**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.
Page 1
**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.
Page 2
**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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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
Page 3
**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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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:
Page 4
**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
Page 5
**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
Page 6
**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...
Page 8
**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...
Page 9
**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|
|---|---|---|---|---|
Page 10
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.
Page 11
**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
Page 12