THE CLOCKMAKERS, CHARITY TRUSTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Charlty No: 275380
The aockmakers, Charit Trustee Re forthe Year Ended 31 O¢t¢ber 2025 Reference and Administration Detalls Trustee The Wor5hipfvl Company of Clockmakers exercised through the Court of Assistants. The members of the Court listed below seNed during the year and, when acting as the Court of Assistants, collertivety exercised the trustee responsibilities of the Charity Court of As5iStants and Offlcers Marter Robert W Wren FBHI Deputy Master Keith A Scobie-Young5 FBHI Wardens Dr Robertj Lamb Oliver P Bartrum MBE Justin J Koullapis FBHI Past Masters Professor Alec A Boksenberg CBE FRS PhD Sir George White Bt FSA Christopher J Hurrion (resigned 29, September 20251 David A S Pennefather C8 OBE (resigned 24 March 20261 Oavid J Poole MBE FBHI Howard C Newman FBHI Mark W Elliott (resigned I" January 20261 Andrew C H Crisford FSA Philip W T Whyte Hon FBHI Jonathan E Hi115 Joanna A Migdal (Lady White) Mark Levy Drjames G D Nye FSA (resigned 24 March 20261 Jane E Pedler Assistants Sir Keith Stuart (resigned 29, September 20251 Richard A Bourne (resigned I" January 20261 Richard H Stenning (resigned 24, March 20261 Captain Anthony J Gray FRSA FBHI Ralph Baber FCA Dr Peter K Thomas Martin L Moore KC Andrew R Canter Anne E Wrig John M H 5ummersTD Richard A J Steedman Pagell
Trustee Re rt for the Year Ended ober 2025 Reference and Admlnlstratlon Detsils {¢ontinuedl aerk IringThe Year Simon Gray (resigned 31" October 20251 Peter Rogers131" October- 12 January 20261 Kirsten Wheatley112' January 20261 Prlndpal Address 8 Little Trinity Lane, London, EC4V 2AN Ifrom 4, Au8USt 20251 Registered Chailty Number 275380 Independent Examlner Oavid Andw$ BSC MBA FCA Northacre Sandrock Road Westcott Surrey RH4 3LD Bankers CAF 8ank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ Investment Advisers Rathbones Group PIC 30 Gresham Street London EC2V 7QN Page12
The aockmaker5' Char Trustee Re ort for the Year Ended 31 (lrtober 2025 The Trustee Body present their report and the financial statements of the Charity for the year ended 31st October 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note l and comply wtth the Charity's Constitution, the Charities ALt 2011, and the requirements of the Statement of Recommended Prartice "Accounting and Reporting by Charities. i55ued by the Charity Commission. l. Strurture, Govemance and Management The Charity 15 governed by Trust Deeds dated 4 April 1977 and 6 September 1977. These deeds set out the Charltys objerts and confer powers on the Trustee for the administration of the Charty and the applitatlon of ils funds. The sole Trustee of the Charity Is The Worshlpfvl Company of aockmakers, actin8 through its Court of As515tants 1.the Courfl. The Company is a City of London Livery Company incorporated by Royal Charter in 1631 and is the oldest horological institution in the world. It5 charitable activities have developed over several tenturies from a series of benefactions made to the Company for charitable purposes. Governance Frarnework The governance of the Charity reflects the historic constitutional structure of the Company. under which members of the Court are elected in accordance with the Royal Charter and, once appointed, serve for life. This differs from certain aspects of modern charity governance best practice* particularly in relatn to the numbers of Court Assistants and the lack of fixed terms of office and in trustee appointment processes. The Trustee has consldered these differences carefvlly and has adopted an"apptyorexplain" approach forthese accounts in line with Charity Commission expectations forsmaller charities. The Trustee is currently considering whether its existing structure continues to provide effective stewardship of the Charity, and will regularly revlew its practices and procedures taking into account: the experience and sublect-matter expertise of members of the Court: the inclusion within the Court of indNiduals with legal, financial and other professional expertise: and the long-standing continuity of oversight of the Charity'5 activitie5 and a55ets. The Trustee recognises the importante of ensuring that governance arrangements opèrate transparentty, effective and in accordance wlth the prlnciples of good charity governance. Governance Practices and Proceduies To support this, the Trustee has adopted and fonmalised a number of 8ovemance prartices which supplement the provislons of the Trust Deeds and align. where appropriate, with modern governance expectatlons. These include". Meetings: The Court meets in its capacity as Trustee not less than four times each year. Quorum: A quorum is defined as one-thlrd of the Court. Deci51on-makln8: Decisions are taken by a majority of those present and voting. The Chair does not exercise a casting vote. Pa8e13
The Clockmakers, Charf Trustee Re for the Year Ended 31 Octob r 2025 Attendan¢e: Meetin8s are attended in person as per the City of London 8Ltidance. Virtual attendance is only permr¢ted under exceptional circumstsnces. Conllirts of Interest: The Court is required to declare the nature and extent of any confllct5 of Interest. Any Court Member with a conflict withdraws from discussion ond decision-making and is not counted In the quorum forthe relevant matter. Capaclty to ser¥e: Any member of the Court of Assistants. In thelr capacty as Trustee, Is able to reslgn from the Clockmakers, Charity. These practices are kept under regular review and are designed to ensure that the Charity operates with appropriate levels of accountability. transparency and effective decision-maklng. Commlttees and Advlsory Struclure The Trustee is supported by advisory tommittees, whose member5 are drawn from the membership of the Company and, where appropriate, from outside tt. These committees provide specialist input and oversight in key areas of the Charity's work, including charitable grants, the Collection, and award5. Members of these commlttees are appointed for defined temisl providing an additional mechanlsm for periodic refreshment of skills and perspectives within the Charity's governance framework. Relatlonshlp whh the Warshipful C¢mpany of aockmakers The Charity operates as a separate legal entlty but maintains a Close relationship with the Worshipful Company of Clockmakers. The Company provide5 administrative SLlPPOrt. expertise and continuity. which contribute significantly to the effertive operation of the Charity. The Trustee is mindful of the need to ensure that this relationship is properly managed and that all decisions are taken soleW in the best interests of the Charity and in furtherance of it5 charitable objects. Ongoing GoverThan Revlew The Trustee continues to review its governance arrangements in light of evolvin8 Charity Commission 8uidance and best practice. Thls Includes consideration of how the Charity's historic constitutional framework can continue to operate effertively while meeting modern expettations of charity governance. No material changes have been made to the governing documents during the year. The Trustee 15 satisfied that the current arrangements remain appropriate to the scale. nature and activities of the Charity. 2. Trus15 of the Charlty The Charity includes three Trusts entitled the 'Clotkmakers Chariv, the'clockmakers Collection Fund. and the 'Hain Sanders Tappenden Fund,. A separately endowed Trust.. The Derek Pratt Prize Fund, is also managed bv the Trustee. 3. ObjriveS and Artlvltles The Charty ha5 the objertlve of makSng charltable donations in particular, but not exclusively, to.. al Work connected with the history of, research into and future of the measurement of time. Page14
The Cl¢xkmakers' Cha . Trustee Re ort for the Year Ended 31 OCtor 2025 b) The purchasing of horologicèl items lor the Clockmakers, Collection and their maintenance Icollection Fund). cl Prizes for the promotion of education and training and in particularthe seiente and art of horology. dl Training of clock and watchmakers lat college or as apprenticesl IHain/Sandersrrappenden Fundl- el Research and development into the future measurement of time both mechanical and non-mechanical IHair)/Sandersnappenden Fund). Selerted charities working Within the City of London. gl The Mansion House Appeal made by the Lord Mayor of London I"Lord Mayorfs Appear'i. h) Utilising the income from the Derek Pratt Prize Fund to award £20,000 from time to time in accordance with the agreement establishing the Fund: namely achievement in work relating tothe craft and science of time and timekeeping. The income Ifrom gifts. subscriptions, le8acies, bequests, investments and donationsl and capital of both the unrestricted and restricted funds within the Charity is available in the furtherance of the al)ve objertive5. The Charity owns the Clockmakers, Collection, comprising a collectlon of clocks, watches, tools. artefacts, records, papers, books, magazines, ephemera. portrait5. engravings ond other horological items and related item5, the majority of which are on display in the Clockmakers, Museum at the Science Museum or stored at the Science Museum, the Guildhall Library and London Metropolitan Archive5. The Charity also owns a collection of silver, other plate, regalia and badges. No Items In the Clockmakerg Collection are valued withln these accounts {see note 12 Heritage Assets). 4. Statement on Public Benefit The Trustee confim)s that it has complied with the duty in sertlon 4 of the Charltles Act 2011 to have due regard to public benefft guidance published by the Charlty Commission in detemiining the activities undertaken by the Charitable Fund. The charity continued to deliver its charftable objectwes by widening public access to the nationally significant horological tollection5 in it5 care and by sharing specialist expertlse. The charity delivered the curatorial talks and eleven guided tours for specialist group5, focused on the history of horology and the museum's collections. Additionally* school workshops were undertaken. Alongside this, and in collaboration with the Science Museum, a programme of tours and object handling sessions was carried Olrt throughout the year. In addition, the Charity contributed professional adviceto the Department for Cuffture. Media and Sportthrou8h its participation in the Reviewing Committee on the Export of Works of Art. Public engagement was further demonstrated through the answering of 129 public enquiries, and improved digital access to the collection, Including the digitisation of ten archival manuscripts and the provision of enhanced collection records and imagesvia the Science Museum's online collections platFomi. Through its stewartlship, development and display of the collection, public benefit and access was further advanced. Three collection objects were conserved to safeguard them for future generations. and the collection was strengthened through the acquisition of one purchased objert and six gifted items, all made accessible to the public through its archive, library and museum. Visitor engagement at the museum was enhanced by new and temporary displays, including the collectors, cabinet and a new dlsplay on horological training. alongside the installation of four clockwork interactNe exhibits. In partnership with the Science Museum, the tharity borrowed thirty objerts. enabling a wider audience to experience key examples of the history and craft of timekeeping otherwise not actessible to the public. Pa8e15
Charit Trustee Re rt kn ihe Year Ended 31 Ortober 2025 In the past financial year, the Charity has awarded grant5 to a wide variety of projects. benefrtting individual sludents and training institutions, as well as public clocks throu8hout the City of London and UK, in addttion to small grantsto a variety of charities within the Cty of London. The Trustee is satisfied that all grants given were in line with the charr¢able purposes of the Charity, and that the grants given were for the public benefit. The Collectton Fund supports the Museum, Library and Archwe. These are available to the public at no charge, eitheron open access or by prior appointment for scholarly purposes. The Trustee is satisfied that the Museum, Library and Archive are administered in line with the charitable purposes of the Charity, and that theycontribute to the public benefft. bein8 open to the public freely or by arrangement, for the use of students of horology, historians and other interested members of the public. 5. Achievements and Performance and FUre Artlviiles Income Investment income and Income from the Royal Albert Hall has amounted to £122,646 this year compared with £130,321 in 2024. Donations received and income tax recoverable amounted to £63,144 12024: £75,509), including a donatlon of £22,500 from the George Danièls Educational Trust12024- £30,CM)O}. Charltable Ex nditure The Trustee considers that the main emphasis should be towards the following Objects of the Ch•rty:. l. Support to and prizes for the promotion of education and research for those involved with practical horology and the history of timekeeping. 2. Other deseNing causes as may be recommended by the Collertn Committee or Charity Committee including support of the Lord Mayorfs Appeal. As noted last year the TNstee h?$ approved the concept of annual temporary exhibitions within the museum. Gallery works to facilitate this included £52,984 expendr(ure on display cases. The cases were capitalised and are being expensed to the income and expendlture account over three years. The Collection Fund acquired a portrait of the Reverend Edward Barlow attributed to Cornells Janssen van Ceulen the Younger 11634-17151 for £5.056 thanks to a donation from an anonymous Liveryman of the Company. The following items were also gifted to the Charity- All of the clockmaker Philip Woodward's notebooks and paper records relating to his horologKal research (donated by Past Master Jonathan Bettsi. Three watch templates by Benjamin Lewis Vulliamyi contained in a contemporary card box Idonated by Christopher Vulliamvl. A half-quarter repeating watch wilh cylinder escapement by John Pepy5 (donated by Rose Lewenl. 45,. A unique table clock incorporating an exact replica of Harrison's escapement, bèlance and remontolre from H4, by Anthony Randall, donated by the maker. Page16
The aOckmake, Charlt Trusteé Re rt for th• Year Ended 31 Ortober 2025 The following book5 were received as donatlons.. French 18th Century Clocks and Barometers In the Wallace rd Collertion by Peter Hu8hes and The Salamon Coster John Fromanteel Contrart 3 September 1657, Changes Made During Drafting by John Taylor (donated by authorl. A number of other ttem5 of horological ephemera were donated by members of the Company including two pro8rammes of music for Clockmakers banquet5 from 1911 and 1912 and an èdvertisement for Elgin watches. In respect of training and education, the Hain Sanders Tappenden Fund made two bursary awards totalling £5,000 to two students at West Dean College, and £5,325 to the BHI on behalf of Clockmakers, Company Apprentices in payment for examination entry fees and the purchase of British Horological Institute'5 Distance Learning courses to be used by Clockmakers. Company Apprentices. During the year, from the Unrestricted Fund, the Charity made donations for horological project grants as follows: £5 to St Peterfs. Grandborough.. £1,500 to St Gile5. Camberwell: £350 to Flint Parish Church of St Mary and St David; £250 to St Mary Magdalene Parish Church, Cottingham, Leicestershire: £500 to St Georges Church. Clun. Shrop5hire- and £500 to help fund an illustrated reconstructlon of a fourteenth-century mechanical clock at Norwich Priory. The Charity donated £3,320 in respect of prizes to students including at 8irminBham City university, the BHI and at the University College London Observatory. Other donatn$ totalling £5,71X)12024: £6.0291 were made from the Unrestricted Fund in support of: Lord Mayorfs Appeal Museum of London Help Musicians UK Friends of High8ale Cemetery Untted Guilds UGS No Going Back initiatwe Royal British Legion City of London Poppy Appeal City HaNest Llvery Kttchens Initlative St Pauls Cathedral Foundation City of London Police Widows and Orphans Fund Sheriffs & Recorders Fund Livery Schools Council Greenwich Deptford and Rotherhithe Sea Cadets Guildhall School of Music and Drama Fun(J Clergy Support Trust HMS Archer 450 450 250 250 2CN) 250 500 550 350 350 loo 500 750 100 150 £5,7(Kl Derek Pratt Prize Fund An award of the Clockmakers, Derek Pratt Prize was made in 20225 to Eliott Colinge. The Derek Pratt Prize is an award of £20,000 to honour those individuals or organisations of any nation whose work bears the same standards of innovation, ingenuity. elegance, precision, workmanship and perseverance as the work of the late Derek Pratt. Page17
The Clockmakets, Chari Trustee Re rt for the Year Ended 31 October 2025 Nominatlons forthe award are considered by the Awards Panel and are subjert to Trustee approvhl. The first award of the Prize was in June 2014 to Martin Burgess for lifetime achievements in horolo8y. The second award was made in 2018 to Charles Frodsham & Co Ltd for the development and launch of their new wristwatch incorporating a double impulse chronometer escapement. Future Artivities The operation of the Clockmakers, Museum is the responsibility of the Charity; this together with maintainin8 and enhancing the horolo8ical collertion and the promotion of horological education will remain the main objectives of the Charitls activity in the future. Reserves Pollc The Trustee has resolved to retain reseNes such that as far as Possible future income will be sufficient, and robust to chan8es in the economic climate. to enable continuing Support of the CharitV5 0bjertive5 and actNlties. At the year end the amount held in reseNes was £3,396,74312024- £3,209,845). The Hain Sander5 Tappenden Fund. that funds Research and Personal Development awards for qualified clockmakers seeking to gain new skills, is a restricted fund that forms part of the reserves. The Hain Sander5 Fund now inclu(les the Tappenden Fund that was a restricted Fund within the Museum & Educational Trust IM&E Trustl, transferred to the Clockmakers, Charity a5 part of the M&E Trust in May 2017. Notice is given on the Clockmakers, Company website, WVdW.clockmakers.or& about the Fund, and the procedure for applylng for awords. 6. Rlsk Management The Trustee has considered the major risks to which the Charity is exp95ed and maintains a Risk Register which Is reviewed regularly by the Court in it5 capaclty as Trustee. Appropriate systems and protedures are in place to identify. monitor and manage risks and to mitigate their potential impact on the Charity's activities and assets. The principal risks identified by the Trustee include- Investment Risk The Charity 15 dependent upon investment income and capital grovrth to support Its charltable artivities. Fluctuations in investment markets may affect tth income available for grants and the value of the Charity's reseryes. This risk is managed through the appointment of professional investment advisers, regular monitoring of investment performance and maintenance of a diversified investment portfolio. Governance and O erational Risk The Charity relies on the effertive operation of its governance stmcture and on a small number of indlviduals with specialist knowledge of horology, collections management and charity administration. The Trustee seeks to mitl8ate this risk through Succession planning, the use of committees, and the maintenance of d4xumented governance procedures. Pa8e18
The Clockmakews. than Truste• Re ort lorthe Year Ended 31 Ortober 2025 Collertion and Herita e Asset Risk The Charty is responsible for the stewardship of nationally signSficant heritage assets. including the Clockmakers, Collection. Risks include loss, damage, deterigration or inadequate preseNation of collertion items. These risk5 are mitigated through professional curatorial management, insurance arrangements where appropriate, conservation programmes and partnerships with established institutions including the Science Museum, Guildhall Library and London Archives. Financial and Com liance Risk The Trustee reco8nises the need to comply with charlty law, data protection requirements and other relevarrt regulations. Professional advice is obtsined where necessary, and financial controls. budgeting processes and regular financial reporting are maintained to ensure effective oversight. The Trustee is satisfied that appropriate contro15 are in place to manage the principal risks facing the Charrty and that no signrficant unmanaged risks have been identified during the year. 7. Statement ol the responsibilities of the Truslee for the flnanclal statements The Trustee is required to prepare accoL¢nts for each financial period which give a true and fair view of the state of affairs of the Charlty whlch comprises a statement of the income and expenditure of the Charity and statement of its assets and liabiltties. In preparing these accounts the Trustee is qUIred to.. al maintain suitable records of Its transactions which disc105e, with reasonable accuracy, the financial position of the Charity at any time. bl select suitable accounting politiès and apply them consistently. cl state whetherthe accounting policies are in accordance with the Charity Commission's"Accounting and Reportin8 by Charities- Statement of Recommended Practice. published in 20151"SORP 2015.1. subject to any departu5 disclosed and explained in the accounts, dl prepare the accounts on a "going concern basis" unless it Fs inappropriate to presume that the Charity will continue Sts actlvities, el make judgements and estimates that are reasonable and prudent, safeBuard the assets of the Charity. 81 take reasonable steps to prevent and detect fraud and other irregularities. 8. Investment powers The Trustee is empowered by the Trust Deed to invest funds at its absolute discretion. Thls report was approved by the Trustèè on IL r& 2026 and signed on its behalf by: Dr Robert Lamb Pa8e19
The Clo¢kmaker< Charlt I report to the Trustee on my examination of the accounts of the Charity for the year ended 31 Ortober 2025 whlch a set out on pages 11 to 27. Respectlve responsibilities of Trustee and E¥arniner The Trustee 15 responsible for the preparation of the account5 in accordance with the requirement5 Qf the Charities Att 20111'the 2011 Act'l. The Trustee is satisfied that an audit is not required for this year under section 144121 of the Charitie5 Art 2011 Ithe 2011 Act) and have chosen instead to have an Independent examination. I report in respert of my exafflination of the TrLlSt'5 account5 as carried out under section 145 of the 2011 Art. In carrying out my examination I have followed the requirements of the èpplicèble Directions 8lven by the Charlty Commission under section 145151{bl of the 2011 Act. Independent examinerfs 5tatemenl I have completed my examination. I confirni that no matters have come to my attention giving me cause to believe that in any material respect.. accounting records were not kept in respert of the charity as required by sertlon 130 of the 2011 Act- or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the atcount$ give 8 true and fair view which is not a matter considered as part of an independent examination. I have no toncerns and have come across no other matters in connettion with the examination to which attention shoul(1 be drawn in this report in order to enable a proper understanding of the accounts to be reached. David Andrew5 8Sc MBA FCA Northacre Sandrock Road Westcott Surrey RH4 3LD /fT4 kn2 Page 110
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Balance Sheet As at 31 Ottober 202 2025 2024 Notes Flxed Assets Quoted Investments Royal Albert Hall Box Display Cases io li 13 2,690,081 650,(M)O 2.488,024 650,WO 17,650 3.340,082 3.155,674 Current Ass•ts Stock Debtors Cash at Bank and In Hand 5.734 33,499 37.437 76.670 6,727 47.989 9,451 64.167 14 Creditors: Amounts Fallln8 Due Wlthln One Year 15 120.0091 19,9961 Net Current Aet$/(LIabIlIt1e$j Net Assets 56.661 £3,396,743 54,171 £3,209,845 Unrestrfrted Funds- General Fund 18 730,407 684,942 Restrfrted Funds 18 2.666,336 2,524,903 Total Fufids £3.396.743 £3.209.845 The financial statements were approved by the Trustee on 23JVNE 2026. and signed on their behalf by". Dr Robert Lamb The notes on pa8es 13 to 27 form an integral part of these flnandal statements. Page | 12
The Clockmaker< Charl Notes to the Financial Statements Accounting Policies lal Strurture The Charity is a Charitable Incorporated Organisation, registered wfth the Charriy Commission (registration number 275380}- The principal office address is The Worshipful Company of Clockmakers, The Clockmakers. Charlty, 8 Little Trinity Lane, London. EC4V 2AN. A description of the charit$ operation5 and principal actNities can be foun(I In the Report of the Trustee. {bl Basls of Preparatlon and assessmont of 8oln8 ¢on¢ern The accounts have been prepared under the historical c05t convention with items reco8ni5ed at cost or transaction value unless otherwise state(1 In the relevant notes to these accounts. They have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing theli accounts In accordance with kcond Edrcion issued in October 2019 and the Charities Art 2011. The presentation currency of the financial statements IS the Pound Sterfin8 1£). The Charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared to glve a 'true and fair vieW and have departed from the Charkties (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure involved following Accounting and Reporting by Charitie5 preparin8 their accounts in accordance with the Ftnancial Reporting Stan(lar(l applicable in the UK and Republic of Ireland IFRS1021 Second Edition issued in October 2019 rather than the Accounting and Reporting by Charities Statement of Recommended Practlce effertNe from l April 2005 whith has since been withdrawn. The Trustee Is confident about the Charity's ability to continue as a going concern. Icl Funds Structure Unrestricted Funds comprise those funds which the Trustee are free to use for any purpose in furtherance of the charitsble oblects. Restritted funds are funds whieh are to be used in accordance with 5CIfiC restriction5 imposed by the donor. Incoming resources, investment management fees, together with realised and unrealised gains110s5es are apportioned between the restricted and unrestricted funds pro rata to the balance on each fund at the be8inning of the financial year or from when new funds were received during the financial year. This is with the exception of the Derek Pratt Prize Fund where due to the separate investments held its investment management costs are allocated directiy. Accountancy and staff costs are apportioned in accordance wf(h the budgets prepared in advance of the year. Sundry expenses are allocated to the Specific fiJnd to which they are related. Pège113
The Clockmakers, Charlt Notes to the Flnanclal Statements For The Year Ended 31 October 202S Ac¢ount1 Polici Icontinuedl {dl Income Recognltlon All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income recelvable can be measured reliabty. Income from inveslments is recognised on the date on which the dividend is payable. or the interest accrues. Intome from donations is normally recognised on reteipt. unless terms or conditions limit recognition until a later date. {e) Expenditure Reco8nltlon Liabilities are retognised as expenditure as soon asthere isa le8al or construrtive obligation committing the Charlty to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliabty. All expenditure is accounted foron an accruak basis. Costs of Raising Funds The costs of raising funds comprlse investment management costs. Costs incurred in respect of acquisitions and disposals of investments are added to the costof and deducted from the proceeds of those investments. Charitable Expenditure Cost of Charitable ActNities includes grants pald, a77d support costs intluding Governance costs. Grants payable are payments to indNiduals in the furtherance of the charitable objects of the charity. The Charity, in some instances, provides an unsecured loan to a beneficiary in furtherance of its educational objects. These are recognised as expenditure in the year that they are awarded. Governance Costs Governance costs tomprise all cost5 involved with compliance with regulètion and good prartite. In VAT The Charity is not registered for Value Added Tax. Expenditure shown in the financial statements is inclusive of VAT. Igl Tangible Fixed Assets Depreciation is calculated so as to write off the cost of an a55et. les5 its estimated residual value. over the useful economic life of that aet as follows. Display Cases- 33% on Cost The Royal Albert Hall Box was valued by the Tmstee in 2017 at a Trustee Value of £650.000 and this was reviewed again 2023 and remained unchanged. See Note 11. Page | 14
The Clockmakers. Charit Note5 to the Financial Staternen15 For The Year Ended 31 Ortober 2025 Accountlnl Pollcles (continued) Ihl Herit¥ge Assets The Charity owns the Clockmakerg Collection, comprising a collett*)n of tlocks, watches, tools, artefact5. records, papers, books, magazines, ephemera, portraits, engravin85 and other horological items and related items. the majority of which are on display in the Clockmakers, Museum at the Science Museum or stored at the Science Museum, the Guildhall Library and London Metropolitan Archives. The Charity also owns a collection of silver, other plate, regalia and badges. These Items under the Tru5Vs stewardship are not valued in the financial Statement5 as the Trustee feels unable to do so due to their unique nature. They consider that substantial costs disproportionate to the benefit to readefs and users of these accounts, could be paid to obtain a valuation and that any internal valuation by curatorial staff could be so significantly different from any amount that might be obtained were thè asset sold, that rc would be rendered meanin8le55. Details of purchases of Heritage Assets for the previous five years are disclosed in Note 12 to the Financial Statements. lil Inveslments The Charit5 investments consist only of quoted securities. Initially they are recognised at their transaction value and subsequently measured at their fair value as at the balance Sheet date using the closing quoted market price. The statement of financial activrties includes the net gains and losses arising on the revaluations and disposa15 throughout the year. Realised Bains and105ses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fairvalue at the vear end and their carrying value. Investments are allocated to Restrirted and Unrestrirted Funds at a set percentage. til Debtors and Credltors Debtors and creditors are recognised where, at the balance sheei date, an entitlement to receive or an obligation to transfer economic benefit exists and receipt or settlement is probable and can be measured reliably. Debtor5 are measured at the expected recoverable amount and creditors at the expected settlement amount, discounted for the time value of money if material. Ikl Stock Stock 15 valued at the lower of cost on net realisable value. Page115
The Clockmakers, Chari Notes to the Financial Staternent5 For The Year Ended 31 Ortober 2025 Accountln8 Politles {contlnuedl (l) Judgements and Key Sources of Estlmatlon Uncertainty The application of accounting standards and polities requires the Trustee to make estimates and assumptions about future events that dirertly affect the charity's reported financial condrcion and operatin8 performance. The accounting estimate5 and assumptions discussed are those that the Trustee constder to be most critical to the financial statements. An accounting estimate is considered critical if both lal the nature of estimates or assumptions is material due to the level of subjertivity and judgement invofved, and Ibl the impact within a reasonable range of outcomes of the estimates and assumption5 is material to the charity's financial condition or operatin8 performance. The Trurtee have considered the risk of estimation uncertainty causing a material adjustment to the tarrying amounts of assets and liabilities within the next financial year and consider there to be no significant accounting estimates and assumptions. As detailed in the polity on Heritage Assets. the works under the Trust's stewardship are not valued in the financial statements as the Trustee feel unable to do $0 due to their unique nature. Any valuation of these assets is considered to be too vague to include meaningfully in any set of financial statements. Page | 16
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The Clockmakers, Charit Notes to the Financial Statements For The Year Ended 31 Ortober 2025 10. Flxèd Asset Investments 2025 Derek Pratt Fund Pooled Funds Totsl 2024 Market Value At l November 2024 Acquisitions and acojmulated income Disposals Realised GalnslLos5es Unrealised GalnsllLossesl At 31 October 2025 2,235,850 402,027 1358.3491 17,7661 159,017 É2,430.779 247.539 57,084 176,7351 530 16.731 £245,149 2,483,389 459.111 1435,0841 17,2361 175.748 £2,675,928 2.192.346 126.599 1110,7381 5,474 269.708 £2,483,389 Investments at Marketvalue Cash wlth Investment Managers 2.430.779 5,108 £2.435,887 245.149 9,045 £254,194 2,675,928 14,153 £2,690,081 2,483,389 4.635 £2,488,024 Historic cost of investments £1,877,590 £190.884 £2.063.365 £2.CIy.582 Quoted investments with more than 5% market value, which a considered to be material Pooled Fund Vanguard Funds plc S&P 500 UCITS Brown Advisory Funds US Equity Growth 10.52% 6.22% 255,682 151.198 Derek Pratt Fund Scottish Mort838e Investment Trust Verftas Fund Global Equity C M&G Securitie5 Global Dividend Brown Advisory Fund5 US Equity Growth Goldman Sachs Liquldity Fund 7.26% 8.02% 7.52% 6.06% 8.42% 17,807 19,669 18.436 14,845 20.641 All investments are listed securities or open-ended investment companie& Induded within Fixed Asset Investments is £2,675.92812024: £2,483,389) measured at fair value through income and expenditure. 11. Royal Albert Hall Box The Royal Albert Hall Box was bequeathed to The Worshipful Company of Clockmakers, Charity by the late R4inald Beloe. The Charity reteives income from the Premium Ticket Return Scheme operated by the Hall. The Box was valued by the Trustee in 2017 at a Trustee Value of £650,0(Kl, and this was reviewed again in 2023 and left unchanged. Page122
The Clockmakers, Charit Notes to the Fjnancial Ststements For The Year Ended 31 October 2025 12. Herlta8e A$5ets The Charity owns the Clockmakers, Collection, comprisi•)g a collectlon of tlotks, watches, tools, artefacts, records, papers, books, maBazines, ephemeral Portraits, engravings and other horological items and related stems, the majority of which are on display in the Clockmakers, Museum at the Science Museum or stored at the scien Museum, the Guildhall Library and London Metropolttan Archives. The Charity also owns a collection of silver. other plate, regalia and badges. These items under the Trust stewardship are not valued In the Financial Statements as the Trustee feels unable to do so due to their unique nature. They consider that substantial cost5 disproportionate to the benefit to readers and use of these accounts, could be paid to obtain valuation and that any internal valuation by curatorial staff could be so significanily different from any amount that might be obtalned were the asset 501d, that would be rendered meaningless. Although the herltage assets are not disclosed on the Balance Sheet, as set out in the Charity Statement of Recommended Practice, it is necessary for the Charity to provide a wmmary of transactions relating to heritage assets for the current and previous four reportin8 periods. This is set out in the table bek)w.' 2025 2024 2023 2022 2021 Pur¢hase5 £5,056 £29,028 £3.960 There has been no disposals or impairment of Heritage Assets. 13. Tanglble Flxed Asset Display Cases Cost Brought Forward l November 2024 Additions Disposals Carried Forward 31 October 2025 Display Cases 52,948 £52.948 Accumulated Depreciatlon Brought FoTh¥ard l November 2024 Change For Year Carried Forward 31 Ortobér 2025 38,298 17.649 £52,947 Nèt Book Val At 31 October 2024 At 31 Ottober 2025 £17.650 £1 14. Dèbtors 2025 2024 Royal Albert Hall Accrued Income Income Tax Recoverable 24.995 2.056 6,448 £33.499 24.167 17,072 6.750 £47,989 Pa8e | 23
The aockmakews, Chwh Notes to Flnanclal Statsments rTheY rEn er IS. Credltors: Amounts Falling Due Within One Year 2025 2024 Worshipful Company of Clockmakers Trade Creditors Attruals 15,931 78 4.000 £20,009 5.407 219 4,370 £9,996 16. Related Party Transactlons The Worshlpfvl Company of aockmakers and the Charlty Naturè of the Relationship The Worshipful Company of Clockmakers 15 the sole Trustee of the Charity, arting through its Court of Assistants. The two bodies share a common governance structure. The Company and the Charity are therefore related parties for accounting purpose5. Support Serylce5 Provlded by the Company The Charity employs one member of staff, the Curator. Administrative and support seNlces ale provided by the Company for the following seryices, provlded on a cost-recovery basis and recharged in accordance with an agreed allocation methodology.. Staff time- The Clerk and administrative staff of the Company devote a portion of thelr working time to the affairs of the Charity. including grant administration, committee ser¥icln& govemance compliance. Trurtee correspondence, and financial record-keeping. A proportion of employment costs is allotated to the Charity on the basis of estimated time spent. The sole employee of the charity. Curator Anna Rolls, works entirely on charitable matters (the museum and collection). Premise5 and facilities: The Charity makes use of the Company's accommodation at 8 Little Trinity Lan?, London EC4V 2AN, for meetings, storage, and administration. A share of property and occupancy costs is allocated to the Charity. Financial administration.. The Company provides bookkeepin& accounts preparation support, and banking administration on behalf of the Charity. IT and communicatlons- The Charity benefit5 from the Company's IT infrastrurtUTe and communicatlon systems. Amounts Charged During the Year The accounts record". Contributions to the Company for Staff C05t5: £14,50012024: £14,5CKII Contributions to the Company for Property Costs £3,37512024.. £3,375} Year End Balan outstanding At the year end, the Charity owed the Worshipful Company of Clockmakers £15.93112024'. £5,407) Page | 24
The aockmakers, Charlt Notes to the Financial Slatements ForThe Ye r Ended l Octo er 2025 16. Related PartyTransactions lcontlnuedl oiher Related PartyTransa£tlons Amourtpald bythe Cfvarlty In year to 31st Ortobor2015 Am01PId bythe thDrfty ¥4arto 3Jsi rKtobor2024 Nam• PuvpoolPiwwTht Wt8d P•rtyCt)BnKtlonlsl Jonathan Beitsi% a Patt Masterandwès a meNthrof theTNstheknrtyuntil 15th lune2024 PartM•sterlonJthJn £ln)D Honorarfum awarded for seNkesas Curatorthl Ad¥Mr Juttin Klp[s, WèrdÈNand rnener oftheTru51& iw) RobErtWren. Ma5tEr nd mEmberof the TrsteOd justin Koulbw a150 a Direttorof ihe Bcèid ofthe BHI flobprtwrenl54? vL4ltlD£lecturer West Deancdl £2J25 £6.175 BHI Edu(atiDnèlcour5e5 8rittshHoroloOcallrstiture £S.S(N) £500 West D¢ancd8e$tydent tyurtsrie54na wize$ WestDeanColle8e (cli CrthF 21.812 Phots¥raph w1rt VlI1¥D1sty¢1¢wt Colln Cr6ford15 thebrotherof Postmastey Andrtt¥Cr&foid ottheclockrnakers, Compaiv Past M35ter DavldPoole Isa mefflbeiof theTrustee bo AndrewCanteri5 a Warden J ? rn&r&ervf theTii15ree Post MasterDav Poo £3313 E4.465 ApprentitemÈntOriTrgsetVs £3,S30 £619 Outre4chexpen5eS PMasterHoward Newmèn is a mernber f theTrnsteebo £4,344 BadKr5 andenÈiavlnK Al•tnE51¢welet5Lknhed Llnea2 Charitable Trust Grants of £5,647 for mentoring were recewed durfng the year from the Linea2 Charltable Fund. The Linea2 Charitable Fund is a named giving fijnd within the Master Charitable Trust, a charity regISted in England and Wales and administered by Hoares Trustees Limited as corporate trustee. The objects of the Linea2 Charitable Fund include the support of horological charities, horological education and the preseNation of heritage assets of horological importance. Jonathan Betts, Dr James Nye, Keith Scobie-youngs and Richard Stenning act as advisers to the Linea2 Charitable Fund. They are not trustees of the Master Charitable Trust and have no control over the administralion of the Trust or Its assets. Mentoring payments were made during the year to David Poole1£4,4651 and J Colombo1£2,3341. 17. Employees The Average Monthly number of employees during the year was one12024: one). Page125
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The aockmaker5' Chari Notes to the Financial Statements For The Year Ended 31 October 2025 19, Net Assets By Fund 2025 Restricted Fund Unrestrlcted Fund Total Fixed Assets Net Current Assets/lLiabilitiesl 560,254 170,153 £730,407 2,779,828 1113,4921 £2,666,336 3.340.082 56.661 £3.396,743 24 Restricted Fund Unrestricted Fund Total Fixed Assets Net Current Assets/lLiabilitiesl 514,492 170,450 £684,942 2,641,182 1116.2791 £2,524,903 3,155,674 54,171 £3,209,845 Page | 27