFUL COMPANY OF FOUNDERS
ROBERT WARNER FUND
OTES TO THE FINANCIAL STATEMENTS- cortinuÈd
FOR THE PERIOD I NOVEMBER 2023TO 31 OCTOBER 2024
MOVEMENTIN FUNDS-contlnued
Net movement in funds, tncluded in the above are as follows:
Incomin8
resources
Resources
expended
Galns and
losse5
Movement
in fund
Unrestrlrted funds
General furld
60.152
117,5831
42,569
Endowment funds
Founders Combined Charlty Capital
Common Investment Fund
1.5LKI
116,486
117,986
TOTAL FUNDS
61.652
17,5831
116,486
160,555
Comparatlves for mo¥ement In fvnds
Net
movement
fund5
At
oilIV22
At
31110123
Unre5tr1rted funds
General fund
169.7831
28,450
141,3331
Endowment funds
Founders Combined Charity Capital
Common Investment Fund
1.593.086
1104,9841
1,4B8,102
TOTAL FUNDS
1.523,303
176.5341
1,446,769
Page io

THE WORSHIPFULCOMPANYOF FOUNDERS
ROBERTWARNER FUND
NOTES TO THE FINANCIAL STATEMENTS- eontlnued
FOR THE PERIOD I NOVEMBER2023TO 31 ocfoBER2024
MOVEMENT IN FUNDS. contlnued
Comparative net movement in funds, included in the above are as follows..
Incoming
resources
Resourtes
expended
Galns and
losses
Movement
In fund
Unrestrlrted funds
General fund
48,511
120,0611
28,450
Endowmènt fund5
Ftsunders Combined Charlty Capltal
Comrnon Investment Fund
1104,9841
1104,9841
TOTAL FUNDS
48,511
120,0611
104,9841
76,5341
RELATED PARTY DISCLOSURES
Durtn8 the perlod, the charfty had investment income receivable of £40,24312023 - £31,803) from The Founder5
Comblned CharSty Capltal Common Investment Fund. At the perlod end £14,78212023 £1,265) was Included In
debtors.
At the year end £14,00012023- £14,CWI was included in creditor5 as due to the Annfver5arfe5 Fund.
At the year end £2.50J12023- £34.4CQI was in¢luded in ¢reditors #s due to the Sexcentenary Appeal Fund.
The charities have the same trustee and 8overnin8 bodv.
Durin8 thè perirjd the charity agreed to pay £1.79412023 - £2.7911 to its trustee for providing admlnistrative and
managemeni support. At the year end £1,79412023 - £2,661) was included in creditors as due to the Worshipful
Company of Founder$. the trustee of the charlty.
Pa8e 11

THE WORSHIPFUL COMPANY OF FOUNDERS
ROBERTWARNER FUND
DETAILED STATEMENT OF FINANCIAL AcTrvmES
FOR THE PERIOD I NOVEMBER 2023 TO 31 OCTOBER 2024
2024
2023
INCOME AND ENDOWMENTS
Donations and le8acles
Donation5. including Gift Aid
Fundraising
21,309
loo
8,227
8,481
Investment Income
Founders Comblned Charlty CIF
40,243
31.803
Total Incomlng re59urces
61,652
48,511
EXPENDITURE
Charltable a¢tlvlile5
Talks and lectures
Grants to instltution5
Grants to Individua15
1.195
12.8591
16.500
16,560
14,836
16,560
Support C05t5
Flnance and Go¥ernancÈ costs
Bank ¢harges
Admlnistratlon fees
ICO Re8lStration
Accountan¢y and le8al tee5
60
1,794
35
858
61
2,791
35
614
2,747
3,501
Total resources expended
17,583
20,061
Net Income I lexpendlturel
44,069
28,450
This page does not form part of the Statutory financial statements
Page 12