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← Tallow Chandlers Benevolent Fund No 2

2025-04-05-accounts

Charity number: 246255

Tallow Chandlers Benevolent Fund No 2.

Audited

Trustee's Report and Financial Statements For the Year Ended 5 April 2025

Tallow Chandlers Benevolent Fund No 2.

Contents

Page
Reference and Administrative Details ofthe Charity, its Trustee and Advisers 1
Trustee's Report 2-6
Independent Auditors’ Report on the Financial Statements 7-10
Statement of Financial Activities 44
Balance Sheet 12
Statement ofCash Flows 13
NotestotheFinancialStatements 14-34

a

Tallow Chandlers Benevolent Fund No 2.

Reference and Administrative Details of the Charity, its Trustee and Advisers For the Year Ended 5 April 2025

Trustee The Worshipful Company ofTallow Chandlers
Charity registered
number 246255
Principal office Tallow Chandlers’ Hall
4 Dowgate Hill
London
EC4R2SH
independent auditors Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
Bankers Coutts &Co
440 Strand
London
WC2R 0QS
Investment managers QuilterCheviot Limited
Senator House
85 Queen Victoria Street
London
EC4V4AB

Page 1

Tallow Chandlers Benevolent Fund No 2.

Trustee's Report For the Year Ended 5 April 2025

Introduction The Trustee presents the Report and the audited Financial Statements for the year ended 5 April 2025. 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 (“the Company’) as advised by the Court of Assistants 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 Education & Charity Committee.

Management and administrative resources are provided by The Worshipful Company of Tallow Chandlers. The notional value of these support services is £196,694 (2024 - £205,801) as per Note 4 of the financial statements.

Investment Policy 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 investment advisors.

The Charity wishes to be a responsible investor. Environmental, social and governance (ESG) criteria are a set of standards for an entity'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 instructed to take account of ESG issues in their investment analysis and decision-making processes and engage with the Charity management 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 governance factors are important inputs. Each year they have to provide a detailed Responsible Investment report to the Charity, covering activity and engagement specific to the Charity’s investments. In November 2023 the Charity purchased an investment property to provide a regular rental income and diversify the investment portfolio to mitigate risk.

Fund Raising Policy 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 public benefit The Trust is established for charitable purposes. It supports charities and charitable organisations that provide public benefit by providing donations, bursaries, and scholarships.

The Trust's principal aim is to provide relevant, focused support and giving for the benefit of disadvantaged 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.

Page 2

Tallow Chandlers Benevolent Fund No 2.

Trustee's Report (continued) For the Year Ended 5 April 2025

Objectives and activities for the public benefit (continued) 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 members, trade links, City connections, and wider affiliations.

The Trustee regularly reviews the impact of the support given by ongoing engagement with the relevant charities and charitable 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, before any movements in grant commitments in the year, totalled £584,745. Please refer 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 our largest annual donations and programmes of non-financial support, are Greig City Academy in Haringey, Leigh Academy Halley (formerly The Halley Academy) in Greenwich, and Cubitt Town Primary School in Tower Hamlets. All three schools have a high proportion of students receiving free school meals and a high proportion of students from ethnic minority backgrounds. The proportion of students that have English as an additional language (EAL) is also very high. The donations are intended to enhance and add value and do not contribute to core costs or delivery of the standard curricula.

In September 2022, the Company embarked on a new strand of its strategy — regionalisation. 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 gates’ and enhance the Company's support to that school.

Our relationship with Greig City Academy (GCA) began in 2013. Our aim is to promote STEM and help students with their transition to university, further education, or employment. Over the last eleven years, our annual core donation has increased from £15,000 to £60,000, reflecting the success of the association. Two Tallow Chandler members sit on the Board as Governors.

Annual prizes are presented to students who have excelled in STEM subjects and bursaries are awarded to students who go on to university. During that time, we have facilitated university visits, participated in careers fairs and mentoring events, advised on CV writing and interview techniques, helped GCA connect with other schools, and contributed to the costs of participation in international science competitions.

The STEM Centre, in which the Trustee has previously invested, has continued to be used to facilitate the Academy's programme of extra-curricular STEM activities, such as the robotics league which supports primary schools in the local area and beyond, including Cubitt Town Primary School. Some of the donation was used to pay travel costs for students attending the VEX Robotics World Championships 2024 in Dallas, USA.

The Trustee funded £2,530 in 2023 to support a two-year Arkwright Engineering Scholarship through The Smallpeice Trust. The scholar is a student of Greig City Academy and completes their Scholarship at the end of academic year 2024-25.

An annual donation of £3,000 per annum over three years continues 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 between the charity and GCA staff responsible for careers and work experience at the Academy.

Page 3

Tallow Chandlers Benevolent Fund No 2.

Trustee's Report (continued)

For the Year Ended 5 April 2025

Achievements and performance (continued)

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, displaying antisocial and challenging behaviour, underperforming at GCSE and at risk of participating in gang-related activity) by running its Safe in the City programme. The charity was given continued support this year to run the programme again and also to run associated teacher training at GCA.

Support to Leigh Academy Halley (LAH) (formerly The Halley Academy) began in 2017, with the award of their first donation of £20,000. Over the last seven years, the 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 two Company members sit on the Board as Governors. Members of the Company participate in a 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 the physical and mental health challenges that come with malnutrition, obesity and social isolation. The charity has a close relationship with LAH, and had 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, which focuses on children in inner London by delivering 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 donation of £2,000 per annum.

The Children’s Literary Charity (also working with Cubitt Town Primary School) received a one-off donation this year to work with Year 7 and 8 pupils at Leigh Academy Halley, running a Reading Lab and a Reader Leader peer mentoring programme, both designed to close the reading age gap.

Cubitt Town Primary School (CTPS) was awarded a three-year grant by the Company in 2016. Over the last eight years, the 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 expertise 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 Reed’s School, which the Trustee supports with a £2,000 per annum donation over three years. Cubitt Town Primary pupils also visit the 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 CTPS attending the programme to learn how to teach music in school. Open City was given a one-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, and this year the charity has offered an annual two-day sailing programme for Cubitt Town Primary School pupils.

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, and a further one-off donation of the same value was given this year for continuation of its work with Cubitt Town Primary Schoo! pupils. The programme aims to close the literacy gap for pupils in Key Stage One, most of whom have special educational needs, receive free school lunches, have complex home situations which prevent them from flourishing, or are from non-English speaking backgrounds.

Page 4

Tallow Chandiers Benevolent Fund No 2.

Trustee's Report (continued) For the Year Ended 5 April 2025

Achievements 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 Appeal, the Sheriffs’ and Recorder's Fund, City of London School for Girls, City & Guilds, City of London School and City of London Volunteer Police Cadets. Bursaries were funded at Barts and the London School of Medicine and Dentistry, Guildhall School of Music and Drama, and St Paul's Chorister Trust. This year, a donation of £5,000 per annum over a three year period has been given to First Battalion The Rifles for its Always a Rifleman programme. The Trustee approved 61 grants to a total of 54 organisations. In all cases, the Trustee has received appropriate acknowledgement of their award and a summary of the benefits and impact this has enabled for the public benefit. During the year £411,214 of grant commitments provided for last year were paid, together with £173,531 of grant commitments entered into this year. A further £168,423 of grant commitments were provided for this year. The overall result is a decrease in the provision of £242,791. Although not supported by separately identified endowments, several small and ancient charities were paid £950 in total by standing order out of General Funds, whilst they are available.

Grant making policy Our members make generous contributions to the Tallow Chandlers Benevoient 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 time given by our members this enables us to make significant donations that can have real impact. This practice allows continuity of support to our carefully selected causes over a number of years, even in the event of periodic downturns in investment performance.

The charity is further protected against diminution in its capital by its practice of making commitments for a maximum of three years and reviewing each charity every three years. This would enable, in any one year, a reduction — if deemed necessary — of up to one third of our giving.

Financial review In the year to 5 April 2025, there was net income before recognised gains and losses of £173,723 (2024 - net expenditure before recognised gains and losses of £340,410) and a net decrease in total funds of £508,506 (2023 - net increase in total funds of £618,730). The value of the fixed asset investments held by the Trust decreased from £10,902,839 at 5 April 2024 to £10,282,014 at the year end. This decrease in value comprised acquisitions during the year of £5,324 ,037 less disposals of £5,196,683. The balance of £748,179 results from a decrease in market value of investments of £643,660, together with a decrease in cash balances of £104,519 from £198,998 at the start of the year to £94,479 at the end. Total incoming resources were £772,574 (2024 - £756,848). 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 funds the charitable receipts, tax recoveries, and other support from the Company and from its Members, which are treated as capital to be invested, thus continuing the charitable activities of the Trust for the long term. Any capital or income not required for the immediate charitable 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.

Page 5

Tallow Chandlers Benevolent Fund No 2.

Trustee's Report (continued)

For the Year Ended 5 April 2025

Reserves policy (continued) The level of designated funds held at the year end was £11,511,546 (2024 - £12,031 ,439).

The Trust has an accounting policy to treat as Restricted funds any charitable receipts, which on the instruction of the donor, are to be used for specific purposes.

Plans for Future Periods The Trustee will continue to 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 achievement.

Trustee's Responsibilities Statements The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the 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 statements, the Trustee is required to:

Approved by order of the members of the board of Trustee and signed on their behalf by:

==> picture [248 x 61] intentionally omitted <==

----- Start of picture text -----
Mr H Wolley>Master we
On behalf of The Worshipful Company of Tallow Chandlers
Trustee
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Date: LL vy \ mw VOLE
----- End of picture text -----

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 statements of Tallow Chandlers Benevolent Fund No 2. (the ‘charity’) for the year ended 5 April 2025 which comprise the Statement of financial activities, the balance sheet, the 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 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements 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 the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

In our opinion the financial statements:

Basis for opinion

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. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the 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 opinion.

Conclusions relating 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 concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern 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 Auditors’ Report thereon. The Trustee are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material 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 required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report 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:

Responsibilities of trustees

As explained more fully in the Trustee's responsibilities statement, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but 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’ responsibilities for the audit of the financial 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 Jevel 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, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustee and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to Charity Law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019) and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated the Trustee and 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 related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements and the recognition of grant commitments in the financial statements. Audit procedures performed by the engagement team included:

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 reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

Page 9

Tallow Chandlers Benevolent Fund No 2.

Independent Auditors' Report to the Members of Tallow Chandlers Benevolent Fund No 2. (continued)

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance 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 the charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustee those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted 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 report, or for the opinions we have formed.

Kreston Reeves LLP Chartered Accountants Statutory Auditor Horsham Date: 23 Jie D2

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

Tallow Chandlers Benevolent Fund No 2.

Statement of financial activities For the Year Ended 5 April 2025

Statement of financialfinancial activities
For thethe Year Ended 5 April 2025
Restricted
funds		 Designated
funds		 Total
funds		 Total
funds
2025 2025 2025 2024
Note £ £ £ £
Income from:
Donations and legacies 4 12,160 372,453 384,613 399,125
Investments 5 - 387,961 387,961 357,723
Total income 12,160 760,414 772,574 756,848
Expenditure on:
Raisingfunds 6 - 72,043 72,043 89,520
Charitable activities 8 773 526,035 526,808 1,007,738
Total expenditure 773 598,078 598,851 1,097,258
Net (expenditure)/ income before net
gains/(losses) on investments		 11,387 162,336 173,723 (340,410)
Net (losses)/gains on investments - (682,229) (682,229) 959,140
Netmovement infunds 11,387 (519,893) (508,506) 618,730
Reconciliation offunds:
Total funds brought forward (8,547) 12,031,439 12,022,892 11,404,162
Net movement in funds 11,387 (519,893) (508,506) 618,730
Totalfundscarriedforward 2,840 11,511,546 11,514,386 42,022,892

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 34 form part of these financial statements.

Page 11

Tallow Chandlers Benevolent Fund No 2.

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----- Start of picture text -----
Balance Sheet
As at 5 April 2025
2025 2024
Note £ £
Fixed assets
Investments 13 10,282,014 10,902,839
investment property {2 1,365,000 1,403,569
11,647,014 12,306,408
Current assets
Debtors 14 50,799 47,584
Cash at bank and in hand 285,653 388,490
336,452 436,074
Creditors: amounts falling due within one
year 15 (362,005) (442,140)
Net current liabilities (25,553) (6,066)
Total assets less current liabilities 11,621,461 12,300,342
Creditors: amounts falling due after more
than one year 16 (107,075) (277,450)
Net assets 11,514,386 12,022,892
Total net assets 11,514,386 12,022,892
Charity funds
Restricted funds 18 2,840 (8,547)
Unrestricted funds 18 11,511,546 12,031,439
Total funds 11,514,386 12,022,892
----- End of picture text -----

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The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:
hgh Wo Ubn
Mr Ha
On behalf of The Worshipful Company of Tallow Chandlers
Date: Ib. CrJum L OLE
----- End of picture text -----

The notes on pages 14 to 34 form part of these financial statements.

Page 12

Tallow Chandlers Benevolent Fund No 2.

Statement of Cash Flows For the Year Ended 5 April 2025

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|(467,963)|(190,211)| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents from|investments|387,961|354,179| |Proceeds|from|sale|of investments|5,196,683|5,408,831| |Purchase|of investments|(5,324,037)|(4,411,895)| |Purchase|of investment|property|-|(1,403,569)| |Net cash|provided|by/(used|in)|investing|activities|260,607|(52,454)| |Change|in cash and cash|equivalents|in the year|(207,356)|(242,665)| |Cash|and|cash|equivalents|at the|beginning|of the|year|587,488|830,153| |Cash|and|cash|equivalents|at the end|of the year|380,132|587,488| |The|notes|on|pages|14|to|34 form|part|of these|financial|statements|

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Page 13

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

  1. General information

Tallow Chandlers Benevolent Fund No 2. constitutes a public benefit entity as defined by FRS 102. It's registered charity number is 246255. The financial statements have been prepared in sterling, which is the functional currency of the charity, and rounded to the nearest £1.

  1. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), 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 fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The financial statements have been prepared on a going concern basis as the Trustee believes that no material uncertainties exist. The Trustee has considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficiently within the level of reserves for the charity to be able to continue as a going concern.

Page 14

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

2. Accounting 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 income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (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 estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of receipt of economic benefit from the use of the charity of the item is probable and that 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 willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Investment income includes rent receivable which is recognised based on the rental period that the rent accrues over, interest from listed investments which is recognised based on the period the interest accrues over, and dividend income which is recognised based on the date the dividend is declared.

Income from rent receivable is recognised net of VAT.

Page 15

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

2. Accounting policies (continued)

2.4 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised when there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and that the amount of the obligation can be reliably measured. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and consists of investment management costs and an appoitionment of support costs. :

Charitable activities and Governance costs consist of grants and donations made and an appotionment of support costs.

Grants and donations payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient has been notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Trust.

Where an unconditional multi-year grant is awarded the full amount of the grant 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 sheet at its present value.

Expenditure relating directly to investment property costs are recognised net of VAT.

2.5 Interest receivable

interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are 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 the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

Page 16

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

2. Accounting policies (continued)

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their 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 realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investment properties are measured at fair value at each reporting date.

At each reporting date the property 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 historical cost. If the value of the property falls below historical cost an impairment loss is recognised 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 date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt.

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 discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.12 Fund accounting

Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the 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 funds 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 and losses are allocated to the appropriate fund.

Page 17

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable 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 definition, 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 liabilities within the next financial year are discussed above in Note 2 "Accounting policies". Grant commitments are recognised at the point the decision has been sufficiently communicated to the recipient, creating a valid expectation on the recipient's part that the grant will be received. The decision is communicated to the recipient upon approval of the Education and Charity Committee meeting minutes by the court.

Page 18

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

4. Income from donations and legacies

Restricted Designated Total
funds funds funds
2025 2025 2025
£ £ £
Donations from Liverymen and Freemen (including tax
recoveries)		 - 108,864 108,864
Other donations 12,160 33,730 45,890
Donation from TheWorshipful Company ofTallowChandlers - 196,694 196,694
Legacies - 33,165 33,165
Total 2025 12,160 372,453 384,613
Restricted Designated Total
funds funds funds
2024 2024 2024
£ £ £
Donations from Liverymen and Freemen (including tax
recoveries)		 . 113,909 113,909
Other donations 9,375 50,040 59,415
Donation from The Worshipful Company ofTallowChandlers - 205,801 205,801
Legacies - 20,000 20,000
9,375 389,750 399,125
Total2024 SN eee

Within designated income is a notional donation in kind of £196,694 (2024 - £205,801) which represents the value of the expenditure borne by The Worshipful Company of Tallow Chandlers in providing support services to the Tallow Chandlers Benevolent Fund No 2.

Page 19

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

5. Investment income

Designated Total
funds funds
2025 2025
£ £
Rental income 90,756 90,756
Dividends 262,837 262,837
Interest 34,368 34,368
Total 2025 387,961 387,961
Designated Total
funds funds
2024 2024
£ £
Rental income 38,457 38,457
Dividends 270,919 270,919
Interest 48,347 48,347
Total2024 357,723 357,723

Page 20

Tallow Chandiers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

  1. Expenditure on raising funds
Designated Total
funds funds
2025 2025
£ £
Investment managementcosts 44,105 44,105
Supportcosts - raisingfunds 27,928 27,928
Exchange losses on quoted investments 10 10
Total 2025 72,043 72,043
Designated
funds		 Total
funds
2024 2024
£ £
investment management costs 46,642 46,642
Supportcosts - raisingfunds 33,737 33,737
Exchange losseson quoted investments 3,544 3,544
investment property insurance 5,597 5,597
Total2024 89,520 89,520

Analysis of support costs

Designated Total
funds funds
2025 2025
£ £
Staffcosts 18,430 18,430
Office costs 3,212 3,212
Premises costs 4,520 4,520
Professional costs 1,766 1,766
Total2025 27,928 27,928

Page 21

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

==> picture [440 x 372] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |Designated|Total| |funds|funds| |2024|2024| |£|£| |Staff costs|27,321|27,321| |Office|costs|3,959|3,959| |Premises|costs|2,315|2,315| |Professional|costs|142|142| |Total|2024|33,737|33,737| |Analysis|of grants grants| |Grants|to|Total| |Institutions|funds| |2025|2025| |£|£| |Grant funding|341,954|341,954| |Grants|to|Total| |Institutions|funds| |2024|2024| |£|£| |Grant funding|825,630|825,630|

----- End of picture text -----

7. Analysis of grants grants

Analysis of grants

==> picture [443 x 144] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Restricted|Designated|Total| |funds|funds|funds| |2025|2025|2025| |£|E|£| |Grants|paid|to|institutions|in|the|current year|3,447|571,398|574,845| |Awards|-|8,950|8,950| |Payments|to|institutions|supporting|the|poor and|pensioners| |connected|with|the Tallow Trade|-|950|950| |Movement|in|grant creditor|(2,674)|(240,117)|(242,791)| |Total|2025|773|341,181|341,954|

----- End of picture text -----

Page 22

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

Designated Total
funds funds
2024 2024
£ £
Grants paid to institutions in the currentyear 439,887 439,887
Awards 11,230 11,230
Payments to institutions supporting the poorand pensioners connected with
the TallowTrade		 1,450 1,450
Movement in grantcreditor 373,063 373,063
Total2024 825,630 825,630

All grants are to institutions and are for the same charitable purpose as defined by the objectives and activities in the Trustee's Report.

Page 23

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

Analysis of grants (continued)

The following institutions received grants of £1,000 or more:

==> picture [443 x 594] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Restricted|Grants|to|Total| |funds|Institutions|funds| |2025|2025|2025| |£|£|£| |Cubitt Town|Junior School|-|170,000|170,000| |Leigh Academy|Halley|3,447|60,000|63,447| |Greig|City Academy|-|60,000|60,000| |The|Children's|Literacy|Charity|-|29,200|29,200| |Roots4Life|-|20,000|20,000| |Bart's|&|Royal|London|School|of Medicine|-|17,500|17,500| |City|University|Future|Professionals|-|14,000|14,000| |St|Paul's|Cathedral|Chorister Trust|and|Friends|of St|Paul's|-|11,837|11,837| |Voyage|-|11,816|11,816| |Skerries|for|Schools|-|10,500|10,500| |Guildhall|School|Trust|-|10,000|10,000| |Into|University|-|10,000|10,000| |Renaissance|Foundation|-|10,000|10,000| |London|Air Ambulance|-|8,400|8,400| |First Aid|Nursing|Yeomanry|(FANY)|-|8,000|8,000| |Manchester|University|-|8,000|8,000| |Reeds|School|-|8,000|8,000| |The|Poppy|Factory|-|8,000|8,000| |City|of London|Volunteer|Police|Cadets|:|7,500|7,500| |FOSFA|-|6,250|6,250| |Ahoy|Centre|-|5,000|5,000| |Batemans|Trust|-|5,000|5,000| |Clean|Break Theatre|Company|.|5,000|5,000| |London|Youth|Choir|.|5,000|5,000| |Lord|Mayor's|Appeal|-|5,000|5,000| |First|Battalion|The|Rifles|-|5,000|5,000| |Downright|Excellent|-|5,000|5,000| |Number Champions|-|5,000|5,000| |CERES|Reimagine|Science|-|5,000|5,000| |Emmaus|Suffolk|-|4,170|4,170| |London Symphony|Orchestra|-|4,000|4,000| |Switch|- Snow Camp|-|4,000|4,000| |lron|Bridge|-|4,000|4,000| |Believe|UK|-|3,000|3,000| |Future|Frontiers|-|3,000|3,000| |Open|City Architect|-|3,000|3,000| |The|Creative|Dimension|Trust|-|3,000|3,000| |The|Royal Academy|of Culinary|Arts|-|2,825|2,825|

----- End of picture text -----

Page 24

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements
FortheYearEnded5 April2025
Platform CricketTH Youth Support - 2,000 2,000
Sheriffs and Recorder's Fund - 2,000 2,000
HomersCompany ScienceOpens Doors - 1,400 1,400
City ofLondon Girls . 4,000 1,000
Total2025 3,447 571,398 574,845

8. Analysis of expenditure on charitable activities

Summary by fund type

Restricted Designated
funds funds Total
2025 2025 2025
£ £ £
Grantfunding 773 513,095 513,868
Support costs - 12,940 12,940
Total2025 773 526,035 526,808
Designated
funds Total
2024 2024
£ £
Grantfunding 998,738 998,738
Support costs 9,000 9,000
Total2024 1,007,738 1,007,738

Grant funding of £513,868 (2024 - £998,738) includes grants paid as per note 7 of £341,954 (2024 - £825,630) and support costs allocated as per note 9 of £171,914 (2024 - £173,108).

Page 25

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

9. Analysis of expenditure by activities

==> picture [439 x 322] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Grant|Support|Total| |funding|costs|funds| |2025|2025|2025| |£|£|£| |Grant funding|341,954|171,914|513,868| |Governance|costs|-|12,940|12,940| |Total|2025|341,954|184,854|526,808| |Grant| |funding|of|Support|Total| |activities|costs|funds| |2024|2024|2024| |£|£|£| |Grant funding|825,630|173,108|998,738| |Governance|costs|-|9,000|9,000| |Total|2024|825,630|182,108|1,007,738| |Analysis|of support|costs|

----- End of picture text -----

==> picture [440 x 174] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Total|Total| |funds|funds| |2025|2024| |£|£| |Staff costs|127,259|149,734| |Office|costs|3,212|3,959| |Premises|costs|13,561|6,945| |Other costs|20,581|12,044| |Professional|costs|7,301|426| |Governance|costs|(see|note|10)|12,940|9,000| |Total 2025|184,854|182,108|

----- End of picture text -----

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 allocated to grant funding activities. The remaining costs have been allocated with 75% relating to grant funding activities and 25% relating to time spent raising funds.

Page 26

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

9. Analysis of expenditure by activities (continued)

Office costs The office is owned by the Company and used by staff employed in the Company. The office costs incurred are for the purpose of both grant funding activities and raising funds. Costs have therefore been allocated equally to these 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 raising funds. Premises costs have been allocated with 75% relating to grant funding activities and 25% relating to raising funds.

Other costs Other costs relate to the award functions that are held in the Hall which is owned by the Company. The award functions relate wholly to grant funding activities and have therefore been attributed in this way.

Professional costs Professional costs relate to the pension management and payroll costs incurred by the Company for their staff. These have been allocated with 75% relating to grant funding activities and 25% relating to raising funds. This treatment is consistent with the treatment of staff costs.

10. Auditors' remuneration

2025 2024
£ £
Fees payable to the Charity's auditorforthe audit ofthe Charity's annual
accounts		 9,600 7,800
Fees payable to the Charity's auditor in respect of:
Allnon-auditservicesnotincludedabove 3,340 1,200

11. Trustee's remuneration and expenses

During the year the Trustees did not receive any remuneration, refund of expenses, or any other benefits (2024 - £NIL).

Page 27

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025 12. Investment property

Long term
leasehold
investment
property
£
Valuation
At 6 April 2024 1,403,569
Loss on revaluation (38,569)
At 5April2025 1,365,000

The investment property was revalued on 5 April 2025 by Rapleys LLP, who are external to the charity. The property has a current value of £1,365,000 (2024: £1,403,569) and a carrying amount at historical cost of £1,403,569. The depreciation on this historical cost is £nil.

13. Fixed asset investments

Listed Cash for re-
investments investment Total
£ £ £
Cost or valuation
At6April 2024 10,703,841 198,998 10,902,839
Additions
Disposals
Revaluations		 5,324,037
(5,196,683)
(643,660)		 -
(104,519)
-		 5,324,037
(5,301,202)
(643,660)
At 5 April 202
ae
ane2		 —SSS
40,187,535		 SSS
94,479		 nna
10,282,014
Included within the revaluation losses on listed investments are realised gains of£206,452 (2024 -
£187,971).
Debtors
2025 2024
£ £
Due within one year
The Worshipful Company ofTallowChandlers 780 -
Otherdebtors 37,303 40,818
Income tax recoverable (gift aid) 12,716 6,766
50,799 47,584
  1. Debtors

Included within other debtors is £Nil (2024 - £11,387) due from the designated fund to the restricted fund in relation to amounts owed for the Halley Academy appeal.

Page 28

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

15. Creditors: Amounts falling due within one year

==> picture [439 x 121] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Trade|creditors|89|81| |Other|taxation|and|social|security|6,050|2,138| |Other creditors|-|11,387| |Accruals|and|deferred|income|17,068|17,320| |Grant commitments|338,798|411,214| |362,005|442,140|

----- End of picture text -----

Included within other creditors is £Nil (2024 - £11,387) due to the restricted fund from the designated fund in relation to amounts owed for the Halley Academy appeal.

16. Creditors: Amounts falling due after more than one year

==> picture [439 x 40] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Grant commitments|107,075|277,450|

----- End of picture text -----

Page 29

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

17. Accrued funding commitments

Under one Over one Total
year year funds
2025 2025 2025
£ £ £
Grantcommitments broughtforward 411,214 277,450 688,664
Newcommitments entered into in year 174,304 167,650 341,954
Grants paid during year (584,745) - (584,745)
Commitments nowdue within one year 338,025 (338,025) -
Total2025 338,798 107,075 445,873
Under one Over one Total
year year funds
2024 2024 2024
£ £ £
Grantcommitments broughtforward 200,264 115,337 315,601
Newcommitments entered into in year 586,680 238,950 825,630
Grants paid during year (452,567) - (452,567)
Commitments nowdue within one year 76,837 (76,837) -
Total2024 411,214 277,450 688,664

Page 30

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

18. Statement of funds

Statement of funds - current year

==> picture [445 x 592] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|6|Gains/|Balance|at|5| |April|2024|Income|Expenditure|(Losses)|April|2025| |£|£|£|£|£| |Unrestricted|funds| |Designated|funds|12,031,439|760,414|(598,078)|(682,229)|11,511,546| |Balance|at|6|Gains/|Balance|at|5| |April|2024|Income|Expenditure|(Losses)|April|2025| |£|£|£|£|£| |Restricted|funds| |Restricted|fund|- FOSFA|2,840|.|-|~|2,840| |Restricted|fund|-|Leigh| |Academy|Halley|(11,387)|12,160|(773)|-|-| |(8,547)|12,160|(773)|-|2,840| |Total|of funds|12,022,892|772,574|(598,851)|(682,229)|11,514,386| |Statement|of funds|-|prior year| |Balance|at|Gains/|Balance|at| |6|April|2023|Income|Expenditure|(Losses)|5|April|2024| |£|£|£|£|£| |Unrestricted|funds| |Designated funds|11,422,084|747,473|(1,097,258)|959,140|12,031,439| |Balance|at|Gains/|Balance|at| |6|April|2023|Income|Expenditure|(Losses)|5|April|2024| |£|£|£|£|£| |Restricted|funds| |Restricted|fund|-|FOSFA|2,840|-|-|.|2,840| |Restricted|fund|-|Leigh| |Academy|Halley|(20,762)|9,375|-|.|(11,387)| |(17,922)|9,375|-|-|(8,547)| |Total|of funds|11,404,162|756,848|(1,097,258)|959,140|12,022,892|

----- End of picture text -----

Page 31

a

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

19. Summary of funds

Summary of funds - current year

Balance at 6 Gains/ Balance at 5
April 2024
£		 Income
£		 Expenditure
£		 (Losses)
£		 April 2025
£
Designated funds 12,031,439 760,414 (598,078) (682,229) 11,511,546
Restricted funds (8,547) 12,160 (773) - 2,840
12,022,892 772,574 (598,851) (682,229) 11,514,386
Summary offunds - prior year
Balance at
6 April 2023
£		 Income
£		 Expenditure
£		 Gains/
(Losses)
£		 Balance at
5 April 2024
£
Designated funds 11,422,084 747,473 (1,097,258) 959,140 12,031,439
Restricted funds (17,922) 9,375 - - (8,547)
11,404,162 756,848 (1,097,258) 959,140 12,022,892

Fund descriptions

a) Designated funds The designated fund derives from the charitable receipts, tax recoveries and other support from the Company and from its Members, which are treated as capital to be invested. Any capital or income not required for the immediate charitable purposes of the Trust is reinvested by the Trustee.

b) Restricted 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 deficit on the Leigh Academy Halley restricted fund had arisen due to amounts paid over to the Leigh Academy Halley 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 this had not been paid over as at 5 April 2024. The Trust had made the additional payments to the Leigh Academy Halley Appeal on the basis that the remaining donations pledged would be received from the members. The deficit on the Leigh Academy Halley restricted fund reversed in the current financial year.

Page 32

aq

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

==> picture [445 x 586] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Restricted|Designated|Total| |funds|funds|funds| |2025|2025|2025| |£|£|£| |Fixed|asset|investments|-|10,282,014|10,282,014| |Investment|property|-|1,365,000|1,365,000| |Current assets|3,613|332,839|336,452| |Creditors due|within|one|year|(773)|(361,232)|(362,005)| |Creditors|due|in|more|than|one|year|-|(107,075)|(107,075)| |Total|2,840|11,511,546|11,514,386| |Analysis|of net assets|between|funds-|prior year| |Restricted|Designated|Total| |funds|funds|funds| |2024|2024|2024| |£|£|£| |Fixed|asset|investments|-|10,902,839|10,902,839| |Investment|property|.|1,403,569|1,403,569| |Current assets|4,025|432,049|436,074| |Creditors|due|within|one|year|(12,572)|(429,568)|(442,140)| |Creditors due|in|more|than|one|year|-|(277,450)|(277,450)| |Total|(8,547)|12,031,439|12,022,892| |Reconciliation|of|net|movement|in|funds|to|net|cash|flow from from|operating|activities| |2025|2024| |£|£| |Net|income/expenditure|for the|year|(as|per|Statement|of|Financial| |Activities)|(508,506)|618,730| |Adjustments|for:| |Losses/(gains)|on|investments|682,229|(959,140)| |Dividends|and|interest from|investments|(387,961)|(354,179)| |(Increase)/decrease|in|debtors|(3,215)|132,151| |(Decrease)/increase|in|creditors|(250,510)|372,227| |Net cash|used|in|operating|activities|(467,963)|(190,211)|

----- End of picture text -----

21. Reconciliation of net movement in funds to net cash flow from from operating activities

Page 33

K,, e¥

Tallow Chandlers Benevolent Fund No 2.

Notes to the Financial Statements For the Year Ended 5 April 2025

22. Analysis of cash and cash equivalents

2025 2024
£ £
Cash in hand 285,653 388,490
investment cash 94,479 198,998
Totalcashandcashequivalents 380,132 587,488

23. Analysis of changes in net debt

At 6 April At 5 April
2024 Cash flows 2025
£ £
£
Cash in hand 388,490 (102,837) 285,653
388,490 (102,837) 285,653

24. Related party transactions

The Worshipful Company of Tallow Chandlers

Trustee

During the year the charity received a notional donation in kind of £196,694 (2024 - £205,801) which represents the value of the expenditure borne by The Worshipful Company of Tallow Chandlers in providing support services to the Tallow Chandlers Benevolent Fund No 2.

Total donation income received by the charity in the year, including the above notional donation, amounted to £196,694 (2024 - £205,801).

At the balance sheet date the amount due to the charity from The Worshipful Company of Tallow Chandlers was £780 (2024 - £Nil).

Page 34