Charity number4 246255
Tallow Chandlers Benevolent Fund No 2.
Audltad
Trustee's Report and Flnancial Statements
For the Year Ended 5 Aprll 2024

Tallow Chandlers Benevolent Fund No 2.
Contents
Page
Reference and Administratlve Detall8 of the Charity, Its Trustee and Adviser8
Trustee's Rèport
Independent Auditors. Report on the Flnanclal Statements
Statement of Flnanclal Actlvltles
7-10
11
Balanco Sheet
12
Statement of Cash Flows
13
Notes to thé Flnanclal Statements
14-33

Tallow Chandlers Benevolent Fund No 2.
Reference and Admlnlstratlve Details of the Charlty, its Trustee and Advlsers
For the Year Ended S April 2024
Trustee
The Worshipful Company of Tallow Chandlers
Charity registered
number
246255
Prlnclpal offlco
Tallow Chandlers, Hall
4 Dowgate Hill
London
EC4R 2SH
Independent audltors
Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
Bankers
Coutts & Co
440 Strand
London
WC2R OQS
Investment managern
Qullter Chevlot Limited
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Page 1

Tallow Chandlers Benevolent Fund No 2.
Trustee's Report
For tha Year Ended 5 Aprll 2024
Introduction
The Trustee presents the Report and the audited Financial Statements for the year ended 5 April 2024. These
have been prepared in accordance with the Trust Deed and the Statement of Recommended Practice (SORP)
"Accounting and Reporting by Charities. (FRS 102>.
Structure, governance, and management
The Trust was established in 1979 and is governed by a Trust Deed dated 25 September 1979.
The Master and Wardens of The Worshipful Company of Tallow Chandlers (llhe Company") as advised by th8
Court of Assisiants have the power to appoint Trustees. In 2017 the Company was appointed as the sole
Trustee.
The management of the Trust is vested in the Company and its appointed Educatlon & Cherity Committee.
Management and adminlstrative resources are provlded by The Worshipful Company of Tallow Chandlers. The
notional value of these support services Is £205.801 (2023 - £164,921) as per Note 4 of the financlal statements.
Investmgnt Pollcy
The main objectives for the charity's investment portfolio are to:
(1) preserve the charity's reserves in real terms after allowing for inflation.,
(2) deliver a reasonable overall total return across the investment cycle-
(3) ensure sufficient liquidity to fund the committed donations
The Trustee has a detailed Statement of Investment Policy which is regularly reviewed and communicated to the
Charity's inv8Stment advisors.
Th8 Charity wishes to be a responsible investor. Environmental. social and governance IESG) criteria are a set
of standards for an 8ntity'S operations that socially conscious investors, such as the charity, consider when
reviewing their investments. Environmental criteria consider how a company performs as a steward of nature.
Social criteria examine how it manages relationships with employees, suppliers, customers, and the
communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal
controls, and shareholder rights.
The Charity's investment managers are instructèd lo take account of ESG issues In their investment analysis
and d8cision-making processes and engage with the Charity managemenl when appropriate.
The manager has categorised the Charity's responsible investment preference as 'Aware' which means that the
aim is to optimise the Charity's stipulated returns for the given level of risk, believing that to achieve this. being
aware of environmental, social and govemance factors are important inputs. Each year they have lo provide a
detsiled Responsible Investment report lo the Charity, covering activity and engagement SP8cific to the Charity's
Investments.
Fund Raising Pollcy
The Charity derives its income from investments. and donations from the members of the Tallow Chandlers,
Company. Consequently. there is a minimal level of fundraising from third parties and therefore the charity has
not signed up to a code of conduct.
Objectives and activities for the publlc beneflt
The Trust is 8Stablished for charitable purposes. It supports charities and charitable organisations that provide
public b8n8fit by providing donations. bursaries, and scholarships.
The Trust's principal aim is to provide relevant, focused support and giving for th8 benefit of disadvantag8d
young people in the Greater London area, to encourage them to succeed in life. This support is primarily
provided through education. In achieving this aim, the Trust is providing public benefit and meeting its
requirements of being established for charitable purposes.
The Trustee seeks to achieve an impact through a structured programme of giving and by drawing on the
support of the Tallow Chandlers, Company, its mèmbers, trade links, City connections, and wider affiliations.
Page 2

Tallow Chandlers Benevolent Fund No 2.
Trustee's Report {contlnued)
For the Year Endèd 5 April 2024
Objectives and actlvlties for the public beneflt (continued)
The Trustee regularly ￿vIewS the impact of the support given by ongoing engagement with the relevant charities
and charitab18 organisations. Through the support of the members of the Tallow Chandlers. Company. a network
of links with the individual bodies has been established and each new application for support is carefully
reviewed and discussed to assess the impact the requested support would have.
Grants and awards disbursed during the year, befor8 any movements in grant commitments in the year, totall8d
to £452,567. Pleasè raf8r to Note 7 of the financial statements.
The Trustee has referred to Charity Commission guidance on public benefit when reviewing aims and objectives.
planning for the future, and setting grant making policy.
Achievements and performance
Our flagship beneficiaries, which receive some of our largest annual donations and programmes of non-financial
support, are G￿lg City Academy in Harlngey, Th8 Halley Academy in Gr88nwich, and Cubitt Town Primary
School In Tower Hamlets. All three schools have a high proportion of students re￿IVing fr88 school meals and
high proportion of students from Black and Minority Ethnic communities. The proportion of students that have
English as an additional language (EALI is also very high. The donations are intended to enhance and add value
and do not contribute to core costs or delivery of the stendard curricula.
In September 2022, the Company embarked on a new strand of Its strategy- regionallsatlon. Three volunteer
regional coordinators, one for each of the Company's flagship schools, started the process of identifying
individual charities, educational establishments and youth organisations in the schools, regional areas which
would add value to the school 'outside the school gales. and enhanc8 the Company's support to that school.
Our relationship with Grei
Cit Academ
(GCA) began in 2013. Our aim is to promote STEM and help sludents
with their transition to university, further education, or employment. Over the last ten years, our annual core
donation has increased from £15,000 to £60,000, reflecting the SUC￿$$ of the association. Annual prizes are
presented to students who have excelled in STEM subjects and bursaries awarded to students who go on to
university. During that time, we have facilitated university visits, hald mentoring events, advised on CV writing
and interview techniques, helped GCA connect with other schools and contributed to the costs of participation In
inlernational science competitions.
The STEM Centre, in which the Trustee has previously invested, has contlnued to be used to facilitate the
Academy's programme of extra-curricular STEM activilies, such as the robotics league which support5 junior
schools in the local area and beyond, including Cubitt Town Primary School. This year, the Trustee agreed to an
extra donation of £10,000, to mark the 10-year anniversary of its support to GCA. Some of this extra donation
was used to pay travel costs for student5 attending the VEX Robotics World Championships 2024 in Dallas,
USA.
The Trust88 also agreed to fund £2,530 to support a ￿0-year Arkwright Engineering Scholarship through The
Smallpeice Trust. The scholar is a student of Greig City Academy.
The annual donation of £2,000 over three years, agreed in 2021. conlinues to Future Frontiers, a charity
supporting young people aged 16 - 18 from disadvantaged backgrounds to fulfil their potential at school and
when moving to education, employment or training. Connections were made be￿een the charity and GCA staff
responsible for careers and work experience at tha Academy.
A one-off donation of £6,000 was approved in November 2023 to Voyage, a social justice charity tackling racial
imbalance in London with a focus on young black people. The charity is working with 20 Year 9 and 10 pupils at
Greig City Academy- those at risk of exclusion. those displaying antisocial and challenging behaviour, those at
risk of underperforming at GCSE and those at risk of participating in gang-related activity.
Two Tallow Chandler members sit on the Board a5 Govemors.
Page 3

Tallow Chandlers Benevolent Fund No 2.
Trustee's Report (continued)
For the Year Ended 5 Aprll 2024
Achlevements and performance (continued)
Support to The Halle
Academ
(then Corelli College) began in 2016. with the award of their first donation of
£20,000. Over the last eight years. our annual donation has increased to £60,000. A programme of non-financial
giving has been developed with the Academy and the Leigh Academies Trust (LAT). the parent body of the
Academy. and continues to grow. A Company member continues in the role of Director at the Leigh Academies
Trust, and Company members sit on the Board as Governors. Members of the Company partlcipata in
range of mentoring and careers events.
As part of the regionalisation strategy, in 2022, the Trustee agreed a one-off donation of £20,000 to Roots4Life,
a charity addressing Ihe physical and mentsl health challenges that come with malnutrition, obesity and social
isolation. The charity has a close relationship with The Halley Academy. and has outreach to families, schools
and community groups in its area, and therefore falls within the regionalisation strategy. In 2023, a further three
years of funding to Roots4Life was agreed at £20,000 per annum.
Platform Cricket, whlch focuses on children in inner London by d81ivering coaching programmes and community
cricket clubs in areas where there is high child poverty and little or no cricket provision, continues to be
supported with a three-year funding cycle of £2,000 per annum.
Thls year, The Halley Academy students reeched the finals of the CERES Reimagine Sclence Animation
Competllion, which recelves a three-year donation of £5,000, agreed in March 2023.
As r8POrt8d previously, the Trust88 funded an appeal to donate £750,000 for the creation of an 8ngineering and
design centre. This was fund8d by an appeal with a target of £375,000 aimed at the members of the Tallow
Chandlers, Company with the Trustee agreein9 to match the sum raised. The C8nlr8 was officially opened on 6
July 2022 and continues to attract students wishing to study STEM subjects at GCSE and A level.
ubitt Town Prima
School was awarded a Ihree-year grant by the Company in 2016. Over the last eight years.
our annual donation has increased from £15,000 to £60,000.
Links with Greig City Academy continue, with the Academy's robotics department sharing advice and experts'se
with the school, and pupils participating in the Academy's robotics league. Pupils also participate in the Launch
Car Challenge, an annual STEM programme hosted by R88d's School, which the Trustee supports with a £2,000
per annum donation ov8r three years. CubStt Town Primary pupils also vlsit th8 Hall to take part in an annual
Dragons. Den Science Competition.
The Royal Academy of Culinary Arts, food and nutrition programme, Adopt a School, at Cubitt Town Primary
School has been supported this year with a donation of £825, and the donation of £4,000 per annum to the
London Symphony Orchestra's Music in the Classroom programme continues, with non-music specialist
teachers from the school attanding the programme to learn how to teach music in school. Open City wa5 given a
on&off donation of £3,000 to run its Architecture in Schools STEM and Design programme at Cubitt Town
Primary School and one other primary school in Tower Hamlets.
The AHOY Centre. offering pupils from inner London opportunities to engage in on the water activities and
courses, is receiving a three year donation of £5,000, agreed in September 2023. with links to Cubitt Town
Primary School and a 'taster day, for pupils being explored.
In March 2023, the Trustee agreed to support the Tower Hamlets Opportunity Group which is located in the
footprint area of Cubitt Town Primary and is the only playgroup in the borough that supports under 5s with a
disability or additional need, for three years with a donation of £5,000 per annum and links were being explored
be￿een the charity and Cubitt Town Primary School. However, the charity is closing from July 2024 and so no
further donations will be given.
In June 2023, the Trustee approved a donation of £15,000 for The Children's Literacy Charity to run its Literacy
Lab programme in academic year 2023-24. The programme aims lo close the literaGy gap for pupils in Key
stage One, most of whom have special &ducational needs. receive free school lunches, have complex home
situations which prevent them from flourishing and are from non-English speaking backgrounds.
Page 4

Tallow Chandlers Benevolent Fund No 2.
Trustee's Report (continued)
For the Year Ended 5 Aprfl 2024
Achlevements and performance (continued)
City of London institutions, our associated trades and affiliated military organisations are important parts of the
Company's culture. Support within the City of London during the year included donations to the Lord Mayor's
Appe81, the Sheriffs. and Recorder's Fund, City of London School for Girls, City & Guilds and City of London
Volunteer Police Cadets. We funded bursaries at Barts and the London School of Medicine and Dentlstry,
Guildhall School of Music and Drama. and Sl Paul's Chorister Trust.
The Trustee approved 61 grants to a total of 60 organisations. In all cas8s, the Trusté8 has received appropriate
acknowledgement of their award and a summary of the benefits and impact this has enabled for th8 public
benefit.
During the year £196,837 of grant commitments (excluding the Halley Appeal} provided for last year were paid,
together with £255,730 of grant commitmenls entered into this year. A further £569,900 of grant commitments
were provided for this year. The overall result is an inGrease in the provision of £373,063 before the Halley
Appeal.
Although not supported by separately Identified endowments, several small and ancient charities were paid
£1,450 in total by standing order out of General Funds, whilst they are available.
Grant making pollcy
Our members make generous contrlbutions to the Tallow Chandlers Benevolent Fund each year which,
combined with the Gift Aid recoverable and an annual gift from the Company itself, go towards increasing the
capital of the fund.
Each year the charity budgets to disburse an amount equal to 3.5 % of the average of the last 20 quarterly
valuations of the total capital of the fund. Combined with lime given by our members this enables us to make
significant donations that can have real impact. This practice allows continuity of support lo our carefully selected
causes over a number of years. even in the event of periodic downturns in investmanl performance.
The charity is further protected against diminution in its capital by its practice of making commitments for a
maximum of three years and revi8wing each charity every three years. This would enable. in any ona year, a
r8duction- if deemed necessary- of up to one third of our giving.
Financlal review
In the year to 5 April 2024, there was net expenditure before recognised gains and losses of £340.410 {2023-
net income before recognised gains and losses of £294,663) and a net increase in total funds of £618.730 (2023
net decrease in total funds of £1,016,976).
The value of the fixad asset Investments held by the Trusl decreased from £11,322,966 al 5 Aprll 2023 to
£10,902,839 at the year end. This de¢r8ase in value compris8d acquisitions during the year of £4,411,895 less
disposals of £5,408,831. The balance of £576,809 results from an increase in market value of inveslm8nls of
£959,140. together with a decrease in cash balances of £382,331 from £581.329 at the start of Ihe year to
£198.998 at the end. In November 2023 the Charity purchased an investment property for £1,403,569. This will
provide a regular rental income and diversify the investment portfolio to mitigate risk.
Total incoming resources were £756,848 (2023 - £913,320). The principal funding sources arise from donation
income from the members of The Worshipful Company of Tallow Chandlers and from income generated by the
fixed asset investments.
Reserves policy
The Trust has an accounting policy to treat as Designated fvnds the charitable receipts, tsx recoveries, and other
support from the Company and from its Members, which are Irealed as capital lo be invested, thus continuing
the charitable activities of the Trust for the long temi. Any capital or income not required for the immediate
haritable purpose of the Trust is reinvested.
The Trust uses the invested funds to generate a return to provide for the long-term activities as described in the
Grant making policy.
The level of designated funds held al the year end was £12,031,439 {2023- £11,422,084).
Page 5

Tallow Chandlers Benevolent Fund No 2.
Trustee's Report (contlnued)
For the Year Endad S April 2024
Reserves policy (Gontinued)
The Trust has an accounting policy to treat as Restricted funds any charitable receipts. which on the instrudion
of the donor, are to be used for specific purposes.
At the year end the restricted funds held were a deficit of £8,547 (2023 - £17,922).
The deficit on the restricted funds arose due to amounts paid over to the Halley Academy Appeal, exceeding the
donation income rac8ived from the member5 of Th8 Worshipful Company of Tallow Chandlers. Donation incom8
had been pledged by members of the Company, however it had not been paid over as at 5 April 2024. In the
prior year, the Trust made the additional payments to the Halley Academy Appeal on the basis that the remaining
donations pledged would be re￿iVed from the members. along with the matched funding from the Company.
There were no grants paid to the Halley Academy Appeal in the year ended 5 April 2024, and the deficit on the
Halley Academy restrlcted fund has reduced from £20,762 at 5 April 2023 to £11,387 at the year end.
Plans for Future Periods
The Trust88 will continue lo approve and distribute Grants in accordance with the Grant Making Policy. The
Trustee was pleased that the Halley Appeal Target was successfully achieved and will seek to build on its
achievem8nt.
Trustee's Responsibilitles Statements
The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements In accordan
with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting
Prec￿Ce).
The law applicable to charities in England & Wales requires tha Trustee to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources
and application of resources of the charity for that period. In preparing these financial stalement5, the Trustee is
required to-
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2015 (FRS 1021;
make judgements and estimates that are reasonable and prudent-
stal8 whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements.,
prepare the financial slalem8nls on the going concem basis unless It is inappropriate to presume that the
charity will continue in operation.
Approve
er
e members of the board of Trustee and signed on their behalf by:
ter
h& Worshipful Company of Tallow Chandlers
stee
Date..
Page 6

Tallow Chandlers Benevolent Fund No 2.
Independent Auditors, Report to the Members of Tallow Chandlers Benevolent Fund No 2.
Opinion
We have audited the financial statement5 of Tallow Chandlers Benevolent Fund No 2. (the 'charity') for the year
ended 5 April 2024 which comprise the Statement of financial activities. the balanGe sheet, th8 Statement of cash
flows and the related notes, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
standards, including Financial Reporting Standard 102 'Th8 Financial Reporting Standard applicable in th8 UK
and Republic of Ireland. (Unit8d Kingdom Generally Accepted Accounting Practice).
The financial stalements have been prepared in accordance with Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standards 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 Ihe extant regulations bul has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with th8 Generally
Accepted Accounting Practice effective for raportlng periods beginning on or after 1 January 2019.
In our opinion th8 financial stalements..
give a true and fair view of the state of Ihe charity's affairs as at 5 April 2024 and of Its Incoming resources
and applicats'on of resources for the year then ended;
have been properfy prepared in accordance with United Klngdom G8n8rally Accepted Accounting
PraGtice- and
have been prepared in aGcordance with the requirements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. W8 are independent of the charity in accordanc8 With the ethical
requirements that are relevant to our audit of th8 financial statements in the United Kingdom, including the
Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our oplnlon.
Con¢luslons relatlng to going concern
In auditing the financial statements. we have concluded that the Trustee's use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going
concem for a perii)d of at least ￿e1ve months from when the financial statem8nts are authoris8d for issue.
Our responsibilities and the responsibilities of the Trustee with respect to going concem are described in the
relevant sections of this report.
Page 7

Tallow Chandlers Benevolent Fund No 2.
Independent Auditors. Report to the Members of Tallow Chandlers Benevolent Fund No 2. (Continued)
other Information
The other information comprises the information included in the Annual Report other than the financial
statements and our Audilors, Report thereon. The Twstee are responsible for Ihe olher information contained
wilhin the Annual Report. Our opinion on the financial statements does not covar the other information and,
except to the extent otherwise explicltly ststed in our report. we do not express any fomi of assurance conclusion
thereon. Our r8sponsibility is to ￿ad tha other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in th8 course of the
audit, or otherwise appears to b8 materially misstated. If w8 id8ntlfy such materlal inconsist8ncies or apparent
material misstatem8nts, we are required to determine wh8ther this gives rise to a mal8rial misstatement in the
financial statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are r8quired to report that fact.
We have nothing to report in this regard.
Matters on whlch we are requlred to r8POrt by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion:
the information given In the Trustee's Report is inconsistent in any material respect with the flnancial
statements,. or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns. or
we hav8 not received all the information and explanations we require for our audit.
Responsibilltles of trustees
As explained more fully in the Trustee's responsibilities statement. the Truste& is r8sponsible for the preparation
of the financial statements which give a true and fair view, and for such internal control as the Truslee determine
is nac8ssary to enable the preparation of financial stat8ments that ar8 fre8 from material missiatement, whether
due to fraud or error.
In preparing the financial statem8nts, the Trustee are responsible for assesslng the charity's ability to continue as
a going concern, disclosing. as applicable, matters related to going concem and using Ihe going concern basi5 of
accounting unless the Trustee either intend to Ilquidate the charity or to cease operations, or have no realislic
alternative bul to do so.
Page 8

Tallow Chandlers Benevolent Fund No 2.
Independent Auditors. Report to the Members of Tallow Chandlers Benevolent Fund No 2. (continued)
Auditors. responslbilities for the audit of the flnancial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, Ihey could reasonably be
expected to influence the economic decisions of users taken on the basis of Ih8S8 financial statements.
Irregularities, including fraud, are instances of non-compllance with laws and regulations. We d8sign procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. Th8 extent to which our prO￿dureS are capable of detecting irregularities, including fraud is
detailed below:
Capability of the audit in detectlng irregularities, including fraud
Based on our understanding of the charity and industry, and through discussion with the trust88s and other
management (as requir8d by auditing standards), we identified that the principal risk5 of non-compliance wlth
laws and regulations ralated to Charity Law. We considered the extent to whith non-compliance might have a
material effect on the financial statements. We also considered those laws and rggulalions that have a direct
impact on the preparation of the financial slalements such as the Slat8m8nt of Recommended Practice. We
communicated identified laws and regulations throughout our team and remained alert lo any indications of non-
compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent
manipulation of the financial statements (including the risk of override of controls} and determined that the
principal risks wer& ralated to posting inappropriate journal entries to Increase revanu& or reduce expenditure,
managemanl bias in accounting estimates and judgemental areas of the financial statements and the recognition
of granl commitments in the financial statèments. Audit procedures perfomied by the charity engag8m8nt team
and included..
Discussions with management and assessment of known or susp8Cted instances of nonwcompliance with
laws and regulations and fraud. and review of the reports made by management. and
Assessment of identified fraud risk factors., and
R8ading minutes of meetings of thos6 charged with governance.. and
P8rforming analytical procedures with automated data analytics tools to identify any unusual or
unexpected relationships, including related party transactions, that may indicate risk5 of material
misstatement due to fraud- and
Review of significant and unusual transactions and evaluation of the underlying financial rationale
supporting the transaction5.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
r8flected in the financial statements, as we will be less likely to bacome aware of instances of non-compliance.
Page 9

Tallow Chandlers 88nevolent Fund No 2.
Independent Auditors, Report to thè Members of Tallow Chandlers Benevolent Fund No 2. (contlnued
As part of an audil in accordance with ISAS (UK), we exercise professional judgement and maintain professional
scepticism throughoul the audil. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement r8sulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, inlentional omissions, misrepresentations, or the override of intemal control.
Obtsin an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumsiances, but not for the purpose of expressing an opinion of the effectiveness
of the charity's internal control.
Evaluate th8 appropriateness of accounting policies used and the reasonableness of accounting
estimalas and related disclosures made by the Trustea.
Conclude on the appropriateness of the Trustee's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on lh8 charity's ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our Audltors, Report to the related
dlsclosures in the financial statements or, if such disGlosures are inadequate, lo modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our Auditors, Report. However,
future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statemenls. including the
disclosures. and whether the financial statements repr8S8nt the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governanca regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
Use of our report
This report is made solely to th8 charlty's Trustee. as a body, In accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state to the
charity's Tru51ee those matters we are required to state to them in an Auditors, Report and for no other purpose.
To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity
and its Trustee, as a body. for our audit work, for this repori. or for the opinions we have formed.
/JA &¢29
Krgston Reeves LLP
Chartered Accountants
Slatutory Auditor
Horsham
Date..
t 24L*
Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of Ihe Companies Act 2006.
Page 10

Tallow Chandlers Benevolent Fund No 2.
sL￿eMent of financial activitle8
For the Year Ended 5 Aprll 2024
Restricted
funds
2024
Deslgnated
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Donations and legacies
Investments
9,375
389,750
357,723
399,125
357,723
555,849
357,471
Total Income
9,375
747,473
756,848
913,320
Expenditure on:
Ra15ing funds
Charltable activities
89,520
1,007,738
89.520
1,007,738
70,135
548,522
Total expendituro
1,097,258
1,097,258
618,857
Net {oxpenditure}I Income before not
gainsl(10sses) on investments
Net gainsl{losses) on investments
9,375
1349,785>
959,140
(340,410)
959,140
294,663
(1,311,639)
Net movoment In funds
9,375
609,355
618,730
(1,016,976)
Reconclllatlon of fund8:
Total funds brought foNard
Net movement in funds
(17,922)
9,375
11,422.084
609.355
11,404,162
618,730
12,421,138
{1,016,9761
Totsl funds carrled forward
(8,547)
12.031,439
12,022,892
11,404,182
Th8 Stat8ment of Financial Activitias Includes all gains and losses recognised in the year.
The notes on pages 14 to 33 fom part of these financial statements.
Page11

Tallow Chandlers Benevolent Fund No 2.
Balance Sheet
As at S April 2024
2024
2023
Note
Flxed assets
Investments
Investment property
13
12
10,902,839
1,403,569
11,322.966
12,306,408
11.322.966
Current assets
Debtors
Cash at bank and in hand
14
47.584
388.490
179,735
248,824
436,074
428,559
Creditors: amounts falling due within one
year
15
(442,140)
{232,026>
Net current Ilabllltles l assets
(6,066)
196,533
Total assets le¥s current Ilabllftles
12,300,342
11,519.499
Creditors.. amounts falling due after more
than one year
16
{277,450)
(115,337)
Net assets
12,022,892
11,404,162
Total nat assets
12,022,892
11,404,162
Charlty funds
RestrScted funds
Unrestrlcted funds
18
18
(8,547)
12,031,439
(17,922)
11,422,084
Total funds
12,022,892
11,404,162
The fina
atements were approv8d and authorised for issue by the Trustee and signed on their behalf by-
r J Hlll,
ter
n b8half of The Worshipful Company of Tallow Chandlers
Date:
J [45
The notes on pages 14 to 33 form part of these financial statements.
Page 12

Tallow Chandlers Benevolent Fund No 2.
Statement of Cash Flows
For the Year Ended 5 Aprll 2024
2024
2023
Cash flows from operating activltles
Net cash used in operating activiti8S
(190,211}
28.667
Cash flovpd from Investlng actlvltles
Dividends, Interests and rents from investments
Proceeds from sale of investm8nts
Purchase of investrnents
Purchase of investment propety
354.179
357,471
5,408,831
1,304,168
(4,411,895) (978,232)
11,403.569)
Net cash lusod In)Iprovided by Investlng activlt108
{52.454)
683.407
Change In cash and cash equivalents In the year
Cash and cash equivalents at the beginning of the year
(242,665)
830,153
712,074
118,079
Cash and cash equlvalonts at th• end of th8 year
587,488
830,153
The notes on pages 14 to 33 form part of these financial statements
Page 13

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financlal Statemonts
For the Year Ended S April 2024
General informatlon
Tallow Chandl8rs Benevolent Fund No 2. constitutes a public bènefit èntity as defined by FRS 102. It's
r8gist8red charity number Is 246255.
The financial statements have been preparad in sterling, which is the functional currency of the charity.
and rounded to the nearest £1.
Accounting pollcle8
2.1 Basls of preparatlon of financlal stat•ments
The financial statements have been prepared in accordance with the Charities SORP (FRS 102)
Accounting and Reporting by Charities: Statem8nt of Recommended Practice applicable to charitles
preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 1021 (effective 1 January 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fairf view and have departed from
the Charitles (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true
and fairf view. This departure has involved followlng the Charities SORP {FRS 102) published in
October 2019 rather than the Accounting and Reporting by Charities: Statement of Recomm8nded
Practice effeGtiV8 from 1 April 2005 which ha5 since been wlthdrawn.
Assets and liabilities are initially racognised at historical cost or transaction value unless otherwisa
stated in the relevant accounting policy.
2.2 Golng concern
The financial statements have been preparad on a going concem basis as the Trustee believes that
no material uncertainties exist. The Trustee has considered the level of funds held and the expected
18V81 of income and expenditure for 12 months from authorising thes8 financial statements. The
budgeted income and expenditur8 is sufficiently within the lev81 of reserves for the charity to b& able
lo continu8 as a going concem.
Page 14

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financlal Statements
For the Year Ended S April 2024
Aecountlng policies (continued)
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.
The recognition of incom8 from legacies is dependent on establishing entitlement, the probability of
receipt and the ability to eslimate with SLrffici8nt accuracy the amount r8c8lvable. Evidence of
entitlement lo a 18gacy exists when the Charity has sufficient evid8nc8 that a gift has been left to
Ihem (through knowledge of the existence of a valid will and the death of the benefactor) and the
executor is satisfied that the property in question will not be required to satisfy claims in the 8State.
Receipt of a legacy must be recognised when it is probable that it will be received and the fair value
of the amount receivabla, which will generally be the expected cash amount to be distributed to the
Charity. can be reliably measured.
Donated services or facillties are recognised when the charity has control over the item, any
conditions associated with the donated item have been mèt, the receipt of receipt of economic benefit
from the use of the charity of the item is probable and thal economic benefit can be measured
reliably.
On receipt, donated professional services and facilities are recognised on the basis of the value of
the gift to the Charity which is the amount It would have been willlng to pay to obtain services or
facilities of equivalent economic benefit on the open market,. a corresponding amount is than
recognisad in expenditure in the p8riod of recelpt.
Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of
the donation.
Investment Income includes rent recelvable which is recognlsed based on the rental perlod that the
rent accrues over. interest from listed Investments which is recognlsed based on the period the
Int8r8St accrues over, and dividend income which is recognised based on the date the dividend is
declared.
Income from rent receivable is re￿gnised net of VAT.
Page 15

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 April 2024
Accounting pollcies (continued)
2.4 Expendlturo
All expenditure is accounted for on an accruals basis and has been classified under headings Ihat
aggregate all costs related to the category. Expenditure is recognised when there is a legal or
constructlV8 obligation committing the charity to that expenditure, it is probable that settlemant will be
required, and that the amount of the obligation can be ￿liablY measured.
Support costs are thos8 Costs incurred directly in support of expenditure on th8 objects of the charity
and include project management Ca￿led out at Headquarters. Govemance costs are those incurred
in connection with administration of the charity and compliance with constitutional and statutory
requirements.
Expendlture on raising funds includes all expenditure incurred by the Charlty to rais8 funds for its
charitable purposes and consists of investment management costs and an appoltlonm8nt of support
costs.
Charitable activities and Govemance costs consist of grants and donations made and an
appolionment of support costs.
Grants and donatlons payable lo third parties are within the charitable objactives. Where
uncondltional grants are offered, this is accrued as soon as the reGlpient has been notified of the
grant, as this gives risa to a reasonable expectation that the recipient will receive the grant. Where
grant5 are conditional relating to performance then the grant is only accrued when any unfulfilled
conditions are outside of the control of th8 Trust.
Where an unconditional multi-year grant is awarded the full amount of the granl is recognised in the
year of the award. The proportion of any multi-year grant unpaid at the year end is recognised as a
liability on the balance sheel at its present value.
Expenditure relating directly to investment propety costs are recognised net of VAT.
2.5 Interest recelvablo
Interesl on funds held on deposit is included when receivable and the amount can be measured
reliably by the Charity- this is normally upon nolification of the interest paid or payable by the
institution with whom the funds are deposited.
2.6 Forelgn currencles
Monetary ass8ts and liabilities denominatad in foreign currencies ar8 translated into sterling at rates
of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on th8 date of the
Iransaction.
Exchange gains and losses are recognised in the Statement of Financial Activitl8S.
Page 16

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 April 2024
Accounting pollcles (continued)
2.7 Investments
Flxed asset investments are a fomi of financial instrumenl and are initially recognised at Iheir
transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value
cannot be measured reliably in which case it is measured at cost less impairment. Investment gains
and losses. whether reallsed or unr8alised, are combined and presented as 'Gainsl(Loss8s) on
investments, in the Statement of Financial Activitie5.
Investment properties are measured at fair value at each reporting date.
At each reporting date the propety is valued externally. Revaluation losses caused only by the
change in market value shall be recognised in the Statement of Financial Activities until the carrying
amount of the asset reaches its historlcal cost. If the value of the property falls below historical cost
an impairment loss is r8cognised immediately in the Statement of Financial Activites. Revaluation
gains shall be recognised in the Statement of Financial Activities.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount.
2.9 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 data of acquisition or opening of the daposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognlsed when there is an obllgatlon at the Balance Sheet dale 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 8Stimated reliably.
Llabllltles are recognised at the amount that th8 Charity antlclpales St will pay io settle the debt.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the dlscount is recognised in the Statement of Financial Activities as a finance cost.
2.11 Flnancial 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.
2.12 Fund accountlng
Designat8d funds comprise unrestricted funds that hav8 been s8t aside by the Trustee for particular
purposes. The aim and use of each designated fund is s8t out in tha notes to the financial
statements.
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 particular purposes. The costs of raising and
administering such fund5 are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes to the financial statements.
Investment income, gains and1055es are allocated to the appropriate fund.
Page 17

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 Aprll 2024
Crlllcal accountlng estimates and areas of judgement
Estimates and judgements are continually evaluated and ara based on historical expellance and other
factors, inGluding expectations of future events that are believed to be reasonabla under the
circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates
and assumptions will, by definitlon, seldom equal the related actual results. The estimates and
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabiliti8s within the next financial year ar8 discussed above in Not8 2 "Accounting policies"
Grant commitm8nts are recognised at the point the d8clslon has been sufficiently communicated to the
recipient, cr8atlng a valid expectstlon on the recipient's part that the grant wlll be received. The decision is
communicated to the recipient upon approval of the Education and Charty Committee meeting minutes by
the court.
Critical areas of judgement:
The most significant Judgement Is th8 valuation of the Investment properties which are sensitlve to
fluctuations in the property market, as s8t out in note 12 of the financial statements.
Page 18

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Stalements
For the Year Ended 5 April 2024
Incomè from donations and legacies
Restrlcted Deslgnated
funds
funds
2024
2024
Total
funds
2024
Donations from Liverymen and Freemen (including tax
recoverles)
Other donations
Donatlon from The Worshipful Company of Tallow Chandlers
Legacies
113,909
50,040
205,801
20.000
113.909
59,415
205,801
20,000
9,375
Total 2024
9,375
389,750
399,125
Restricted Designated
funds
funds
2023
2023
Total
funds
2023
Donatlons
Donations from Liverymen and Freemen (including tsx
r8coveries)
Other donations
Donation from The Worshipful Company of Tallow Chandlers
111,723
293.403
114,921
111,723
329,205
114,921
35.802
Total donations
35,802
520,047
555,849
Total 2023
35,802
520.047
555,849
Wilhin deslgnated income is a notional donation In kind of £205,801 (2023 - £164,921) which represents
the value of the expenditure borne by The Worshipful Company of Tallow Chandlers in providing support
services lo the Tallow Chandlers Benevolent Fund No 2. The prior year notional donation is offset by the
cancellation of a £50,000 donation which was previously recognised as a debtor within the financial
ststements. This resulted in an overall donation of £114,921 from The Worshipful Company of Tallow
Chandlers in the prior year.
Page 19

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 April 2024
Investment incomo
Deslgnated
funds
2024
Total
funds
2024
Rental income
Dividends
Interest
38.457
270,919
48,347
38.457
270.919
48,347
Total 2024
357,723
357,723
Designated
funds
2023
Total
funds
2023
Dividends
Interest
322,963
34,508
322,963
34,508
Totsl 2023
357,471
357,471
Page 20

Tallow Chandlers Benevolent Fund No 2.
Notes to the Flnancial Statsments
For the Year Ended 5 April 2024
Expenditure on ralsing funds
Deslgnated
funds
2024
Total
funds
2024
Investment manag8m8nt costs
Investment property insurance
Support costs- raising funds
Exchange losses on quoted investments
46,642
5,597
33,737
3,544
46,642
5,597
33.737
3.544
Total 2024
89,520
89,520
Designated
funds
2023
Total
funds
2023
Investment manegement costs
Support Costs - raising funds
48,170
21,965
48,170
21,965
Total 2023
70,135
70.135
Anatysls of support costs
De81gnatod
funds
2024
Total
funds
2024
Staff costs
Office cosi8
Premises costs
Professional costs
27,321
3,959
2,315
142
27,321
3.959
2,315
142
Total 2024
33,737
33,737
Designated
funds
2023
Total
funds
2023
Staff costs
Office costs
Pr8mise5 Gosts
Professional costs
15,531
3,217
3,057
160
15.531
3,217
3,057
160
Total 2023
21.965
21,965
Page 21

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Stalements
For the Year Ended 5 April 2024
Analysls of grants
Grants to
Institutions
2024
Total
funds
2024
Grant funding
825.630
825,630
Grants to
Institutions
2023
Total
funds
2023
Grant funding
393,967
393,967
Analysls of grants
Deslgnated
funds
2024
Totsl
funds
2024
Grants paid to institutlons in the current year
Awards
Payments to Institutlons supporting the poor and pensioners connected with
the Tallow Trade
Movement in grant creditor
439,887
11,230
439,887
11,230
1,450
373,063
1,450
373,063
Total 2024
825,630
825,630
Restricted Designated
funds
funds
2023
2023
Total
funds
2023
Grants paid to institutions in the current year
Awards
Payments to institutions supporting the poor and pensioners
connected wth the Tallow Trade
Movement in grant creditor
62,974
350,428
5,893
413,400
5,893
700
36.948
700
(26.026)
(62,974)
Total 2023
393,967
393,967
All grants are to institutions and are for the same charitabla purpose as defined by th8 objeclives and
activities in the Trustee's Report.
Page 22

Tallow Chandlers Benevolent Fund No 2.
Notes to the Flnancial Statements
For the Yéar Ended 5 Aprll 2024
Analysis of grants (contlnued)
The following institution5 received grants of £1,000 or more:
Grants to
Inslltutlon8
2024
Total
funds
2024
Greig City Academy
The Halley Academy
Cubitt Town Junior School
Roots4Lrfe
Bart's & Royal London School of Medicine
School of Oriental and African Studies (SOAS)
Childrens Literacy
St Paul's Cathedral Chorister Trust and Frlends of St Paul's
It's Your Llfe
Into University
Guildhall School Trust
City & Guilds
Reeds School
City of London Volunteer Police Cadets
The Poppy Factory
Manchester University
First Aid Nursing Yeomanry {FANY)
King Edward's School
Voyage
Lord Mayor's Appeal
Reimagine
London Youth Cholr
TalentEd
Batemans Trust
FOSFA
Ahoy Cent
Tower Hamlets Oppurtunity Group
Horatio's Garden
Clean Break Thèatre Company
London Symphony Orchestra
Switch
Open City Architect
The Creative Dimension Trust
Believ8 UK
Lambourne End
Music Illuminated
Future Frontiers
Sheriffs and Re￿rder'S Fund
70,000
60,000
60,000
20,000
17,500
15,000
15,000
11,837
10,800
10,000
10,000
10,000
8,000
7,500
7,000
6.600
6.000
6,000
6,000
5,000
5,000
5,000
5,000
5.000
5,000
5,000
5,000
4,475
4,000
4.000
4.000
3.000
3.000
3,000
2,500
2,000
2,000
2,000
70,000
60.000
60.000
20,000
17,500
15,000
15,000
11,837
10,800
10,000
10,000
10,000
8,000
7,500
7,000
6,600
6,000
6,000
6,000
5,000
5,000
5,000
5,000
5,000
5,000
5.000
5,000
4,475
4,000
4,000
4,000
3,000
3.000
3,000
2.500
2.000
2,000
2,000
Page 23

Tallow Chandlers Benevolent Fund No 2.
Notes to the Flnancial Statements
For the Year Ended 5 April 2024
Analysis of grants (continued)
Platform Cricket TH Youth Support
London Air Ambulance
Homers Company Science Open Doors
Manchester Cadets
Jubilant Trust
Grants of less than £1,000 were made totalllng
2,000
1,700
1,400
1.000
1.000
1.575
2,000
1,700
1,400
1.000
1,000
1.575
Total 2024
439,887
439,887
Anatysls of expondlture on charitable actlvlti•s
Summary by fund type
D•signatod
funds
2024
Total
2024
Grant funding
Support costs
998,738
9,000
998,738
9,000
1,007,738
1,007,738
Designated
funds
2023
Total
2023
Grant funding
Support costs
537,582
10,940
537,582
10,940
548,522
548,522
Grant funding of £1.007,738 (2023 - £548,522) Indudes grants pald as per note 7 of £825,630 (2023-
£393,967) and support costs allocated as per note 9 of £173,108 (2023 - £143,615).
Page 24

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended S April 2024
Anatysls of expendlture by activitios
Grant
funding
2024
Support
costs
2024
Total
funds
2024
Grant funding
Governance costs
825,630
173,108
9,000
998,738
9.000
Total 2024
825.630
182,108
1,007,738
Grant
funding of
activities
2023
Support
costs
2023
Totsl
funds
2023
Grant funding
Governance cost5
393,967
143,615
10,940
537,582
10,940
Total 2023
393,967
154,555
548,522
Analys18 of support costs
Total
funds
2024
Total
funds
2023
Staff costs
Office costs
Premises costs
Other costs
Prof8ssional costs
Governance costs
149,734
3.959
6,945
12,044
426
9,000
115,430
3,217
9,171
15,316
481
10,940
Total 2024
182,108
154,555
Allocation of support costs:
staff costs
staff costs incurred by The Worshipful Company of Tallow Chandlers have been allocated based on the
time spent on each activity. The cost of the charity secretary employed by the Company has been fully
alloGated to grant funding activities. The remaining costs have been allocated with 750/0 rglating to grant
funding activities and 25 % relating to time spent raising fund5.
Page 25

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Stataments
For the Year Ended S April 2024
Anatysis of expendlture by activities (contlnued)
Office costs
The office is owned by the Company and used by staff employ8d in the Company. Th8 office costs
incurred are for the purpose of both grant funding activities and raising funds. Costs have therefore been
allocated equally to Ih888 activities.
Premises costs
Premises costs relate to the maintenance of the Hall and office which are owned by the Company. The
Trust only use the Hall for award functions and other charitable occasions whilst the office is used by the
Company staff for both the purpose of grant funding activities and raislng funds. Premises costs have
been allocated with 75 % relating to grant funding activits-es and 25 % relating to raising funds.
Other costs
Other costs relate tt) the award functlons that are held in the Hall which is owned by the Company. The
award functions relate wholly to grant funding activities and have the￿fOre been attributed in this way.
Professional costs
Professional costs relate to the pension management and payToII costs Incurred by the Company for their
staff. These have b8en allocated with 75Q/o relatlng to grant funding activitles and 25Vo relating to raising
funds. This treatment is consistent with the treatment of staff costs.
10. Auditors, remuneration
2024
2023
Fees payable to the Charity's audltor for the audit of the Charitys annual
accounts
7,800
10,280
Fees payabl8 to the Charivs auditor in rèspect of:
All non-audit services not induded above
1,200
660
11. Trusloo's remuneratlon and expenses
Durlng the year, no Trustees recelved any remuneration or other benefits (2023 - £NIL).
During the year ended 5 Aprll 2024, no Trustee expenses have been incurred (2023 - £NIL),
Page 26

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 April 2024
12. Investment property
Long term
leasehold
Investment
property
Valuatlon
Additions
1,403,569
At 5 April 2024
1.403,569
The property Unit 1, Zone A, Chelmsford Road Industrlal Estate, Dunmow was purchased on 2 November
2023 for £1.403,569, with the purchase price consldered to be the market value of the property at the year
end.
13. Fixed a58et inve$tm8nts
Llsled Cagh for re-
Investments
Investment
Total
Cost or valuatlon
At 6 April 2023
Additions
Disposals
Revaluations
10,741,637
4,411,895
(5.408,831)
959,140
581,329 11.322,966
4,411,895
(382,331) (5.791,162>
959,140
At 5 April 2024
10,703,841
198,998 10,902,839
Included wlthin the revaluation gains on Ilsted inveslmenls are reallsed gains of £187,971 (2023 - realised
losses of £315.305).
14. Debtors
2024
2023
Due wlthln one year
other debtors
Income tax recoverable (gift aid)
40,818
6,766
170,734
9,001
47.584
179,735
Included within other debtors is £11,387 (2023 - £20,762) due from the designated fund to the restricted
fund in relation to amounts owed for the Halley Academy appeal.
Page 27

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 Aprll 2024
15. Credltors: Amounts falllng due withln one year
2024
2023
Trade creditors
Oth8r taxation and social security
Other creditors
Accruals and deferred income
Grant commltments
81
2,138
11,387
17,320
411,214
20,762
11,000
200,264
442,140
232,026
Included within other creditors is £11,387 (2023 - £20,762> due to the restricted fund from th8 designated
fund in relation to amounts owed for the Halley Academy appeal.
16. Credltorn: Amounts falllng due after more than one yaar
2024
2023
Grant cornmitments
277,450
115,337
Page 28

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended S April 2024
17. Accrued funding commltments
Under one
year
2024
Over one
year
2024
Total
funds
2024
Grant commitrn8nts brought fO￿ard
New commitments entered into in year
Grants paid during year
Commitments now due within one year
200,264
586,680
(452,567)
76,837
115,337
238,950
315,601
825,630
{452,567)
(76,837)
Total 2024
411.214
277,450
688,664
Under one
year
2023
Over one
year
2023
Toial
funds
2023
Grant commitments brought forward
New commitments 8ntered inlo in year
Grants paid during year
Commitrnents now due within one year
242,626
278,631
(419,993)
99,000
99,000
115,337
341,626
393,968
(419,993>
(99,000)
Total 2023
200,264
115,337
315,601
Page 29

Tallow Chandlers Benevolent Fund No 2.
Notes to the Flnancial Statements
For the Year Ended 5 April 2024
18. Statement of funds
Statement of funds - current year
Balance at 6
April 2023
Galnsl Balance at 5
(Losses)
Aprll 2024
Income Exponditure
Unrestrlcted fund8
Designated funds
11,422,084
747,473 (1,097,258)
959,140 12,031.439
R88trlctsd funds
R8Stricted fund - FOSFA
2,840
2.840
R8Stricted fund - The Halley
Academy
{20,762)
9.375
(11.387)
117,922)
9,375
(8,547)
Total of funds
11,404,162
756,848 {1,097,258)
959,140 12,022,892
Statement of funds - prlor yoar
Balance at
6 Aprll 2022
Gainsl
Balance at
(Losses) 5 April 2023
Income Expenditure
Unrestrlctad funds
Designated funds
12.474.862
877,518
(618,657) (1,311,639) 11,422,084
Balance at
6 April 2022
Gainsl Balance at
(Losses) 5 April 2023
Income Expenditure
Restrlcted funds
Restricted fund - FOSFA
Restricted fund - The Halley
Academy
2,840
2,840
(56,564)
35,802
(20,762)
(53,724)
35,802
(17.922)
Total of funds
12.421,138
913,320
(618.657) (1,311,639) 11,404,162
Page 30

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 April 2024
19. Summary of funds
Summary of funds - current year
Balanca at 6
April 2023
Gainsl Balance at 5
(Losses)
Aprll 2024
Income Expenditure
Designated funds
Restricted funds
11,422,084
117,922)
747.473 (1,097,258)
9.375
959.140 12,031,439
(8.547)
11,404,162
756,848 {1,097,258)
959.140 12,022,892
Summary of funds - prlor year
Balance at
6 Aprtl 2022
Gainsl
Balance at
(Losses) 5 April 2023
Income Expenditure
Designated funds
Restricted funds
12,474.862
153,724)
877,518
35,802
(618,657) (1,311,639) 11,422,084
(17,922)
12,421,138
913,320
(618,657) (1,311,639) 11,404,162
Fund descriptions
a) Designated funds
The designated fund derives from the charitabl8 receipts, tax recoveries and other support from the
Company and from its Members, which are treated as capital to be invested. Any capital or incom8 not
required for the immediate charitable purposes of the Trust is reinvested by the Trustee.
b) Reslricled funds
FOSFA- the restricted fund derives from charitable receipts from FOSFA which are to be granted as
and when an appropriate candidate for the FOSFA award is nominated.
The Halley Academy - the restricted fund derives from charitable recelpts from donors, including
matched funding from The Worshipful Company of Tallow Chandlers, which have been specifically
donated in response to the The Halley Academy appeal. The intention of th8 monies raised from the
appeal is to fund the construction and establishment of an engineering and design cenlre. Income of
£7,500 (2023 - £29,924) was received from members of the Company during Ihe year. Gift aid of £1.875
(2023 - £5,878) is recoverable on this income. £1,185 (2023- £690) of this is induded in tax recoveries
within deblors at the year end. During the year £122,404 {2023- £15,000) was received from Ihe
Company in relation to the matched funding debt, with matched funding amounts now fully received and a
blance of Nil (2023 - £122,404) included within debtors. During the year £Nil12023- £62,974) was paid to
The Halley Academy, and the remaining £3,427 (2023- £3,427) is included within the grant commitment
creditor.
The deficit on the Halley Academy restricted fund has arisen due to amounts paid over to the Halley
Academy Appeal exceeding the donation income received from the members of The Worshipful
Company of Tallow Chandlers. Donation income had been pledged by members of the Company,
however had not been paid over as at 5 April 2024. The Trust has made the additional payments to the
Halley Academy App8al on the basis that the ramaining donations pledged will be received from the
members, along with the matched funding from the Company. The deficit on th8 Halley Academy
restricted fund is £11,367 (2023 - £20.762). The deficit 15 expectad to reverse in the 2025 financial year
end.
Page 31

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 Aprll 2024
20. Analysls of net assets between funds
Analysis of net assets between funds - current perlod
Restricted Deslgnated
funds
funds
2024
2024
Total
funds
2024
Fixed asset investments
Investment propety
Current assets
Creditors due within one year
Creditors due in mor8 than one year
10,902,839 10,902,839
1,403,569
1,403,569
432,049
436,074
(429,568> {442,140)
(277,450> (277,450)
4,025
(12,572)
Total
18,5471 12,031,439 12.022,892
Analys13 of net assets between funds - prior perlod
Restricted Designat8d
funds
funds
2023
2023
Total
funds
2023
Fixed asset investments
Current assets
Creditors due within ona year
Creditors due in more than one year
11,322,966 11,322,966
302,625
428,559
188,170) (232,026)
(115,3371 (115,337)
125,934
(143,856)
Total
117,922) 11,422,084 11,404,182
21. Reconciliation of net movement In funds to net cash flow from operating activltles
2024
2023
Net incomelexpendilur8 for the period (as per Statement of Financial
Activities)
618,730 (1,016,976)
Adjustments for:
(Gain5ylosses on inveslments
Dividends and int8rest from investments
Decrease in debtors
Increasel(decrease) in creditors
(959,140)
1,311,639
(354,179) (357,471)
132,151
150,931
372,227
(59,456)
Net cash provided byl(used in) operatlng activities
{190,211)
28.667
Page 32

Tallow Chandlers Benevolent Fund No 2.
Notes to the Financial Statements
For the Year Ended 5 April 2024
22. Anatysls of cash and cash equlvalents
2024
2023
Cash in hand
Investment cash
388,490
198,998
248,824
581,329
Total cash and cash equlvalents
587,488
830,153
23. Analysis of changes In net debt
At 6 Aprll
2023 Cash flows
At 5 Aprll
2024
Cash in hand
248,824
139,666
388,490
248.824
139,666
388,490
24. Related party transactlons
The Worshipful Company of Tallow Chandlers
Trustee
Durlng the year the charity received a nollonal donation in kind of£205,801 (2023- £164,921 } which
represents the value of the expenditure borne by The Worshipful Company of Tallow Chandlers in
provldlng support s8Nic88 to the Tallow Chandlers Benevolènt Fund No 2.
During the prior year a donation of £50,000, which had been recognised as a debtor in the 2022 financial
8tatem8nts, was cancelled by the The Worshipful Company of Tallow Chandlers.
Total donation income re￿iVed by the charity in the year, including the above notional donation.
amounted to £205,80112023- £114,921).
At the balance sheet date the amount due to the chariy from The Worshipful Company of Tallow
Chandlers was £Nil12023 - £122,404).
Page 33