VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 1/19
Charity Number 235230
The Benevolent Fund of the Worshipful Company of Bakers
Financial Statements for the year ended 31 December 2025
VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 2/19
Contents
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Page
Reference and administrative details of the Charity, its 1
Trustees and advisors
Trustees’ Report 2-4
Independent Examiners’ Report 5-6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9-17
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 3/19
The Benevolent Fund of the Worshipful Company of Bakers
Reference and administrative details of the Charity, its Trustees, and advisors For the year ended 31 December 2025
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Peter Baker, Trustee (Resigned 24 November 2025)
Trustees William Marle, Trustee (Chair from 24 November 2025)
Alison Springett, Trustee
Andrew Beale, Trustee
Russell Chweidan Trustee
Maxwell Elvidge (Appointed 24 November 2025)
Charity registered number 235230
Principal Office Bakers’ Hall
9 Harp Lane
London
EC3R 6DP
Independent Examiner Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
Sussex
RH12 2RG
Bank RBS and HSBC
Investment Advisors LGT Wealth Management UK
14 Cornhill
London
EC3V 3NR
Charles Stanley & Co Ltd
55 Bishopsgate
London
EC2N 3AS
Treasurer to the Trustees Simon Courtney until 24 November 2025, Peter Baker from 24
November 2025
Secretary to the Trustees Camilla Szymanowska C lerk to the Company
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 4/19
The Benevolent Fund of the Worshipful Company of Bakers
Trustees’ Report For the year ended 31 December 2025
The Trustees present their annual report together with the financial statements of the Benevolent Fund of the Worshipful Company of Bakers for the year ended 31 December 2025.
Objectives and Activities
The Fund is available (both as income and capital) for application to:
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a. The advancement of education, with a specific focus on bakery education
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b. The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or another disadvantage, specifically supporting City of London organisations.
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c. Other charitable purposes beneficial to the community not falling under the preceding heads.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public Benefit: running a charity (PB2)’.
Structure, Governance and Management
The Benevolent Fund of the Worshipful Company of Bakers is a registered charity, number 235230, and is constituted under a Trust Deed dated 6 April 1964.
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. The Trustees meet every quarter. Decisions regarding distributions are based on the objectives of the charity and are in line with the reserves policy.
It is the individual Trustee's duty to undertake appropriate Trustee Charity training, and this will be reviewed on an annual basis at a Trustees’ meeting.
The Trustees initiated a governance review, examining the structure and operations of the Charity in 2025. Professional advice was sought where necessary. The Trustees have elected to incorporate a new Charity CIO, which is expected to become active in 2026. In the interim period, the Trustees will continue support of current charitable causes.
Achievements and Performance
Review of Activities
The emphasis of grant giving during the year continued to be the advancement of bakery training and education, which saw the support of a residential course for advanced training, the provision of bakery equipment for two schools, support for charities providing bakery training to women fleeing domestic abuse and to serving offenders, and funding for baking at primary level with the grant towards the ‘Grow your Own Playground’ project. Need within the City was addressed, including grants to City Harvest, the Lord Mayor’s Appeal, and the Sheriff & Recorders’ Fund. General primary education was supported through the ongoing provision of funded KS1 Fire Walks, awarded to inner-city primary schools with a high level of deprivation. Support of cadet training and education via the Company’s affiliated army and navy units continued for a further year.
The level of income and expenditure and the year-end position were as expected by the Trustees. Income totalled £85,223 (2024 £98,090).
Expenditure was at £150,588 (2024 £117,693). All grants made were in line with the objectives of the Charity.
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 5/19
The Benevolent Fund of the Worshipful Company of Bakers
Trustees’ Report For the year ended 31 December 2025
The net assets of the charity, including Restricted Funds, as at 31 December 2025 were £2,687,914 (2024 £2,701,061).
Investment Policy and Performance
The Trustees have delegated the responsibilities for investment to the Worshipful Company of Bakers’ Finance Committee, and the investment portfolio was managed by LGT Wealth Management, within a portfolio which follows a medium to high-risk strategy as directed by the Trustees. They meet regularly, and report to the Trustees quarterly. The Chair of Trustees is an Ex Officio member of the Committee.
As the overall performance of the fund has continued to be disappointing, the Trustees conducted a review, and will be moving the main portfolio to new management in 2026.
The Paul Manduca Fund is held in a separate portfolio following a medium-risk strategy towards capital growth.
Financial Review
Going Concern: The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Reserves Policy : The trustees use the invested funds and properties to generate income to provide for the long-term activities of the charity. The reserves as at 31 December 2025 were £2,687,914 (2024 £2,701,061) of which £2,560,315 are regarded as free reserves and £127,599 of reserves are restricted. The Trustees’ policy is to maintain the reserves of the charity with a guideline of distributing 100% of the annual income generated.
Financial Risk Management Policy: The trustees assess the major risks to which the charity is exposed, in particular those related to its operations and finances. The Trustees are satisfied that sufficient systems are in place to identify and mitigate exposure to major risks.
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Report 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 & Wales 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these 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 of the Charities SORP (FRS 102);
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Make judgements and accounting estimates that are reasonable and prudent;
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State whether the applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 6/19
The Benevolent Fund of the Worshipful Company of Bakers
Trustees’ Report
For the year ended 31 December 2025
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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.
Approved by the Board of Trustees on 25 June 2026 and signed on their behalf:
William Marle 29 Jun 2026 11:31:11 BST (UTC +1)
William Marle - Trustee
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 7/19
Independent Examiner’s Report to the Trustees of
The Benevolent Fund of the Worshipful Company of Bakers (‘The Charity’)
For the year ended 31 December 2025
I report to the Trustees on my examination of the accounts of the Charity for the year ended 31 December 2025.
Responsibilities and basis of report
As the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 146 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner’s Statement
Your attention is drawn to the fact that the Charity had prepared the accounts in accordance with the Accounting and Reporting for 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) in preference to the Accounting and Reporting by Charities Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this had been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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 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.
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 8/19
Independent Examiner’s Report to the Trustees of
The Benevolent Fund of the Worshipful Company of Bakers (‘The Charity’)
For the year ended 31 December 2025
This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my work or for this report.
Signed: Richard Spofforth 29 Jun 2026 11:44:20 BST (UTC +1) Dated: 29 June 2026
Richard Spofforth FCA
Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham Sussex RH12 2RG
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 9/19
The Benevolent Fund of the Worshipful Company of Bakers
Statement of Financial Activities
For the year ended 31 December 2025
| Note Income Donations and legacies 3 Other trading activities 4 Investments 5 Expenditure Raising funds Charitable activities 6 Net income/(expenditure) Transfer between funds 14 Recognised gains/(losses): Realised gains Unrealised gains on the revaluation of investments Revaluation of leasehold property Net movement in funds Reconciliation of funds Total funds brought forward Net movement in funds 15 Total funds carried forward |
Restricted Funds 2025 £ Unrestricted Funds 2025 £ Total Funds 2025 £ Total Funds 2024 £ - 21,668 21,668 40,808 - 24,665 24,665 26,551 2,811 36,079 38,890 30,731 |
|---|---|
| 2,811 82,412 85,223 98,090 |
|
| - 26,708 26,708 14,400 1,163 122,717 123,880 103,293 |
|
| 1,163 149,425 150,588 117,693 |
|
| 1,648 (67,013) (65,365) (19,603) (2,980) 2,980 - - - 28,980 28,980 11,436 12,250 10,988 23,238 104,248 - - - (105,001) |
|
| 10,918 (24,065) (13,147) (8,920) |
|
| 116,681 2,584,380 2,701,061 2,709,981 10,918 (24,065) (13,147) (8,920) |
|
| 127,599 2,560,315 2,687,914 2,701,061 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 10/19
The Benevolent Fund of the Worshipful Company of Bakers
Balance Sheet
As at 31 December 2025
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds |
4,546 46,119 |
2025 750,003 1,906,374 |
17,306 23,382 |
2024 750,003 1,913,235 |
|---|---|---|---|---|
| 2,656,377 31,537 |
2,663,238 37,823 |
|||
| 50,665 (19,128) |
40,688 (2,865) |
|||
| 2,687,914 2,687,914 |
2,701,061 2,701,061 |
|||
| 2,687,914 | 2,701,061 | |||
| 127,599 2,560,315 2,687,914 |
116,681 2,584,380 2,701,061 |
The financial statements were approved and authorised for issue by the Trustees on 25 June 2026 and signed on their behalf by:
William Marle 29 Jun 2026 11:31:11 BST (UTC +1)
William Marle
(Trustee)
The notes on pages 9 to 17 form part of these financial statements
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 11/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
1 General Information
The Benevolent Fund of the Worshipful Company of Bakers (the Charity) is domiciled in the United Kingdom. The address of the principal office is Bakers’ Hall, 9 Harp Lane London EC3R 6DP. The principal activities of the Charity are making grants, donations, or subscriptions to any fund for charitable purposes in the City of London.
2 Accounting Policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS102) 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 (FRS102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) 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.
The Benevolent Fund of the Worshipful Company of Bakers meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees have assessed whether the use of going concern is appropriate i.e. whether there are material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for the issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations are recognised when communication is received in writing with notification of both the amount and settlement date.
Rents are recognised on a receivable basis.
Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs,
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 12/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such as grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT.
2.5 Charitable activities
The expenditure on charitable activities includes grants made and support costs.
2.6 Support costs
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include governance costs. Support costs have been allocated between governance costs and costs of grant provision.
2.7 Interest receivable
Interest on funds on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.8 Investment properties – freehold
Property donated in 1987 and 1988 was included at £1 per property as no reliable estimation of value was available. Due to the nature of these properties, it is not possible to include them at valuation without undue cost.
2.9 Investment properties
Certain of the Charity’s investment properties are held for long-term investment. In accordance with FRS102 investment properties are included in the balance sheet at their fair value. No depreciation or amortisation is provided in respect of freehold investment properties and leasehold properties with over 20 years to the expiry of the leases.
2.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discount due.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 13/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt of the amount it has received as advanced payments for the goods or services it must provide.
2.13 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.14 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for their purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for a particular purpose. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3 Income from donations
| Unrestricted | Total | Unrestricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2025 | 2025 | 2024 | 2024 | |
| Donations | 21,668 | 21,668 | 40,808 | 40,808 |
4 Income from other trading activities
| Unrestricted | Total | Unrestricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2025 | 2025 | 2024 | 2024 | |
| Net rents receivable | 24,665 | 24,665 | 26,551 | 26,551 |
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 14/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
5 Investment income
| For the Investment income |
year ended 31 December 2025 |
|---|---|
| Income from listed investments Bank and other interest |
Rest- ricted funds 2025 Unrest -ricted funds 2025 Total funds 2025 Rest- ricted funds 2024 Unrest -ricted funds 2024 Total funds 2024 2,811 36,079 38,890 2,613 27,382 29,995 - - - - 736 736 |
| 2,811 36,079 38,890 2,613 28,118 30,731 |
6 Analysis of charitable activities
| Grant payable (note 8) Support costs (note 7) |
Rest- ricted funds 2025 Unrest -ricted funds 2025 Total funds 2025 Rest- ricted Funds 2024 Unrest -ricted funds 2024 Total funds 2024 - 84,103 84,103 - 84,657 84,657 1,163 38,614 39,777 785 17,851 18,636 |
|---|---|
| 1,163 122,717 123,880 785 102,508 103,293 |
7 Analysis of support costs
| Analysis of support costs | |
|---|---|
| Legal and professional Broker’s management fees WC Bakers management fee Bank charges Accountants’ fee Trustee training Independent examiner’s fee |
Rest- ricted funds 2025 Unrest -ricted funds 2025 Total funds 2025 Rest- ricted Funds 2024 Unrest -ricted funds 2024 Total funds 2024 - 9,137 9,137 - - - 1,163 14,970 16,133 785 15,272 16,057 - 12,000 12,000 - - - - 55 55 - 77 77 - 102 102 - 102 102 - 160 160 - - - - 2,190 2,190 - 2,400 2,400 |
| 1,163 38,614 39,777 785 17,851 18,636 |
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 15/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
8 Analysis of grants
| The Charity has made the following grants of £500 or more to institutions during the year: Alliance for Bakery Students and Trainees Bakers’ Benevolent Society Cardiff & Vale College City & Guilds City Harvest European Bakery courses Friends of St Pauls Cathedral Great Fire Walks for local primary schools Grow your Own Playground/Lessons in Loaf Guildhall School of Music London University Royal Naval Unit Lord Mayor’s Appeal Lord Mayor’s Big Curry Lunch Luminary Mansion House Scholarship Fund National Bakery School Sheriff & Recorders’ Fund Stanley Wise Music Award The Clink University of London Officers Training Corp Other grants of less than £500 School of Artisan Food course Coleg Cambria Treloar Trust |
2025 2024 5,000 3,000 3,000 1,000 1,000 42,182 500 1,664 5,000 500 2,000 1,000 1,500 3,000 1,000 5,000 500 1,980 2,000 2,000 1,277 - 7,000 - 760 1,000 46,010 500 832 5,000 - 2,000 2,500 - 5,000 1,000 - 500 1,758 - 2,000 581 - - - 4,431 3,000 785 |
|---|---|
| 84,103 84,657 |
9 Trustee remuneration and expenses
During the year ended 31 December 2025, no Trustees received any remuneration or other benefits (2024 - Nil).
During the year ended 31 December 2025, no Trustee expenses have been incurred (2024 – Nil).
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 16/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
10 Investment properties
| Investment properties | |
|---|---|
| Cost or valuation At 1 January 2025 Revaluation Net book value at 31 December 2025 Net book value at 31 December 2024 |
Freehold property Long-term Leasehold property Total 3 750,000 750,003 - - - |
| 3 750,000 750,003 |
|
| 3 750,000 750,003 |
Freehold investment property
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i) 9, 9a and 9b Loubet Street, London SW17. These properties were gifted to the Benevolent Fund by PM Frank Taylor in 1987.
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ii) 119a and 119b Hawes Lane, West Wickham, Kent. These properties were gifted to the Benevolent Fund by PM John Payne in 1988.
The Trustees consider that the value of the properties is substantially in excess of the book value.
Leasehold investment property
Flat 11, 26/27 Great Tower Street, EC3R 5AQ is held on a 123-year lease from May 1999 at an annual ground rent of £300 for the first 25 years increasing thereafter. The Trustees consider that the fair value of the property is the open market of £750,000 (2024 - £750,000).
| 11 Fixed asset investment Cost or valuation At 1 January 2025 Additions Disposals Realised and unrealised gains Movement on investment account |
Listed investments 1,913,235 636,161 (697,733) 52,218 2,493 |
|---|---|
| 1,906,374 |
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 17/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
| For the year ended 31 December 2025 | |
|---|---|
| 12 Debtors Prepayments Other debtors due within one year |
2025 2024 1,430 6,200 3,116 11,106 |
| 4,546 17,306 |
| 13 | Creditors: Amounts falling due within one year | 2025 | 2024 |
|---|---|---|---|
| Accruals and deferred income | 19,128 | 2,865 |
14 Statement of funds
Unrestricted funds
| Balance | Balance | ||||||
|---|---|---|---|---|---|---|---|
| at 1 | Trans- | at 31 | |||||
| January | Expend | fers | Gains/ | December | |||
| 2025 | Income | -iture | in/out | (losses) | 2025 | ||
| Designated | 5,882 | - | - | (5,882) | - | - | |
| fund | |||||||
| General fund | 2,578,498 | 82,412 | (149,425) | 8,862 | 39,968 | 2,560,315 | |
| 2,584,380 | 82,412 | (149,425) | 2,980 | 39,968 | 2,560,315 | ||
| Restricted funds | |||||||
| Stanley Wise | 18,401 | - | - | (1,980) | - | 16,421 | |
| fund | |||||||
| The | Joseph | 4,330 | - | - | (1,000) | - | 3,330 |
| fund | |||||||
| The | Paul | 93,950 | 2,811 | (1,163) | - | 12,250 | 107,848 |
| Manduca | |||||||
| fund | |||||||
| 116,681 | 2,811 | (1,163) | (2,980) | 12,250 | 127,599 | ||
| Total | funds | 2,701,061 | 85,223 | (150,588) | - | 52,218 | 2,687,914 |
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 18/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
14 Statement of funds – prior year
| Balance | Balance | ||||||
|---|---|---|---|---|---|---|---|
| at 1 | Trans- | at 31 | |||||
| January | Expend | fers | Gains/ | December | |||
| 2024 | Income | -iture | in/out | (losses) | 2024 | ||
| Unrestricted | funds | ||||||
| Designated | 11,501 | - | - | (5,619) | - | 5,882 | |
| fund | |||||||
| General fund | 2,590,901 | 95,477 | (116,908) | 8,377 | 651 | 2,578,498 | |
| 2,602,402 | 95,477 | (116,908) | 2,758 | 651 | 2,584,380 | ||
| Restricted funds | |||||||
| Stanley Wise | 20,159 | - | - | (1,758) | - | 18,401 | |
| fund | |||||||
| The | Joseph | 5,330 | - | - | (1,000) | - | 4,330 |
| fund | |||||||
| The | Paul | 82,090 | 2,613 | (785) | - | 10,032 | 93,950 |
| Manduca | |||||||
| fund | |||||||
| 107,579 | 2,613 | (785) | (2,758) | 10,032 | 116,681 | ||
| Total | funds | 2,709,981 | 98,090 | (117,693) | - | 10,683 | 2,701,061 |
Restricted Funds
The Stanley Wise Fund and The Joseph Fund are held in equity investments. The equity investments of The Paul Manduca Fund are held in a separate fund.
The Past Master’s Stanley Wise Musical Scholarship was set up in 1996 out of a legacy specifically bequeathed by the late Mrs B J Wise, the income from which is to provide a musical scholarship to an outstanding young student who intends to take up music as his or her chosen career and who is currently studying at his or her school or music college within the City of London.
The Victor Joseph Scholarship Club was established on 25 November 1967. The object of the Club was to provide travelling scholarships to students and apprentices in the British baking industry. The Fund has been amalgamated with the legacies bequeathed by and in memory of Victor Joseph, Rose Joseph, Toni Joseph and Hugh Joseph and is known as The Joseph Fund.
The Paul Manduca Fund – the object of the fund was under discussion with the donor’s family.
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VirtualSignature Transaction Ref. ZKKP-L5DT-6YCK 29 Jun 2026 11:44:22 BST (UTC +1) D 1/2 P 19/19
The Benevolent Fund of the Worshipful Company of Bakers
Notes to the Financial Statements
For the year ended 31 December 2025
Designated Fund
In 2015, the Designated Fund was established to cover future refurbishment of Flat 11, 25/24 Great Tower Street. The Trustees increased this provision by £1,000 each year until the refurbishment was required in the last three years, 2025 £5,882 (2024 £5,619). The Fund has now been fully utilised, but the trustees will consider creating a similar fund in the future to build up a reserve for repairs to the property.
15 Analysis of net assets between funds
| Current year Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Prior year Tangible fixed assets Fixed asset investments Current assets Creditors due within one year |
Unrestricted funds Restricted funds Total funds 750,003 - 750,003 1,778,775 127,599 1,906,374 50,665 - 50,665 (19,128) - (19,128) |
|---|---|
| 2,560,315 127,599 2,687,914 |
|
| Unrestricted funds Restricted funds Total funds 750,003 - 750,003 1,796,554 116,681 1,913,235 40,688 - 40,688 (2,865) - (2,865) |
|
| 2,584,380 116,681 2,701,061 |
16 Related party transactions
The Trustees are the Master and Wardens of the Worshipful Company of Bakers. The Worshipful Company of Bakers provided services to the Charity during the year, for which the fee was £12,000 (2024: Nil).
At the year end, accruals and deferred income included £12,000 due to the Worshipful Company of Bakers in respect of the management fee and £1,755 in respect of other expenses.
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