REGISTERED CHARITY NUMBER: 222905-5
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
FOR
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 11 |
| Detailed Statement of Financial Activities | 12 |
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
REPORT OF THE TRUSTEES
FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
The trustees present their report with the financial statements of the charity for the period 1 November 2024 to 31 October 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
222905-5
Principal address
Founders' Hall 1 Cloth Fair London EC1A 7JQ
Trustees
The trustee of the charity is The Worshipful Company of Founders of the City of London.
The Master, Wardens and Assistants comprise the Court of The Worshipful Company of Founders, its governing body.
Both the governing body and the Industry Committee meet quarterly. Grant applications are considered by the Industry Committee which reports to and recommends appropriate grants to the governing body for its approval.
Independent Examiner
Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN
OBJECTIVES AND ACTIVITIES
Objectives and aims
The original purpose was for the founding of a fellowship or fellowships in metallurgical research as applied to foundry practice. In recent years and following the agreement of the Charity Commission in November 1985, the funds are applied for supporting education and research in the material sciences and related fields in engineering. The annual Robert Warner Lecture is supported by this charity.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Significant activities
In late 2024, all investments were consolidated at Charles Stanley, and the charity was allocated its separate endowed and non-endowed investment portfolios, removing the need to split investments and income on a percentage basis.
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
REPORT OF THE TRUSTEES
FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity that unrestricted funds which are readily available for spending and have not been designated for a specific use should be maintained at a level between six and twelve months’ expenditure. The trustee considers that reserves at this level will ensure that, in the event of a significant drop in funding, it will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
At 31 October 2025 the charity held £73K reserves. These levels are in the target range.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was established by a bequest of the late Robert Warner to The Worshipful Company of Founders.
Decision making
The trustee and the governing body meet quarterly. The Industry Committee of the Worshipful Company of Founders also meets quarterly and agrees the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management, policies and performance. The day-to-day administration of grants and the processing and handling of new grant applications prior 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 Court for its final approval.
The Industry Committee also considers the monitoring information concerning the performance of grants to date, and make recommendations to the Court concerning the extension, cessation or suspension of existing grant approvals.
Trustees are required to disclose all relevant interests and register them with the Clerk and if appropriate to withdraw from decisions where a conflict of interest arises.
Risk management
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The trustees consider variability of investment returns on the charitable assets to constitute the charity's major financial risk and recent extreme volatility in world stock markets has demonstrated this risk. The trustees manage the assets on a medium risk basis of income generation and capital growth, thereby maintaining stability for grant making, and hopefully thereby facilitating longer term grants and a more stable number of awards, but the trustees also take account of the outlook for investment returns and keep the level of awards under review.
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
REPORT OF THE TRUSTEES
FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2022, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2022, 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.
Approved by order of the board of trustees on ……………………………….. and signed on its behalf by:
……………………………………………………………..
S J Oliver Master
……………………………………………………………… Revd NK Stephenson Clerk
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
Independent examiner's report to the trustees of The Worshipful Company of Founders Robert Warner Fund
I report to the charity trustees on my examination of the accounts of The Worshipful Company of Founders Robert Warner Fund (the Trust) for the period 1 November 2024 to 31 October 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2022 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S P Muller FCCA ACA Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN
Date:
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Fundraising Investment income 3 Total EXPENDITURE ON Charitable activities Grants Talks and Lectures Other Total Net gains / (losses) on Investments 5 NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 49,849 - 47,244 97,093 19,200 1,866 4,932 25,998 - 71,095 1,236 72,331 |
Endowment funds £ 2,122 - - 2,122 - - - - 185,808 187,930 1,606,088 1,794,018 |
2025 Total funds £ 51,971 - 47,244 99,215 19,200 1,866 4,932 25,998 185,808 259,025 1,607,324 1,866,349 |
2024 Total funds £ 21,309 100 40,243 |
|---|---|---|---|---|
| 61,652 13,641 1,195 2,747 |
||||
| 17,583 116,486 |
||||
| 160,555 1,446,769 |
||||
| 1,607,324 |
The notes form part of these financial statements
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
BALANCE SHEET
31 OCTOBER 2025
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS Debtors 6 Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 8 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ - 4,695 73,239 77,934 (5,603) 72,331 72,331 72,331 |
Endowment funds £ 1,794,018 - - - - - 1,794,018 1,794,018 |
2025 Total funds £ 1,794,018 4,695 73,239 77,934 (5,603) 72,331 1,866,349 1,866,349 72,331 1,794,018 1,866,349 |
2024 Total funds £ 1,604,588 18,545 3,313 21,858 (19,122) 2,736 1,607,324 1,607,324 1,236 1,606,088 1,607,324 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………………… and were signed on its behalf by:
…………………………………………………………
T P Westley
The Worshipful Company of Founders – Upper Warden
………………………………………………………..
K G Woolmer
The Worshipful Company of Founders – Under Warden
The notes form part of these financial statements
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2022. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
The endowment fund represents those assets which must be held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.
Unrestricted funds comprise those funds which the trustee is free to use in accordance with the charitable objects.
Investments
Fixed asset investments are stated at market value. Market value is calculated as the charity's share of the net assets of The Founders Combined Charity Capital Common Investment Fund. The charity's share is calculated in proportion to the market value of the investments transferred at 1 April 1996 and any subsequent capital contributions.
2. DONATIONS AND LEGACIES
| Excess cash from Combined Charity Capital Common Investment Fund Donations |
2025 £ 26,376 25,595 51,971 |
2024 £ - 21,309 |
|---|---|---|
| 21,309 |
continued...
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
3. INVESTMENT INCOME
| Interest Founders Combined Charity CIF |
2025 £ 564 46,680 47,244 |
2024 £ - 40,243 |
|---|---|---|
| 40,243 |
The financial statements include net income from investments managed by Charles Stanley, which is distributed to the Charity.
4. TRUSTEES' REMUNERATION AND BENEFITS
During the period the charity paid £3,690 (2024 - £1,794) to its trustee for providing administrative and management support. At the period end this amount was in creditors.
No persons connected to the trustee received any remuneration during the year.
Trustees' expenses
There were no other trustee expenses paid for the period ended 31 October 2025 nor for the period ended 31 October 2024.
5. FIXED ASSET INVESTMENTS
MARKET VALUE At 1 November 2024 Additions Disposals Revaluations At 31 October 2025 NET BOOK VALUE At 31 October 2025 At 31 October 2024 |
Listed investments £ 1,442,406 3,000 - 185,808 1,631,214 1,631,214 1,442,406 |
Cash and settlements pending £ 162,182 46,680 (46,058) - 162,804 162,804 162,182 |
Totals £ 1,604,588 49,680 (46,058) 185,808 |
|---|---|---|---|
| 1,794,018 | |||
| 1,794,018 | |||
| 1,604,588 |
All investments are carried at their fair value. Investments are all traded in quoted public markets, primarily the London Stock Exchange.
continued...
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
5. FIXED ASSET INVESTMENTS - continued
| Cost or valuation at 31 October 2025 is represented by: | |
|---|---|
| Listed | |
| investments | |
| £ | |
| Valuation in 2025 | 1,794,018 |
Listed investments represents the Robert Warner Fund share of the funds held in The Worshipful Company of Founders Combined Charity Capital Common Investment Fund.
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| HMRC Gift Aid accrual Owed from Founders Combined Charity Capital CIF 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals Anniversaries Fund Sexcentenary Appeal Fund 8. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Founders Combined Charity Capital CIF TOTAL FUNDS |
At 01/11/24 £ 1,236 1,606,088 1,607,324 |
||
|---|---|---|---|
continued...
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Founders Combined Charity Capital Common Investment Fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Endowment funds Founders Combined Charity Capital CIF TOTAL FUNDS |
Incoming resources £ 97,093 2,122 99,215 |
Resources expended £ (25,998) - (25,998) At 01/11/23 £ (41,333) 1,488,102 1,446,769 |
Gains and losses £ - 185,808 185,808 Net movement in funds £ 42,569 117,986 160,555 |
Movement in fund £ 71,095 187,930 259,025 At 31/10/24 £ 1,236 1,606,088 1,607,324 |
|---|---|---|---|---|
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continued...
THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Founders Combined Charity Capital Common Investment Fund TOTAL FUNDS |
Incoming resources £ 60,152 1,500 61,652 |
Resources expended £ (17,583) - (17,583) |
Gains and Movement losses in fund £ £ - 42,569 116,486 117,986 116,486 160,555 |
|---|---|---|---|
9. RELATED PARTY DISCLOSURES
During the period, the charity had investment income receivable of £46,680 (2024 - £40,243) as well as a donation of excess of cash of £26,376 from The Founders Combined Charity Capital Common Investment Fund. At the period end £nil (2024 - £14,782) was included in debtors.
At the year end £nil (2024 - £14,000) was included in creditors as due to the Anniversaries Fund.
At the year end £nil (2024 - £2,500) was included in creditors as due to the Sexcentenary Appeal Fund.
The charities have the same trustee and governing body.
During the period the charity agreed to pay £3,690 (2024 - £1,794) to its trustee for providing administrative and management support which was included in creditors as due to the Worshipful Company of Founders, the trustee of the charity.
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THE WORSHIPFUL COMPANY OF FOUNDERS ROBERT WARNER FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 NOVEMBER 2024 TO 31 OCTOBER 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations, including Gift Aid | 51,971 | 21,309 |
| Fundraising | - | 100 |
| Investment income | ||
| Interest | 564 | - |
| Founders Combined Charity CIF | 46,680 | 40,243 |
| Total incoming resources | 99,215 | 61,652 |
| EXPENDITURE | ||
| Charitable activities | ||
| Talks and lectures | 1,866 | 1,195 |
| Grants to institutions | 700 | (2,859) |
| Grants to individuals | 18,500 | 16,560 |
| 21,066 | 14,836 | |
| Support costs | ||
| Finance and Governance costs | ||
| Bank charges | 50 | 60 |
| Withholding tax | 162 | - |
| Administration fees | 3,690 | 1,794 |
| ICO Registration | 47 | 35 |
| Insurance | 163 | - |
| Accountancy and legal fees | 820 | 858 |
| 4,932 | 2,747 | |
| Total resources expended | 25,997 | 17,583 |
| Net income / (expenditure) | 73,218 | 44,069 |
This page does not form part of the statutory financial statements
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