CHARIfY FUND 1961 (STATIONERS, ATr4D f4EWSPAPER MAKERS> COLMPANY)
ANNUAL REPORT AND FINATr4CIAL STATEMENTS
FOR THE YEAR ENDED 31 DECENffiER 2025
ChArlty Number: 233251

CHARITY FUND 1961 STATIONERS, AND P4EWSPAPER MAKERS* COMPANY
TRUSTEES? ANNUAI. REPORT AJ4D FINANCIAL STATEMINTS
YEAR ENDED 31 DECEMBER 21125
cor4TENTS
Pgge
Report5
Referellce and administrative details
Trustees, report
Indepertdeni examiner's report
Flnancial statements
Stai¢ment of financial activities
B8lan¢e sheet
Principal accounting policies
Notes to the finoncial 5tstem¢nts

CHARITY FUND 1961 STATIONERS* AND NEWSPAPER MAKEILS? COMPAFIY
TRUSTEES) ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
REFERETrICE AND ADMINIsT￿TIvE DETAILS
Governing In5truJnent
Stationers. and Newspaper Makers. Act 1961
Trll$ttes
Mrs H M K Esmonde
MrN W S¢¢idl
MrD l Allan
Mr R M Flather
Mr T J Fenwick
MrMWLkndall
Mrs S M J Pandit
Mr P Wilson
Mr M J James
Mr A G Ma511- resigned 30 June 2025
Ms M R Sleight
Mr O F. Gadsby
Mr N Mockeit
Mr l G H Leg8ett
Ms C A Tullo
Mr G J Heanue
Mr Dwills
MrJlDrori
Mrs J L Jones
Mr J T Levanen
Mrs G R Allinson
Mr D N Brealey
Mr A J Scrimgeour
Professor LS Drew
Ms B Pellant
Mr R W Knowles
Mr C R Smitli
Mr D P Batemon
Prlntlpal offlee
Stationcr5' Hall
Avc Maria Lane
London
EC4M 7DD
Cb4rity registration number
233251

CHARITY FUND I961 STATIONERS, AP4D NEWSPAPER MAKERS, COMPAf4Y
TRUSTEES? ANNUAL RFPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
Jndependent Examlner
Jackson Berry ACA
Haysmac LLP
10 Queen Street Place
London
EC4R IAG
Ballkers
The Royal Bank of Scotland
280 Bishop.sgatc
London
EC2M 4R
Investment manager$
Rathbones
8 Finsbury Circus
London
EC2M 7AZ

CHARITY FULW 1961 STATIONERS, AND NEWSPAPER MAKERS> COMPANY
TRUSTEES) ANNUAL REPORT AND FINANCIAL STATEMEf4TS
YEAR ENDED 31 DECEMBER 21125
The trustees present their statutory report together with the fllmncsal statetnents of Charity Fund 1961 (Stutioners,
and Newspaper Makers, Company) for the year ¢nd¢d 31 D¢¢¢mb¢r 2025.
The financial statements have been prepared in accordance with ihe a¢¢ourtting poli¢i¢s set out on pagc 9 of the
attached financial statements and comply with the Charity's gov¢ming instrJmen¢, applicable laws and the
requirements of the Statement of Recommended Pr8Ctic¢ on "A¢¢ounting and Reporting by CharitsC$" (Charities
SORP (FRS102), second edition updated October 2019).
StrllctUTe* governance and management
The ch8fAty is governed by The Ststioners, and New￿aper Makers, Company Act 1961 and 1$ rcgi$tcred with the
Charity Con)mission under charity number 233251. It is also known by the name The Stationers. Community Fund.
Key Management Personnel
The charily is administered by its connected charsty. The Stationers, Foundation. and a charge of £813 (2024- £751)
is made for these services. There were no employee5 during the year. No T￿￿te¢S received remuneration or expenses
from the charity.
Trustees
Th¢ trustees 8r¢ the m¢mb¢rs of th¢ Court of Th¢ Wor5hipfvl Company of Ststioners and Newspaper Makers.
Th¢ trus¢e¢8 ore sel out on page l.
ObJe¢dve$ and acdvltl
The Charity may apply lis in¢om¢ lo or for any charitable insti￿tiOn or purpose.
The Charity meets its obje¢tiv¢s by applyin8 its income to..
Trade B¢nevol¢nt So¢ietie8 and other insti￿tionS associated with Th¢ Worshipfvl Company of Stationer8
and Newspaper Makers. and
Civic and other appeals, including the Lord Mayor's Appeal.
Grant-mAklng pollty
The t￿stees deterniine annually> on recelpt of the fmartcial statements, the level of individual grants in a￿OrdanCe
wilh the objectives of Charity Fund 1961.
Publlc bcneflt
The t￿Sle¢S have considered the Charity Commission's general guidance on public bencfit when reviewing the
Cliarity's aims and objectives and in detem)ining its grartt-makitig policy. Thc trnstccs consider that all of the aims
and objectives detailed in this report are there in order to benefit the public and that they have complied with the duty
in section 17 of the Charities Act 2011 to have due regard to the public bcncfit guidance published by the Charity
Commission.
Achlevements and perforrnance
During the year a total of £22.394 (2024- £19,486) was distrAbu¢ed in varyitig amounts to 17 r¢Gipients (2024 - 14)
as shown in note 3.

CHARITY FUND 1961 STATIONERS* AND NEWSPAPER MAKERS, COMPANY
TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
Achievements and perforD]4Dee (contknued)
In 2025 th¢ Charity made unrealised investment gains of £15,051 (2024.. £35.238 gain).
The ChaTity's investment portfolio. managed by Rathbone& retumed 4.7QA (2024.. 9.OY•l net of all cost& Thi5 was
behind the Charity Total REturn Strategy benehmark of 13.5 % and the long temi target of CPI +30h per 8nnuin.
which was 6.3•h.
Total invcstment xncorne ￿e1Ved in the period amounts to £13.343 (2024- £15,063).
FlnantlAI revlew
A sllrnmary of th¢ r¢sults for the year cm be found on page 7. Net surplus for the year was £15.238 (2024 -
£41,363).
Inyestmenl poilcy
The manag¢ment of the Charity's investmeni funds i8 delegated to professional invcstnient advisers, Rathbones.
The trustees aim to achieve u balance bctw¢¢n in¢om¢ and ¢apAtsI 8rowth by regularly reviewing the investments
held,
The tn￿lee8 set the investment policy and the inv¢stsn¢nt advisers make Hny iAve8tmeni selection within that policy.
ReserveB polfficy
The Charity'8 policy is to main¢8in or enhan¢¢ in reHI ternu the value of the Endowment over the lon8 terni. In 2021,
the TNstee5 agreed to adopt a iolal rewrn approach when dctennining potcntial disiribulions of the Pemiancntly
Endowed funds. Thc Twstees approved the transfer of £4,500 12024 - £4,500), in addiiion to the listed invcslmgnt
income of £12,558 (2024- £14.070). from the Unapplied Total Re￿rn to Unrcstricied r￿UndS. This total retum
approach help8 to smooth ou¢ th¢ market flucbjations.
The balanc¢ shee¢ show$ total ￿ndS of £618,179 12024 £602,941) of which £560,067 (2024 £550,697) are
pernian¢ni ¢ndowmeni fvnds, leavinB £58,112 (2024- £52,244) in unrestri¢ted fund5.
The ￿81¢¢$, poliey is to rctain unrestricted reserves (free Te5¢rves} ¢quivglent to the current year's unr¢strictcd
income plus the following year's budgeted govemance costs.'lThe ¢ury¢ni level of the unrestricted ￿serVeS rnCCL8 this
policy.
TrJ$t¢es are content that other systems are in place to mitigate general business and operational risk. The trustees do
not b¢lieve that there are any other areas of significant risk

CHARITY FUND J961 STAT]ONERS* AND NEWSPAPER MAKERS> COMPAr4Y
TRUSTEES, ANTr4UAL REPORT AND FINANc￿L STATEMENTS
YEAR ENDED 31 DECEMBER 2025
Rlsk mfinagement
The tsusiees have examined the major strategic, business and operational risks which the Charity faces. The most
significani risk is associated with the Charity's investment portfolio. Whilst, the Charity has takell a conservative
approach on its investments to mitigate risk as far as possible an element of risk remains not least with regard to the
ongoing global economic uncertainties.
Trnstees ore content that other systems are in place to mitigate general business and operational risk The trnstees do
not believe that there are any other areos of significant risk.
Tru8tees' respon8lbUltles
The trust¢¢¥ gre re¥ponsible for preparin8 the tru5tee5' report and financi&l slatemellts in accordance with applicable
14w 4nd United Kingdom Accountin8 Siandards (United Kin8dom Generally Aecepted Accounting Prnciice).
The law applicable to charitie¥ in England gild wal￿ requires Ilie trustee¥ to Prep1￿ f]nan¢ial stateinents for each
f]nancial year which give a true and fair view of the slate of affairs of the Charily and of the incoming resources and
ppli¢Jtion of rc50urces of the Charity fDr that period. In preparing these fllmrtoial statsn)ents. the trusieeg are
required to..
select suitablc accounting policie5 ond then apply them ¢onsistcntly>
obse2ve the methods and principles in thc Charilics SOR￿,.
makc judgements and o%iimatc$ that arc rcasunablc aTJd prudenl..
Statc wh¢th¢r applicablc United Kingdvm Ac¢oun¢ing Standards have been followed, subje¢i to any material
departurLI.* dL8¢108¢d and cxplaincd in th¢ financial sta¢cm¢nL8,' and
prepare thc fmancial statcmcnt.% on the ¥oin¥ conccm b&sis unles$ it is inappropriat¢ to presume ¢hai the
Clwity will continue in operation.
The ttustees are responsible lor keeping proper ￿COuntIng rewrds that are sufficient ¢0 show and explain the
Charity's transactions and disclose with reasonable accurdcy at any time th¢ finan¢ial posilion of the Charlty and
enable them to ensure that the fmancial stalements conipSy with the Charities Aci 2011, the Charity {A¢counts and
Reports) Regulations 2008 and the provisions of The Stationer5' and Newspaper MakeTS' Act 196A. They are also
responsible for safeguarding the assets of the Charity and hence for taking reasonable Steps for the prevention and
detection of fyaud and othei ixregularities.
Approved on 30 April 2026 and signed on behalf of the tNstees
Doug Wi118, Mas¢er of ili¢ Sia¢ion¢rs Company and Trustee of Charity Fund 1961

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CEIARITY FUND 1961
(STATIOP4ERS' AND NEWSPAPER IVIAKERS. COLY￿ANY)
I report to (he Tmstees on my examination of the accounts of Chariry Fund 1961 (Stationer5' and Newspaper
Makers, Company) for the year ended 31 Deeember 2025 which are set out on pages 7 to 15.
Respective responsibilities of trllstees And examlner
Tht charity's trustces ar¢ r¢sponsibl¢ for the preparation of the accounts. The charity's tn￿let8 consider thal an audit
is not required for this ycar under s¢¢tion 144 of th¢ Ch8riti¢s Aet 2011 ("the Charities Act") and that an independent
examination is n¢¢dcd.
IÉ is my responsibility to:
examine the awounts under section 145 of the Charities Aot,
to follow the procedures laid down in thc g¢netaI Diredions given by the Charity Commission (under
section 145(5)(b) of the Charitics Act, and
to state whciher particular matters have come to my at¢¢nlion.
Bas18 of Independent examlner's statement
My examination was carried out in accordance with general Dircctions given by the Chariry Commission. An
examination includes a review of the accounting Te¢ord5 kept by the Charity and a comparison of the accounts
presenled with those records. It a150 includes con5iderdtion of any unusual iiems or disclosures in the account8, 81
seeking explanations from the ¢ryslees concernin¥ any such mAtters. The procedures uiidertakcn do not provide all
the evidence that would be required in audit, and consequently rto opinion is given as to whethcr the a¢counts
present a 'tNe and fair, view and the Teport is limited to those matt¢r8 sei out in the stat6ment below.
Independent ex&mlneT'5 8tatement
In conncGtion with my ¢xamin4tion, no mailer h98 ¢om¢ to my attention
which givc8 me reasonable ¢aus¢ io b¢liev¢ that in, any material respect, the requiremen¢s.'
to kccp accounting records in 4ccord4n¢¢ wilh 5ec¢ion 130 of the Charities Act. and
to prepare accounts which accord with the ac¢ounting re¢ords and Comply with the accountin8 requirements
of the Charities Act
have not been met. or
to which, in my opinion, attention Should be drawn in order to enable a proper understanding of the
accounts to be reaclied.
Jackson Btrry ACA
For and on behaifof Hay8Ma¢ LLP. Statuiory Auditor
10 Queen Street Place
London
EC4R IAG
Date..
HaysMa¢ LLP is eligible to act as an auditor in ternis of section 1212 of the Companies Act 2006

CHARITY FUND 1961 gfATIONERS' AND NEWSPAPER MAKERS. COMPANY
STATEMENT OF FINANCIAL ACTIYriEs
YEAR ENDED 31 DECEMBER 2025
Unrestrlcted
Pcrmanellt
Endowment
Funds
Total fund$
Total fund$
Funds
2025
2024
Note
Income and expendlture
Income attd Endowments from
Donations and legacic5
Invcstments
Other Income
13.153
785
17,058
13,153
13343
14,402
15,063
12,558
(17.058)
Total IneomÈ
30,996
14.500)
26,496
29,465
xpendlture OM:
R(iisingfundJ
Investment management fees
Chariloble acllvitles
Grants & related costs
Governan¢e ¢os¢s
1,181
1,153
22,394
2.734
22.394
2,734
19,486
2,701
Total expendlture
25,128
26,309
23,340
NET INCOM1Tr4G RESOURCES FOR THE
YEAR BEFOKL LNVESTMEIYT GAINS
5,868
(5,681)
187
6,125
Net investtnent 8¥insl(losse8)
15,051
15.051
35.238
Net Incomel(expendlture) for the
year, ffincludlng eapltal gAlns
5,868
9,370
15,238
41,363
Fund bAl•n¢es brought forwgrd
at l Janu4ry
52,244
550,697
602,941
561,578
FUND BALANCES CARRIED
FORWARD AT 31 DECEMBER
58,112
560,067
618,179
602,941
The statement of fmancial activities illclude$ all 88ins and losses recognised in the year.
All of the charity's activities derived from contilluin8 operations durin8 the above tsvo f￿anCIal y¢pts.
The aecounting policies and notes on pages 9 to 15 forni part of the f&n&ncial ststements. The split of the 2024 figures
between ￿ndS is shown in note I l.

CHARrrY FUND 1961 STATIOTrIERS* AND NEWSPAPER MAK￿, COMPAEIY
BALANCE SHEET
YEAR ENDED 31 DECEIVIBER 2025
2025
2024
Note
FSxed assets
Investments
566,554
551,503
Current a$$¢t$
Debtors
5,923
1,734
Cash at bank and in hand
4,160
16,128
10,083
17,862
Credltors: amount5 falling due
wAthin one year
13,512)
(5,334)
Net current assets
6,571
12,328
Total ntt a$&ets
618,179
602,941
The funds of tlie ebarlty
P¢manen¢ endowment ￿ttds
Unrestricted fi]nd8
560,067
38,112
550,698
52,243
Tot41 fuod$
618,179
602,941
The a¢¢ounting poli¢ies and note5 on pages 9 to 15 forni paff of the fllMncial statements.
These fin8n¢ial siatemen(s were approved and authorised for issue on 30 April 2026 and signed on their ￿ka1¢bY
Doug Wills, Master of the Station¢rs Company and Truslee of Charity 1961

CHARITY FUM) J961 STATIONERS, AI+U) f4EWSPAPER MAKERS, COMPANY
PRINCIPAL ACCOUNTING POLICIES
YEAR ENDED 31 DECEMBER 2025
Basis of accountlng
The financial statements have been prepared under the historical cost convention with it¢ms iniiially r¢¢ognised ai
C05t or transaction value unless otheJTrvise stated in the relevant accounting policy notels)-
The f]Danoial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement
of Recommended Pra¢iice appltcable to charities preparing thetr accounts in accordance with the Finan¢ial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) {'Charities SORP FRS 102. s¢¢ond edition issued
in 2019,), the FinaThcial Reportin8 Siandard applicable in the UK and Republic of Ireland (FRS 102) and the
ChaTitie5 Act 2011.
The cliarity constittjles a public benefit entity as defmed by FRS 102.
The accounts are presented An sterling and are rounded to the nearest pound.
Critical accountlng estlmates aDd areas ofjudgement
Preparation of th¢ fmgn¢ial st4l¢m¢nts may require the ¢tus¢ees to make significant judgements and estimate&
However. there were no material matters relaling to the current or prior years where such judgemonls or estimaies
were required.
Golng concern
The Irjstees have Assessed whether the use of the 8oin8 concern a&wmption is appropriate in preparing these
fmancial slatcments. Thc tNsicc$ have made this assessment in r¢spe¢t lo a pwiod of one year from the date of
opproval of thcse financiBI statements.
This is because as a grant making charity with no lon8-terni conimitments, fijture expendirure con be adjusted wlth
changes income.
Income
Income is r¢¢ognised in the period in which the ¢h8rity has entitlement to the income, the amount of income ¢gn b¢
measured reliably and it is probable that the income will be received.
Donations are reco8nised when the charity has cottfmation of both the amount and settlement date.
Legaoies are included in thc statemeni of finan¢i41 a¢tivilies when the charity is entitled to tbe legacy. the executOTS
have established that there are sutricient surplus assets in the estate to pay the legacyi and any condilions attached to
Ihe legacy are within the control of the charity.
Dividends are r¢cognis¢d on¢e th¢ dividend has been declared and notification has been received of the dividend due.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the
charity. this is no￿￿lY upon notification of the interest paid or payable by the bank.
Expendlture
Liabilities are recognised as expendlture as soon as there is a legal or collstructivc obligatii)n ¢oJnmittsng the charity
to make a payment to a third party. it is probabl¢ that a transfer of economic benefits will be required in settlemeni
and the amount of the obligation call be Jneasured reliably.

CHARITY FUND 1961 STATIONERS, AND NEWSPAPER MAKERS, COMPANY
PRINCIPAL ACCOI]NTING POLICIES
YEAR ENDED 31 DECEMBER 2025
Expendlture (contfinued)
All expenditure is accounted for on an a￿rual5 basis. Expenditure comprises direct Costs and support ¢osts. All
expenses, including support costs, are allocated or apports'on¢d lo the applieable expenditure headings. The
classification bethveen activitlcs 18 follows..
• Expenditt￿¢ on raising ￿ndS in¢ludes all expertdi￿re associated with raising funds for the charity. This includes
illv¢stment management fees.
+ Expendiwre on charitable activities includes all co$t$ osso¢ial¢d with ￿rtherIng the chariiable PUTPOSES of the
chority through thc provision ot'ils charithble activities.
Grants payable are included in the Siatemeni of fmancial ￿tiVitieS when approved alld when the intended recipient
has ¢ither received the funds or been infornied of the decision to make the grant and has satisfied all perforniance
condition5. Grsnts approved bul not paid at thc cnd of ihe financial year are Accrued. Grants where tlic b¢n¢fi¢iary
has llot been informcd or has (o fulfil perforniance conditions befoTe the grant sy rcleased are not accrued for but are
disclosed as financial commitments if 4ppli¢abl¢. Support costs and govemanc¢ costs are allocated to expenditure
heading8 in proportion to direci expenditure.
Investment8
Investments are disclosed at theiT market value at the balance sheet dale. Reali5ed and u1￿￿118¢d 88ins or losses are
irtcluded in the 51atement of fll)ancial activities.
Deblors
Debtors are reco8nised at the settlem¢nf omount. less any provision for non-recoverability. Prepayments are valued
at the amount prepaid.
C8&b at bank and In hand
Cash at bank and in hand represents .%uch accounts and instNments that are available on demand or have a maMrity
of lesB than three months from thc datc of acquisition. Deposits for mor¢ than three mot)d15 but less than one year
hAve been di5c105ed as short-term deposits. Cash pla¢ed on deposi¢ for more tlian one year is disclosed as a fLxed
asset investment.
Creditorg and pr•vision8
Credi¢or5 and provi$ion8 are re¢o8ni$ed when there is an obligation at the balanee sheet date a5 A result of a past
event, 1¢ is probabl¢ that a transfer of economic benefit will be required in settlement, and the amount of the
settlement can be estimated reliably. Crediiors and provisions are reeognised at the amount the ¢harity atstieipates it
will pay to se¢tl¢ the debi.
Fund 8¢¢ountlng
Pemianent endowment funds Comprise monies of which the original gift element must be held indefmitely as capital.
The Trnsiees adopted a Total R¢tum policy fro￿ l January 2021 in respect of th¢ maintenan¢e of the endowment
whi¢h allows for amounts up to the unapplied total return aknve cumulative infiation to be expended.
Unrestrfftcted fimds represent th08¢ monies whiGh are freely available for application towards a¢hievin8 any charitable
purpose that falls within the Charity's objects.
io

CHAIUTY FUND 1961 &IATIONERS' AND NEWSPAPER NL41QERS' COMPANY
NOTES TO THE FJNANCIAL STATEMEFITS
YEAR ENDED 31 DECKMBER 2025
I. DONATIONS AI¥D LEGACIES
2025
2024
Donations and gift8
Other income
13,153
14.402
13,153
14.402
2. INCOME FROM INVESTMENTS
2025
2024
Income from listed investments
Interest r¢¢¢ived
12,558
785
14,070
993
13,343
15,063
3. GRANTS & RELATLD COSTS
2025
2024
Royal Marines
Reading fiorce
The Stationers, Company
City Harvesl
Churchill Lines Foundalion
Book Aid International
Lord Mayor's Appeal
St Pauls Cathedral
St Bride's Church
Museum of txjndon
The Book Trade Charity
St Pau15 Garden of Remembronce
Royal Marine Cadets
Tl)e Sheriffs, & Recorder's fvnd
Musicians. Benevolent Fund
St Mary Hendon PCC
Bound by Veterdns
St Brides Foundation
4,500
2,500
2,060
2,000
2,000
2,000
1,500
1,000
1,000
1,000
900
544
539
500
250
100
6,500
2,000
2.000
2,000
1,500
1,000
1,000
853
233
350
250
loo
1,000
700
Tot818rants
22,394
19,480
Independent examiner's fee
Other cos18
1,920
814
1,800
751
Total Governance costs
2,734
2,701

CHARITY FUND 1961 STATIONERS, AND NEWSPAPER MAKERS* COMPANY
NOTES TO THE FINATrICIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
4. INVESTMENTS
21115
2024
Opening market value
Additions
Disposal proceeds
Net gainslllosses)
551.503
516,264
15.051
35238
Closing market value
Cash held in investment nianagers
566,554
45,054
551,503
38,910
611,608
590,413
Historical cost Hs al p¢riod end
423,222
423,222
S. DEBTORS
2025
2024
Tax rc¢ov¢rabl¢ under Gift Aid
The Stationers, Fouiidation
The Stationers, H811 Charity
1.756
4.097
70
1,734
5,923
1.734
6. CREDITORS
2025
2024
The Stationers, Foundation
The Worship￿] Company of Stationers and Newspaper Makers
Accruals
2.380
864
2,090
1,292
2,220
3,512
5,334
12

CHAIUTY FUND 1961 STATIONERS, AND NEWSPAPER MAKERS* COMPANY
NOTFS TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
7. PERMANENT ENDOWMEP4T FUNDS
At l January
Income
Expendlture
Gains and losses
At 31 December
2025
Stationers, fvnd
530,697
(4,500)
15,051
560.067
2023
Stationers. fund
521,112
(4,500)
11,153)
35.238
550,697
Sialioners'fuNd
Thc Stationers, comprises an original amouni of £25,000 received under the tenns of the Stationers. and
Newspaper Makers, Company Aet 1961 which established the Chariiy. A fi￿her £IOO,OOD WAS transfcrred to the
Fund in 1977 and additional further fjjnds of £112,212 were raised by the Worshipful Company of Stationers and
Ncwspaper Makcrs a% a rcsult of a joint Appeal with tlie Worshipfvl Company of Statiorter8 and Newspaper Mak¢rs
Wclfllre Fund as part of thc 6001h anniversary of The Worship￿1 CompatLy of Stationers ond Newspaper Makers.
8. TOTAL RETURN
The T￿Stee8 adopted a total return basis for maintainin8 the endowment with effect from l Janu8ry 2021. As at I
JBnuary 2024 the gitl element of the to￿1 rcturn was dLtcrniined at o value of £549,550 (2024- £535,989) on the
following basis: £332,3 IS was the value of ihe Pcnnanent EndoMttenl al l O¢tob¢r 2007. This value had CPI applied
to then arrive at a revised value of £568,087 (2024 - £549,550) at 31 DeccTnbLY 2025. This then gave rsse to a value of
£1,147 (2024 . £{8,541) ) as the opening unapplied ￿181 return to tnaLILtBin thc real valuE of tlic pre?icrved endowment.
Under the total re￿rn approach, a value of up to the voluc of thc total return may be applied to fund the n¢t eXp¢ndi￿re
of the charity. The movements are set out in the followin8 table:
Trust for
Investment
Unapplled
Return
2025 Total
Endowmellt
2024 Totol
endowment
At I JAnuAry 2025:
Gift componen¢
Unapplied totsl rettun
549,550
549,550
1,148
535.989
(14.877)
1,148
Total endowmeni brought forward
Movement In the reporting perlod:
Investment rcthrn- net income
Investment Tetum- net g¥insl(10$5¢s)
Less.. Investment managemeni ¢tssts
549,550
1,148
550,698
521.l12
12,558
(3,4861
(1,181)
12,558
15,051
{1,1811
14,070
35,238
(1,1531
18,537
Total for thc perii)d
Unapplied tothl ￿tuM aSlo¢ated to income
18,537
8,791
117,059)
26,428
(17,059)
48,155
118,570)
Net movements in reporting period
At 31 December 2025:
Gift component
Unappiied total retrlrn
18,537
(9.168)
9,369
29,585
568.087
568,087
{8,020)
549.550
1.147
{8,020)
Total endowm¢Dt
568,087
(8,020)
560.067
550,697
13

CHARITY Ftir4D 1901 STATIONERS, AND NEWSPAPKR ThqAKERSY COMPANY
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
The net assets of th¢ Charity are analysed as follows..
Endowment
funds
Unre8trl¢ted
fund5
Total
31 Dccernber 2025
Invcstmertts
Current assets
Curr¢nt liobilitie5
560,367
51.241
10,083
(3,212)
611,608
10,083
(3,512)
(300)
560.067
58,112
618,179
31 December 2024
InvestmcnL4
Current a$scls
Current liabilities
550.988
39,425
17,862
(5,0431
590,413
17,862
15,3341
(290)
550.697
52,244
602,941
10. RELATED PARTIES AND CONNECTED CHARTTIES
The Sta¢ioIi¢r8' Foundation Ire8iStered charity no. 112096311198494) 18 8 ¢onAe¢ted Chgrity as its trustees are
appointed by the Court of Assilstants of the Worship￿1 Company of Stationer8 and Newspaper Makers, who are the
trustees of Charity fund 1961 (Stationers, and Newspaper Makers, Company). The ¢harity is administcrcd by The
Stationer8' Foundlltion.
During the y¢ar, th¢ Charity made a grAnt to The Stationers. Foundation of £0 (2023 £0). The Stationers,
Foundatiort ¢harged £81312024 - £751) for administr81ion of the clwity.
Durin8 thc year, the Charity made a 8rpiit to Sthtioner$' Hall Charity of £nil (2024 - £nil).
Durin8 the year, the Charity mude a Brant to Thc Stationers, Company of £2,060 {2024 £2.000).
The amounts due to The Stationers, foundation and the Worshipfvl Compvlny of Stationcrx artd Newspaper Makers
at 31 December 2025 are shown in note 6. The amount due from The Stationers, Foundation and the Wor¥hipfiJl
Company of Stationers and Newspaper Makers at 31 December 2025 are shown in note S.
The ChHrity has purchased insurance to protect the Charity from any loss arising from the neglect or defaults of its
trnstces. cmployees and agents and to inden)nify the Irustpxs or other officers against the consequences of any
ncglcet or default on their part.
There were no other reLated paty disclosures requiring di$closure in the aocounts.
14

CHAIUTY El￿D 1961 STATIONERS, AND NEWSPAPER ThL4KERS? COMPANY
NOTES TO THE FINATr4CIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
11. 2024 SOFA SllOw￿4G SPLIT BETWEEN FUNDS
Unrestrlcted
Permanent
Endowment
Funds
Total funds
Funds
2024
Note
Income and expendlture
Income and Kndowments from
DL)nations and lega¢ies
Inve¥trn￿ts
Other In¢ome
14.402
993
18.570
14,402
15,()63
14,070
Il8,570)
Total Income
33.965
(4,500)
29,465
Expendlture on..
RuisEngfuuds
lllv&%lment management fee$
Cliarilable ocliviiies
Gran¢$ & rclaled costs
1,153
1.153
22,187
22,187
TotAI expendlture
22,187
1,153
23,340
NET EXPENDITURE FOR THE
YEAR BEFORE INVESTMENT
GAINS
11.778
(5,653)
6,125
Net investment gains
35.238
35,238
Net lexpendlture)I Ineome for
the year, Includln¥ eapltal ¥#llls
11.778
29,585
41,363
Fulld bAlan¢¢s brought forward
8t l January
40.446
521,112
561,578
FUND BALANCES CARRIED
FORWARD AT 31 DECEMBER
52,2
550,697
602,941
15