**Charity registration number 235467 (England and Wales)**
## **WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** A B Williamson H R Grant P A J Latham L di Stazio (Appointed 24 October 2025) **Management** Bursar Julie Langford **Charity registration** England and Wales 235467 **Principal address** 4 Warwick Lane London EC4M 7BR **Independent examiner** Darren Harding ACA FCCA DChA Richard Place Dobson Services Limited Ground Floor 1-7 Station Road Crawley West Sussex RH10 1HT **Bankers** CAF Bank 25 Kings Hills Avenue Kings Hill West Malling Kent ME19 4JQ **Investment advisors** Sarasin & Partners LLP 100 St Paul's Churchyard London EC4M 8BU
## **WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 16|
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
The trustees present their annual report and financial statements for the year ended 30 September 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
## **Objectives and activities**
The Charity is constituted by a Declaration of Trust dated 14 May 1964, as amended on 2 December 1980, to provide for the charitable objectives of the Worshipful Company of Builders’ Merchants (WCoBM).
WCoBM’s objectives include the creation and accumulation of funds for the benefit of members of the Company and the application of the same for the purposes of advancement of the interests of the Company and its members, the relief of existing members, retired members suffering hardship and the wives, widows, children and others depending on them and for education and training in matters relating to the building industry and scholarships, prizes and research in connection therewith, including the establishment and maintenance of schools and colleges and for any other charitable objects.
To have an open heart and an attentive ear to the pressing need of all those engaged in the business of a Builders’ Merchant and to give such assistance and to dispense such other charity as may be considered deserved and possible.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
The accounts are presented to include a Statement of Financial Activities to comply with the Charity Commissioners’ Statement of Recommended Practice. This combines the investment income and donations received from members as incoming resources and also shows unrealised investment gains or losses, as investments have to be valued at market value.
Donations received fund outgoing donations and are supported by prudent withdrawals from the fund. Investment income is reinvested in the Fund.
The investment portfolio has realised a gain of £2,727 (2024: £71,507) on investments sold in the year whilst also reporting unrealised gains of £176,445 (2024: £261,103). Overall the performance of the portfolio in the year ended 30 September 2025 was considered to have been in line with the market average.
The Statement of Financial Activities (page 5) shows the fund balance of £3,066,793 (2024: £2,946,020) as at 30 September 2025.
## **Financial review**
Donations to the Fund in the year totaled £45,956 (2024: £51,174) made up of gifts and donations under Gift Aid from members of WCoBM. Charitable grants amounting to £140,258 (2024: £129,777) are detailed in note 7.
## **Going concern**
After reviewing the charity’s financial position and considering the expected future cash flows, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity has few ongoing fixed overheads and charitable giving in any particular year is determined based on the resources available. The Trustees continue to take professional advice to manage the portfolio.
The charity’s reserves are substantial and, based on the expenditure level of recent financial years, capable of supporting the charities activities for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its accounts.
page 1
## **WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **Reserves policy**
The Charity invests its reserves into quoted stocks, equities, unit trusts and bonds in order to maintain a consistent annual return in the form of dividends, similar income and capital gains. This income is primarily used in the fulfilment of the Charity’s objects. This income is reinvested into the fund.
The role of Sarasin & Partners LLP is that of Discretionary management of the Charity’s investment portfolio.
## **Investment policy**
Prudent investment of the Fund aims to produce real growth in the Fund after withdrawing sufficient monies to finance our ongoing donations.
## **Plans for future periods**
The Trustees intend to continue with the present investment policy with a view to being able to continue to meet the charitable objectives as defined in the Charity’s Trust Deed.
In all their charitable activity, the Trustees and Charities Committee endeavour to support charities, worthy causes and individuals where a donation from the Worshipful Company of Builders’ Merchants Charitable Fund will make a significant difference, add value and enable positive change.
## **Structure, governance and management**
The Trustees conduct the Charity in accordance with the Declaration of Trust dated 14 May 1964 and the Variation of Trust approved by the Charity Commission on 2 December 1980 (Trust Deed).
The Declaration of Trust provides for 4 Trustees, 3 of whom are appointed by the Court of Assistants of the Worshipful Company of Builders’ Merchants (WCoBM). The fourth, ex officio, Trustee is the Master for the time being of WCoBM. The Trustees for the year ended 30 September 2025 were:
S M Boyer (Appointed 18 October 2024 and resigned 24 October 2025) A B Williamson H R Grant P A J Latham A Hawkins (Resigned 18 October 2024) L di Stazio (Appointed 24 October 2025)
Apart from the Master, who holds office for a year, Trustees are appointed for a term of three years on a rotating basis, one being appointed by the Court of Assistants of WCoBM at each January Court meeting. A Trustee may be reappointed for further terms of three years. New Trustees are selected from professionally and suitably experienced members of WCoBM, who may be but need not be members of the Court and who are willing to serve as Trustee.
The Trustees are supported in their work by the Charities Committee of WCoBM, which is chaired by the Almoner, Charles Ledigo. For the year ended 30 September 2025, the members of the Charities Committee were Charles Ledigo (Chairman), Pippa Latham (Past Master and Trustee), Alan Hawkins (Past Master and Trustee), Stephen Boyer (Master and Trustee ex Officio), Howard Grant (Trustee), Andrew Williamson (Past Master and Trustee), Julie Langford (Bursar), Lucia Di Stazio (Senior Warden), Simon Bicknell (Liveryman), Steve Dunkley (Liveryman).
The Trustees of the Charity receive advice on the investment of funds from Sarasin & Partners LLP, Investment Managers, while the Charities Committee makes recommendations to the Trustees on matters concerning charitable donations. The major risks of the Charity are also reviewed in order to ensure the systems and controls that are in place are sufficient to manage those risks appropriately.
The current Trustees are members of the Court of Assistants of WCoBM. All individuals selected for appointment as Trustees are considered qualified through their business standing, professional qualifications and/or charitable experience. Trustees receive regular updates from the Charity Commission on their role and take up appropriate training opportunities. As a body, Trustees seek external advice when appropriate on legal, financial and other matters. All Trustees are expected to attend Charities Committee meetings, as well as Trustee meetings.
page 2
## **WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
The Trustees recognise their legal obligation to act in the best interests of the Charity and to avoid situations where there may be a potential conflict of interest. Accordingly, the Charity maintains a Register of Interests, and all Trustees complete, and regularly update, a Declaration of Interests form.
The Trustees confirm that they have had due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
The Bursar of the Worshipful Company of Builders’ Merchants, Julie Langford, prepares the bookkeeping. Administrative support is provided by the Clerk to the Company, Jane Hilliard.
The trustees' report was approved by the Board of Trustees.
.............................. H R Grant **Trustee**
Date:
page 3
## **WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
I report to the trustees on my examination of the financial statements of Worshipful Company of Builders' Merchants Charitable Fund (the charity) for the year ended 30 September 2025.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
## **Darren Harding ACA FCCA DChA**
Richard Place Dobson Services Limited Ground Floor 1-7 Station Road Crawley West Sussex RH10 1HT Date: ............................8 July 2026
page 4
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations
**3**
45,956
-
Investments
**4**
34,778
8,650
**Total income**
80,734
8,650
**Expenditure on:**
Raising funds
**5**
75
-
Charitable activities
**6**
89,522
58,186
**Total expenditure**
89,597
58,186
Net gains/(losses) on
investments
**12**
143,419
35,753
**Net income/(expenditure) and**
**movement in funds**
134,556
(13,783)
**Reconciliation of funds:**
Fund balances at 1 October 2024
2,356,436
589,584
**Fund balances at 30 September**
**2025**
2,490,992
575,801|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
45,956
51,174
-
43,428
48,059
8,649
89,384
99,233
8,649
75
7,317
-
147,708
67,680
66,847
147,783
74,997
66,847
179,172
299,896
32,714
120,773
324,132
(25,484)
2,946,020
2,032,304
615,068
3,066,793
2,356,436
589,584|**Total**
**2024**
**£**
51,174
56,708|
|---|---|---|
|||107,882|
|||7,317
134,527|
|||141,844|
|||332,610|
|||298,648
2,647,372|
|||2,946,020|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
page 5
## **WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2025**_
|**Notes**
**Fixed assets**
Investments
**14**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**15**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Restricted income funds
**16**
Unrestricted funds
**17**|**2025**
**£**
101,632
(12,700)|**£**
2,977,861
88,932
3,066,793
575,801
2,490,992
3,066,793|**2024**
**£**
63,293
-|**£**
2,882,727
63,293|
|---|---|---|---|---|
|||||2,946,020|
|||||589,584
2,356,436|
|||||2,946,020|
The financial statements were approved by the trustees on .........................
.............................. H R Grant **Trustee**
page 6
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **1 Accounting policies**
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the charity's declaration of trust, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income from investments is recognised when it has been received.
## **1.5 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, 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 are allocated on the portion of the asset’s use.
page 7
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **Critical judgements**
## **Investment valuation**
Valuation of investments at market value, based on calculation by the investment fund manager. The investments held are all shares listed on a recognised stock exchange and have an easily identifiable market value.
## **3 Income from donations**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Donations and gifts|45,956|51,174|
page 8
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **4 Income from investments**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Income from listed
investments
34,428
8,579
Interest receivable
350
71
34,778
8,650|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
43,007
47,683
8,649
421
376
-
43,428
48,059
8,649|**Total**
**2024**
**£**
56,332
376|
|---|---|---|
|||56,708|
## **5 Expenditure on raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|**Fundraising and publicity**|||
|Other fundraising costs|61|102|
|**Investment management**|14|7,215|
|Total costs|75|7,317|
|**Expenditure on charitable activities**|||
||**Grant giving**|**Grant giving**|
||**activities**|**activities**|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Grant funding of activities (see note 7)|140,258|129,777|
|**Share of support and governance costs (see note 8)**|||
|Support|4,750|4,750|
|Governance|2,700|-|
||147,708|134,527|
|**Analysis by fund**|||
|Unrestricted funds|89,522|67,680|
|Restricted funds|58,186|66,847|
||147,708|134,527|
**6 Expenditure on charitable activities**
page 9
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**7**|**Grants payable**|||
|---|---|---|---|
|||**Grant giving**|**Grant giving**|
|||**activities**|**activities**|
|||**2025**|**2024**|
|||**£**|**£**|
||**General donations:**|||
||ABF Soldiers Charity Curry Lunch|-|500|
||Action for Children|1,000|-|
||Amy Winehouse Foundation|1,000|-|
||Challengers|-|500|
||Chicken Shed Theatre Trust|4,000|1,000|
||Chocolate & Co|1,000|-|
||Coldstream Guards|2,000|-|
||Crackerjack Children's Trust Crisis Appeal|-|550|
||Disaster Emergencies Committee - Ukraine|-|3,000|
||DOCRE Liberos|1,000|-|
||Fine Cell Work|500|500|
||Glass Door|6,300|2,000|
||Hackney Carr, Drivers Charity|3,100|1,500|
||Ironbridge Gorge Museum|1,000|500|
||Just4Children|1,000|-|
||Ken Hawley Collection Trust|-|1,000|
||Kent Air Ambulance|1,000|2,250|
||Kids Inspire|1,000|-|
||London Air Ambulance|3,000|2,000|
||Air Ambulance|3,000|-|
||Lonsar Rescue|-|500|
||Medical Research Foundation|1,000|-|
||Middlesex Foundation|2,500|-|
||Miracle the Charity & Feed London|-|1,500|
||Oasis Community Partnership|-|1,000|
||Pancreatic Cancer|-|500|
||Purple Shoots|1,000|-|
||Royal British Legion|-|1,000|
||Royal Free Charity - Amyloidosis (PM D Hesketh)|-|1,000|
||Royal National Lifeboat Institution|-|500|
||Read for Good|1,000|-|
||Richmond Team Ministry|1,000|-|
||S Pinter Youth Trust|1,500|1,000|
||Second Chance Children's Charity|1,500|1,000|
||Sick Children's Trust|1,000|-|
||Spirit of Normandy Trust|-|500|
||Spitalfields Crypt Trust|-|1,000|
||Step Together Volunteering|-|1,000|
||Surflot Welfare Fund|3,000|-|
||Tall Ships Youth Trust|1,000|-|
||Team Up|-|1,000|
||The Grateful Society|1,000|-|
||Treloar's Trust|3,000|2,000|
||University of East Anglia|1,000|-|
||Winston's Wish|1,000|500|
||Words Matter|1,000|-|
page 10
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**7**|**Grants payable**||**(Continued)**|
|---|---|---|---|
||Workbridge St Andrew's Healthcare|-|750|
||Hetherington International|-|950|
||Other general donations|2,877|500|
||**City:**|||
||Awards Lunch|200|250|
||British Red Cross (Lady Mayoress Appeal)|500|250|
||City Harvest Ltd (Livery Charity Chairs Group)|-|1,500|
||C&G London Art School|-|1,000|
||Garden of Remembrance|250|200|
||Guildhall School of Music & Drama|500|500|
||Lord Mayor's Appeal|2,000|1,000|
||Lord Mayor's Royal Mathematical Scholarship|-|500|
||Mansion House Scholarship Scheme|1,000|500|
||Pollinating London Together|1,000|-|
||Poulters' Company|745|-|
||Sheriffs & Recorders Fund|1,000|500|
||Shrieval Badge David Chalk|-|60|
||Shrieval Badge Gregory Jones|-|60|
||St Paul's Cathedral Foundation|-|500|
||Trial & Error Events|-|200|
||United Guilds Service Trustees|-|250|
||**Company:**|||
||Almoner - Rennie Grove|-|500|
||Animal Rescue|-|1,000|
||Awards Lunch|-|1,650|
||B&P Sea Cadets|-|2,500|
||BBMF RAF Memorial Flight OC|3,000|2,500|
||Crackerjacks|550|-|
||Dun Roamin' Rehoming|-|500|
||GL11 Community Product|-|500|
||HM Tower of London Chapel|2,000|1,000|
||HMS Forth Welfare Fund|1,000|2,500|
||Lloyd Wylde|500|-|
||Master's Donation to Cure Leukemia|-|500|
||Master's Donation to See Change Sailing Trust|-|1,000|
||Master's Donation to Shelter|-|500|
||Mini Village (L. Ambulia)|-|500|
||Ollies Army|500|-|
||Past Master's Christmas Flowers|-|610|
||PWRR 3rd Batallion Welfare|2,900|2,500|
||Retired Liverymen|-|650|
||Royal British Legion|-|250|
||Yappy Ever After|500|-|
page 11
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**7**
**Grants payable**
**Builders Merchants:**
Band of Builders
Crash
Lighthouse Contruction Industry Trust
Mates in Mind
Timber Trades Benevolent Society
**Education and Training:**
Awards Lunch
Batley Bursary
BMF Sponsorship
Build Up Foundation - Jaydiene Ramsey
Build Up Foundation - Materials
Building Heroes Foundation
C&G of London Art School
City & Guilds Livery Prize
Construction Livery Group
Construction Youth Trust - Maddie Rose Project
Cowal B&P Merchants
Etherington Bursary
IBT Merchants - Gerry Carney
JH Young - George Bonnie
JKW Marketing
John Stephens - Jonathan Rawswon
Jones & Shufflebottom
Kings Foundation Trust
Livery Schools Link
Mercers Company
No Going Back
Princes Foundation
Rainy Day Trust
Thames Roofing
Toolbank
YMCA Redditch|**(Continued)**
4,000
1,500
2,000
1,500
3,000
1,500
1,500
1,500
3,000
1,500
7,613
5,234
2,000
-
250
2,000
-
2,060
10,000
19,057
3,000
2,500
2,000
-
500
500
1,000
-
-
5,000
-
2,000
2,000
-
-
4,000
-
4,000
3,270
3,270
-
2,000
2,000
-
-
2,500
1,000
-
10,000
-
-
5,000
2,500
-
5,000
5,000
2,000
-
-
226
203
-
140,258
129,777|**(Continued)**
4,000
1,500
2,000
1,500
3,000
1,500
1,500
1,500
3,000
1,500
7,613
5,234
2,000
-
250
2,000
-
2,060
10,000
19,057
3,000
2,500
2,000
-
500
500
1,000
-
-
5,000
-
2,000
2,000
-
-
4,000
-
4,000
3,270
3,270
-
2,000
2,000
-
-
2,500
1,000
-
10,000
-
-
5,000
2,500
-
5,000
5,000
2,000
-
-
226
203
-
140,258
129,777|
|---|---|---|
|||129,777|
page 12
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**8**
**Support costs allocated to activities**
Management fee
Governance costs
**Analysed between:**
Grant giving activities
**Governance costs comprise:**
Independent examination fees
**9**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements|**2025**
**£**
4,750
2,700
7,450
7,450
**2025**
**£**
2,700
2,700
**2025**
**£**
2,700|**2024**
**£**
4,750
-|
|---|---|---|
|||4,750|
|||4,750|
|||**2024**
**£**
-|
|||-|
|||**2024**
**£**
-|
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **11 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
||**2025**|**2024**|
||**Number**|**Number**|
|Total|-|-|
|There was no remuneration paid to key management personnel (2024: £nil).|||
|There were no employees whose annual remuneration was more than £60,000.|||
page 13
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **12 Gains and losses on investments**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
Gains/(losses) arising on:
**£**
**£**
Revaluation of investments
142,436
34,009
Sale of investments
983
1,744
143,419
35,753|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
176,445
221,669
39,434
2,727
78,227
(6,720)
179,172
299,896
32,714|**Total**
**2024**
**£**
261,103
71,507|
|---|---|---|
|||332,610|
## **13 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **14 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 1 October 2024|2,882,727|
|Valuation changes|176,445|
|Disposals|(81,311)|
|At 30 September 2025|2,977,861|
|**Carrying amount**||
|At 30 September 2025|2,977,861|
|At 30 September 2024|2,882,727|
## **Historical cost**
At 30 September 2025: £2,544,865 At 30 September 2024: £2,618,125
Investments that had a value of 5% or more of the market value held at year end are: Sarasin Growth Fund: £2,977,861
Revaluation reserves of £432,996 (2024: £264,602) are included in the unrestricted and restricted fund.
## **15 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Accruals|12,700|-|
page 14
**WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **16 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At**
Educational Fund
**Previous year:**
**At**
Educational Fund|**1 October**
**2024**
**£**
589,584
**1 October**
**2023**
**£**
615,068|**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 30**
**September 2025**
**£**
**£**
**£**
**£**
8,650
(58,186)
35,753
575,801
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 30**
**September 2024**
**£**
**£**
**£**
**£**
8,649
(66,847)
32,714
589,584|
|---|---|---|
The Educational Fund can only be used to support training and education initiatives in the Building Materials and Construction sectors.
## **17 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At**
General funds
**Previous year:**
**At**
General funds
**Analysis of net assets between funds**
**At 30 September 2025:**
Investments
Current assets/(liabilities)|**1 October**
**2024**
**£**
2,356,436
**1 October**
**2023**
**£**
2,032,304|**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 30**
**September 2025**
**£**
**£**
**£**
**£**
80,734
(89,597)
143,419
2,490,992
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 30**
**September 2024**
**£**
**£**
**£**
**£**
99,233
(74,997)
299,896
2,356,436
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
2,403,891
573,970
2,977,861
87,101
1,831
88,932
2,490,992
575,801
3,066,793|**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 30**
**September 2025**
**£**
**£**
**£**
**£**
80,734
(89,597)
143,419
2,490,992
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 30**
**September 2024**
**£**
**£**
**£**
**£**
99,233
(74,997)
299,896
2,356,436
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
2,403,891
573,970
2,977,861
87,101
1,831
88,932
2,490,992
575,801
3,066,793|
|---|---|---|---|
||||**Total**
**2025**
**£**
2,977,861
88,932|
||||3,066,793|
**18 Analysis of net assets between funds**
page 15
## **WORSHIPFUL COMPANY OF BUILDERS' MERCHANTS CHARITABLE FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**18**|**Analysis of net assets between funds**|||**(Continued)**|
|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**||
|||**2024**|**2024**|**2024**|
|||**£**|**£**|**£**|
||**At 30 September 2024:**||||
||Investments|2,293,166|589,561|2,882,727|
||Current assets/(liabilities)|63,270|23|63,293|
|||2,356,436|589,584|2,946,020|
## **19 Related party transactions**
During the reporting period, the charity paid a management charge of £4,750 (2024: £4,750) to the Worshipful Company of Builders' Merchants, a related company.
The charity received donations from members of The Worshipful Company of Builders' Merchants totalling £45,956 (2024: £51,174)
page 16
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