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 I￿ringThe 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 And￿w$ 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 relat￿n 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. Obj￿riveS 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 OCto￿r 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 th￿e 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 F￿Ure 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 Collert￿n 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 donat￿n$ 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 202￿25 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 t￿th 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 departu￿5 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

Ln (n Ly
Lr* rri o
ri M Vi
rri Ln f4 e
ert * Lrt
offj x

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 A￿et$/(LIabIlIt1e$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 5￿CIfiC 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 a￿et 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 Charit￿5 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
Am0￿1P￿Id
bythe thDrfty
¥4arto 3Jsi
rKtobor2024
Nam•
Puvpo*olPiwwTht
W*t8d 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 K￿l￿p[s,
WèrdÈNand rnen*er
oftheTru51& iw)
RobErtWren. Ma5tEr
nd mEmberof the
Tr￿st￿e￿Od
justin Koulbw *a150
a Direttorof ihe Bcèid
ofthe BHI
flobprtwrenl54￿?
vL4ltlD£lecturer
West Deancdl
£2J25
£6.175
BHI Edu(atiDnèlcour5e5
8rittshHoroloOcallrstiture
£S.S(N)
£5￿00
West D¢ancd￿8e$tydent
tyurtsrie54na wize$
WestDeanColle8e
(cli￿ CrthF
21.812
Phots¥raph* w￿￿1￿rt
V￿lI1¥￿￿D1s￿ty¢￿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
ApprentitemÈntOriTrgsetV￿s
£3,S30
£619
Outre4chexpen5eS
P*MasterHoward
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 regISte￿d 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