Charlty numbof: 246255 Tallow Chandlers Benevolent Fund No 2. Audlted Trustso's Report and Flnanclal Statements For the Year Ended 5 Aprll 2026
Tallow Chandlers Benevolent Fund No 2. Contsnts Page Rof•renc• Ind Admlnlstratlve Dptall# of th• Charfty, Its Trugt•• and Advlg•rn Trustso'• R•port Ind•p•ndont AudltOV8' Report on the Flnan¢lo1 Ststoment• St•tsm•nt of Flnanclol Actlvltl•4 7-10 11 B•l•nc• ShMt 12 8t•t•m•nt of Ca•h Flo 13 Mol•s to th& FinanGi•l 8t•t•m•nts 14-32
Tallow Chandl•rs Bgnovol¢nt Fund No 2. Rofgronce and Admlnlstratlve Detalls of Charlty, Its Trustee and Advlsars For tho Year Ended 5 Aprll 2026 Trustee The Worshipfvl Company of Tallow Chandlers Charity rngi$tor number 246255 Prlnclpal office Tallow Chandlers, Hall 4 Dowgate Hill London EC4R 2SH Ind•p•ndont •uditor• Kreston Reeves Audit LLP Springfield House Springfield Road Horsham Wesl Sussex RH12 2RG B•nk•r• Coutlg & Co 440 Strand London WC2R OQS Inv••tm•nt managers Quilter Ch&viot Llmllod Senator House 85 Queen Victoria Street London EC4V4AB Page 1
Tallow Chandl•rs Benevolent Fund No 2. Trustee's Report For the Year Ended 5 Aprll 2026 Introduction The Trustee presents the Report and the audited financial gtalemenls for the year 8nded 5 April 2026. These have been prepared in 8ccordance with the Trust Deed and the Slaternenl of Recommended Practice ISORPI "Accounting and Reporting by Charilles. IFRS 1021. Stw¢turè. govèmanco, and managèment The Trust was established in 1979 and Is governed by a Trust Deed dated 25 September 1979. The Master and Wardens of The Worshipful Company of Tallow Chandlers I'the Company'l as advised by the Court of Assistants have the power lo appoint Trustees. In 2017 the Company was appointed as the sole Trustee. The managernenl of the TTUSt Is vested in the Company and its appointed Education & Charity Commlttoe. Management and administrave resources are provided by The Worshlplul Company of Tallow Chandlers. The notional value of these support Services is £183,51312025- £196,694) as per Note 4 of the flnanclal slalemenls. In¥•stm•nt Pollcy The main objectives for the Charills investment portfolio are lo.. 111 preserve the Charity'5 reseNes in real temis after allovlng for Inflallon,. 121 deliver a reasonable overall total return acros8 the investment cycle., 13} ensure 8ufficlenl liquldity to fund the commltted donations The Trustee has a del8iled Statement of Investment Pollcy %thlch is regularfy revi•wed and communlcated lo the Chaty,$ Inve31menl advisors. The Charity wishes to be a responsible investor. Environmental, social and governance IESG} criteria are a set ol standards for an entity's operations that socially conscious investors, such as the Charlty, consider when reviewing their inveslments. Environmental criteria conslder how a company performs as a steward of nature. Social criteria examine how11 manages relationships with employees, suppliers. cu51emers, and the cornmunilie$ where It operates. Governance deals wlh a company'5 leadership, executive pay, aufjils, inlemal controls. and shar8holder rights. The Chanty's investment managers are instructed lo lake account ¢1 ESG issues in their investment analysis and decision-rnaking processes and engagè with the Charity management en appropriate. The manager has categori8ed the Charityg responslble investment preference as 'Aware' whleh means that the aim 18 to oplimi3e the Charills stipulated returns for the given level of risk, believing that lo achleve Ihls, being awaie ol environmental, Social and governance factors are important inputs. Each year Ihey have lo provide a etsiled Responslble Invesbmenl report to the Charity, covering aclivrty and engagement specific lo the Charity'$ investmonls. Fund Ralslng Pollcy The Charity derives lis income from investments, and donations from the members of the Tallow Chandlers, Company. Conseqvenlly, there is a minimal level of flsndraising from third parties and theTefore th& ¢h8rily has not signed up to a code of conduct. ObJectSves and acttvlt6e8 for the publlc nlIt The TTUSt is established for charitable purposes. 11 sUPPOrts charities and charitable organisalions that provide public benefit by providing donations, bursaries. and scholarships. The Trust's prlncipal aim is to provide relevant, focused support, through givlng for the benefit of disadvantaged young people in the Greater London area, lo en¥ouragE them to $ucceEd in life. Thi$ support is primarily pr¢vided through eduGalion. In achieving this aim, the Trust is providing public benefit and meetsng its requirement$ of being established for charllable purposes. The Trustee seeks lo achieve an impact through a structured programme of giving and by drawing on the support of the Tallow Chandler5' Company, ils rnember5, trade links. City connections, and wder affiliations. Page 2
Tallow Chandlers B•n¢vol•nt Fund No 2. TrustÈÈ's Report lcontinuedl For the Year Ended 5 Aprll 2026 Obj8ctlvo5 and acllYltle$ for the publlc bonofit {continudl The Trustee regulady reviews the impact of the support given by ongoing engagement wth the relevant charits'es and charitable organisab'ons. Through the support of the members of the Tallow Chandlers. Company, a netsvork of links wrth the individual bodies has been established and each new applicats'on for support Is carefully revlewed and discussed to a8ses8 the impacl the rèquested support would have. Grants and awards disbursed durfng the year, before any movements in grant comrnitmen15 in the year, lotalled £468,103. Please refer lo Note 7 of the financial statements. The Trustee has referred lo Charity Commission guidance on publlc benefjt whan reviewing aims and objecb'vos. planning for the fulure. and setting grant making poli¢y. Achl•vemnts ond pèrfomiance Our flagship beneficiaries. which re¢&iv8 our largest annual donaliens and programmes of non-financial 8UPPOrt, are Greig City Academy in Haringey. Leigh Academy Halley Iformerly The Halley Academy) in Greenwich, and Cubltt Town Primary School in Tower Hamlets. All three schools have a high proportion of students receiving free school meal$ and a high proportion of ¥ludenls from ethnic minority backgrounds. The proporuon of students that have English as an addltlonal language IEALI is also very high. The donabons are intended lo enhance and add volue and do not contribute to core costs or dellvery of tho sl¥nd4rd currfcula. In September 2022, the Company embarked on a new gtrand of Its strategy regionalisalion. Three volunteer ragional coordinators. one for each of the Company's flagship schools, started the process of identi.n9 individual chadlies, educational 6818bllshments and youth organisations In the schools, regional areas whlch would add value to the school 'outsSde the school gales, and enhancè the Company'5 SUPPOrt lo that 8¢hool. Our relationshSp 1 Greig Clty Academy began in 2013, wth the donation malnly focusslng on STEM suty'ecls and achievements, and assisting students with thelr tran511ion lo unlverslty, lurther education, or employment. Two Tallow Chandler members sil on the Board 45 Govemors. Bur83rie8 are presented lo Year 13 students who have displayed the bfjst combination of applS¢alon and effort, made excellent progress and have the polenll81 lo achieve the best grAde In the publi¢ examinations. Bursaries are alyo awarded to students who go on lo univer8ity. We have facililaled unlver811y visits. partlclpaled in career5 fairs and mentoring events, and our donation h85 ronlribuled lo the costs of parbcipation In intemallonal Robotscs competitions and STEM trlps and fleldwork. The STEM Cgnlre, in ¥M)ich the Trustee has previously inveBted, ha8 contlnued lo be used to facilitate the Academy's programme of extra-curricular STEM aclivits'es. such 8s the robotscs league which supports primary schools in the local area. Some of the donation allowed students lo allend and successfully compete in the VEX Robotlcs Worfd Championships 2025 in Dallgs, USA. A one off donation of £6,000 was approved in November 2023 to Voyage. a social Justice charlty tsckllng racial imbalance in London th a focus on young black people. Working wlh 20 Year 9 and 10 pupils 8t the school (those at risk of exclusion, displaying antisocial and challenging behaviour, underperforming al GCSE and al rl$k of parti¢lpatlng In gang related aclivityl through ils Safe in the City Programme. the charity was given a three-year donation of £6.366 per annum to continue lo run the programme and hold associated teacher training. Supported with a one-off donetion of £2,000. Th8 Royal Academy of Culinary Art$. Adopt A School programme offers secondary school pupils tood preparation and knife skills delSveTed by a professional chef, as well as opportunit169 for catering apprentice8hlps, vl81ts lo professional kitchens, and its Chef on the Farni programme. First sUPPOrted in 2024 as a new inits"ative, and again this year wilh a donab.on of £14,000, the Future Professionals Summer School run by City St George'3 university offers 20 pupils from Greig City Academy and 20 from Leigh Acaderny Halley access to and kedge of working in the fields ol health, law, buslnegy, science anrj lechnology, polits.cs and the creative Industries. Both schools have fed back on how valuable the week is and how much il has P0511ively impacted Ih05e pupils who 4ttEnd. Page 3
Tallow Chandlers Bènevolont Fund No 2. Trustfre'5 Roport l¢ontlnu•dl For the Year Ended S April 2026 Achlevements and porfomiancB Icontlnuedl Support to Leigh Academy Halley Iformerly The Halley Academy} began in 2017, wth the award of their first donation of £20,000, now £60,000 per annurn. Now part of the Leigh Academies Trust, a Company mernber continues in the role of Director at the Trust, and a Company member 8it8 on the Board as Govemor. Members of the Company participate In a range of mentoring, employability and careers events. Plattorm Cricket, which focuses on children in inner London through coaching programmes and community cricket clubs in areas vthere there is high child povety and Ilttle OT no cricket provision, continues to be 5UPPOrted wth a three year funding donation of £2,000 per annum. A donation of £10.QOO to support the provlslon of T Levels ot the School was match funded by Clty & Gullds. The Children's Literacy Charity was given a three-year donalSon of £15.000 per annurn specrfically to WOTk with Year 7 and 8 pupils wth a Reading Lab programme and a Reader Lea(Jer peer mentorin9 programme. both designed to Close the reading age gap. Cubitt Town Primary School was awarded a three year grant by the Company In 2016., originally £15,000 per annurn, the annual donation 18 now £60,000 per annum. Pupil$ parUclp818 In the Launch Car Challenge. on annual STEM prograrnme hosted by Read's School, which the Trustee yupport$ wlh a £2,000 per annvm donation over three years. Puwls 81G0 visit the Hall to take part In an annual Dragons, Oen-style Science Competition. The Royal Academy of Culinary Arts, food and nulrltion programme, Adopt 8 School, hag been ¥upportgd th1$ yeaT with a donation of £825. Open City was moved onlo a Ihree-year donation of £3,500 to continue its Architecture in Schr)ols STEM and Design programme at Cubitl Town Primary School and one other primary school in Tower Harnlets. The AHOY Centre, offering pupils from inner London opportunltl•s to engage in on the watér activities and courses, continues lo receive a three year donation of £5.000, and offers an annual day salling programme for Cubitt Tovm Primary School pupils. The Chlldren'5 Llleracy Charlly working wllh the school was awarded a three-year donation cycle of £15,000 per annum lo contlnue Literacy Lab programme which aims to close the literacy gap for pupil$ in Key Stage On•, most of whom have special educational needs, receive free school lunches, have complex home situations which prevent them from Ilourishing. or are from non English speaking backgrounds. The Trustee approved a new donation of £5.000 to The Felix Project, a large food di8lribLrtion Charity ch redistributès high-quality surplus food lo community-ba5ed organisations across London. The Charlty now delivers surplus food to the school, whlch has a free School meal eliglbility of 48.8%, for distribufjon lo Its community. City of London inslilutions, our associated trades and affiliated military organisalions are important parts of the Company'$ culture. Support within the Cty of London during the year included donations lo the Lord Mayovs Appeal, the Sheriffs, and Recorder's Fund. City of London School lor Girf$, City & Guilds. City of London Sehool. and Crty of London Volunteer Police Cadets, Bursaries and scholarships were funded al Barts and the London School of MedicAne and Denty'stry, Guildhall School of Music and Drama, and Sl Paul'5 Choristei School. Bvr5ary support and awards lo our trade links, the FedeTats'on of Oil$, Seeds 3nd Fats Associab'ons IFOSFAI anil bp. continue. A donation of £5,000 per annum over a three year period continues to be glven to First Battalion The Riftes for rtg Always a Riflem8n programme, along th support of £8,000 per annum lo recruits al First Nursing Yeomanry. The Trustee approved 62 grant5 to a total of 56 OTganisations. In all cases, the Trugtee has ceiVed appropriate acknoedgeMent of their award and a summary of the benefits and impact this has enabled for the public benefft. Page 4
Tallow Chandlers Benevolent Fund No 2. Trust•o's R•port Icontinuodl For thè Yèar Ended S April 2026 Achlovaments and performan¢& Icontlnuedl During the year £337,975 of grant ¢ommitm&ntS Provided for last year were paid. together wth £130,128 of grant commitments entered into this year. A further £240,582 of grant commitments were provided for this year. The overall result is a decrease in the prowsion of £97,393. AAhough not supported by separately identrfied endowments, sevetsl Small and ancient charllies were paid £700 in total by stsnding order out of General Funds, lthilst they are 8vailable. Grnnt rnaklng poll¢y Our members make generous contribution5 to the Tallow chandle Benevolent Fund each year which, combined with the Gift Aid recoverable and an annual gift from the Company itself, go towards increasing Ihe capital of the fund. Each year the Charfly budgets lo disburse an amount equal to 3% of the average of the last 20 quarterly valuats'ons of the total capital of the fund, together with 90% of the rental income from the investment property. Combined th lime given by our members this enables us lo make significant donations that can have real Impact. Thiy practice allows continuity of support to our Garelully selected cause8 over a number of year8, even In the event of periodic downturns in investment performance. The Charlty is further protected against diminution in ils capital by Ils pradce of Making commitments for a maximum of three years and reviewing each charity every three years. This would enable, in any one year, reduction, if d&emed necessary. of up to one Ihlrd of our glving. Flnanclal rfjvlew In the year to 5 April 2026. there was nel Income befor8 Tecognised galns and10sses of £107,79112025- £173,723) and a nel Increase in total funds of £2,165,55412025 - net decrease in total fund5 of £508,506). The value of the fixed asset Investments held by the Trust Increased from £10,282,014 al 5 Aprll 2025 to £12,290,517 at the year end. This increase in value CQmPTiBed acquisitions during the year of £1,381,791 les8 dlsposals of £1,388,770. The balance of £2,015.482 resLslls from an Increase in market value of investrnents of £2.057,763, together with 8 decrease in cash balance$ of £42,281 from £94,479 at the start of the year to £52.198 at the end. Total incoming resource5 were £720.761 12025- £772.5741. The principal funding ¥ource$ arise from donation income from the members of The Worshiplul Company of Tallow Ch8ndlers and from incorne generated by the fixed asset inveslmenls. Resorvgs poll¢y The Trust has an accounting policy lo treat 89 De3ignaled fvnds the charitable receipts, tax recoverie5, and other 5UPPOrt from the Company and from Its Members, which are treated a5 capitsl lo be Invested. thus conllnulng the ¢haritsble activities of the Trusl for the long temi. Any capllal or income nc*t requlred for the Immediate charitable purpose of the Trusl is reinvested. The Trust uses the inve¥ted fiJnds to generate a return to provide for the long-term a¢tlvitles as descrlbed in the Grant making policy. Tho level of designated funds held at the year-end was £13,677,10012025- £11,511,546). The Trust has an accounting policy to treat as Reglrlcted funds any ¢harilable receipts, whlch on the instruction of the donor, are to be used for specific purposes. Al the year end the restn'cted funds held were £2,84012025- £2,840). Page 5
Tallow ChandlèT• Benevolent Fund No 2. Twsteè's Report Icontinuadl For th? Year Ended S Aprll 2026 Plans for Futur• Periods The Trustee will continue to approve and distribute Grants in accordance wth the Grant Making Policy. Trustse's Ro8ponslbllltles Statsments The Trustee Is responsible lor preparin9 the Tru$lee'$ Annual Report and the financial statements in acc¢rdan vAth applicable law and United Kingdom Accounting Standards (United Kingdam Generally Accepted Accounting Practice). The law applicable to charities In England & Wales requlre8 the Tru8tee ta prepare financlal statements for each financial year which give a true and fair view of the stale ol affair5 of the Charity and of the incoming resource5 and applicakn.on of resources of the Charity for that period. In preparing these financial Statements, the Trustee is required to.. select Suitable accounllng pollcle8 and then appty them cons5slenlly', obs8N& th& m&thods and Prinaples in the Charities SORP 2015 IFRS 1021.. make jvdgemenls and esbmales that are reasonable and prudent., tste vthether applicable accounting 81andards have been followed. Bublect lo any malerfal depJrtures discloged and explalned in the finanaal slalemenls.. prapare the financial stslemenls on the golng concem ba8ls unlo5s11 Is Inapprcpriate to presume that the Charity wll continue In operation. Approved by order of the Court and slgned on It8 behalf by.. _IL4- MrJ Spence, Master On tsehf ol The Worshiplul Company of Tallow Chandlèrs Trustee Date.. 71, (J.4 2Q26 Page 6
Tallow Chandlors Bon•volont Fund No 2. Indopendent Audltors. Report to the Member5 of Tallow Chandlers Benevolent Fund No 2. Opinion We have audited the financial statements of Tallow Chandlers Benevolent Fund No 2. Ilhe 'Charily'l for the year ended 5 April 2026 which comprise the Stalernent of financial aclivits"es, the balance sheet, the statement of cash flows and the related notes, induding a summary of significxnl accounting poli¢ies. The finanual reporh.ng framework that has been applied in their prepar81ion Is applicable law and Unrted Kingdom Accounllng standards, including Financlal Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, {Uniled Kingdom Generally Accepted Accounting Practice). The financial Btalemenls have been prepared in accordance wth Accounting and Reporting by Charits'es preparing thelr accounts in a¢cordance with the Financial Reporting Standards applicable in the UK and Republlc of Ireland IFRS 1021 in preference to the Accountlng and Reporting by Charities". Statement of Recommended Practlce issued on 1 April 2005 which 15 referred to in the exianl regulations bul has been wlhdrawn. Thig has been d¢)ne in or(Ser for the accounts to prowde a true and fair view in accordbnce wlh the Generally Accepted Accounting Practice effective for reportlng perlods beglnnlng on or after 1 January 2019. In our opinion the flnancial statements.. glve a true and fabr vlew of the $1gle of the Charity's affairs as at S April 2028 and of Its incomlng TesouTce$ and appllcation of resources for the year then ended., have been properfy prepared in accordance wth United Kingdom Gen&rally Acceplad Accounting Practlce,. and have been prepared in 4ccordance wth the requlremenls of the Charities Act 2011. Basls for oplnlon We conducted our audll In accordance wlh Inlematlonal Standards on Auditing IUKI IISAS IUKII and 9pplicable law, Our responsibilities under those glandard$ ore further describ8d In the Auditory, responslbilllies for the audit of the financial statements section of our report. We are independent ol the Charity in accordance with the elhlcal requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom, including the Flnancial Reporting Council's Elhi¢al Standard. and we have lulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audrt evidence we have obtained is 8ufflclent and appropriate to provide a basis lor our opinion. Concluslons rel¥tlng to golng conc•m In auditing the financjal statements. we have cencluded that the Trustee's use of the golng coneem ba515 of accounting in the preparation of the financial stslements iy 8pproprf8te. Based on the work we have performed, we have not identified any material uncertaints'es relating to events or conditions that, individually cr colleclivety, may cast significant doubt on the Charitys ability to continue as 8 going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilitie5 and the respon8ibilitse8 of the Trustee wlh re8pe¢t to golng ccncem are des¢rObed in the relevant secbons of this report. Page 7
Tallow Chandlers Benevolent Fund Mo 2. Independent Audltor' Report to the Members of Tallow Chandl•rg 8en•vol•nt Fund No 2. Icontlnuedl Olhgr Informatlon The other information comprises the infomialion included in the Annual Report other than the financial Statements and our Auditors, Report Ihereon. The Tru3tee is responsible for the other information contsined Ihln the Annual Report. Our opinion on the financial stslements does not cover the other infomiation and, except to the extent otheiSe explicitly 51aled in our report, we do nol express any fom of assurance condusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other nforynalion is materially inconsistent with the financial statements or our knovAedge obtsined in the course of the audit, or otherwse appears to be materially mlsslated. If we identify such material inconsistencies or apparent matefial misstatements, we are required lo determine whether this gives rise to a material misstatement in the flnancial slatelnenls themselve5. If, based on the work we have performed, we condude that there is a material mi8518lemenl of Ihls other infomialion, we are required to report that fact. We have nothing to report In thls regard. Matt•rn on whlch w• arn r•quir•d to report by exc•ptlon We have nothing to report In respect of the followlng rnatters where the Charwes IA¢counts and Reports) Regulations 2008 roqulres us to r•port to you rf, in our opinlon.. the information given In the Trustee's Report Is Inconslslent in any malerfal r•sp•ct vllh the financial glalementg.. or sufficient accounllng records have not been kept.. or the financial stalements are not in agreement wllh the a¢ccunting records and relum8,' or we have not received all the information and explanation$ we require tor our audit. R••ponGlbllltlei of Tru8ts•8 AS expl4ined more fully in the Trustee's responsit*'lilie5 statement, the Trustee is re$pon31ble for the preparation ol the ffnanclal statements which give a true and fair view, and for such internal control 88 the Trv8tee determines Is necessary lo enable the preparalon of finanaal 81atemenl$ that are free from malerlal misstatement, whether due lo fraud or error. In preparlng the financial statement8, ihe Trustee 1$ responsible for asse58ing the Charity's ability lo continue as a going concem. disclosing, as applicable, matlers related to going eoncem and using the going concem basis of accounting unle85 the Tru51ee either intends lo liquidate the charity or to cease opeTats'on$, or have no rea115tic allernative bul lo do so. Page 8
Tallow Chandlera Benevolent Fund No 2. IndendOnt Audltord. Report to the Momb8r8 of Tallow Chandlorn 8enevolgDt Fund No 2. Icontlnued) Audltor¥' responslbllltles for tho audlt of the ff nanclal 8tatsmgnts We have been 8ppointed as auditor under Section 144 of the Charities Act 2011 and report in accixdance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the financial statements as a vthole are free from material misstatement, whether due lo fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable 08sur8nce Is a hlgh level of a8$urance, bul 1$ not a guar8nlee that an audrt conducted in accordance with ISAS IUKI wll alw8y5 delecl a material misststemenl when il exists. Misstatements can arise from fraud or error and are cvnsidered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic dedsions of users taken on the ba$1¥ of these financial statements. Irregulartdes, Includlng fraud, are Inslgnces of non-compliance wllh laws and regLtlollon$, We deslgn procedures in line wth our responslbililies, outlined above, to delecl material ml8slalemenls in respect of Irregularities, including fraud. The extent to which our procedures are capable of delecb'ng Srregularili¢$. including fraud Is detalled below.. Capabillty of the audi¢ in detoctlng iffegulanlles, includlng fraud Based on our understsnding of the Charity and the sector as a whole, and through dSscusslon wlh the Trustee and other management las required by auditing ¥landard81, we Identified that the prlnclpal risks of non- compliance wlh laws and regulationg related to Charity Law. We considered the extent to which nonmplIsnce might have a material effect on the financial slatemenls. We also considered those laws and regulations that have a direct Impact on the preparats'on of the financial statements such as the Charitie9 SORP IFRS 1021 Second Edition (released October 20191 and other relevant charfty leglslallon. We communicated Identified lawg and regulations throughout our team and remained alert lo any indlcab.ons of non-cornpliance throughout the audit. We evaluated the Trustee and management's incenknves and opportunities for fraudulent manipulallon of the financial $lalemenls Ilncluding the risk of override of Gontrolsl and determlned that the principal risks rèlated to posting Inappropriate journal enlrles lo Sncrease revenue or reduce expenditu. management bias in accounting eslimales and judgemenlal areas of the financlal statements and the recognition of granl ommilments in the finoncial slalemenls. Audtt procedure8 performed by the engagement team Included.. Discussiong th management and a55essmenl of known or Suspected instances of non-compliance th laws and regulations 8nd fraud, and revlew of the reports mad• by man8gemenl', and A55essmenl of identsfied fraud ri8k factws.. and Challenging ag8umplions and jLbdgements made by management in it5 significant accountlng 88limale5,' and Performing analytical procedures to identify any unusual or unexpected relatlonshlps, Including related pafty transactions, that may indicate risk5 of material misslatemenl due Ic fraud,. and Confirmation of related parties wth management, and review ol transactions throughout the period to Identrfy any prevlously undisc105ed Iransacu'ons wlh related parties outside the nornial cours¥ ol bu5ines5,' and Reading minutes of meetings of those charged wlh governanre and reviey¥ing corre5ponden¢e wth relevant tax and re9ulalory authoritie$', and Performing analytical procedures with automated data analytics tools to idents'fy any unusual or unexpected relationships, indudlng related party transactions, that may indlcate rfsk5 of material misstatement due lo fraud,. and Revlew of significant and unusual transactions and evaluation of the underlying financial rallonale supporung the tran8aclion8". and Verification of year-end cash at bank b81ances to an ex1emal bank audit letter,. and Identifying and testing joumal entries, in particular any manual entries made at the year end for financial stslement preparation. Because of the inherent limitations of an audit, there is a risk that we wll not detect all irregularities. induding those leadin9 to a material misslalement in th& 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 slalemenl$, as we will be less likely lo become aware of instance5 of non-compliance. Page 9
Tallow Chandlers Benevolent Fund No 2. Indopondfjnt Auditorn. Roport to the Mombgrs of Tallow Chandlers Benevolent Fund Mo 2. (continu•dl As part of an audit in accordance wth ISA5 IUKI, we exercise Professional judgement and maintain professional scepticism throughout the audit. We a150'. Identify and asgess the risk8 of material misstatement of the financial stslements, whether due to Iraud or error, design and perfomi audit procedures reBponsive to those risks, and obtsin audit evldence that is Sufficient and apwopriale lo provide a b8819 for our opinion. The risk of not delecling a material misstatement resulting from fraud 18 higher than for one resuming from error, 88 fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override ol internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinlon of tho effectiveness of the Charity's internal control. Evaluate the appropriateness of accounting policias used and the reasonablenesB of accounting eslimateg and related disclosvres made by the Trustee. Condude on the appropriatenes5 of the Trustee's uge of the going concem ba818 of a¢¢ounllng and. based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cayl significant doubl on the Charity'5 ability to continue as a going concern. If we condude that material uncertainty exists, we are required lo draw attention in our Auditors, Report lo the related di$clo$ures in the financial statements or. if Such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Audrtor8' Report. However, future evenl5 or conditlons may use the charity to ¢ea$e to continue as a golng concern. Evaluate the overall presentatlon, structure and content of the financial Statements, Includlng the disclosures, and whether the fin8ncl81 statements represent the underlwng transactions and evenl$ In manner that achieves fair presentation. We ccmmunicate with those charged govemance regardlng. among other matters, the planned scope and 'ming of the audit and significant audit findlngs. Including any significant deficiencies in Inlemal control that we idenufy during our audlt. U8• of our roport This report18 made solely to the chaTIty's TNslee, a8 a body, in accordance with Part 4 of the Charftle8 (Accounts and Reports) Regulallon$ 2008. Our audit work has been undertaken so that we might stale to the charity's Truste& those matters Yve are required lo $18le to them in an Auditors. Report and foi no other purpose. To the lullest extent perniitled by law, we do not accept or assume responsibility lo anyone other than the charity and its Trustee, as a body. for our audit work, for thls report, or for the opinions we have fomied. Kro•ton Reeve8 Audlt LLP Statutory Auditor Horgham 08te. > J,4 a2 b Kreston Reeves Audit LLP are ellglble to act as auditors in terms of section 1212 of the Companies Act 2006. Page10
Tallow Chandler8 Benovolont Fund No 2. Statsment of flnanclal actlvllles For th• Y•ar Endad S April 2028 ReBtrlcted funds 2026 Dosignatad funds 2028 Totsl funds 2026 Total funds 2025 Note Income from: Donations and leg8cle$ Investments 360,295 360,466 360.295 360.466 384,613 387.961 Total Incorn• 720,761 720,761 772,574 Exp•ndltur• on: Ral$ing funds Charftsble 8ctivllies 73,118 $39,852 73,118 539.862 72,043 526,808 Total exp•ndltur• 612,970 612,970 598,851 Net Income bfrfore net g•ln•lllo•#•sl on InveBtm•nt• Net gaSn(lo$S8sI on Investments 107.791 2.067,763 107,791 2,057,763 173,723 1682.2291 N•t movoment In fund¥ 2,165.554 2.165.$54 1608,5061 Roconclllatlon olfvnd•: Total funds brought foward Nel movement in funds 2,840 11,611.546 2,165,554 11.514,386 2.165,554 12,022,892 1508,5061 Total fund4 carrlgd forward 2.840 13.677,100 13.679,940 11,514,388 The Slalemenl of Flnancl81 Activities includes all gains and105ses recognlsed In the year. The notes on pages 14 10 32 fom part of thege financial statements. Page11
Tallow Chandlers Bene¥olent Fund No 2. Balance Sheet As at S April 2026 2026 2025 Note Flxed assets Inveslmentg 13 12 12,290,$17 1,365,0110 10,282,014 1,365,000 Investment property 13,655.517 11,647.014 Current as••ts Debtors Cash al bank and In hand 14 41.802 368,1102 50,799 285,653 399,804 338,452 Credltorg.. amounts falling due wllhln one year 15 (234.1161 1362,0051 Nèt ¢uir•nt ••••t• I Viabllltl••) 165.189 125.5531 Total a•••ts le¥• currnnt Ilabllltlej 13,820,706 11,621.461 Creditor¥'. amounts falling due after more than one year 16 1140,7661 (107.0751 Net •s••t• 13,079,940 11,514,388 Total n•t a*••t• 13,879.940 11,514,386 Charlty funds Restricted fvnds Unrestricted fund5 18 2.840 13.677,100 2,840 11,511,546 18 Totsl fund 13.679,940 11,514,386 The financial statements were approved and authorised for issue by the Truylee and signed on their behaw by.. MrJ Spence, Mast•r On behalf of The Worshi ul Company of Tallow Chandlers Date.. The notes on pages 14 to 32 form part of these financial statements. Page 12
Tallow Chandlers Benevolent Fund No 2. Ststsmonl of Cash Flowg For th• Year Endod 5 Aprll 2026 2026 2025 Nots Cash Ilow8 from op•r•ting •ctlvltle¥ Nel cagh used in operating advltles 20 1337,377) 1467,9631 Cash Ilowj from Invgstlng actlvltl•s Olvidends. interes18 and rents from investments Proceed$ from 8818 of investments Purcha8e of investments 360,466 387,961 1,388,770 5,196,883 {1,381,7911 15,324.0371 13 13 Ngt ca•h provldod by Inv••tlng a¢tlvltl•• 367,445 260.607 Chang• In ca•h and ci•h •quival•nt• in th• y•ar Cash and cash equivalents at the beginning of th8 year 30,068 1207,3561 587.488 380,132 Ca•h Ind ¢•¥h •qulv•lonts at th• •nd of tho year 21 410.200 380.132 The notes cn pages 14 to 32 fomi part of these flnancial 8tat•monl8 Page 13
Tallow Chandlers Bgn•volent Fund No 2. N¢tes to tho Flnan¢lal Stat•ments For th• Y•ar Endèd S Aprll 2026 General informatit)n Tallow Chandlers Benevolent Fund No 2. constitLrtes a public benefit entity as defined by FRS 102. Its registered charity number is 246255. The financial statements have en prepared in sterting, whlch 58 the functlonal currenw of the chanty, and rounded lo the nearest £1. A¢eountlng pollcl 2.1 Ba81s of propar•tlon ol flnanclal 8tatsm•nts The financial ststemonls have been prepared in a¢¢ordan¢e wlh the Charitie¥ SORP IFRS 1021 A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities pparing their accounts in accordance wth the Financial Reporng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectlve 1 Jonuary 20191, the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a Irue and falrf view and have departed from the Charities IA¢counts and Reports) Regulations 2008 only lo the extent required to provide a 'true and fair, view. Thls departure has Involved followng the Charities SORP IFRS 1021 published In October 2019 rather than the Accounting and Reporting by Charities.. Statement of R•commended Practs'ce effective from 1 April 2005 vthich ha3 since been wthdrawn. Assets and Ilabllkles are inltlally recognised al hl8lorlcal cost or tran¥artlon value unless OtheIe 8taled in the relevant accounllng policy. 2.2 Golng ¢on¢•rn The fingnclal Statements have been prepaTgd on a golng concèm basls as the Trustee belleve¥ that no material uncertainties exist. The Trustee has considered tre level of funds held and the expected level of incorne and expenditure for 12 months from authorising these financial gtatemenls. The budgeted Incorne and expendrture 15 sufficiently wlthln the level of reserv•8 for the Charity lo be able lo contlnue as a golng concern. Pago 14
Tallow Chandler3 Benevolent Fund No 2. Notgs to the Flnanclal Statements For tho Yfrar Ended 5 April 2026 Accounting policies l¢ontlnu•dl 2.3 Incomo All incDme is recognised once the Charity has entillemenl to the Income, It is probable Ihol the Income wll be received and the amount of income receivable can be measured reliably. The recognition ol income from legacies is dependent on establishing entitlement, the probability of receipt and the abilty to estimate wlh sufficient accuracy the amount receivable. Evidence of entitlement lo a legacy exigt8 when the Charity has sufflcienl evidence that a gift has been left to them (through knovledge of the existence of a valid wll and Ihe death of the beftefaclorl and the executor is satisfied that tha property in question wll not be required to satisfy clailns in the estate. Receipt of a legacy musl be re¢ognised when it is probable Ihal il will be r&¢eiv&d and the fair value of the amount receivable, which ¥MII generally be the expected cash amount to be di31ribuled to the Charity, can be rellably measured. Donated services or facllilles are regnised when the Chartty has control over the item, 8ny conditions associated wlh the donated item have been met, the receipt of economic beneif( from the use of the Charity of the Item Is probable and that economlc benefit can be measured reliably. On receipt, donated professitsnal soNices and facilities are recognised on the b8515 of the value of the gift to the Charity ¥thich is the amount 11 would have been willing lo pay to oblaln services or facilllles of equivalent economic benefit on the open mark•l,' 8 ¢orresponding amount is then recognised In expenditure In the pedod of receipt. Income tsx recoverable in relation lo donations received under Gift A(d i¥ recogn18ed at the tima of the donation. Investment Income include8 mnl recelvable whlch 1$ recoonlsed ba8ed on the rental perlod that the ront accrues over, interest frorn listed investments vthich is recogni8ed based on the period the inlere8t accwos over, and dlvldend income which Is recogniged based on the dale the dividend is declared. Income from rent receivable18 recogni8ed net of VAT. Page 15
Tallow Chandlers Benevolent Fund No 2. NoteB to the Flnanclal Statements For the Y•ar Ended 5 April 2026 A¢¢ountlng pollclo9 Iconllnu•dl 2.4 Expendlturg All expendrture is accounted for on an accruals basis and ha8 been classifled under headings that aggregate all costs related lo the category. Expenditure Is recogni5ed vthen there 13 a leg81 or constructive obligation committlng the Ch8rily lo that expenditure, il is probable that sethement will be required. and that the amount of the obligation can b• reliably meaL4UTed. Support costs are those costs ineurred dlreclly in support of expenditure en the objects of the Chartty and include project management Carrted out al Headquarters, Govemance cos15 are those incurred In connection wth administration of the charity and compliance with COnstr(uOnal and slatulory requirements. Expenditure on raising funds includes all expendrture Incurred by the Charity lo raise funds for ils charltabla purposes and Consists of Invesbnent management costs and an apportionrnent of support costs. Charitable aclivllles and Governance costs consist of grants and donations made and an 8pportionmenl cf support costs. Grants and donations pgyable lo third parties are vlthbn Ihtr tharitable objectives. Where unconditional grants are offered, thi5 is accrued a8 soon as the reciplenl has been nolffled of the grant, a9 this glve8 rlse to a reasonable expectation th8t the reclpient 11 receive the grant. Where grants are cOnd'0nal ielaling to perfomance then Ihe grant Is only accrued when any unfulfilled conditions are outside of the ntrol of the Tru8t. Where an unconditional mults'_year grant is awarded the full amount of the grant 1$ recogni8ed in the year of the award. The proportion of any multi-year grant unpaid al the year end 18 recognised as a lia'l1ty on the balance sheet al Its present value. Expenditure relating directly to Investment propèty co3ts are recognised net of VAT. 2.5 Intsr••t r•c•lvabl• Interest on funds held on deposit Is included when receivable and the amount can be meagured rellably by the Charity., this is normally upon notrficallon of the Interest paid or payable by the institutlon wth whom the fvnds are deposlted. 2.6 Foreign currgncl Monetary assets and liabllS1Ses denominated In foreign enCieS are translated Into sterfing al rates of exchange ruling at the repong date. Transacts'ons in foreign Currencies are translated into sterflng at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activili•$. Page 16
Tallow Chandl•rs B•novolent Fund No 2. Notes to the Flnanclal Stat•m¢nts For th• Yoar End8d S Aprll 2026 Accountlng pollcles Icontinuedl 2.7 Inv•8tm8nts Flxed asset investments are a fomi of ffnan¢ial instrument and are initially recognlsed al their transaction cost and subsequenuy measured at falr value at the Balance Sheet date, unle55 the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, thether realised or unrealised, are combined and presented as 'GalnsllLosse$l on investments, In the Statement of Flnanclal Actiwties. Investment propertles are measured al fair value 8t each reporting date. Investment galns and 108se$, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investment proper15es' In the Statement of Financlal ACtitIo8. 2.8 D•btor$ Trade and other debloT8 are recognised at the settlement amount. 2.9 Cash at bank and In h•nd Cash al bank and in hand in¢lude$ cash and short-lerm hlghly liquld inveslmenls wllh a short maturity of three month¥ or less Irom the date of acquisitlon or openlng of the depc*$it or gimllar account. 2.10 Llabllltbo8 and provlslon• Liabllltses are recognised when thefe 1$ an obllgabon al the Balance Sheet dal• 88 a result of a pgst event, il is probable that a transfer of e¢onomlc benefit will be requlred in selllgmenl, and the arnounl ol the settlement can be eslimaled reliably. Liablllll•g are recognised at the amount that the Charrty gnticip8le8 rt wll pay lo settle the debt. Provisions are measured al the best egtimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the ri9k$ Specific lo the liability. The Unnding of the dl8¢ounl18 recognised in the Statement ol Financial Actlvilie8 as a flnance cost. 2.11 Flnancial instrum&nl• The Chaty only has financial assets and financial Ilabililie8 of 8 kind that qualify as basic financial nslrumenls. Basic financial instruments are inillally recognlsed 8t transaction value and Subsequently measured al their seluement value. 2.12 Fund accountlng Designated lunds comprise unre$tri¢led funds that have been Set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Restricted funds are fund$ which are lo be used in accordance with Specific restrictions imp¢sed by donors or vthich have been raised by the Charity for particular purposes. The coyt5 of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes lo the financial statements. Investment income. gains and lo$$e$ are allocated 1¢ Ihe approprfate fund. Page 17
Tallow Chandlern Bèn•volent Fund No 2. Notes to the Financial Statements For tho Year Ended 5 Aprll 2026 Critical accounting estimates and areas of judgom•Tht E51imales and judgements are continually evaluated and are based on histOTlcal experience and other factors. including expectations of fvture events that are believed to be reasonable under the circumstances. Crftlcal accounting eslimales and assumptions.. Investment properties are measured at fair value al each reporting dale. The valualon process involves Slgnificanl judgement and estimation andls therefore considered a key source ol estimation uncertainty. Fair value8 8re detemiined by managernenl using recognised valuation lechnlques, supported by their knoedge of the property market and, where Televanl, observable market data. Key a$$umptions indude estimated rental values, occupancy levels and capitalisation yields. Due to the inherent subjectivity of these assumptions. particularly in changbng market conditions, small ¢hange8 in key inputs can result in material movements in the reported property valuatlon8. The valuation of the properties a15 April 202618 £1,365.00012025". £1.365,0001. The Charity makes estimates and assumptions concemlng the future. The resulting accounting eslimales and assumptions will. by definith'on, seldom equ81 the related actual results, The eslimales and a¥¥umptions that have a slgnificgnl rf8k of causing a material a¢Jlu31menl to Ihg carrying amounts of assets and 1Sabilitie8 wilhln the next financial year are discussed above In Note 2 "Accounting policSe8'. Grant commitments are recognised al the point the decision has been sufficiently communicated to the recipient, creats'ng a valid expectation on the recipient's part that the grant will be received. The decigion18 communicated to the recipient upon approval of the Education and Charlty Committee meeting mlnules by the Court. Page 18
Tallow Chandlern BonoI•nt Fund No 2. Not9$ lo the Flnanclal Statemonts For th• Y•ar Endéd S April 2028 Income from donatlonB and legacle8 D88ignat•d funds 2026 Total funds 2026 Donation$ from Liverymen and Freemen (including Lix recoverlesl Other donab'ons Donation from The Worshlpful Company of Tallow Chandlers 135,227 41,555 183,513 135,227 41,655 183,613 Tot•1 2026 360.295 360.296 Restricted DeBignaled funds funds 2025 2025 Total fund8 2025 DOnaon3 from Llverymen and Freemen Ilncludlng tax recoverig$1 Other donation$ Donation from The Worshipful Company olTallow Chandlers Legacies 108,884 33,730 196,694 33,165 108,864 45,890 196,694 33,165 12,160 Totsl 2025 12,160 372,453 384,613 Wilhln designated income 18 a notional donatlon in klnd of £183,51312025 - £196.6941 which represents the value ol the expendf(ure bome by The Worshipful Company of Tallow Chandlers in providing support 8eNices to the Tallow Chandlers Benevolent FLbnd No 2. Page 19
Tallow Chandlèrn Benevolent Fund No 2. Notes to the FinAncial Statoments For th• Year Ended 5 April 2026 Inv•slm•nt Income D•gignated lunds 2026 Total funds 2026 Rental income 95.574 231.895 32.997 95.574 231.895 32,997 Dividends Inlere¥t Totsl 2026 360,466 360.466 De8lgn81ed funds 2025 Tol81 fund8 2025 Rental income Dividend8 90,756 262,837 34,366 90,758 262,837 34,368 Interest Total 2025 387,961 387,961 Page 20
Tallow Chandlers BeneYol•nt Fund No 2. Notes to tho Flnancl81 Statomgnts For the Year Ended S April 2028 Expendltur• on ralslng fundg De$ignat•d funds 2020 Totsl funds 2026 Invtsstmenl management costs Support costs - raising funds Exchange losses on quoted investments 44,487 26,619 12 44,487 28.619 12 Total 2026 73.118 73,118 Designated funds 2025 Tol81 funds 2025 Investment management costs Support CO8ls- raising fund¥ Exchange losses on quoted investments 44,105 27,928 44,105 27,928 10 Total 2025 72,043 72,043 An*ly818 of #upport costs DfrJign•t•d fund• ZOZ6 Tot•1 lund• 2026 Staff costs Office costs Premlse5 Costs Professional cosls 16,128 3,790 6,467 236 16,126 3,790 8,487 230 Total 2026 28,619 28,619 Designated funds 2025 Total funds Z025 Staff costs Office costs Premises costs Professional costs 18,430 3,212 4,520 1.766 18,430 3.212 4,S20 1,766 Total 2025 27,928 27,928 Page 21
Tallow Ch•ndlers B•nevol¢nt Fund No 2. Notes to th• Flnancial Statements For tho Yoar Endod 5 Aprll 2026 Anal15 of grants Grants to Instltutlon$ 2026 Total funds 2026 Grant funding 370,710 370.710 Grant8 to Instslutions 2025 Total funds 2025 Grant funding 341,954 341,954 Analy•l• of grants Dè•lgnatsd funds 2026 Totsl fund¥ 2026 Grant$ poid lo institutions in the current year Awards Payments to inythullons supporting the poor and pen8ioner8 connected the Tallow Trade Movement in grant credttor 458,453 8,950 458,453 8.950 700 {97.3931 700 197,3931 Tot•1 2026 370,710 370,710 Restricted Designated fund5 funds 2025 2025 Total funds 2025 Grants paid to InstituonS In the current year Award5 3,447 571.398 8,950 574,845 8,950 Payments to Inslrtutions supporting the poor 8nd pensloners connected wlh the Tallow Trade Movement in grant creditor 9SO 950 1242,7911 12.6741 1240,117) Total 2025 773 341,161 341,954 All grants are to institutions and a for Ihe same charitable purpose 88 defined by the objectr'ves and activities in the Trustee's Report. Page 22
Tallow Chandlers Bonovolent Fund No 2. Notes to tha Flnanclal Stat¢m¢nts Forthe Year Ended S April 2026 Analys1$ of grnnts Icontinu•dl The followng Instrtutlons received granls of £1.000 or more.. Grants to In8tltution¥ 2026 Total fund8 2026 Leigh Academy Halley Cubitt Town Primary School Greig CSty Academy The Children's Lrteracy Charfly Bart's & The London School of Medlcine Cty Unlversity Fulura Profes8ionals Sl Paul'¥ Cathedral Chorister Trust and Frlends ol St Paul, Gulldh811 School Tru8t London Youth Cholr Into Universlty Renglssance Foundallon Voyage Fir81 Ald Nursing Yeomanry IFANYI Manchester Unlverrity Reeds School The Poppy Factory 8atemans Trust 70.000 65,000 64,548 30,000 17,500 14,000 12,000 10,000 10,000 10,000 10,000 8,366 B,000 8,000 8.000 8,000 8.000 7,500 7,500 6,500 5,875 5,000 5,000 5,000 5,000 5,000 5,000 5,000 4,000 4,000 3,514 3,500 3,000 3,000 3,000 2,000 2,000 1,500 70,000 65,000 64,548 30,000 17,500 14,000 12,000 10,000 10.000 10.000 10.000 8,366 8.000 8.000 8.000 8,000 8,000 7,500 7,500 6.500 5,675 6,000 6,000 5,000 5,000 s,000 s,000 5,000 4,000 4,000 3,514 3.500 3,000 3,000 3,000 2,000 2,000 1.500 FOSFA crty of London Volunteer Police Cadets Apollo Muglc London Air Arnbulanco Ahoy Cenlrg Lord Mayorfs Appeal First Battalion The Rrtles London Symphony Orchestra Clean Break Theatre Company The Creative Dimenslon Trust Better Planet Schools Bang Edutainment Switch- Snow Camp Blue Smlle Open Clty Architects Sheriff and Recorderfs Fund Future Frontiers 8eleve UK Platform Cricket TH Youth Support The Royal Academy of Culinary Arts Jubilant Trust Page 23
Tallow Chandl•rs B•n•vol•nt Fund No 2. Notes to the Financlal St)tements For the Year Ended 5 Aprll 2026 Southwark Sea Cadets Homers Company Science Opens DooryJ Sl Michael's Church Grants made under £1,000 1,500 1,400 1,000 1,450 1,500 1,400 1,000 1,450 Totsl 2026 458.453 468,463 An•ty•l• of •xp•ndltur• on charitabl• actlvttlo• Summary by fund type UnM•trlctsd lund8 2026 Total 2026 Grant fundlng Support costs 526,760 13,092 S26,760 13.092 539,852 539,852 R88lrfcled Unrestricted funds fund6 2025 2025 Total 2025 Grant fvnding Support Costs 773 513,095 12,940 513,808 12.940 773 526,035 526,808 Grant fijnding of £526,76012025- £513,868) indudes grants paid as per nole 7 of £370.71012025. £341,954) and 5UPPOrt costs allocated as per note 9 of £156,05012025- £171.9141. Page 24
Tallow Chandlèrn Bgnovolent Fund No 2. Notes to thg Flnan¢lal Stat¢monts For tho Y•ar End•d S April 2026 Anatysls of expenditure by actlvltl•8 Grant funding 2026 Support costs 2026 Total funds 2026 Grant fijnding Govemance cost$ 370,710 156,050 13,092 S26.760 13.092 Tolal 2026 370,710 169.142 639,852 Grant funding of acb'vib'es 2025 Support coslg 2025 Total funds 2025 Grant funding Govemgnce co¥ts 341.954 171,914 12,940 513.868 12.940 Total 2026 341.954 184,854 526.808 Analy818 of support Costs Tot•1 lund• 2026 Total fund$ 2025 Staff costs Office costs Premi5e3 eo6t8 Other co818 Professional c09ts Governance $ts Isee note 101 124.997 3,790 25,401 1,158 708 13,092 127,259 3,212 13,561 20,581 7,301 12,940 Total 2026 169.142 184,854 Allocation of support CO818-. Stsff costs Stsff cost5 incurred by The Worshipfvl Company of Tallow Chandlers have been allocated based on the time spent on each aCtity. The cost of the charity secretary employed by the Company has been fully allocated to grant fLJnding activities. The remaining costs have been allocated with 75% relating lo grant funding activthes and 25% relating lo lime spent raising funds. Page 25
Tallow Chandlern B?nevolont Fund No 2. Notes to tho Financlal Statem•nts For the Year Ended 5 April 2026 Analy*ls of •xwndltur• by activities Icontlnu•dl Ce cos The office 18 0%ed by the Company and used by staff employed in th• Company. The office Costs Incurred are for the purpose of both grant fijnding aclivrties and raising fvnds. Costs have therefore been allocated equally to these acb'vilie$. remi Premises cost$ relate to the maintenance of the Hall and office %thich are ovmed by the Company. The Trust onty uses the Hall for award functions and other ch8ritsble occasions %thilst 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 750h relating lo grant funding activities and 250A relating to raising funds. Other costs relate to the award fundon3 that are held in the Hall which is owned by the Company. The award functions relate oI1Y t¢ grant fijndlng 8cdvitles and have therefore been allrtbuted In thls way. Pr ional costs Professional cost5 relate to the penslon management and payroll cost5 Incurred by the Company for thelr staff. Thege have been allocated wlh 75% relats'ng lo grant funding acllvllies and 25% relath'ng lo raijing nds. This Ira8lmenl 18 consistent with the treatment of 8tsff co818. 10. Audlt¢M' i•muneratlon 2026 2025 Fees payable lo the CharW8 audltor for the audll of Ihe Charity5 annual 8ccounts 9,888 9,600 Fees payabl& lo the Charty's auditor in respect of.. All non-audil service8 provided by a fellow group enty'ty 3,204 3.340 Trustg0'8 r•mun•ration and •xpon••• Durlng the year the Trustees did not recelve any remuneratlon, reftsnd of expenses, or any cther benefll$ 12025- £NILI. Page 26
Tallow Chandlers Beno¥ol•nt Fund No 2. Not•s to the Financlal Statements For the Year Endod S April 2026 12. Inv•8th)•nt propgrty Long tsrni lea$ehold Invèstm•nt prop•rty Valuatlon At 6 April 2025 1,365.000 At 5 April 2028 1.365.000 The Investment propety was valued on S Aprll 2026 by the Trustee. The property has a Current value of £1,365,000 12025 - £1,365,000> and a carrySng amount at hlytorfcal cost of £1,403,569. The depreclalon on this histori1 COBt is £nil. 13. Flxed a88•t Invo•tmants Ll•t•d Ca•h for r¥- Inv••tm•nts Inv•stm•nt Tot*1 Co•t or valuatlon At 8 April 2025 Additions Disposals Revaluallons 10.187,636 1,381,791 11,388,770) 2,057,763 94,479 10,282,014 1,381,791 142,2811 11,431,0511 2.OS7,763 Al 5 Aprfl 2028 12,238,319 52,198 12.290,517 Revaluation gains on listed Invegtmenl$ Includeg reallsed gains of £50,50612025- £206,452). 14. Dabtors 2026 2025 Due within on8 y•ar The Worshipful Company of Tallow Chandlers Other debtors and accrued Sncome Income tax recoverable (gift aid 780 33.192 8.610 37,303 12,716 41,802 50,799 Page 27
Tallow Chandlers Bonovolent Fund No 2. Note5 to the Flnancl81 Statom•n18 For th& Year Ended 5 Aprll 2026 1& Creditors: Amounts falling due wlthln one year 2026 2025 Trade creditors Other taX?on and social security Accwals and deferred income Grant Gommltmenls 89 6.050 17,068 336,798 6.051 20.850 207,714 234,615 362,005 10. Cr•dltor•: Amounts f•llSng du• oft•r mor• than on• year 2026 2025 Grant commitments 140,766 107,075 17. Accru•d fundlng commltm•nts Und•r one y•ar 2026 OY•r one yoar 2026 Total fund• 2026 Grant commitments brought forward New commilmenl8 entered into in year Grants pald during year Commitments now due wthin one year 338.798 238,944 1468.1031 98,075 107,075 131,788 44S.873 370,710 1468,103) 198,0751 Total 2026 207,714 140,766 348.480 Under one year 2025 Over one year 2025 Total nds 2025 Grant commitments brought forward New commitments entered into In year GTan15 pald during year Commrtments now due within one year 411,214 174,304 1584,7451 338,025 277,450 167,650 688,864 341,954 1584,7451 1338,0251 Total 2025 338,798 107,075 445,873 Page 28
Tallow Chandlers Benovolent Fund No 2. Notes to the Flnanclal Stat8ments For tho Year Ended 5 April 2026 18. Statement of fvnds Statfrmont of lund* - current year Balance at 6 April 2025 Gainsl Balanc• at 5 (Losses) April 2026 Inci>me ExpgndStur• Unr&8trlcted funds De81gnated fund 11,511,646 720,761 1612.8701 2,057,763 13,677,100 B•lanco at 6 Aprll 2025 Galnsl Ballnce at s (Lo8$081 Aprll 2026 Incom• Exp•ndltur• R••trl¢tsd fund• Restricted fund- FOSFA 2.840 2,840 Totsl ol fund• 11.514.380 720,781 1612,9701 2,057.763 13,679,940 ststoment of fund• - prfor y•ar Balance at 8 April 2024 Gain91 Balance al ILoss881 5 April 2025 Income ExndIture Unr••trlct•d funds Designated funds 12,031.439 760,414 1598,0781 1682,2291 11,511,548 Balance at 6 )ri1 2024 Gainsl Balanee al (Losses) 5 April 2025 Income Expenditure Restrl¢ted funds Restrfcted fund- FOSFA Reslri¢led fund- Leigh Academy Halley 2,840 2,840 (11.3871 12,160 (7731 16,5471 12.180 17731 2.840 Total of fund• 12.022.892 772,574 1598,8511 1682,2291 11,514,386 Page 29
Tallow Chandlers Benevolent Fund No 2. Notes to tho Flnancial Statement¥ For thfr Year Ended S April 2026 statement of funds Icontinugdl Fund descriptions al Designated funds The designated fund derives from the cllaritable recElpt8, tax recoveries and other support from the Company and from its Members, which are treated as capital to be invested. Any capital or incom8 not required for the immedlate charitable purpose5 of the Trust is reinvested by the Tru$le•. bl Restricted funds - FOSFA- the re3tricled fund derives from ch8rilable receipts from FOSFA which are to be granted as and then an approprlale candidate for the FOSFA award is nomlnated. Leigh Academy Hall•y- the restrictsd fund derive$ from charTtable receipts from donors, induding matched funding from The Worshipful Company of Tallow Chandlers, whlch have been specffically donated in response lo the Lelgh Acaderny Halley appeal. The intention of the monies raised from the appeal is to fund the construction and establishment of an engineering and design cenlre. Income of £NII 12025 - £10,441 was received from member$ of Ihe Company during the year. Gift ald of £Nil12025- £1,719> is recoverable on thi$ income. During the year £Nil12025- £3,447) was paid to the Leigh Acadelny Halley, gnd the remaining £77312025 . £773119 included within the grant commltment creditor. The deficit on the Lgigh Academy Halley restricted fund had arisgn due lo amounts paid over lo the Leigh Academy Halley Appeal exceeding the donation incomè received from the members of The Worshipful Company of Tallow Chandlers. Donation Income had been pled9ed by member$ of the Company. however this had ntsl been pald over a8 al 5 Aprll 2024. The Trust had made the additional payments to the Lelyh Academy Halley Appeal on the basis that the remaining donation5 pledged would be received from the members. The deficit cn the Leigh Academy Halley rejtrlcled fund reversed in the year ended S April 2025. Page 30
Tallow Chandlers Benevolent Fund No 2. Notes to the Financial Statements For thg Yoai Ended 5 Aprll 2026 19. Analysis ol n•t assèts b•t*en funds Analys1¥ of ngt aMots betvmn funds - currant y•ar R•strietsd D•slgnated funds funds 2026 2026 Total funds 2026 Fixed asset Snveslments Investment propeity Current assetg Credllors due thin one year Credllors due In more than one year 12,290,517 12,290.517 1,365,000 1.36S,000 396,191 399.804 1233.842) 1234,6151 1140.7661 1140,7661 3.613 (7731 Total 2,840 13,677,100 13.679,940 An8ly81• of n•t a•••ts b•fvM&n fund• - prlor y•aT Restrlcted Designated funds fund$ 2025 2025 Total funds 2025 Fixed asset investrnents Inve51rnenl property Current assets Creditors due within one year Creditors due In more than one year 10,282,014 10,282,014 1,365,000 1.365,000 332,839 336,452 1361.2321 {362,005} 1107,0751 {107,075} 3,613 (7731 Tot•1 2,840 11,511,546 11,514.386 20. Reconclllatlon of not movement In funds to not ca$h flow from opor•tlng actlvltl•s 2026 2025 Net incomelexpendlture for the year las per Statement of Finandal ACtiVe$l 2,16S,654 1508,5061 Adjustments for: Lo55esiigainBI on investments Divldend9 and interest from investments Iln¢reaselldecrease In debtors IDecreasellin¢rea$e in CdItorS 12,057.7631 1360,4661 8,997 193.8991 682,229 (387.9611 13,2151 1250,5101 Net c¥sh used in 0ratIng activltl 1337.3771 1467.9631 Page 31
Tallow Chandlers Benevolent Fund No 2. Notes to the Financlol Statsments For the Year Endgd 5 April 2026 21. Anatysis of c•sh and ca•h •qulvalents 2026 2025 Cash in hand Invaslment cash 358,002 52,198 285,653 94,479 Total cash and ¢uh equlvalonts 410,200 380,132 22. An*ly•l• of ¢hang•• In n•t •Jebt At 6 Aprll 2025 Ca•h flow• At 5 Aprll 2026 Cash in hand 285,153 72,349 358,002 285,653 72.349 358,002 23. Rolated party tr•n•¥ctlon8 The Worshipful Company ofTallow Ch8ndl•r8 Twatoe During the year the chafrty received a notional donation in kind of £183,51312025- £198,694) which represents the value olthe expenditure borne by The Worshipful Company of Tallow Chandler& in providing support service5 to the Tallow Chandlers Benevolent Fund No 2. Totsl donation Income recdved by the charfty In the year, includlng the above notional donadon, amounted lo £183,51312025- £196,694I. Al the balance sheet date the amount due lo the charty from The Worshipful Company of Tallow Chandlers was £Nil12025- £7801. Page 32