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 administra￿ve 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
Cha￿ty,$ 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 ￿n￿lIt
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 {continu*dl
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•vem*nts 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 k￿￿edge 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
ackno￿edgeMent 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 tseh￿f 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 othe￿iSe 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¢cc*unting 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.
Inde￿ndOnt 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 non￿￿mplIsnce
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
p￿paring their accounts in accordance wth the Financial Repor￿ng 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 Othe￿Ie
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 re￿gnised 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(u￿Onal 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 repo￿ng 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 ACti￿tIo8.
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
Un￿nding 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
kno￿edge 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 Bon￿oI•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
DOna￿on3 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
Anal￿15 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 Institu￿onS 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 aCti￿ty. 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$ehold
Invèstm•nt
prop•rty
Valuatlon
At 6 April 2025
1,365.000
At 5 April 2028
1.365.000
The Investment propety was valued on S Aprll 2026 by the Trustee. The property has a Current value of
£1,365,000 12025 - £1,365,000> and a carrySng amount at hlytorfcal cost of £1,403,569. The depreclalon
on this histori￿1 COBt is £nil.
13. Flxed a88•t Invo•tmants
Ll•t•d Ca•h for r¥-
Inv••tm•nts Inv•stm•nt
Tot*1
Co•t or valuatlon
At 8 April 2025
Additions
Disposals
Revaluallons
10.187,636
1,381,791
11,388,770)
2,057,763
94,479
10,282,014
1,381,791
142,2811 11,431,0511
2.OS7,763
Al 5 Aprfl 2028
12,238,319
52,198 12.290,517
Revaluation gains on listed Invegtmenl$ 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 Ex￿ndIture
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$h flow from opor•tlng actlvltl•s
2026
2025
Net incomelexpendlture for the year las per Statement of Finandal
ACtiV￿e$l
2,16S,654
1508,5061
Adjustments for:
Lo55esiigainBI on investments
Divldend9 and interest from investments
Iln¢reaselldecrease In debtors
IDecreasellin¢rea$e in C￿dItorS
12,057.7631
1360,4661
8,997
193.8991
682,229
(387.9611
13,2151
1250,5101
Net c¥sh used in 0￿ratIng 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