2025-12-31-accounts

Company No. 1321952 Charlty Commlssion Reglstration Number 274100 THE CLOTHWORKERS, FOUNDATION THE CLOTHWORKERS. FOUNDATION REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2025

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 ANNUAL REPORT CONTENTS REPORT OF THE TRUSTEES 2-15 INDEPENDENT AUDITORS. REPORTTO THE MEMBER 16-18 STATEMENT OF FINANCIAL ACTIVITIES 19 SUMMARY INCOME AND EXPENDITURE ACCOUNT 20 STATEMENT OF FINANCIAL POSITION 21 CASH FLOW STATEMENT 22 NOTESTO THE FINANCIAL STATEMENTS 23-39

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 CompanyNo. 1321952 Charity Commission Reglstratlon Number 274100 REPORT OF THE TRu¥fEES TRusfEES AND PROFESSIONAL ADVISERS TRUSTEES Susanna O'Leary (Chair) Denis Clough (reslgned 25 June 2025J Catherine Cornish (appointed 19 March 2026J Clare Evelyn (appointed 19 March 2026) Charlie Hutchins [resigned 25June 2025) Emma Ingham Clark (resigned31 March 20ZS) Tom Ingham Clark Peter lonas Meredith Niles (uppointed 18 Morch 2025) Ola Opoosun Neel Patani Dhruv Patel Amir Rizwan Hugo Robinson (appointed 18 March 2025) Niki Scordi [appointed 18 Morch 2025) Hugo Slim Mary Ann Slim [uppointed 25June2025) Tom Stoddart-scott FOUNDATION DIRE￿oR lenny North DIRECTOR OF FINANCE, PROPERTY & INVESTMENTS Harnesh Patel REGISTERED OFFICE AND PRINCIPAL ADDRESS First floor 16 Eastcheap London EC3M IBD AUDITOR Saffery LLP 71 Queen Victoria Street London EC4V 4BB BANKERS Bank of Scotland London Chief Office Old Broad Street London EC3M IBD

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 INVESTMENT MANAGERS Blaekrock Adwsor5 IUK) Murray House l Royal Mint Street London EC3N 4HH Ml Metropolis Hamilton Centre Rodney Way Chelmsford Essex CMI 3BY Bell Asset Management CACEIS Bank, Luxembourg Branch [Fund administrators) 5 allée Scheffer L-2520 Luxemboury WEBSITE www.cl thw CHARITY COMMISSION REGISTRATION NUMBER 274100 COMPANYREGISTRATION NUMBER 1321952

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 REPORT OF THE TRUSTEES The Trustees present their Report and the financial statements of the Foundation for the year ended 31 Decetnber 2025., these have been prepared in accordance with the provisions of the Statement of RecomTnended Practice (FRS102), Accounting and Reporting by Charities, (the-SORP"}. The inforTnation on the preceding pages forms part ofthis reporL This report also includes the information required in a Directors, Reportand a Strategic Report for the purposes of company law. THE 2025 CONTEXT During 2023, the Foundation began the implementstion of its new strategy, agreed at the end of 2022. The strategy commltred the Foundatlon to.. The continuation of our Open Grants Programme to support the infrastructure needs of small and medium sized not-for-profit organisations working across our Programme Areas The launch of Equity prograrnmes providing unrestricted multi-year grants to organisations addressing speclftc areas of inequity The deployment of social investment where this can support organisations, impact and/or susrainability To implement improvements across our grantmaking and governance to help us operate more in line with our values.. equitable. adaptive. enablin& collaborative. In 2025, The Foundation undertook a redesign of its Open Grants Prograrnme to allow it to deal better with the significantly increased demand for grants. The Impact Framework was launched in July, enabling scoring and prioriknsation of elSgible appllcations. Applications are scored on the extent to which they embed lived experience into their decision-making, and the extent to which the project for which they are seeking funding can drive meaningful change in delivery, reach, or sustainability- Alongside this. a two-stage application process wa5 introduced for Large Grants. and a new website to showcase and explain TFLe Foundation's work wa5 launched. VISION, MISSION AND VALUES As part of the 2022 Strategic Rewew, the Trustees of The Foundation adopted the Following.. An eouitable society where all can participate and thrive. We support charities and social businesses that work wlrh marglnalised and disadvantaged people and communlries. and those working towards a more equitable society. Equitable- we work to promote equity ID our grantmaking and organisation, and to identify and manage bias. We strive to increase participation and representation at all levels of our organisation to advance better decision-making. Adapfive- we strive to be responsive to the needs of our grxntees and to listen to their experience as experts. We learn from them, from our peers and from our own experience to drive improvements in our work. We adapt to external change when necessary. Enabling- we strive to provide funding and support that enables our grantees to be more impactful and sustainable, and wh5ch minlmises burden on them. We aim to empower our own team through flexible and trust-based ways ofworklng. Collaborative- we seek to workwith other funders, research organisations, and networks. We do this to serve grantees more effectively, to learn. and to share our learning.

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 REPORT OF THE TRUSTEES HJSTORY, OBIECTIVES, ACTIVITIES AND ACHIEVEMENTS History The Clothworkers. Foundation was incorporated in 1977 as a company IiTnited by guarantee., it l5 a registered charity. In over 40 years of activity, grants in excess of £194 million have been made by the Foundation and subsidiary Iru5ts, to haritable organisations and individuals. The objects of the charity are the advancement of such charitable purposes as the Foundation shall from ttme to time determifte. The Clothworliers, Foundation aims, through its lundin& to provide public benefit by improving the lives of people and communities. particularly those that face disadvantage. Objective5 The objectives of the Foundation are.. To manage its resources so as to ensure that ihe budger agreed for charitable grants may be distributed. To stimulate a flow OF good quality eligible applications for fund5 that meet its criteria, by setting application guidelines with sufficient clarity to avoid charities wasting valuable resources in preparing submis510nS that are irleligible. To undertake an objective assessmeni of all application5 for Èrants, appropria￿ to rhe scale of support conteillplated. For the proactive programme. to develop sufficient understanding of the selected areas to allow it to identify particular activities ro support and organisation5 Wlth which to work. To maximise public beneFit by distributing its income in the most effective way P0$5ible. To monitor the impact of the grants on the people and communiiies it seeks to help. To identify suitable initiatives for social investment G￿ntmakI￿8Pol1cY The Foundation fund5 across a range of issues associated with marginalisation and disadvanrage. through Irs open and proactive [not open to application) programmes. It undertakes a srrateglc review approxitnately every five years, with the tnost recenl carried out in 2022. The Fuundation's grantmaking activiries in 2025 were as follows.. An Open Gi-ants Programme funding capital projects of charities and social businesses operating in one or more of the following ten programme arEaS'. substance misuse and addiction disabilithes including mental health and visual impairment communities experiencing racial inequalilies young people facing disadvanrage dome5lic and sexual abuse homelessness older people facing disadvantage prison and rehabilitatko LGB T+ communities economic disadvantage

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 economic disadvantage REPORT OF THE TRUSTEES Grantmaklng Pollcy (contlnued) Only charities with an annual operating income of less than EIO milllon are eligible to apply. This programme makes Small Grants of up to £15,000 tts charities and social businesses with an annual incorne of les5 than £2 tnillion, and Large Grants of over £15,000 to charihe5 and social busines￿$ wfith annual income under £10 million. A Proactive Grants Programme was esr3blished in 2007, and the active inidatlves during 2025 were.. the Racial Equity Programme, Economic Equity Frogramme. Disabiliry Equity Programme, Dramatic Arts11, and Care Leavers Programme. A Regular Grants Programme through which a limited number of charities selected by the Foundation receive grants, largely for onward grantrnaking to individuals. Full deralls of the Foundation's grant-making policy and guidelines are provided on the website they are also published in the Annual Review, a copy of which may be downloaded from the website or obtained from The Clothworker5' Foundation, FSrsr Floor, 16 Eastcheap, London EC3M IBD. Social Investment Policy The Foundation seeks to identify initiatives which are suited to a'social investment, approach.. these are regarded as being complernentary to, and aligned with, existing grantmaking activities, and the overall mission of The Foundation. The main aim is to achieve a social impart with any financial return reinvested. Recent SlgnlficantActlvitles and Achlevements Grants totalling £10.61 million, 468 in number (2024: £10.78 rnillion, 492 in number), were committed during the year. across the various programmes. Through these programmes, the Trustees consider that the Foundation provides public benefit by focusing resources in areas where impact can be made. and in accordance with its objectives. All Foundation grants are published on 360GiYing, and Case studies on selected projects are featured on the FouDdatEon's website ( uk) and Annual Review. However, a summary of each programme is set out below. Opeft Grants Progromme £8.65 million was committed under this programme, wlth £6.01 million being for Large Grants including building and refurbishment projects, large vehicles. and specialist equipment £2.64 mlllion was allocated for Small Grants, under which grants of up to £15,000 are made to capital projects for smaller charities. Regulor Grants Programme The Foundation continued to award grants to a small number of selected charities under the Regular Grants Programme, which does not accept applications. These grants are increasingly multi-year commitments. The focu5 of thls Programme is to support organisations making onward grants to very small organisations and individuals In key areas of interest for The Foundatio￿ Commitments totalling £0.6 mi1Sion were made during 2025.

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2025 REPORT OF THE TRUSTEES Research. Development& Partnershlps This fund allows us to make grants to organisations nor eligible for other prtsgrammes but which may have the potenhal to supporr our mission or to improve our knowledge. In 2025 this included grant.s made to organisations engaged in work to Support the development and ownership of assets for communities. Commltments totalling £0.16 million were made during 2025. including support costs. Prou¢tive Gronts Programme In 2025. we began our newest Proactive Programme. the Di.%ability Equity Programme. We have committed £1.13 million (with additional resource for learning supportl, in unrestricted 'core' grants ro four disability equity organisations since 2025. The programme aims to strengthen these organisations and enable them to deliver their strategie5. All are organisations led by and for Deaf and Disabled People, and their work Focuses on supporting the inclusion and partiopation of Disabled People in all areas of society. Ofour previou5 Pr03clive Programmes, Racial Equity, Economic Equity, Care Leavers and DramaticArts11 are active and fully committed. ClothworkerMembers'Fund Six grants were also awarded from the Clothworker Members, Fund {which does not accept applications). This is a fund which receives donations from tnembers ofThe Clothworkers, Company, and where the total is matched by a separate donation from The Company itself. Commitments in 2025 totalled £0.14 million. Social investment activities Investments as at 31 December 2025 were.. £'ooo io 12 249 200 1,000 385 loo 150 2,106 CAF Venruresome Development Fundlll London Play Design CICI21 Women in Safe Housing Fund RefuAEd Charity Bank Recovery Loan Fundljl TellMi141 Alpha Grove Centre LoanlSI {11 £150,000 was originally invested as a loan. £7.000 was repaid in 2025, with further repayments expected in 2026. (21 £50,000 was originally invested as a loan. £37.000 has been repaid to date, with further repayments expected in 2026. (31 A commitmenl of £1,000,000 was made to the Recovery Loan Fund in 2024. £385.000 was drawn down during 2024. (41 A commitment of £IOO.000 wa5 made to Tellmi in 2024 and fully drawn down. [51 A loan of £500,000 was made to the Alpha Grove Centre in 2025. £150,000 was drawn down in 2025. (61 A commitment to invest £250,000 in the Social Tech Ventures l LP was Tnade in 2025. No draw downs were made as at 31 December 2025.

THECLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2025 REPORT OF THE TRUSTEES FUTURE PLANS The Foundation will continue to implement its current grantmaking strategy while trying to meet increased detnand in an efficient, equitsble and Impactful way. We will continue to apprdise potential opportunitie5 for further social investments. RUCTURE, GOVERNANCE AND MANAGEMENT Membership and Governing Document The Clothworkers. Company Is the sole member of the Foundation. The Foundation's governing documents are the Memorandum and Articles ofAssoclatlo Recruitment and Induction ofTrnstees The Board of Trustees comprises between eight and fifteen individua15 who, until 2020, had been drawn exclusively from the Court and Livery of The Company, offering a range of pertinent experience and qualification5. The Company's objective had been for the Foundation to have a board of Trustees which was balanced as to age and skills, capable of formulating the policies and strategies of the Foundation, and able to provide direction, via the Foundation Director. to Ramteazle Limited in its provision of services to the Foundation. Since 2020, the Board includes metnbers drawn from The Company's wider member5hlp. and Trusiees who are not members ofThe Company. Trustees are expected to be conversant with their responsibilities. New Trustees have a full inductlon programme. and all Trustees are alerted to training and CPD opportunities as they arise. A register of training undertaken is maintained. On their appointment, new Trustees are provided with a suits ofdocuments, which are a compilation ofthe key regulations. administrative arrangements. and codes ofconduct by which the Foundation operates.

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 REPORT OF THE TRUSTEES Statement of Trustees. Responslbillties The Trustees (who are also directors of The Clothworkers, Foundation for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicej. Company law require5 the Trustees to prepare financial statements for each Financial year which give a true and fair view of the state of affairs of the charitable company, and of the incoming resources and application of resources, including the income and expenditure of the charitable company, for that period. In preparing these financial statements, the Trustees are required to-. select suitable accounting policies and then apply the￿ consistently. observe the methods and principles contained within 'Aceounting and Reporting by Charities - Statement of Recommended Practice. (the SORP). make judgements and estimates that are reasonable and prudenL state whether applicable accounting standards have been followed. subject to any tnaterial departures dt5closed and explained in the financial statements. prepare the financi315tatements on the going concern basis unless it Is It13ppropri3te to presume that the harity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose, with reasonable aLcuracy, at any time, the financial position of the charitable company, and which enable them to ensure that the financial stateinents comply with the Companies Act 2006. They are also re5pon5tble for safegyarding the assets of the charitable company and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. So far as each of the Trustees is aware, there is no relevant inforTnation that ha5 not been disclosed to the Foundation's auditors, and each of rhe Trustees believes thafall steps have been taken that ought to have been taken Lo make them aware of any relevant audit information and to establish rhat rhe Foundation's auditors have been made aware of that information. Publlc Beneflt The Trustees confirm that they have paid due regard to the guidance of the Charity CotnrniS5ion in respect of public benefit in reviewing aims and objectives, and in planning future actlvities. sethng grantrnaking policies, and awarding grants. Fundraising The Foundation derives all donation income from The Cloihworkers. Company, the sole member. its subsidiarie5 and member5. Therefore, the Foundation does not engage in any public fundraising activities. The Foundation nevertheless observes and complies with the relevant fundraising re8ulatsons and codes. During thc year there was no non-compliance with these regulations and code5 and the Foundation received no complainrs relating fo its fundraising practice.

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER2025 REPORT OF THE TRUSTEES Commlttees of the Board ofTrustees The Board ofTrustees has delegated specific duties to a number of standing. and other. committees which deal with operational matters.. Grants Cornmittee.. For assessment of Large grant applications under the Open Grants Programme Proartive Progratnrnes Committee.. For assessments of grants under our Proactive Programme5, as well as review of progress of these programmes, and development of further programmes Regular Grants Committee= For assessTnent of annual or multi-year grants aligned with mission. and intended for onward grantmaking Nominations Committee: For consideration of Board, committee, and key 5¢aff appointments Finance. Investment Purposes Committee.. and General For ftnancial and investment strategy/management and general matters There 15 also a Clothworker Members, Fund Committee which determines grants to be made from the Clothworker Members, Fund. Decision.maWng Processes Trustees, meetings are held four times each year. The business ofthese meetings is, broadly, to develop strategy, to set and monitor objectives, and to consider reports and recommendations from the standing committees referred to above. The standing committees are permitted to make decisions on operational matters within the policies prewously agreed by the Trustees,. their duties are laid down in the policy and procedures manual. In particular. grants of up to £50,000 may be approved by the relevant committee. Above this threshold, the Trustee Board itself will make decisions as to whether to award a grant Committees have the ability to form sub-¢omtnitlees to deal with more detailed matters, and for taking decisions in accordance with delegated authorities agreed by the Trustees. Currently, there are four standiThg sub-committee5. all of which report to the Finance, Investment and General Purposes Committee.. Budget, Risk and Audit, Investment Strategy and Social Investment The duties of these sub-committees reflett their areas of specialism. The Budget Sub-commlttee recommends the annual budget and undertakes detailed monitoring of the budget throughout the year. The principal duties ofthe Riskand Audit Sub-committee are to deterniine the nature and scope of the audit. requestspecific investigations from the auditors froln time to time, and consider any issues arising therefrom,. to ensure that the assets and funds are accounted for and safeguarded,. to ensure that adequate financial controls are maintained,. to monitor compliance in all respects,. and to review risk exposure and ensure that appropriate steps are taken to mitigate risks. The Investment Strategy Sub-committee implements the agreed strategy, monitors performance and considers and makes recommendations based on professional advice, where appropriate. The Social Investment Sub-committee assesses potential social investment opportunities and monitors the performance of the existing portfolio. io

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 REPORT OF THE TRUSTEES Risk Assessment- Prlnclpal Rlsks and Uncertainties The Tnajor risks to which the Foundation is exposed. as identified by the Trustees, are reviewed on an annual basis, and systems haye been established to manage those risks,. Ihis process is overseen by the Risk and Audit Sub-CommTrttee. The Risk Register 15 reviewed and updated. discussed by the Finance, Investment and Getleral Purposes Committee and approved by the Trusrees annually. The Trustees have identified the following principal risks which ttre assessed as a significant threat to the Foundation.. Repurarlonal risk Transparency of strategy in Annual Review and via web51te. Ongoing dialogue with stakeholders. Inadequate financial controls Structured commlttee oversight Management processes in place. Investment porifolio does not appropriate risk and return attributes exhibit Structured investment policy. External investment advice and tnanagement. Diversity. prudence and liquidity criteria, Regular performance monitoring IT systems are inadequate and / or not robust Use of service and support contracts. Securily and authorisation procedures. Ongoing monitoring ofoperating environment Accordingly, the Foundation has established prudent investmentand spending policie5. Most ofits general income is derived from its listed investment portfolio, property portfolio, cash held or as a donation from The Clothworker5' Compiny. the latter being ultiTnately dei'ived from listed and property investments. Subject to reserve requiretnent5, the Foundation's policy is to spend all available income. plus any additional amount5 that may be transferred frorn expendable endowment funds, when considered appropriate. The Foundation has received a significant annual donation from The Clothworkers. Company for manyyears. Although Ihere is no absolute assurance that these donation5 will continue. the Company has confirmed its intention to carry on providlng such supporL and it is expectcd that Ihe Company would inform the Foundation in the event of a change in its policy. The Trustees consider that, since the nature of the Foundation's Erantmaking activity involves very little by way of un-accrued future commirments, it is unlikely that any Unplanned reduction in funds available for grants would have an impact on beneficiaries to whom commitments have al￿adY been made. Furthermore, the maintenance ol general reserves allows commitments to be fulfilled in a timely fashion. Connected Charities and Restricted Funds Until 2013, The Clothworker5' Foundalion was the corporate trustee of three Trusts= The Clothworkers, Charity for Education, The ClothworkL>rs' Charity f(11- Relief in Need and The Clothworker5' Charity for Welfare of the Blind, and of The Clothworkers, Foundation Common Investment Fund (the CFCSF). In that year, with the agreement of the Chariry Commission. the assets of the three Trusts were transferred to the Foundation, to be held as restricted lunds of the Foundation going forward, and the CFCIF was liquidated. The Trustees continue to apply rhe income and assets contained within the three restricted funds in accordance with the trusr deeds of the three liquidated Triist5, at their discretion. Further information about the transfer and the restricted funds is contained within notes l(11 and 18. li

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 REPORT OF THE TRUSTEES Related Party Transactlons The Clothworkers, Company is the sole member of The Clothworkers. Foundadon, and as Ramreazle Limited is a wholly owned subsidiary of The Clothworkers, Company the three entities are regarded as related partles. The Clothworkers. Company is a City of London Livery Company. Further details of related parties, and any associated transactions, are disclosed in note 20. The policy of the Foundation, in respect of potential related party transactions involving Trustees, is to avoid any conflicts of interest Accordingly, when a Trustee has a material interest in any matter being considered by the Foundation, that Trustee does not participate In the decislon-making process. Remuneration of key management personnel No staff are directly eTnployed by the Foundation. Staff costs are incurred by Ramteazle Limited (a whollyowned subsidiary of The Clothworkers, Company). from which the Foundation purchases administrative services in accordance with its service agreement. 12

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBERZOZS REPORT OF THE TRUSTEES FINANCIAL REVIEWAND PERFORMANCE Investment Policy The Foundation seeks to maximise the toral return on its portfolio, balancing this objective with the need to Control risk. The assets of the Foundation are allocated in accordance with the agreed investment strategy, last reviewed in 2022. Following rhe significant cash inflows as a result of donations from The Clothworkers, Company in 2022 and 2023, as well as additional listed investment units donated in 2022, the review was reviewed and revalidared in 2024. The adopted asset allocation seeks to achieve diversification and hence spread risk, and encompasses UK equities, overseas equities, emerging market equitie5, fixed interest and the investments made in 2025 in proactive global funds. The one direct property holding has now been enhanced by the two leasehold interests donated by The Clothworkers. Company in December 2022. The primary strategic long-tertn investment objective is the requirement that the overall investment portfolio should perform in accordance with the policy benchmark, which is made vp of a blend of relevant indices. In addition, there is a secondary objective that the portfolio should maintain its value in real terms over time, as measured by the Consumer Price Index including housing costs (CPIH) and Retail Price Index {RPI). The Foundation uses the income arlsing from the portfolio in furtherance of its charitable objectives. and of those of its restrirted fund5. It also considers the capital return earned on its portfolio, and any further endowment donations received, and is prepared to utili5e 50Tne of its expendable endowmenr ro support current grantmaking, if it is considered appropriate to do so. Funds and Reserves Policy The net assets of the Foundation are divided between'resrricted funds, and'unrestricred funds. as set out below.. Restricted Funds Pernianent Endowment Fund.. this fund totals £82.90 million120Z4.. £71.74 million) and represents donations received over a number of years. All such donations have been made Subject to a restriction, stipulated by the donors, that the capital should be invested and nor distrsbuted. Income arishng is credited to the General Fund. An appropriate propurtion ofthe costs ofgenerating income is charged to the Members, Endowment Fund as well as a proportion of gains and losses on invesrments. Expendable Endowment Fund.. this fund totals £137.20 million (2024.. £131.01 million) and wa5 estsblished in 2007. Donations have been received Frotn The Clothworkers, Company over a number of year5 With the wish that the capital should be retained as an endowment but could be distributed. in accordance with the Foundation's objects. should the Trustees decide to do so. The income arising from the invested capital is ro be used for general purposes and is. thei-efore, included in the General Fund. An appropriate proportion of the costs of generating income is charged to this fund as well as a proportion of gains and losses on investments. Members, Endowtnent Fund.. this fund totals £0.54 million 12024." £0.45 million) and represents donations received from members ol The Clothworkers, Company, rnatched by the Company, which were subject to a condition requiring their retention as an endowment. Income arising Is credited to the Clothworker Members, Fund. An appropriate proportion of the cosrs nfgenerating incoTne 15 charged to the Mernber5' Endowment Fund as well as a proportion ofgains and105ses on investmenrs. 13

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 REPORT OF THE TRUSTEES Funds and Reserves Pollcy (contlnued) Social Investment Fund= this fund totals £3.69 million12024: £2.91 million), and was estsblished durlng 2017. following the receiptof an tnitial donation from The Clothworkers, Company, which was subjectto a restriction that it be used for social investment.. the Company made a furtherdonation during 2018 to total £0.75 million, and these funds were subsequently committed or allocated. In 2021, the Trustees agreed a transfer of £1 million from the Expendable Endowment Fund to the Social Investtnent Fund. which has now been committed in full. In Novetnber 2022, the Trustees agreed for £5 million to be allocated from the Expendable EndoW￿ent Fund for further social investments, to be transferred in line with commitments. Other restricted funds.. there are three further restricted funds, totalling £70.52 million {2024.. £61.02 million), which represent the capital of three Trust funds transferred to the Foundation in 2013 (see above). The income arising on these three funds is used to fund grants which correspond with the objecrs of the three Trust funds., however, the capital is currently retained to act as an endowmenr. An appropriate proportion of the costs of generating income is charged to these funds as well as a proportion of gains and losses on investments. Unrestricted Funds Designated Capitsl Fund.. this fund totals £128.19 million [2024.. £110.94 million) and was established In 1996 to represent the capital of the Foundation at that time, and to act as a fund to generate income for the benefit of future beneficiaries. Although the fund is not restricted, it is the Trustees, intention to maintain it over the long term in order to geDerate resources for future beneficiaries. However, the income arising from the invested capital is to be used for general purposes and is, therefore, included in the General Fund. An appropriate proportion of the costs of generating Income is charged to this fund as well a5 a proportion ofgains and losses on investrnents. Clothworker Members. Fund.. this Fund was estxblished in 2005 as the 'Livery Fund., to receive donations from members of the Livery of The Clothworkers, Company, matche(J by the Company., it has been renamed to reflert that donations are encouraged from all members. All such donations (other than those credited to the Members, Endowment Fund see above) are used to fulld grants to chariries selected by the Clothworker Members, Fund Commtttee of the Foundation. The balance at 31 December 2025 was nil (2024-. nil). Deslgnated Proactlve Grants Fund (DPGF).. this fund was created in Z019. All commitments made under the various proactive grants programmes are charged to the fund. Each year, a fixed amount of income is transferred from the General Fund (see below), the amount being set ata level which represents the expected long-term average annual commitment to proactive grants. Consequently, over the long-term, it is expected that total income credited to the DPGF will be equal to total commitments. However, in years when cumulative commitments exceed cumulative income, the resulting negative fund balance is offset by a short-terni loan from the Expendable Endowtnent Fund. In 2025, the Trustees agreed a transfer of £0.90 million from the General Fund and grants amounbng to £1.13 million were cornmitted. A loan of £0.99 million was made from the Expendable Endowment Fund to leave the balance at 31 Decetnber 2025 as nil (2024.. nill. General Fund.. this fund is credlted with all income arising, excepting amounts credited to the Clothworker Members, Fund, or restricted funds, as set out above. It Is the intention of the Trustees to distribute all such income each year, subject only to the agreed general reserves policy, as described below. General Reserves Policy-. during 2022, the Trustees reviewed the level of the General Fund. The previous policy was for the balance on the Fund to be set at the level of IS% [+1- 2%) of anticipated (General Fund) income for the year. After due consideration, the Trustees decided that it was appropriate to set the size of the General Fund at 7.5% 1+ / - 2.50/0) of grant commitments, in order to allow the Foundation to fulfil its ¢OTnmitTnents in a timely fashion. At 31 December 2025, the balance on the General Fund totalled £1.61 million which wa5 equivalent to 15.5% OF total grants Commit￿ents in the year (2024.. £2.02 million 18.7%). The Trustees are aware rhat the balance on the General Fund exceeds the agreed policy, primarily as a result of additional donations received from The Clothworkers, Company at the end of 2024. The Trustees anticipate that the additional donations will be utilised for grantmaking in 2026, therefore bringing the level of the Fund within the agreed policy. 14

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 REPORT OF THE TRu&fEES Income Total income in 2025 was £1 1.10 million12024.. £13.05 million), of which £1.07 million (2024.. £2.57 million) wasa donation from The Clothworkers, Company. The donation wa5 in cash [2024.. cash). Other donations totalled £0.29 million12024.. £0.07 millionJ- The remaining income of £9.74 million [2024.. £10.41 million) was derived from investment assets. rental income or cash holdings. Expendithre Grants to charitable organisations totalling £10.61 million (2024.. £10.7B million) were committed during the year [see note 7}, which included the recommittnent of cancelled and returned grants accrued in earlier years, totalling £0.24 million 12024.. £0.14 million)- Contracts with charitable organisations of £0.2 million were also comTnitted during the year aTJd are included support costs and reflect the amount of the contract attributable to 2025 {5ee note 8). Details of grants made, in excess of £25.000, are published in the Annuiil Review, and on the Foundarion's website Total expenditure during the year, eycludinggrants, was £2.24 million (2024.. £1.96 millionl, of whichexpenditure on raising funds totslled £0.32 million (2024.. £0.28 million). Investment Performance The cun'erlt asset allocation is shown below= 2025 2024 UK equity units Overseas equity units Emerging marl(ets units Proactive global funds Fixed interest unirs Direct freehold property Uninvested eash 27 35 27 38 21 24 loo loo Over the course of 2025, after allowing for new funds received, the Foundation'5 investment assets (excluding property) earned a total return of 16.9% [2024.. 14.3%). The policy benchmark, based on a blend of relevant indices, against which the Fund benchtnark5 Itself, increased by 16.7% {2024.. 15.90A)I, RPI increased by 4.2% {2024.. 3.5%) and CPIH, which is now used as a more relevant benchmark for inflarion also increased by 3.6% [2024.. 3.50hl. AUDITORS Saffery LLP have signified their willingness to continue in office as auditors. The Trustees, Report, which includes the Directors, Report and Srr2tegi¢ Report for the purposes of company law, wa5 approved by the Board of Trustees on 23rd lune 2026 and signed on their behalf by.. O. LQ Susanna O'Leary Chair First flo(Ir, 16 Ea5tcheap London EC3M I BD 23rd lune 2026 15

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 INDEPENDENT AUDITORS, REPORTTOTHESOLE MEMBER Opinion We have audited the financial statements of The Clothworkers, Foundation for the year.ended 31 December 2025 which comprise the Statement of Financial Activities, the Sumtnary Income and Expenditure AccounL the Statement of Financial Position, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The rinancial reporting framework that has been applied in their preparation is applicable law and Utlited Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepred Accounting Prackn"ce). In our opinion the financial statements= give a true and fair view of the charitable company's Stare of affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, lor the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accouniing Prdrtice., and have been prepared in accordance with the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standard5 on Auditing (UK) [ISAs (UK)) and appltcable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements 5ectiOll ofour report We are independent of the charitable company in accordance with the ethical requiremenLS thatare relevant to ouraudit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may castsignificantdoubt on the charitable company's ability to continue as a going concern for a period ofat least nvelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustees are responsible for the orher information. The other information comprises the informahon included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form ofassurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information 5$ materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or othermse appe3r5 to be tn3terially misstated. If we identify such Tnaterial inconsistencies or apparent marerial misstatements, we are required ro determine whether thls gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perforrned, we conclude rhat there is a material misstatement of this other inforniation we are required to report that fact We have nothing to report in thls regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information glven in the Trustees, Annual Report whlch includes the Directors, Report atld the Strategic Report for the financial year for which the fjnancial statements are prepared is consistent with the financial s¢ateTnents.' and the Trustee5' Annual Report whlch includes the Dirertors. Report and the Strategic Report has been prepared in accordance with applicable legal requirements. 16

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 20Z5 INDEPENDENT AUDITORS. REPORT TO THE SOLE MEMBER (continued) Matters which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report and Strategic Report We have nothing to report in respect of the following matters where the Companies Acr 2006 requires us to report ￿ you if, in our opinion. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting record5 and returns.. or cerrain disclosures of trusrees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the Trustee5' Responsibilities Statement set out on page 9, the trustees (who are also directors of rhe charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and lor such internal control as the trustees determine is necessary to enable the preparation of flnancial statements that are free from material misstatemen¢ whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a goingconcern, disclosin& 35 applicable, matters related to going concern and using the going concern basis ufaccounting unless the trustecs either intend to liquidate the charitable company or to cease operations, or have no rea115tic alternative to do so. Auditorf5 responsibilities for the audit of the fiJJancial statements We have been appointed as auditor5 under the Companie5 Act 2006 and reporr in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free Fro￿ material mi5Statement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is J high level of assurance, but is not a guaranree that an audit conducted in accoi'dance with ISAS (UK] will always detect a material misstatement when it exist5. Mi5Statemenrs can arise from fraiid or errur and are considered tnaterial if, individually or in the aggreg21e. they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design pruLeduiEs in line with our responsibilities, Outlined above, to detect material mi5Statements in respect of irregularities, including fraud. The specific procedures for this engagement and rhe extent to which these are capable of detecting irregularfties, including fraud are detailed below. Identifying and assessing risks IElated to irregularities.. We assessed the susceptibiliry of the charitable company's financial statements to material mi.s%tatement and how Fraud might occur, including ihrough discussions with rhe trustees, discussions within our audit team planning mceting, updating our record ol internal Lontrols and ensuring these controls optrrared as intended. We evaluated possible incentives and opportuniries for fraudulent manipulation of the financial statements. We identified law5 and regulations that are of significance in the conrext of the charitable company by di5£us.sions with tru5tee5 and updating our undtrstanding of the sector in which rhe ¢haritable company operate. Laws and regulations of direct significance in the context of the charitable cotnpany include The Companies Act 2006, and guidance issued by the Charity Commi55ion For England and Wales. Audit response to risks Identified.. We considered the extent of compliance with these laws and reL7ulations as part of our audit procedures on the relateij fiTran¢ial statement items including a review of financial statement dis¢l(Trsures. We reviewed the charitable company's records of breaches of laws and regulations, minutes of meeting5 and correspondence with relevant authorities to identify potential material misstarements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 17

THE CLOTHWORKERS, FOUNDATION YEARENDED 31 DECEMBER 2025 INDEPENDENT AUDITORS. REPORT TO THE SOLE MEMBER (condnued) During the plantling meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware ofany instances of non-compliance with laws and regulations or knowledge of anyactual, suspected or a15eged fraud. We addressed the risk of fraud through management override of contro15 by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estitnates gave rise to a possible indication of management bias. At the completlDn stage of the udit. the engagemen[ partner's review included ensuring thal the teaTn had approached their work with appropriate professional scepticistn and thus the capacity ro identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in rhe financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for exarnple, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is 3vailable on the Financial Reporting Council's website at.. www.frc. iLoLStow&ithijLj.¢s. This description forms part of our auditor's reporL Use of our report This report is made solely to the charitable company's members. 35 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnighr state to the charitable company's member5 those matters we are required to state to them In an audiror's report and for no other purpose. To rhe fullest extent perrnitted by law, we do not accept or assume responsibility to anyone other than the charitable companyand the charitable company's members as a body, for our audit worl for this report, or for the oplnions we have formed. Cara Turtington [Senior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditor5 71 Queen Victoria Street London EC4V4BE Date.. 7 Jc4 IOZI Saffery LLP is eligible to act as an auditor irl tertns of section 1212 of the Companie5 Act 2006 18

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 STATEMENT OF FINANCIALACTIVITIES Unrestrlcred Funds Endowment Funds Other Restricted Funds (note 171 Total Total (note 151 ClothwoTkers' Chkrlty. Designated Proaciive Grants, and General {notes 11, Im.Inl (note 161 Soclal Investment, and Othcr (note li. 11) Deslgnated Capital (notc Ikl £ndowrnenis (notes 11. Notes 2025 2025 2025 2025 2025 2024 £'ooo INCOMEfrom'. Donations 913 443 1.356 2,012 2,640 Rental income 2,011 1,850 Investment income Depo.%it interest and other income Rent, deposits, and investment income 4,656 1.232 5.888 5,816 1,841 1,841 2,746 8.508 1,233 9,741 10,412 Total Income 9,42 1 443 1,233 11.097 13,052 EXPENDITURE on: Raising fund5 [97) 166) 1120} {36) 13191 {283) Charitable activities Grants to charitable organisations Support costs Costs ofgrant-making (9,188) (1,9081 (11,0961 (1,1761 {10,3641 (10.6451 [17) [1.925) [1,1931 112,289) [1.679) [12,3241 Total Expenditure (11,1931 [661 [1201 11.229) [12,6081 112,6071 Net (expenditure)/lncome befoTe investment movements {1,772] 1661 323 (1,5111 445 Gains/[lossesl on investments.. realised unrealised 822 28,279 29,546 io 17,312 19,227 9,525 46,064 Net (eXpendI￿re)I1neorne Transfers between funds (1,772) 1.364 17,246 19.550 9,529 44,553 [2,114) 750 Net movement In funds (408) 17,246 17.436 10,279 44,553 29,546 Fund balaEtces brought lonvkrd at I lanuary Fund balances carrled forward at 31 December 2,021 110,944 203,208 63,929 38Ck,102 350,556 1,613 128,190 220,644 74,208 424,655 380,102 All income and expenditure is derived from continLiing operations. The notes on pages 23 ￿ 39 form part of these accounts. 19

THE CLOTHWORKERS. FOUNDATION YEARENDED 31 DECEMBER2025 SUMMARY INCOME AND EXPENDITURE ACCOUNT 2025 £'ooo 11,097 2024 £'ooo 13,052 Total iTrcome of continulng operarions Total expenditure of continuing operations Total net gains on investments Net income for the year {12,5651 34,866 (12,569) 21.917 33,398 22,400 The Summary Income and Expenditure Account is derived from the Statement of Financial Activities on page 19 which, together with the notes to the accounts on pages 23 to 39, provides full information on the movements during the year of all the funds of the Foundation. 20

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 ATEMENT OF FINANCIAL posrrioN Company No. 1321952 2025 2024 £'ooo Notes £'ooo £'ooo £'ooo FIXED ASs￿s Tangible fixed assets Investments at market value.. Listed investmenrs 51 io 324,410 255,147 Investment property Uninvested cash io 86,000 79,150 13 10,398 1,493 420,808 2,106 335,790 1.974 Social itLvestment5 li CURRENT ASSETS Debtors 12 465 599 Cash at bank and on deposit 13 10,558 50,474 11.023 S 1.073 CREDITORS Arnounts falling due within one year CURRENT ASSETS 14 {8.7661 {8,240) 2.257 42,833 CREDITORS Amounts falling due after more than one year NEf ASSETS 14 1567) (495) 19 424.655 380,102 RESTRICTED FUNDS Pernianent Endowment Fund Ilhl, 17, 19 l[i), 17, 19 l(jl, 17, 19 Ilk). 18, 19 111}, 18, 19 82,899 71,743 Expendable Endowment Fund Members, Endowment Fund 137,203 131,013 542 452 Social Investment Fund 3,691 2,911 Other restricted funds 70.5 L7 61.018 UNREsfRICTED FUNDS Designated Capital Fund Clothworker Menibers, Fund Ilml, 16. 19 Iln), 16. 19 128,190 110,944 Designated Proactive Granrs Fund General Fund l[01, 16. 19 l(p), 16, 19 1,613 2,021 TOTAL FUNDS 424,655 380,102 The notes on pages 23 to 39 form part of these accounts. The h"nancial ststements were approved by the Board ofTrustees and 3Uthorised for issue on 23rd lune 2026 and are signed on their behalf by.. Susanna O'Leary Peter jonas Chair of The Clothworkers, Foundation Chair ol the Finance, Investment and General Purposes Comtnittee 21

THE CLOTHWORKERS, FOUNDATION YEARENDED 31 DECEMBER Z025 CASH FLOW STATEMENT 2025 2024 Nores £'ooo £'ooo £'ooo £'ooo Net cash oufflow from operating activities 15 (10,770) [9,1741 Cash flows from investing actlvitles Investment income receipts Rental and interest income 5.569 3.853 5,545 4.585 Purchase of fixed assets (57) [30,049) Purchases of investments [38,276) 33,399 Sales of investments [Increase)/decrease in cash awaiting Investment 18.905) 4,434 Net cash (outt]ow)linflow from investing activltles Cash flows from financing activities Endowment donations received (29.589) 9,687 443 723 Net cash Inflow from financing actlvities Increase in cash and cash equlvalents Cash and cash equivalents at the startoftheyear Cash and cash equivalents at the end ofthe year 443 723 139.9161 1.236 50.474 49,238 10,558 50,474 ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENT5 DURING THE YEAR Cash EquSvalents £'ooo Cash at bank Total £'ooo £'ooo At I January 2024 47.946 1.292 49,238 Net cash inflow/[outflow) 2,350 (1,114) 1,236 At 31 December 2024 50.296 178 50,474 Net cash [outflow)linflow [39,868) (481 [39,9161 At 31 December 2025 10,428 130 10,558 The Clothworkers, Foundation does not have any debt (2024.. none). 22

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES The Clothworkers, Foundation is a charify registered with the Charity Commission (registration number.. 2741001 and a Company limited by guarantee Iregistration number.. 1321952) in England nd Wales. The registered office and principal address is First floor, 16 Eastcheap, London EC3M IBD. (a) Ba515 Of accounting The linanci315tatements have been prepared under the historical c05t convention as modified by the revaluation of investments to Tnarket value and in accordance with applicable accounting standard5. The financial statenients have been prepared accordance with the Sratetnent of Recommended Practice for Charities {SORP 20191. the Companies Act 2006 and the applicable accounting standards (FRS 102). The financial statements have been prepared in UK sterling currency and rounded to the nearest £l.000. The financial ststements have been prepared on a going concern basis and the Foundatio meets the definition of a public entity under FRS 102. The prinapal accounting policies adopred are described below and are consistent with previous years. (b) Tanglble fixed assets Tangible fixed assets are n)easured at cost, net ofdepreciarion. Depreciaknon is recognised so as to write OFI the c05t or valuation of assets less their residual values over their useful lives on the following basis., IT equipment 2096 per annum (c) Investments Invostments are stared at markel value and consisi of units in ILSted Investment funds, a Freehold pi'operty, two leasehold properties and cash awaiting inve.¥tment. Gains and losses on the sale and revaluation of investments are shown in the Statement of Financial Activities. (d) Social investments Social investments comprise concession3ry loans and mixed motive investments. Where the investment is a conLes5ionary loan, the carrying value of the loan reflects rhe original loan value net of any repayments or provisions for amuunts not expected to be recovered. Mixed motive investments are initially measured at the transaction price of the investment and subsequently at their fair value where this can be mcasurcd reliably. Where rhi5 is not pnssihle, they are me1511red at cost less impairmenL Any movements on mixed tnotive inve5tnients are included as gains or losses on financial investrnenLS Within the Statement of Financial Activities. (e) Income Donations are accounted for when they become receivable. Investment illCOTne is recognised when it becomes 'ex-dividend'. Rental incume, and depnsit interest, are recognised according to the period to which it relates. (Q Costs of geneTating funds These are the costs ol tnanaging lis￿d, property and Lash investment5. Investment nianagement fees suffered within fund investments are gr05sed up, based on the lee rate applied to market value. (g) Grants to charitable organisations Grants are accounted for in the year in which a constructive obligation arises. This includes grants payable in a future year where any relevant conditi(Ins have been luifilled by the balance Sheet datp, nr are dependent on an external event over wh5ch the Foundation has no control. 23

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES (continued) (h) Pernianent Endowment Fund The permanent endowment has been received by way ofdonations over a number ofyears. All such donations have been made subject to a restriction, stipulated by the donors. that the capital Should be invested and not distributed. However, the income arising Irom the invested capital is to be used for general purposes and is, therefore, included in the General Fund. A appropriate proportion of the costs of generating income is charged to this Fund. Also included within this Fund is the capital transferred from the Charityof Margaret Holligrave in 2004 (see note 17). (l) Expendable Endowment Fund The expendable endowment has been received by way of donations over a number of year5 subject to a condition that capital could be retained or distributed as the Trustees derermined. The income arising from the invested capital is to be used for general purposes and Is, therefore, included in the General Fund. An appropriate proportion of the costs of generating income is charged to this Fund. O) Members. EDdowment Fund At I January 2010, £3,000 was transferred from the Permanent Endowment Fund to a new Members, Endtswment Fund. This amount represented certain legacies, lifetime gifts, and donation5 from members OF The Clothworkers, Company, relating to the year5 2001 to 2009, plus 3ccumulated capital appreciation. Subsequent endowment donations from such members have also been credited to this Fund,. investment inCOTne arising from irs assets is credited to the Clothworker Members, Fund. An appropriate proportion of the costs of generating income is also charged to the Members, Endowrnent Fund. (k) Soclal Investment Fund The Social Investment Fund was established in 2017, to which are credited donations received subject to a restiiction that they be applled to social investment (see note 181. (l) Other restricted funds Three restricted funds relate to three previous Trusts which formerly existed as separate charitie5. During 2013, rhe Foundation applied to The Charity Cotnmission for permission to pay the assets of the three Trusts, for which it acted as corporate trustee, to The Clothworkers, Foundation. The transfer wa5 in ac¢ordance with section 282 of the ChariDes Acr 2011 and. havlng gained the consent of the Commission, it took place as at 3 October 2013. The assets transferred, and the income arising on those assets, are administered by the Foundation as restricted funds. with grants beiT)g made to beneficiaries, at the Trustees, discretion, broadly in accordance with the objects and distribution policies of the three original charities {see note 181. (m) Designated Capital Fund The Designated Capital Fund was set aside in 1996 out of unrestrirted funds for the purpose of providing for the furtherance of the charitable aims of the Foundation. The Fund represented the disposal proceeds arising from the 52le of a leasehold property investTnent in 1994, together with the aTnounts previously retained in recognition of the depreciation of the lease. Although the Fund is not re5tritted, it is the Trustees. intention to maintain it over the long term in order to generate resources for future beneficiaries. Income arising frotn the Fund is credited tts the General Fund. An appropriate proportion of the costs of generating income is charged to the Designated Capital Fund. (n) Clothworker Members, Fund The Livery Fund wa5 established in 2005,. it was renamed as the Clothworkers. Charity Fund (CCF) in 2019, and the Clothworker Members, Fund (CMF) in 2022. The CMF is made up oFregular donations from the membership of The Clothworkers, Company, which are matched by donations from the Company itself. Investment income arising on the Members, Endowment Fund is also credited to the CMF [5ee note 16). 24

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2025 NOTES TO THE FINANCIAL STATEMENTS l. AccouKfiNG POLICIES (contlnued) The income of the Fund is distribuled annually,. distriburlons are recommended by rhe Clothworker Members, Fund Committee, taking into account preferences expressed by the donors regarding the selected beneficiary charities of the year. In the event of a deficit arising n the Fund, a compensating transfer is made from the General Fund. (o) Deslgnated Proactive Grants Fund (DPGF) The DPGF was established during 2019, in order ro provide greater clariry in the reporting of the Proactive grants programrne. A transfer Is made to the DPGF each year based upon the average amount to be allocated to proactive grants,. this transfer is paid from the General Fund, or restricted finds, as appropriate. Proactive grant commitments are charged to the DPGF,. it is planned that these will match the transfers received, taking one year with another. 11 a deficit arige5 on the DPGF in a particular year, this is olfset in full by a temporary loan from the Expendable Endowmenr Fund. (p) General Fund WÉth the exception of restricted donations, and investtnent income allocated to the Clothworker Members. Fund and restricted funds. all income arising is credited to the General Fund. Expenditure on suppoi-t costs and governance is charged to the Ceneral Fund. When budgeLS are set, the level of grants is determined with reference to the agreed reserves policy. (q) Slgnlficant accountlng judgments and estlmates The preparation of the financial statements in accordance with FRS 102 requires managetnent to exercise JUdge￿ent in applying the Foundation's accounting policies. The areas where the Foundaiion considers the judgements ro be the most significant involve assumptions or estimates in respect of future events where actual results may differ from these estimates. The estimate ol rhe valuation of investment properties is considered significant [see note 101. DONATIONS Unrestricted Funds Clothworker Members. Fund 2025 E'ooo Restricted Funds Members, Endowment Fund 2025 £'ooo General Fund Expendable EndowmentFund TOTAL 2025 £'ooo 2025 £'ooo 2025 £'ooo The Clothworkers, Company Member donations Other Donations 778 62 li 222 1,073 273 io 1,3S6 63 io 200 io 788 125 21 422 Unrestrlcted Funds Clothworker Members. Fund 2024 £'ooo Restrlcted Funds Member Endowment Fund 2024 £'ooo General Fund Expendable Endowment Fund TOTAL 2024 E'OOO 2024 £'ooo 2024 £'ooo The Clothworkers, Company Member donations Other Donations 1,789 69 li 701 2,570 69 58 1,790 127 22 701 2,640 Member donations are received frorn member5 of The Clorhworker%' Company, including Gilt Aid recoveries. Donations of £207,700 were received from metnbers who are Trustees in 2025 (£2024.. E4,6211. Member donations are credited to the Clothworker Members, Fund, or Members, Endowment Fund, in accordance wlrh each member's wishes. 25

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS INVESTMENT INCOME Investment income arises from units held in various IL5ted investment funds- these funds are invested in UK equities, overseas equities. fixed interest funds, and a commodities (und. OPERATING LEASES The Foundation acts as a lessor In connectlon with operating lease5 and continues to recognise the assets subject to the operating lease as assets on its balance sheet. The lease amounts received from the lessees are recognised in the Statement OF Financial Activities on a receivable basis. The leases relate to the rental of property- The future mirlimurn lease receipts arising from non-cancellable operating leases are shown below. The amounts due to the Foundation fall due as follow5: 2025 £'ooo 2024 £'ooo Within one year Between two and five years After five years 806 806 3,219 26,532 30,557 3.219 25,728 29,753 COSTS OF GENERATING FUNDS The costofgenerating funds consists oflisted investment managementfees and investmentproperty tnanagement costs.. these are charged to the Designated Capital Fund (see note 161. the endowment Fund5 [see note 171, and some restricted Funds [see note 18) in proportion to the investment holdings of each fund. Some additional fees are also incurred in respectofthe Foundation's cash management service,. these are charged to Income [General Fund- see note 16). 26

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS TRANSFERS The following transfer5 were made during the year.. Expendable Endowment Fund General Fund Clothworker Members, Fund Designated Proactive Grants Fund (DPGFI Social TOTAL Investment Fund {CMF) £'ooo £'ooo (9001 E'ooo £'ooo 900 E'OOO £'ooo Fundlng for Proactive Grants progrnmme Reversal of prevlous temporary transfer5 To fund DPGF commitments 685 (685) (9921 992 To fund CMF commitments (7) Allocate to current year To fund commitment to Alpha Grove To fund commitment to Social Tech Ventures {1,057) 1,057 [500) 500 (2501 250 (2.1141 150 1,207 750 The Trustees agreed to make a transfer from the Expendable Endowment Fund to the Designated Proactive Grants Fund to fund specific committnents made under the Proactive Grants programme. The Trustees a¥reed to transfer£7.000 {2024.. nil) from the General Fund ro rhe Clothworker Members, Fund to fund 2025 grants. The Trustees decided to transfer £1,057,000 {2024.. £443,000) from the Expendable Endowment Fund to the General Fund in order to supplement income from the listed Jnve5tment portfolio, and to facilitate a higher level of grant-making. The Trustees agreed to transfer E750.00012024.. £1,100,000) from the Expendable Endowmerlt Fund to the Social Investment Fund to lund commitments made in 2025. 27

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2025 NOTES TO THE FINANCIAL STATEMENTS CHARITABLE GRANTS 2025 £'ooo 2024 £'ooo Proactive programmes.. Disability Equity Economic Equity 1,125 1,205 Care Leavers 200 1,125 1,405 Substance Misuse &Addiction 57 113 Domesric and Sexual Abuse 598 390 Homelessness 461 502 Communities Experiencing Racial Inequalities Older People Facing Disadvantage Dlsabilities. including Mental Health & Visual Impairment Prison & Rehabilitatton 1,637 1.321 406 484 2,474 2,666 123 185 LGBT+ Communities 149 57 Young People Facing DÉsadvantage Economic Disadvantage Other 1.800 2,103 1756 1,330 21 228 Total grant committnents Returned lcancelled 8ranrs Total grants 10,607 10.784 [243) [1391 10,645 10,364 Details of grants made are published in the Foundation's Annual Review which can be downloaded frotn the Foundation's website.. 33 grants accrued in 3 prior year were returned or cancelled [20Z4'. 12). All grants were awarded to institutions. 28

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS SUPPORT cosrs 202S £'ooo 2024 £'ooo Administratlve services provided by Ramteazle Ltd: Staff costs Other ¢osts 859 618 1,477 839 598 1.437 Direct costs.. Auditors, remuneration - audit services Other governance costs Proactive grants- direct costs Research, Development & Partnership grants- direcr costsl Open grants direct costs Social Investment Other support cost51 18 20 19 21 82 55 158 66 48 17 98 1.925 87 1,679 l Research, Develepmertt & Partnership grant5- direct costs were included in'other support costs, for 2024. No staff are directly employed by the Foundation. Staff costs are incurred by Ramteazle Limited (a wholly owned subsidiary of The Clothworkers, Company), from which the Foundation purchase5 administrative services in accordance with its service agreement. The Foundation's share of total remuneration paid to key management personnel provided as part of tha5 service was E253,619 {2024.. £254,472). No Trustee may receive any salary or fees or receive any remuneration or other benefit, other than expenses reimbursed, from the Foundation save as expressly permitted by the Articles of Association. During the year payments to Trustees totalled E342 (2024.. £530). TANGIBLE FIXED Assrrs Property, plant nd equipment 2025 £'ooo Cost A5 at I13nuary 2025 Additions 57 As at 31 December 2025 57 Depreclatlon As at I lanuary 2025 Charge for the year As at 3 1 DeLetnber 2025 Net book value As at 3 1 December 2025 51 As at 31 Decetnber 2024 29

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS 10. INVESTMENTS 2025 £'ooo 2024 £'ooo Llsted Investments Carrying value at I lanuary Add.. Acquisition5 at cost Le5s.' disposa15 at carrying value Net gain/{lossl on revaluaknon at 31 December Marketvalueat 31 December 255,147 30,049 223.969 38.276 (32,577) 25.479 255,147 39,214 324,410 Investment property Carrying value at I13nuary Add.. Acquisitions at cost Nel gain on revaluation at 31 December Market value at 31 December 79.150 76,350 6,850 86,000 2,800 79,150 Cash to be invested 10,398 1,493 Total Investments at Marketvalue 420.808 335,790 The investment properties were forTnally professionally revalued at open market value as at 31 December 2025 by Capital Real Estate Partners LLP [2024.. Capital Real Estate Partners LLPI. The properties were valued using the investment method of valuation; this means that the passing rent and estimated rental values have been capitalised using investment yield& Purchaser'5 costs have then been deducted to arrive at a net value.) The valuation of the Foundation's investment property portfolio is inherently subjective. It is based on a number of assumptions including, but not limited to. matters such as the underlying tenure and tenancy details for the properties, prevailing marketyields and comparable market transactions. As a result the estimated values of the Foundation's investment properties are subject to a degree of uncertainty and are determined on the basis oFassumption5 which may not prove to be accurate. 11. SOCIAL INVESTMENTS 2025 £'ooo 2024 £'ooo Llsted Investments Cost less impairnients at I january Add.. Acqui51tior15 at cost Losses and impairments Disposals and repayments Marketvalueat 31 December 1,974 Iso 1,436 574 (i) 135) 1.974 (18) 2,106 At 31 December 2025 commitments amounting to £1,21S,38S (2024.. £615,385) remain outstanding, 30

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS 12. DEBTORS 2025 £'ooo 2024 £'ooo Accrued income and prepayments Other debtors 4S4 588 li 465 599 13. CASH AND DEPOSITS At 31 December 2025 all money on short-term deposir was held in intere5t-bearing bank accounts. or in a managed cash fund. Cash and deposits totalling £10,558,000 (2024.. £50,474,000) is reported within current assets, and an additional sum of EIO.398,000 [2024.. £1,493,000), allocated for investmen¢ is included in fixed assets. 14. CREDITORS 20Z5 £'ooo 2024 £'ooo Amounts falling due within one year Grant5 commitments unpaid Clothworker5' Company Other accruals Rent receivable in advance Other creditors 7,657 568 96 392 53 8,766 7,261 493 83 372 8,240 AmouDts falling due a(ter more than one year Grants commitments unpaid 567 495 Rent receivable in advance relate5 to rent for the 1.4t quarter of 2026 that wa5 invoiced in 2025. 15. RECONCILIATION OF NET [EXPENDITURE)/INCOME TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2025 É'ooo (1,511) 319 Z024 £'ooo 445 282 Net [Expenditure)Ilncome Investment and properry managemeni expense5 Depreciation Donations received into endowed funds Investment income receivable Rental income receivable Interest receivable Repayment of social investmeni loans Social investment payments Decrease in debtors Increase irl creditors Net cash outhow from operatlng activities 14431 (5,888) [2,012) [1,841) 18 (150) 134 17231 15,8171 11.849) 12,746) 35 1573) 602 1.170 9,174 (10.770)

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER2025 NOTES TO THE FINANCIAL STATEMENTS 16. UNRESTRICTED FUNDS Cloihworker Members, Fund Deslgnated Proactlve Grartts Fund General Fund Desigttated Capital Fund Total £'ooo 1.054 1.790 1,849 4,569 2,746 £'ooo £'ooo £'ooo 99,893 £'ooo 100,947 1.917 1,849 4,577 2,746 Balance at I lanuary ZOZ4 Donations (see note 2) Rental income Investment income Deposir interest and other income Costs of generating funds Support costs Grants to charitable organisations Transfer from Expendable Endowment Fund Transfer from General Fund Transfer from Expendable Endowment Fund Realised gains on investments Unrealised gains on investments Balance at31 December 2024 Donations (see note 2) Rental income Investment income Deposit interest and other income Costs ofgenerating funds Support costs Grants to charitable organisations Transfer from Expendable Endowment Fund Transfer from General Fund Transfer from Expendable Endowment Fund Realised gains on investments Unrealised gains on investments Balance at 31 DecembeT Z025 IZ7 (81) 11,612) 17,837) 443 [581 (1391 [1.6781 19,3771 443 {66) (1.405) (135) [9001 900 571 571 [181) 11,290 110,9M (181) 11,290 112,965 913 2.011 4.656 1,841 2,021 788 2,011 4,647 1,841 125 (97) [1.8261 [7.9221 1,057 [661 [1631 [1,9081 [9,188} 1,057 (82) (1,125) [141) (907) 900 307 307 17.312 17.312 1.613 128,190 129,803 General Fund All income and costs are credited or debited to the General Fund, excluding those amounts which must be credited or debited to other Funds. All grants are debited to the General Fund unless they are assigned to the Designated Proactive Grants Fund. the Clothworker Members, Fund, or other restricted funds. 32

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER20Z5 NOTES TO THE FINANCIAL STATEMENTS 16. VNREsfRl￿ED FUNDS (contljhued) Clothworker Members, Fund This fund was established in 2005 as the Livery Fund. to receive donations from members of the Livery OF The Clothworkers, Company, ffiatched by the Company. It was renaEned as the Clothworkers, Charity Fund (CCFI in 2019, and more recently, the Clothworker Members, Fund (CMF) in 2022. to reflect that donations are encouraged from all members. The fund is also credited with all income derived from the Members. Endowment Fund. The income OF the Fund is distributed annually., grants are recommended by the Clothworker Members, Fund Committee. taking into account preferences expressed by the donors regarding the selected betLeFiciary charities of the year. Designated Capital Fund Thls fvnd was established in 1996 to represent the capital of the Foundation at that tirne. and was set aside out of unrestricted funds for the purpose of providing for the furtherance of the charitable aims of the Foundation. The fund represented the di5POsal proceeds arising from the sale of a leasehold properly investmenl in 1994, together with the amounts previously retained in recognition of the depreciarion of the lease. Although the fund is not restricted, it is the Trustees. intention to maintain it over the long term in order ro generate resources for future beneficiaries. However. the income arising from the invested capital is to be used for general pui-poses and is, therefore, included in the General Fund. AD appropriate proportion of the cost5 of generating income is charged to this fund as well as a proportion of gains and losses on investments. Deslgnared Proactive Grants Fund Thi5 fund was established in 2019. All comrnitments made under the various proactive grants programmes are debited ¢0 the lund. Each year, a fixed amount of income is transferred Irom the Generdl Fund. the amount being set at a level which represents the expected average annual commitment to proactive grants over a strategy period. Consequently, over the ltsng-term, it is eXpeC￿d thar total income credited to the fund will be equal to ioral CO￿T￿ltMents. However, in years when cutnulative commitments exceed cumulative incoTne, the resulting negative lund balinte is offset by a short-term loan from the Expendable Endowment Fund. 33

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTESTO THE FINANCIALSTATEMENTS 17. ENDOWMENT FUNDS Expendable endowment Permanent endovrnieTht- general Pertnanent endowment- Marrdret Holltgravc Members. endowment Total £'ooo 127.846 701 £'ooo 53,979 £'ooo 10.617 £'ooo 387 22 £'ooo 192,829 723 Balance at I lanuary 2024 Donations (see no￿ Zl Repay loans from Designated Proactive Grants Fund Transfer to Designated Proactive Grants Fund Transfer to General Fund Transfer to Social Investment Fund Costs of generating funds Realised losses on investments Unrealised gains on investments Balance at 31 December 2024 Donations {see note 21 Repay loans from Designated Proactive Grants Fund Transfer to Designated Proactive Grants Fund Transfer to Social Investment Fund Transfer to General Fund Costs of gener2ting futids Realised losses on investments Unrealised gains on Investments Balance at 31 December 2025 114 114 1685) (6851 [4431 [i.iooi (4431 [I,ioo) 175) 1.220 3,435 {311 1981 6,102 16) (19) 1.199 [112) 1,102 10,780 203,208 443 685 44 131,013 422 685 59.952 11,791 452 21 (992) 19921 (7501 [750) (1.057} (78) (1.057) (120) {35) [7) 7.960 137,203 9,358 69,275 1,840 13,624 69 542 19,227 220,644 Pern)anent Endowment Fund The permanent endowment has been received by way of donations over a number of years. All such donations have been made subject to a restriction, stipulated by the donors. that the capital should be invested and not distributed. This Fund includes the capital portion OF the Charity of Margaret Holligrave which was transferred to the Foundation by a Scheme of the Charity CoTnrnission dated 9 March 2004,. the value of the capital portion of the Charity at that date was £3,943,763. At 31 December 2025, the portion of the Fund representing the capital of the Charity was valued at £13,623,8Z4 (2024.. £11.791,1631, The Scheme permitted income arising from the endowment to be distributed ft>r such charitable purpose5 as the Foundation shall detertnine. All income arising is credlted to the General Fund. 34

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER2025 NOTESTO THE FINANCIAL sfATEMENTS 17. ENDOWMENT FUNDS (contlnued) Expendable Endowment Fund This fund was established in 2007. Donations have been received from The Clothwtsrkers, Company aver a number oFyears with the wish that the capital should be retained as an endowment but could be distributed. in accordance with the Foundation's objects, should rhe Trustees deiide to do so. The income arising from the invested capital is to be used forgeneral purposes and is, therefore, included in the General Fund. An appropriate proportion of the costs ol generating incorne is charged to this fund as well as a proportion of gains and losses on investments. Donations have generally been in the form of cash. and historically this was invested in equities. Donations have been received in the form of equitie5 on three occasions and on one occasion, in the form OF property leases. This fund is used to meet the spending rule requirements and any transfer to the General Fund required is made out of retained cash. If the spending rule dictates a transfer into the fund, the relevant amount will be allocated from the Company's annual donation, therefore reducing the amount allocated to the General Fund. This fund has also been used to add to the g17ntmaking budget as agreed by the Trustees. In November 2022. the Trustees agretd to allocate £5 million from this lund for social investmertr. £2.85 million has been invested and therefore transferred to the Social Investment Fund. Members, Endowment Fund On 1st january 2010, £3,000 was transferred from the Permanent Endowment Fund to a new Members, Endowment Fund. This amount repi'esented certain legacies, lifetitne gifts, and donations from members ofThe Clothworkers, Company. relating to the years 2001 to 2009, plus aLcufDulated capiral appreciation. Donations are received from members ofThe Clothworkers. Company. Where the member stipulates that the donation should be retained and invested, it is credited to the M¥mber5' Endowment Fund. All such donation5 are matched by The Clothworkers. Company. All income arising is credited ro the Clothworker Members, Fund. An appropriate proportion ofthe costs ofgenerating income is charged to the Members, Endowment Fund as well as a proportion of gains and losses on investments. 35

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS 18. OTHER RESTRICTED FUNDS social Investment Relief in Need Welfare ofthe Blind £'ooo 12.994 Education Total £'ooo 56,780 £'ooo 1,750 £'ooo 10,935 £'ooo 31.101 Balance at I january 2024 Rental income Investment income Transfer from Expendable Endowment Fund Support costs Costs ofgenerabng funds Grants to charitable organisations Realised losses on investments 62 235 664 278 1,239 I,ioo I,ioo (i) [1) 1321 11,268) (991 6.209 (6) 1234) (20) 1,237 (18) [758) (56) 3,505 (8) [276) [23) 1.467 Unreali5ed gains on investments Balance at31 December 2024 Z,911 12,147 34,439 14,432 63.929 Rental Income Investment income Transfer from Expendable Endowment Fund Support Costs Costs of geDerating funds Grants to charitable organisations Realised losses on investments 47 236 669 280 1.232 750 750 (17) {17) 136) 11,176) [7) [235) (20) [664) (91 (2771 Unrealised gains on investments Balance at31 December 2025 1,900 5.373 39,798 2,252 16,678 9,525 74,208 3.691 14,041 This fund was established in 2017. following the receipt of an initial donation of £0.375 million from The Clothworkers, Company, which wa5 subject to a restriction that it be used for social investment,. the Company tnade a further donation of £0.375 million during 2018, and these funds were subsequently committed or allocated. In 2021, the Trustees agreed a transfer of £1 million from the Expendable Endowment Fund to the Social Investrnerlt Fund, which has now been committed in full. In November 2022, the Trustees agreed for ES million to be allocated fvom the Expendable Endowment Fund for further Social investments, to be transferred in line with commitments. 36

THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS 18. OTHER REsfRICTED FUNDS {continued) These funds relate to capital transferred from three previous Trusts which formerly existed as separate charities. During 2013, the Foundation applied to The Charity Commlssi()n for permission to transfer the assets olthe three Trusts, for which iracted as corporJte trustee, toThe Clothworkers, Foundation. The transfer was in accordance wirh section 282 of the Charities Act 2011 and, having gained the consent of the Commission. 1¢ rook place as at 3 October 2013. The assets rransferred, and the income arising on those assets, are administered by the Foundation as resrricted funds, with granrs being made to beneficiaries broadly in accordance with the objects and distribution policies of the three original charities. An appropriate proportion ol the costs of generating income 15 charged to these lund5 35 well as a proportion of gains and losses on investments. Grants are rnade in accordance with the objects of the original charities. as set out below. Where the objects Df a Fund require that preference i5 given ro a particular constituency when applying a proportion of the incotne, the Trustees give precedence to such appeals when consideriT)g applications. Education: The income is used to advance the education of the public. with preference in respect of 75% of the income being given to persons under age 25 who live in, or attend educational establishments in, or wh05e parents live in, Greater London. Rellef In Need: A minimum of 92.5% of the incotne 15 used to relieve hardship, subject ￿ the following preferences.. 4% to people who reside in the London Boroughs tsf Islington and Camden., then to people who reside in neighbouring boroughs and then to people who reside in Greater London., 3% to people who reside In Greater London, then to people who live in neighbouring counties.. and then to people who reside in the remainder of the UK. Welfare of the Blind.. A minimum ol two-thirds OF the income is used to relieve hardship of people in the UK who are visually impaired. 37

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS 19. ANALYSIS OF AsS￿s BETWEEN FUNDS Unrestricted funds Endowment Other restricted funds funds see note 17 see note 18 Total funds ZOZ5 General Deslgnated Capital £'ooo £'ooo £'ooo £'ooo £'ooo Tangible fixed assets Listed investments and freehold property Fixed asset cash Social investments at cost Current assets 51 51 128,190 210,707 71.513 410,410 9.937 9.337 2,106 2,106 9,669 [7,540) [567) 1,613 1,815 [1.226) 11,484 (8,7661 1567) 424,655 Current liabilities Long term creditors 128,190 220,644 74,208 Total funds include revaluation reserves of £118,625,000 [2024.. £79,410.000). 20. RELATED PARTY TRANSACTIONS The Clothworkers, Company is the 501e member ofThe Clothworkers, Foundation. and as Ramteazle Limited is a wholly owned subsidiary ofThe Clothworkers, Company, the three entities are regarded as related parties. Transactions concerning related parties were as follows.. 2025 £'ooo 2024 £'ooo Amounts received/(paid) Donations.. The Clothworkers, Company Ramteazle Limited Administrative service charges.. Ramteazle Limited 1,073 2,570 1,477 1.437 DebtOTs/(creditors) The Clothworkers, Company Ramteazle Limited 1568) 14931 38

THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS COMPARATIVE STATEMENT OF FINANC[ALA￿1VlT]Es Unrestricted Funds Inolo 161 Restricted Funds (notes 17. IB) Total Clorhworker Members., Designated Proactive Grants. ajid General {nores l*, lo,Ipl Desl8nated Capltal Inotc Im) Soclal Investmen¢ and Other (note 114 lil Endowments (notes Ih, li,11) 2024 2024 2024 2024 2024 INCOME from.. Donation5 1.917 723 2,640 Rental income 1,849 1.850 Investment income 4,577 1.239 5,816 Deposit interest and other income Rent. dep051ts. and Investment income 2,746 2,746 9,172 1,240 10,412 Total Income 11,089 723 1,240 13.052 EXPENDITURE on.. Raising lunds [811 [5BI (1121 [32] (2831 Charitable activitie5 Grants to charitable organisations Support costs (9.377) {1,268) [10,645) [1.6781 (i) (1.679) Costs of grant-making [11,055) (1.269) 112,324) Total Expendlture 111,1361 1581 (1121 11,3011 (12,6071 Net (expendirure)/in¢oJne before investment movements Gains/[Ius5e51 un inyeslments.. realised unrealised {471 158) 611 [61) 445 (1811 11,290 Ll,OSI 1,102 10,780 199) 6,209 6,049 I,ioo 822 28,279 29,546 Net (expenditsre)/income Transfers between funds (471 1.014 12.493 12,1141 Net movement in funds 967 11,051 10.379 7.149 29.546 Fund balances brought forward at I lanuary Fund balances carrled fonyard at 31 December 1,054 99,893 192.829 56,780 350,556 2,021 110,944 203,208 63,929 380,102 39