THE WORSHIPFUL COMPANY OF CUTLERS GLNERAL CIIARITABLE FUND TRU￿EEs, ANNUAL REPORT & FINANCIAL STATF.MF.NTS YEAR ENDED 30 JUNE 2025 Haysmac LLP 10 Street Phte ndoD EC4R IAC Charity Number28309 Foreii'ord b). the Chair of Trustee5 On behalf of the Trnstees. l am delighted to present ihe Charity's report and accounts for the ycar ending June 30, 2025. We have further increased Ihe lei'el of our charitable grants to £170,000 (2024.. £161,000) on the back of a strong increase in the lei'el ol indii'idual donations by members.. including gift aid. 84 members gafv'e £46,000 in 2025 up from £37,000 the year before. Looking back oi'er the last thr¢¢-year period. the most importanl struclural development was the merger of the Company's tsvo charities. In substance. the tsvo charilies had been run as one for some years. Besides some minor sai'ings, the principal purpose of the merger ivas lo ensure thai the Surgical Prizc and Fellowship remained central to our charitable endeaTr'oLirs and had our full ¢haritable resources in 5upporl. Ive have gii.en significant focus since 2022 10 our educational patlners and optimising our relationships with them. In the field of higher education thi5 has illcluded lightening Ihe scope of our support to Corpus Christi College, Cambridge, broadening our supp)rt lo St Peter's College, Oxlord, dci"eloping a ne￿. relationship with the School oforiental and African Studi¢s (SOAS) for our trdi'el study awards and concentrating our musical awards on Trinity l.aban College, including extending this to proi'ide a dance award. Ai the school lei'el we hai'e lomed a new relationship with Christ's Hospital. haNe re-examined our other relationships and expect a process of ¢i'olution to continue. Ivithin our s¢cond area of grant gii'ing, the promolion of ￿Cial cohesion. the Ivoman's TTUSI and Spitaifields Crypt Trust remain key partners. Oiher recipienls arise from the receipt of appeals, which ive tend to 5UPPOrt for a finite period, bul amongst these Street D(Ktors and the Adult Literacy Trust hai'¢ stood out for us. Finally ivith respe¢t to grants where there is a charilable connection with the Company. our most important rocus is on the tnedical profession and surgery in particular, Ivh¢r¢ we hai'e increased the I'alue of the annlial 'ellowship Aivard to £1 0,000. Il'e hai'e also 5timulaicd reneived demand for our donations of cutlery to hospices. 'I'he level of Company donalions to th¢ Charity was reset with effect from July 1, 2022, lo restore its real i'alue to earlier year5 and lo detennine its future Iw4'el by reference lo a forniula linked the Company's own lei'el of investment income. 'I'hese arrang¢ments reflect the Company's commitment to charilable giN'ing and wer¢ much appreciated by the -Iru5tecs. Ileyond Company and member donalions. the ihird source ofincome to the Charity is from its own ini'e5tments iyhich hai'e perfornied salisfactorily oN'er this three-year period. Looking ahead, however, the Trustees has'e de¢ided ihat il iyould now be timely lo rei'i¢w the provision ofihe investment management sen'ices as a matter of good goN'emance. In the year to June 30, 2025, the Sou￿¢ and application of the Charity's income and grants respectiN'ely is illustrated in the two following charts: Sources ol Income lor 2025-26 Grants Awarded 2024-25 • kn¥lCoF¢ The follolving two graphs shoiv the progression in the lei'el of our grant gii-ing oi'er lh¢ last three years and the evululion of the year cnd i'alue of our ini'estments= Total Grants Awarded Valueof Investmenis incL Cash 171ts)0 i?or¥)o (00 is&￿0 J￿e?1 'I'he Trustees very much appreciate all the support ihe Charity receii'es and will r¢main diligenl in our granl gii'ing. A fuller a¢¢ounl follow5 of all our activities over the last year from which ihese summary remarks have been draivn. -l.hank you for your interest. Christopher Fisher Chair ofTrustees September 22, 2025 THE WORSHIPFUL COLIIPANY OF CUTLERS GENERAL CHARITABLE FUND TRUSTEES, ANNUAL REPORT 30 JUNE2025 The Trnstees present their rep)rt and financial stalanents of The Worshipful Compgny of Cutlers General Charitable Fund C'the charity,) for the year ended 30 June 2025. REFERENCE AND ADMINISTRATIVE DETAILS The T￿￿tee5 of the charity. who have held office sinc¢ l Juty 2024 are as follows: From 17th July 2024 to 215t July 2025: Mr Howard lan Sabin Mr Nicholas John BuTg¢r Miss Christine Bmwn Mr Christopher Fisher From I￿ July 2023 to l* July 2024.. Mr John Michael Pocock Mr Howard lan Sabin Mr Nicholas John Burger Mr Christopher Fisher The principal address of the ¢harity is the offices of The Worshipful Company of Cutler5 General Charitable Fund at CutleTS' Hall, 4 Wativick Lane. London EC4M 7BR. The charity is registered under the ¢lwity number 283096. The Trustees have made the following profcs5itJnal appointtnenrs.. SOLICITOR MrAl&stsitCollett. Brcham Dyson Bell. SO Broadway. London SWIH OBL ACCOUNfANT Hay5Mw LLP. 10 ()tecn Street Place. [AbThIo￿ EC4R IAG INDEPENDENT EXAMINER Mr Anthew Br￿me FCA. Hay5Mac LLP, 10 (Jeen Street Place, LondDt4 EC4R IAG BANKER C. Ho￿e & Co.. 37 Fleet StreeL EC4P 41X) INVFSTMENT MANAGER Sarasin & Partn￿5 LLP. Juxon House. 100 St. Paul's Churchyar4 London, EC4M 8BU The following are responsible for the day-tfrday monagewnent of the charity: Mr Rupert Meacher Ms Iben Muriel Secretary A&sistant Secrdary THE WORSHIPFUL COMPANY OF CUTLERS GENERAL CHARITABLE FUND TRUSTEES, ANNUAL REPORT 30 JUNE 2025 STRUCTUR[ GOVERNANCE AND MANAGEMENT Status and History The Fwid was estsblished by a deed of trust made on 21 June 1981 between ihe Master. Wardens and Conunonalty of the Misterie of Cutlers and the Original Trustees, nam¢ly. Patrick Bernard Burke. William Anthony Clarke and Percy Henry Watts. The stmcture of th¢ charity w&% Simplified by a resolution of the It of May 2021, enabling ihe Court to the Company to appoint or di5char8e additional trustee5 by res01￿10n. The Worship￿1 Cornpany of Cutlers (the'fomwany'j eslablished the Cutlers. Surgical Award Fund by way of trust deed daied 19 (ktober 1978. The Cullers, Surgical Award Fund bttame a registered charity on 16 August 1979 and was governed by the rules and regulations set dowi] in its tNst deed dated 19 October 1978. On 13 December 2023 the Surgical Award Fund (278009) was merged with the General Charitable Fund. Following the amalgamation its fimds were donated io ihe Gell￿¥] Charitable FuTrJ with the provision that the Trnstees honour and grant the 2024 awards which were under consi(k471ion at the time of the merger and thereafter at their discretion to continue lo make 5wh awar& or fresh awards as they may decide. Publ1¢ Beocfit The TNslees hav¢ considered the issues surrounding public E*ncfit as outlined in the guidance issued by the Charity Commission and believe that they rneet all of the requirements listed. Th¢ remainder of this report clearly illustrdtes the benefit tothe public at large froTn the activities of the charity. OrgaAi5ational Strutture The strategic direction of the charity is detemiined by the Trn5tee4 who have overnll responsibility for the manag¢m¢nt. administration, poli¢y 2nd de¢ision making 14x the charity. A Charities Committe¢ has been constituted by the Court of A55i5t2nts of the Company. consisting of the Trustees of the charity four other members of the Court of Assistants (the Immediate Past Master. the Senior Assistant ond two Past MasteTS. one of whom shall be app)inted 8 Tr￿lee and Chair of the Trustees arml cornfftittee), and two Co-opted Members of the Livery. The Charilies C(xnmittee, whi¢h meets quarterly. is in wactice the that makes all policy decision& sets an annual flnancial budget, and sonction5 all gr4rt Tnaking actAvitie5 of the charity. Applications for grants are considered, and a review of actual and budgeted expenditur¢ is ¢arried out at each meeling. The necttsary authority required to athniniger the day-trkday affairs of the charhty has been delegated by the Trustees to Ihe Secretary, Mr Rupert Meacher. is also th¢ Clerk io the Company. The Secretary nomially attends the meetings of the Charitie5 Committee and reFM)rts to the meeting on Matte￿ that have arisen in the past quarter. Through this mechanism, tIK TTUStees of the clwity can monitor, sut*rvise and control the day" to-day management of the charity. MetFLod of R¢crllitmenl, Appoirtlmert( Elect￿￿. Indu¢tioD *nd Trdining of Trustees Reerbitmenl The TNstees are all recruit¢d from the Civjrt of Assislants. Standing lkn of the Company require that prior to filling any vacancy on the Court. Ihe M￿er and Wardens for the time being shall rnake enquiry as to the chardcter. fitnes& responsibility and eligibility of at least three mernber5 ofthe Livery. as the Court in its discretion shall direct. due regard being given to seniority. At least two candidates Iiiu5t be piowsed and seconded by metnbers of the Court as candidates for ekction to fill the vacancy. Election is by balliA. THE WORSHIPFUL COMPANY OF cirrLERS GENERAL CHARITABLE FUND TRusfEFS' AI4INUAL REPORT 30 JUNE 21125 Standing Orders fiwther provide that no Liveryman deCla￿d bankrupl or who has compounded with his credittsTS shall be elected io the Court unles5 h¢ shall Iwv¢ subsequ￿tlY paid IIKlp in the £. or his bankruptcy shall have been discharged. Appoinlment and Election Two nominations for each of offic¢s of Master. Senior Warden and Junior War(len are prow)s¢d annually by t1￿ Court of Assistants. In respect of lh¢ office of Master, Standing 0￿erS require that the nomin¢cs shall have previously served the office of either Junior or Senior Warden or b(rtIL The nominations are put to the Livery who ar¢ summoned to attend ComtMFn Hall al￿ whffj together with the Court of Assistants. ele¢t one candidate to serve in each of the offices for the year ¢n5uing. l*diiciion und TraEning Before any member of the Court of Assistants becomes eligible for appoinlment &s a Tru5tec, they will already hav¢ served a period of induction of at least twelve months. as a fflelnber of the Charities Committee. This ensuTes that, prior to their appointment as a Tn￿tee. each candidate is familiaT with all aspeels of the govemance of the charity, including the gtant making ￿lley, the management of investments and the aceounting wttdures. The Chair of the Charitie5 Cotnrnittee. senior Past Master and the Secretary are rqK>nsible (or ensurin8 that new dijyctives and legislation cotmeclEd with ¢haritable bodies are broughi to th¢ attention of their fellow Trustees and the other members of th¢ ¢OTnmirtee. Thi5 provides a framework for the on-going educational developmeni of the Tn￿tee5. Courses are also offered by extemal providers, should the Tn￿ee5 so desire. S￿1￿CoMMIttee$ Orher than the main Charities Committee &s descriljed aknve, the ch&ity does not make ￿ of any other sub-¢oTnmittees ihrough which to organi5e its aclivitie5 to fvlfil its charitable objcctive Risk alld Corporate GoYtriiaD¢e Matters The Tn]slee5 are Collectively responsible foT risk and corporate governance matters and are assisted in this respect by the Secretary who tnaintains the risk register. A high prRority is placed on ensuring that the charity is properly managed and is not ¢xtK>sed to risk. Th¢ Truslees regularly review operational risks that the charity fAees. No new ri%k% were identified ihal required preventative measwes taken, notwithstanding the irnp2Ct of COVIt>19. The Charity has formal policies on both complaint5 and conflicts of intErest. T￿stee5. Responsibilities ID The Prtpar8tion of FiDantial Sthtements The Trustee5 responsible for preparing the TTuslees' AyJmu21 Report and the financial statements in accordance with applicable law aTKI United Kingdom Accounting Standor(b (United Kingdom Genernlly Ac¢epted Accounting Practice). The laiv applicable lo charitie5 in England & Wales requires ihe Tn￿lee5 to prep2re financi41 statements for each f￿ancial year which give a true and fair view of the sthte of affairs of the charity and of the incoming resourtts and application of resources of the ¢harity lor that period. In preparing these fmancial stalemen￿ the TnESt¢es required to: select suitable accounting wlicies and then 8ppty them ¢onsi*ntly' obserye the meth(Kls and principles in the Charities SORP. make judgements and estimat¢s that are reasonable and prudent" state whether applitrdble accounting standards have been followed. subject to any material departure5 di5¢105¢d and explained in the financial statements- pr¢pare the financial statements on th¢ going ¢on¢en) basis unless il is inappropriale lo presume ihat the charity will continue in 0[￿ratIOn. The Trustee5 are reswnsible for keeping proper accounting recwds ihat dis¢los¢ with M50ntble aecuracy at any lime the financial position of the charity and enable ihem to ensure that the financial stat¢m¢nts comply with the Charilies Act 2011, the Charity (Accounts and Report%) Regulations 2008 aThJ the provisions of the tTUSt deed. They are also responsibte for safeguarding the assets ofthe chatity 2nd hente for iaking reasonable steps for the prevention and detection of fraud and other i￿lantic& THE WORSHIPFUL COIKPANY OF CUTLERS GEN'ERAL CHARITABLE FUND TRUSTEES, ANNUAL REPORT30 JUNE 21Y25 OBJECTIVES AND ACTIVITIFS Cbaritable Objectives The charitable objectives for whieh the charity was established and Tegistered ar¢ &5 follows: For such tharitablc Pur[￿)sel and in such proportions as shall be detemiina by the TTUStees. Chgrltable Attiwitits From this very broad-based objective. the Trustee5 have derived a more specific set of aims for eharity. Therefore. in pursuance of its overall goals. tharity give5 granis for: {1} Support for Education- (li) Charitable connections with the Company. and (iii) Promotion of Social Cohesii)n Gnnt Making Poltcy By a resolution of the Charitie5 Committee on 5th Febnw 2003. a set of rules for admini5trdti(m ofthe charity's wt making activilies were adopted which included the following key wovisions: Priority & Purpose Grants are not nomially awarded to clwitable bodies that attract rAlional SUN￿T¢ or that are situated outside the United Kin8(lom. When sett￿8 the annual b￿{get for gram eX￿Id]lure. the Tn￿ee5 give preceilence to fi]nding recLtrring education related gtants. which are described in more detail below. Other available are alk)¢at¢d in response to applications received by the Trustees. either direct orthrough membersof ihe Company. from charitable b(MJies. In distribuiing surplus incomirg resour￿. after meeting d¢signat¢d obligations. the Tntstees give p￿ference to supporting charilable bodies that serve London, especially Ihose that benefit pc(yle in deprived inner IA)ndon boroughs. Any h05pice may apply for a donation of cutlery. up to a usu21 maximum of 48 sets. regardless of where they are located in the Unifrd Kingdom. Having reviewed the grant making policy in 2023 ihe lh￿e am of fwjs remain.. Support for Education Charitable connections with the Cornpany. and PromotRon of Social Cohesion Factoring in grants from the Company's other charity, the Surgical Award Fund. which was amalgamated with the General Charitable Fund on 13 December 2023, it is expecied that roughly equal amounls will be appl&ed io these thre¢ areas of focus. The final decision to award atry a￿4 all grants rests with the c￿ritieS Committee. The policy is reviewed on a five-yearly basis. SMpportJDrEducalion.' Our partner institution are as follows: Education Si Peler s College, Qrford holar5hips are aivarded atthually in memory of John Craythorne. a l*nefactor of the Company, who was Master in 1559. Studen15 are norninated by their senior tutors on the ba515 of need as well as academic ability. The value ofthe 5¢kn1arship5 for 2024-25 i¥as £3,000. Scholarship5 are also awarded annually lo Unde￿ad￿e and post-graduate medical students in memory of the King Henry V's surgeon Jokn Bradmore. Students are nominated by their senÈorlutors on the basis of need as well as academic ability. The value ofthe scholarship5 for 2D24-25 was £3.000. THE WORSHIPFUL COMPANY OF CUTLERS GENERAL CHARrrABLE FUND TRusfELS' ANNUAL REPORT 30 JUNE 21125 corp￿ Christi College, CLvhbridge S¢holarships are awarded annually in memory of John Cra)dhorne. abenelactorof the Company. who was Master in 1559. Students are nomi[￿ted by their seniortut¢)TS on the basisof need &s well as academic ability. The value of the scholarships for 2024-25 was £3.(M)O. A scholarship, valued at £14.500 for 2024r2025. is awarded annually to a student ￿MIertakIng p)stgraduate work in pure mathemati¢s At Cambridge University. The sclKJlarship was instituted in 2003 in memory of Riehard Mdheringhaln. brother-in-law of Liveryman Keith Ilinde. whose wife bequcathed her attitt estate to the thzrity. School oforienial andAfrEcun &zdies. University ofLondon {SOAS) Finaneial support for students studying abroad to wist ihem in learning a forei￿ language aT¢ awarded annualty in memory ofcaptain F.G. Boot. a benefactor ofth¢ Cmpany. who was M&5t¢r in 1894. Trtnity Laban Conservaloire 0fM￿l¢ Schola￿hip of £l.l)00 awarded annually lo a ￿)MInated 5tLwJent in v(Kal stLKlies. The scholarship instituted in rnemory of Charles Jacobs, a Past Muer of the Colnpa￿. S¢holarship of £l.000 awanled annually to nominated instrumentalisL The scholatship was inslituted in 2003 i memory of Liveryman Bemard Bibby> whos¢ widow kft a bequest to the Company in her will. S¢holarship of £l,O¢MJ awarded annually to a nominated vocal or instnmiental. The ￿l0]arshIP wa5 instituted in 2015. Scholarship for at £l.O(K) awarded annually to a nominated student of dwKe. The scholarship w2s Instit￿ed in 2024. Iyesi Deott College Two scholarship5 of £1,500 are awarded annually to nominated Students in fme Metalwo￿ cons¢rvation and making in m¢tnory of Herbert Langdon Dowsett. a ben¢factorofthe CLKnp8ny who sw¢d as Junior Wardcn in 1975. King's College Support for students on the E￿ellded Medical Degre¢ Pro￿aMMe to help pe¢wl¢ from divetse backgrounds to progress in the rnedirdl profession to the value of £5,0(M) per annwn. To be concluded * the end of 2024f25. Schi)ols Chrisi's 1105pilalSchool A meDtOT5hip and wholarthip to support one sixth fonn St￿nI at Christ'5 H05pi141 S¢lK)ol. The Scholarship is valued at £12,800 over three years. Other Scholarships and Awards: KingEthvard s SclKyol Wiiley Reeds School City ofLondon B¢ry s School City ofLondon S¢knlforGirls £4.orx) per annu £2,000 ￿ annum £2.0(K) per annum Choriiable c0nnvc1io￿ wlih Éhe Con¥wny." ical Prtie In conjunction with the Royal College of Surgeons of EnglarKL eharity 01￿ an annual competition to promthe advances in surgical treatment utilising mi>dern lechnologies. The comFtlition is open to surg¢on5. or team5 including a surgeon. worldwhrf with the winner receiving a c&th prize of £5.IMM) and The Clarke MLthI. A prospectus. an application form. a￿1 ddails of p&51 prize winners are availAble from the Company's website at https'.Il¢utl¢rslondon.co.uk/charity-and-eduCatio￿CODn￿lons-W1th-the-¢0mP3nYI. Applications8re j￿ged by a r¢pre5ent8tiveofthe Royal Collegcofsurgeonsof Englarf in ¢onjunctionwith the Company. The Cullers, Szi ical FellvwshiE Fellowships are awarded to ￿able recentty qualified swgeons to go abri)ad to leam and bring b2¢k a skill to benefit NHS patients. Applications aEE judged by a representstive oftheRoyal Collegeof Sur8eor]sof England. in conjun¢tion with the C¢)mpany. The fmal decision to award any and all grants rests Wlth the Charities CLKnmitte¢. The Fellowship ¢omprises of a sum of £10,000. THE WORSHIPFUL COMPANY OF CUTLERS GENERAL CHARrfABLE FUND TRUSTEES, ANNUAL REPORT30 JUNE2025 Innovation in Miliff Metticals Imovation in Military Medical Support is a tri-setvice awrf to T￿o8￿]Se advances in military medical iechmlogy. The Award compris¢s the sum of £500 2nd a brOt￿e medal. The citation is assessed by a Jointmedical Grthw Boaxdof senioT Staffj winrKrs are nomimted by the Director General of D¢fen¢¢ Medical Savices. Th¢ TTUSte¢5 have deterniined to make the following grants annually. until (thn¥ise resolv¢d. Lord Mayor's Charity Appeal £5.000 lady Mayoress's Charity Appeal £I,(KM> (not paid this year) In addition- The Master for the time being is authorised to Th)minate a 4)e¢ific charity. or charities, for receipts of a grant, or grants, up to an agreed amount. for 2024r2025 of £S.(KKI. A provssion of £IO.000 was made for 2024f2025 lor lh¢ supply of cutlery to hospices. A provision of £5.000 was for2024f2025 for n]atched fi￿ding. Promolion ofsocid Coliesion.. The Company's S￿la1 outreach interests ir￿ude mental health. Tecovery from a(hJicllo￿S aTrJ h)mcle%sne4 and other complex needs. A complete list of in5Litutions supporte& atKi grants awarded. in 2024r25 can be f￿nd in the Notes to the Financial Statements. Indicators Milestonts and Benchmarks Information about ih¢ charity. including the objects and grant making policy, is now contained on the Company's websile at https.'/lcutlerslondoD.co.ukldwity-and-cducationl, and can be accessed by the general public. Th¢ number of visitors to this particular Section of website Fffovidcs an indication of public intve5L in the charity. Records are maintained of the number of grant applieations receive(L the nulnkr of tygt applications. th¢ number of grants awarded and the aMOw￿ of each grant. Those students who receive Captain F.G. Bool travel scholarships aTe expecled to submit a rq￿rt at the end of their time abro&l, which provid¢ theTntstees with detailed aecountsof how ihe ￿￿1ents￿aVCuSed theirgranls lo support themselves. ]n addition to this, the majority of scholars write to tl* Company. i￿lIcatIng the purp)ses for which they have used their grants. Relationships with Reknied Partie5 The operntions of the ch￿lty are integrnlly link￿ io th0￿ of the CcAnpany. the charity 15 fi]tKlamentally r¢lianl upon the continued sUp￿rt of the Comwiy to maintain its on-going existence. The Company's Hall provides a central vcnue forall Trustee meetings and is the a¢kninistralive headquarters of the charity. All the operdtional Costs incurred by the Fund are eAther paid for dir¢¢tly tsr trcharged lo the charity by the Company. However. no attcmpt is currently made to identify and account for any additiona] nolional ￿aff. facilitie4 and other adminislrdtiv¢ ¢osts that the charity might be incurrin& or the gift-in-kind being donated by the Company. Rtpresentatloll OD Otbtr Bodies The charity does n(A currently pursue its ¢hariEable objectives through Tn￿¢¢ repre￿tsti0n on any bodies other than the Court of Assistants of the Company. ACHIEVEMENTS AND PERFORMANCE The 2025 SurgicAI Prize was awarded to Mr Ankur Khajuria Bsc (Hons) MBBS (Distinction) FHEA. FRSPH, MRCS, MAcadMEd. MFSTEd, Msc (Oxford), PhD lor ORASIS: Revolutionizing Microsurgery wilh th¢ World's first 3D- PrinleQ Patented, FDA-regislered Backgrou[￿ Devitt with Autonomi)us Irrigation and Suction. Th¢ 2025 Surgical Fellowship was awarded io Mr Jason Wing Hong Yuen Msci, MA (Cantab). BM Bch (Oxon), PGCert Clin Ed. FHEA, PhD, FRCS (SN) to Study a Steteotactic and Functional Neurosurgery (Clinical and R¢S¢2￿h) F¢llowship at Toronto Western Hospilal. CaDa The 2025 Innovation in Military Medical Support Wds awarded to Major Graham Harvey, who has demonstrated exceptional vision. tenarity and leadership in the ongoing development of a w)ta]tial Air and Ground Autonomous THE WORSHIPFUL COMPAJYY OF CUTLERS GENERAL CHARITABLE FUND TRUSTEES. ANNUAL REPORT 30 JUNE 2025 UniveT5al Carriage System for UK Defence (Project MORIUGHAN), and a150 creating a highly effective suite of battle inoculation training aids for Military Working lkngs (Project SPIELBERG). A total of 9 entries (2024.. 4) were received for the Surgical Prize. all of which We￿ judged to be of a very high slandard. A total of15 applications (2024- 8) were received for Surgi￿1 Fellowships. Craythorne Scholarships were awarded to St Peter's College. Oxford and Corpus Christi College. Cambridge. A total of19 (2024-. 14) scholarships were ttstalling £6,000. Due tQ 8dmini5tr8tive difficulties the Captain F G Boot SCI￿la￿h1pS We￿ awarded thi5 year to students at Schi)ol of Oriental and African Studies (SOAS). It is the intention is io award grants of £500 to 30 students over the next two years. The Richard Metheringlwn Schol8T5hip was awarded to Joseph Deakin. Fourone-off Wants ivere awarded (2024: 43 totalling £12.(M)O. They were Team up, Hacw Nighi Shelter, The ClementJames Centre and Blind Aid. The Master's nominated charities were St John's Hospice and the College of Amis Tnjst. Donalionsof cutlery to the value of£1 1,153 were made to the following 12 hospices (2024-. 9) across th¢ United Kingdom. St Catherine's Hospice Lind.%ey Lodge Hospice RenKie Gmve Peace HospEce Core Helepl & Doiigla5 Hoilse Hospice Bolion Hospice Hospice 151e of Man Dove Hol￿e Hospice Pilgrims H05pice Iyeslon Hospice Care Loros Hospice Farleigh H05pice Siie Rj'der Leckhampion Court Hospice Impact ofActivities and Events Sufficient income ivas received during the period under review to enable the Trustees to meet all re¢urrent commitments. The Company's ivebsite has continued to gesmte interest in the activilies of the Fund with an average of 331 visits per month (2024: 324) being made to the 'Charities' section. The year has also seen an increase in the number gf applications for ￿ants that have been received, although by no means all have qualified for support. The feedback received from benefi¢iarie5 continues to be very positive. and when writing to express iheir appreciation, many have remarked how indebted ih¢y are to the Fund for providing them wilh financial support at times of particular need. FINANCIAL REVIEW Financial Results ofActivi¢i¢s and Events The financial results of the charity (or the year are clvdrly set out in ihe Siatement of Financial Activities. The TTUStees approved an Ov￿all sum of £169,854 in gr2nls (2024: £100,957). There ha5 been inereased focus on encouraging regular donations from the individual members ofthe Company. Donations from the Cotnpany are now based on a forniula livked to its own investment income and fell slightly to £39,411 in 2024125. A little of over half annual incoming resource5 for the charity come5 from its investment p)rtfolio. and interest receivable on short-terrn SUTplus cash deposits. THE WORSHIPFUL COMPANY OF CUTLERS GENERAL CHARITABLE FUND TRUSTEES. ANNUAL REPORT 30 JUNE 21)25 Resen'¢s Polity As at 30 June 2025 the free reserves ofthe ful￿ amounted to £3.430.670. The charities reserv¢5 are largely Tepr¢s¢nted by its inVest￿ent portfolio of £3,261.231. With the value of the investmenl portfolio may flucluate. over time ihe policy on reserves 15 to see them maintain their real value. IDve5tmellts Polify Under the lernis of ihe deed of tn￿L the investment p)wers of the Trustees Are unlimited within the scop¢ of the laws and regulations applying in the United Kingd(Trm. As previously stated, the key inyeslments of the charity are it5 investment portfolio. The charity's investment strategy is revithved annually by the Trnstees tsking appropriat¢ adviee from the charity's investment managers. The Trustees have not chosen to adopt fornial ethical investment policies. For the year ended 30 June 2025, the General Charitable Fund's investment portfolio produced an average income yield of +2.7 /0 (which resulted in in¢(Trme received of £87,448). The total return for the period was +3.6Q/o (12 months to 30 Jun¢ 2024.. +13.2l/bD). which was behind the index-b8sed benchmark relum of +7.5Q/r* and the long-terni CPI+40/• benchmaik of +7.50/0. and slightly behind the ARC Steady GrOl￿th Charity Peer Group return of +4.2 /•. PLANS FOR FUTURE PERIODS Future Strategy The Trustees, long-terni goal for the charity is lo secure its financial stsbility in perpetuity, so thal it can continue indefinitely to meet its recurrent commitment5 and deliver grant aid to other suitable beneficiaries. The charity's reserves and investments policies are derived directly from this long-temi goal. atMI are. IhereforA the key to the Fund's future strategy. As decided in 2017, the guiding principles of the Trnsl remain= In Education, to encourage and sUp￿rt wider participation in Higher Educ8tion for people from deprived backgrounds. To focus more on people from London Boroughs. particularly the tnore deprived London Boroughs. To make f¢wer. longer-term and larger gran￿ both in the interests of the ch8ritie5 and in the interests of the Company's own administration. To b¢ in a ￿Sition to ask, wherever possible. for evidence of the ben¢fit frotn the granls made by ihe Company. The Court of The Worshipful Company of Cutlers decided that their annual donation should reflect 0.15 /0 of a 3-year rolling average value of the investment w>rtfolio. with effect from 1st July 2022. FUNDS HELD AS CUSTODIAN The Surgical Award Fwid, a registered clwity thal was also related to The Worshipful Company of Cutler5, was amalgamated with the General Charitable Fund on 13 t)ecember 2023. This report was approved and authorised by the Tn]st¢e5 on 22f•J September 2025 and was signed for and on behalf of the Trusttts by: R W Meacher INDEPEP4DENT EXAMINER'S REPORT FOR THE YEAR Ef4DED 30 JUNE 2024 TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF cirrLERS GENERAL CHARITABLE FUND I report totheTrnstees on my exaTnination of the acc￿￿￿tS of C￿le[S GaKral Clwitable Fund for the year ended 30 June 2025 which are set oul OD pa8t5 1 I to 18. Respective re5POn5ibilities of trustees a#d ex#mintr The charity's Irustees are responsible for the preparalion of the accountk The charity's trustees consider that an audit is not required for this yearunder Section 144(2) ofthe Charities Art2011 (the2011 Ad)8nd that an itmjepthdeni exarnination is needed. l ￿port in respect of my examination of the Tnjst's accounts carried out utXler￿Il0n 44 (1} {c) ofthe 2005 Act and section 145 of the 2011 Act. In ¢Arrying out my examination I have followed the appIl￿ble Directions given by the Charity CottUTri5sion ￿der %¢tion 145(5Xb) of the 2011 Act. Independent exami￿¢T,3 st*tsment I haye completed my examination. l confm that no matter5 h2ve C4Mne to rlly atteDtion givTrn8 me cause to beli¢ve that in any material res￿. counting Trfords were not kept in respeet of the charity as Tequired by section 130 of th¢ 2011 Act: or 2. the accounts do not accord wilh those retords; or the accounts do not comply with the applietble requirements corK¢rning the forni and ¢ont¢nt of accounts set out in the Clwiti¢s (Accounts and Reports) Regulati(N)s 2008 otherthan any requirnnentthat the a¢¢ounts give a twe and fair view which is not a matter considered 18 Pat olan indeFwHlent examination. I have no eoncenKs and hay¢ come across no othermatters in connection with the examination to which attention should be drdwn fft this report in order ID enable a E￿er understanding of the accounts to ￿ reached. A M Broome ACA Haysmae LLP. 10 Queen Street Place London EC4R IAG Date.. 2 March 2026 THE WORSHIPFUL COMPANY OF CUTLERS GENERAL CHAIUTABLE FUND STATEMENT OF FINANCIAL AcfiviTIES INCORORATING AN INCOME At4D EXPENDTURE ACCOUNT FOR THE YEAR ENDED 311 JUNE 2025 2025 2024 Iyotes INCOME Member Do]Ydtions GifiAid Cornpavhy Donation tnvestment Income Interest Income 3S,546 10.183 39.411 87.827 1.866 29.477 7,299 39,741 85,831 3,057 TOTAL INCOME 174.833 165.405 EXPENDITiIRE Charitable grdnts Cost 169,854 l(d).957 (165) TOTAL EXPENDITURE 169,994 160,791 SURPLUS INCOME 4.839 4.614 Transfer from Swgical F￿d 267,967 OTHERRECOGNISED GAINSI(LOSSES) Oaind(losses) on investment assds 25,719 287.557 NET INCOMEI(EXPENDITURE) 30.558 560.138 RECONCILIATION OF FUNDS Fund balanc¢s broutht forward * l July 21r24 3.41M).I 10 2,839,972 FUND BALANCFS CARRIF.D FORWARD AT 30 JUNE 2025 3.430,608 3.400.110 The nel movement in fillLds for the year arises from the charity's ¢￿tInUIrtg operation5. 10 THE WORSHIPFUL COMPANY OF CUTLERS GENERAL CHARITABLE FUND BALANCE SHEET ASAT 30JUNE 2025 Not¢5 2025 2024 FIXED ASSETS Investments 3 J61J16 3.336.663 3J61.316 3,336.663 CURRENT ASSETS Debtor51prepayrnents AcCTh￿d Income Cash at bank and in hand 7,562 75,022 IIJ06 68214 2,584 79.520 CURRENT LIABILITIES Creditors.. amounts falling du¢ within one year (13,230) (16.073) NET CURREf4T ASSETS 69.354 63,447 NET ASSETS 3.430.670 3,400.110 THE FUNDS OF THE CHARITY Unres¢ri¢ted Sneome funds Genernl fund 3.430.670 3.400.110 3.430,670 3.4(K).I10 The f￿ancial slatements were approv￿ and authorised for issue by the Truste¢5 on 22ToJ September 2025 and wer¢ signed below on its behalf by.. .. Twstee Tntstee THE WORSHIPFUL COhlPANY OF CUTLERS GENERAL CHARrrABLE FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED30JUNE 2025 ACCOUNfiNG POLICIES BASIS OF ACCOUNTING The financial statements have been Pfepared to ¢otnply with cusrent stat￿(MY wuirernenls, under the historical eost onveniion. and in ac￿rdance with appli¢abl¢ accowiiing stsndth, Accounting aNI Rep)rting by Charities". Statcment of Recommended Practice applicable to Chariti¢s prepamg their accounts in accordance with fRS 102 (Section IA) and comply with the Charities (Accounts and R¢ports} Regulating 2008 and the Clwities Act 2011. INCOMING RESOiJRCES Investsnent income is account￿ for on a rrfeivable basis 4)ncc the dividend or interest has been declared. General donations and other similar types of voluntary income are br(K]ght into account, there is entitlement. profitability of receipt and th¢ amount can be measured reliably when received, except that donated in¢orne is included gross of any attributable tax r¢￿V¢18b1< where rel¢vant. Donations given for s￿elfi¢ PLWS ar¢ treated as reslricted incorne. RESOURCES EXPENDED Resources expended are allocated direaly to the chority's pritKipal activity. as the costs of generating FJnds, or as govemJnce cosis. where the costs can be so identified. All other costs are apportioned between those same three categories on the basis of e￿imated time spent by the Secretary. Grants payables are included in the Ststemenl of Fin¥1￿181 AciiYitie5 in ￿11 in the period in which they are award￿. INVESTMENrs The Fund's investments are included in the balance shert at their market value. The gains or losses aristng utK)n their annual revaluation are included in the Statement of FinarKial Adivities. FUND ACCOUNTING The genenl fund comprise5 the accumulated surpluses of Unrestr1￿Cd incotning resour(xs over resourees expended whi ar¢ ayailable for use in fvTth¢rance of the genernl Objectiv￿ of the ¢harity. Restricted funds aTe fimds subject to S￿lfie conditio￿8 imwsed by donors. The purpose and use of the restrided funds 8re set out in the notes ¢0 the accounts. Amounts unspent at the yvar 2,500 6.000 5.000 3,000 2,000 2,0(M) 4,0(M) 4.000 4.400 4,000 2,000 2.000 4.000 4.0 42(M) 52,700 50.900 13 THE WORSHIPFUL COMPANY OF cufLERS GENERAL CHARITABLE FUND NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED JO JUNE 21125 2025 2024 Promollon ofSoci¢71CohesiO Woman's"In]st Flacknev CarriÈRe Drivers. DIS￿Id[mI To Mililary Charity- SSAFA Charlie Waller Trust Bloomsbury Football Foundation Spitalfields Crypt Trust Vicarfs Relief Fund (Saini MartitLS in the Field) Sh¢[]￿, and Recorders Fund St Mary-Le-Bow- Young Homelcss ProjeLt Adult Literacy TTU5t Str¢etDoctors LondoD Play Siblings Togctt Team Up Hackney Night Shelter The CIEmentJames Centre BlindAid Cann Hall tken Trust 17,0 1.500 2.000 2.000 2.000 15.000 25.000 1.500 2.000 2.000 2,000 15.OCN) 2,0(MJ 5,000 3.000 .000 2.000 3,000 5,000 2,lY)O 2,000 2,000 3,01)0 3.000 3.0 3.000 1.000 1.000 69.500 64,500 169,854 160.957 INVEsfMENTS 2025 2024 Investments listed OD a rerngnised stoclt exch*nge in tbt UK at market value: l July 2024 Additions at cost Dispos21 prcKeeds Ur￿ealISed 8ains (losse5) ID the year Cash for reinvestment 323S,458 2.712264 235,637 25.719 I￿),085 287,557 101.205 AI 30 June 2025 3 J61.616 3J36.663 Represented by invtstmellt in: Alpha CIF for cndowm¢nts (2368.881.60 income units) Elldg￿nents Fund Closs A Inc Cash 3261.231 2,980,053 255.405 101205 100,085 3.361.616 3.336.663 Hislorirnl cost of investments 2.173,035 2.IT2,981 14