THE STOCK EXCHANGE CLERKS FUND Re Istered Charit No: 286055 TRUSTEES, REPORT and FINANCIAL STATEMENTS 31 December 2025 THE STOCK EXCHANGE CLERKS FUND CONTENTS TITLE Front Page CONTENTS Page I OFFICERS, CUSTODIANS & PROFESSIONALADVISERS Page 2 TRUSTEES. REPORT Pages3.4,5,6&7 INDEPENDENT AUDITORS REPORT Pages 8. 9 & 10 STATEMENT of FINANCIAL ACTIVITIES Page 11 BALANCE SHEET Page 12 NOTES to the ACCOUNTS Pages 13, 14, 15 & 16 THE STOCK EXCHANGE CLERKS FUND Honorary Trustees.. Mrw D Eason Mr L Ponsonbv Mr D Malpas Trustees= Mr5 J Mayhew (Chairl Mr R Adams (Treasurer and Depthy Chairl Mr I l Baines Mr A l Hackling Ms M Hooper Mr K Norman Mrj D Paulson-Ellls Mr M Ripsher MrSFCTame Mr M Willmott Website.. www.secfund.or8.uk Address= Salisbury House London Wall London, EC2M 5QQ Secretary.. Telephone.. E-mail.. Mrs Jennie Hendrick 07958 209367 jennie@secfund.org.uk Charity Liaison Officer Telephone E-maS1 Mrs Gail Marsden 07810 224594 gail@secfund.org.Jk Auditors.. P¢Kknells Audit Limited 46 Hullbridge Road South Woodham Ferrers Essex CM35NG Bankers.. Barclays Bank plc 155 Bishopsgate London EC2M 3XA Investment Managers.. Quilter Cheviot Investment Mana8etnent. 90 Long Acre London WC2E 9RA TRUSTEES, REPORT INTRODUCTION In accordance with the Trust Deed dated 19 March 2008 the Trustees present their report and financial statements for the year ended 31 December 2025. OBJEcfs AND ACTivinES The principal activlty of The Stock Exchange Clerks Fund I'SECPI is to provide financial assistance for persons In necessitous circumstances, such persons being any one or more of the followin& former or current employees of the London Stock Exchange or a Member Firm of the London Stock Exchange or any such title that may be used by that body in the future, or the Fund or the widow or child or children Iwhether infant5 or notl of any such person, or at their discretion, ¢ontractors/agency staff workin8 Wlthin the London Stock Exchange or member firms. GRANTS AND ASSISTANCE The Fund ha5 helped 39 recipients12024- 40 recipients) with monthly. casual and special grants over the twelve- month period covered by this report. The Fund continues to help recipients with monthly grants towards the costs of runnin8 a household, 'one ofy payments towards special needs cases for such items as surgical appliances, mobility costs, household goods, and funeral expenses. Most persons who received help during the year received a Christmas monetary gift. The Fund has continued to be dillgent in its housekeeping and investment decisions. The grants being paid by the Fund decreased in the year covered by these account5. The Trustees review all recipients, financial status and needs at le35t once a year and decide, on an individual's circumstances, the level of help the Fund is able to give. When an application is received for the first time, the Individual receives a vi51t from the Fund'5 Charity Liaisoll Officer, and her report 15 Submitted to the Trustees. Dependlng on thè individual's circumstances the level of help to be given is then decided. If any person already being helped by the Fund has a change in personal circumstances. then the same procedure 15 followed. The Trustees are very awa￿ of the need for personal contact and as in previous years the Charity Liaison Officer, sometimes a¢companied by a Trustee or the Secretary, vislted mosl of the Fund's recipients in their home5. The visits are of casual nature to offer friendly support and advice when needed. The Trustees would appreciate receiving information concerning any person former￿ employed in the industry, or their dependants. who may be in financial distress and thus qualrfy for assistance.. such information may be conveyed in complete confidence to the Secretary. Jennie Hendrick. the Charity Liaison Officer. Gail Marsden. or any of the Trustees at the address given on page two of this report. Information and how to apply is available on the Fund website-www.secfund.org.uk. DONATIONS The Trustees would like to thank those companies who have allowed members of their staff to act as Trustees of the Fund and individual Trustees who have continued their support of the Fund. We are a charity for the Securities Industry and therefore any help received from Member Firms helps us to help fomer colleagues who are experiencing difficult times. The Tiustees would also once again like to thank the Stock Exchange Benevolenl Fund for their quzrterly donation of £32,5(￿J. TRUSTEES Historically Trustees and consultants who visit recipients of the Stock Exchange aerks Fund have been checked by the Criminal Records Bureau. Those that have been checked have clean records. A Trustee or consultant will be checked by the Disclosure and Barring Service before they vi51t a recipient unaccompanied. Honorary Trustees advise the Trustee5 in relation to the SECF investment programme but are not authorised to make decisions on the use of the investments and it5 income. Trustees have control of the Charity and its property and funds; they have sole discretion as to making payments and assessing help to be given in accordan￿ with the Fund's Trust Deed125 November 19821 and Supplemental Deed5 112 july 1993 and 23 August 20061. TRUSTEES. REPORT Conyd TE Co Tru5teÈ5 and Honorary Trustees are appointed by invitatTron from the Trustees then in office. A new Trustee is made aware of his duties and obligations to the Fund and its recipient5 and receives copies of the Fund's Trust Deed and Rules. PTeviou5 yearfs Annual Report and Financial Statements and a copy of the Charity Commission leaflet Yhe Essential Trustee: What You Need To Kno￿. No new Trustees were appointed during the year under review. Meetings of the Trustees are held on a quarterlv basis. All deci5ion5 are put to a vote and if there 15 not a majority decision then the (hair has the castin8 Vote. The Secretary of the Fund, who is appointed by the Trustees, take5 minutes gf the Trustee meetings and implements any decision5 made at those meetings. The Secretary ￿pOrts to the Trustees all actions they, or anyone under their direction, has taken. During the year the Liaison Officer was contacted by Northamptonshire Complex Fraud Department to make her aware that they are investigating people known to the Fund that had potentially been applying fraudulently to the charity to obtain flnanclal support. The Police confirmed they are investigating two current recipients, and one former recipient. It 15 believed that they are the same person. Whilst the investigation is on8olng It was ag￿ed that the grant payments to the recipient be suspended immediately. and a report was made to the Charities Commission and Action Fraud. An arrest ha5 been made, and the Individual is on bail pendin8 completion of the investigations. The police confirmed that 31 other charities had also been affetted. INVESTMENTS AND RESERVES The Trustee5 maintain a Statement of Investment Policy. This was last reviewed at the Annual General Meeting on 14 May 2025. Some minor amendments were made, and it was approved and signed at the meeting on 10 September 2025. Financial assets had a robust 2025, with global equities, bonds and credit a55ets all having a strong year. This was driven by contlnued global growth, ongoing optimism around Al's potenttal, and further central bank rate cuts. This wa5 the third year running whereby equity indices put in a stron8 performance ending the year at or close to all time highs. In GBP terms the MSCI All World increased 14.4%. with US equities lagging the broader market forthe first time in while. Strong return5 came frorn Europe1+27.2%1. UK1+24.6%1 and Emerging Markets1+24.4%1. The US dollar index 1-9.4%) posted its worst year since 2017, weakenlng agalnst every other GIO currency, constrainin8 US index returns for GBP investois. This strong performance however masked significant burnps along the way. Most notably. the Liberation Day tariff announcements led to huge turmoil, and the S&P 500 saw it5 Sih-bigge5t two-day slide since WWII. Separately, the German fiscal stlmulus announcement In March led to the Ioyr bund yield's biggest dally jump slnce German reunifieation in 1990. And with investors increasingly concerned about long-term inflation risks and potential currency debasement, 8old and silver prices posted their biggest annual gain since 1979. Global bond5 had their Strongest year since 2020, but there was a sharply divergent performance within that. For instance, US Ioyr Treasury yield5140bpsl saw thelr flrst annual decline since 2020. But Japan's IOyryield1+97bps1 had its biggest annual jump since 1994. Meanwhile In Europe. France's Ioyr yields ended the year above Italls, reversin8 decades where France had lower yields. Global growth in 2025 was more robust than initialty feared particularly against a backdrop of significant policv shifts, trade tensions, and geopolitical events that created an unusually volatile economic environment. Early in the Year, stronger-than-expected US data supported activity. but repeated tariff announcements by the new US administration weighed on global trade flow5 and business confidence. Europe emperienced both headwinds and tailwind5.' defence spending surged followlng geopolitical developments, boosting industrial activity, while fiscal TRUSTEES REPORT {ConVdl INVEStMENTS AND RESERVES Iconvdl loosening ift Germany and prtsposed EU flexibility supported investment. However, political instability in France and fiscal uncertainty in the UK challenged growth momentum. Emerging markets were afferted by swings in oil prices as Middle Eastern tensions briefly pushed ener8y Costs higher before easin8. In Asia, japan was a positive outlier, with 5tron8 equity performance and fiscal stimulus providing 5UPPOrt even as the Bank of Japan tightened policy. Global inflation was shaped by a combination of easin8 domestic price pressures. disruptive tariff policy, and geopolitical tensions that intermittently pushed ener8y prices hi8her. Early in the year, inflation momentum softened. particularly in the Unlted States. where core CPI moderated and helped anchor expectations that major central bank5 especially the Federal Reserve would shift toward policy easing. However. the new US dministration'5 repeated tariff announcemenls cleated renewed inflation uncertainty. Hi8her tariFts on Canada, Mexico. China, and a wide range of global trading partners raised concerns about imported cost-push pressures, particularly a5 5upply chains adjusted to rapidly changing trade rule5. Energy prices briefly contributed to inflation risk when military Conflict between Israel and Iran triggered a sharp, albeit short-lived, spike in oil price5. Brent crude experienced it5 largest single-day rise since 2022 before quickly reversing as both sides signalled a desire to de-escalate the situation. Europe's Inflatlon outlook was influenced bv rising defence spending. fiscal loosening in Germany, and political UN￿rtaIntY in France and the UK which periodically pushed government bond yields higher. Global monètary policy was shaped by weakening growth momentum, geopolitical tension, and shifting fiscal environments. leading to diverging policy paths across major centTal banks. In the United States. the Federal Resetve moved declslvely toward easlng In the second half of the year. After labour-market data softened highlighted bv weaker Jobs report5 and rising unemployment the Fed delivered three Consecutlve rate cuts. totalling 75bps from September through December. These actions reflected increasing confidence that inllation pressures had moderated and that the economy required 5UPPOrt to stabilise activity. In Europe the ECB were able to reduce rate5 quicker than the rest of the world as inflation cooled much sooner. this was a key driver to the stron8 European equity returns we saw. Whilst in the UK, the Bank of England graduallv shifted from holding to cuttin8 interest rates as inflation eased and economic growth weakened. 8y December, rates were reduced to 3.75%, reflerting falling CPI Inflation, subdued growth, and easin8 pay pre55UTes. A macroenvironment of expanding global economies, falling inflation and easing monetary policy is a benign environment for corporate profitability and that Is what we saw during 2025. FUTURE PLANS It is the intention of the Trustees to continue to administer the Fund under1ts current system Ipage 31, to continue to decide on the level of help to be given to individuals Ipage 31. and to continue its investment policy Ipage 41. FURTHER INFORMATION At the meeting on 12 May 2016 it was ag￿ed that the Charity Liaison Officer would recelve a guaranteed annual increase of 3Y., and that the Secretary would receive increases as agreed by the Trustees. At the meeting on 22 FebTUary 2018 it was agreed that the Secretary would also recewe a guaranteèd annual increase of 3%. OFFICES The SECF continues to have the use of office5 at Salisbury House, London Wall. The Trustees wish to record their appreciation to the Stock Exchange Benevolent Fund for their continued support of the charity in donating the office space to the Trustees. The Trustees do not consider it is appropriate to have recorded such arrangements in the accounts as It Is deemed to be immaterial in the context of these accounts. TRUSTEES. REPORT Convd WEBSITE The Trustees have set up a website - www.se¢fund.or8.uk This includes information about the Fund arvj how to apply for assistance. BANKERS AND CUSTODIANS The Bankers to the Fund, Barclays Bank plc. remain unchanged. Quilter Cheviot Investment Management are the Funds only custodians. Quilter Cheviot Investment Management were acquired by Old Mutual Wealth investment company and were rebranded to Quilter in 2018. The Quilter Cheviot team who look after the SECF portfolio will remain the same. AUDITORS A resolution to re-appoint Pockne115 Audit Limited a5 auditors was pa55ed at the Annual General Meeting of the Fund held on 14 May 2025. The appointment of auditors for 2026 will be proposed at the Annual General Meeting. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees of The Stock Exchange Clerks Fund are responsible for preparing the Trustees, Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel The law applicable to charitles in England & Wales requires the Trustees to prepare financial statements for eèch linancial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements the Trustees are required to: Select suitable a￿oUntIng policies and apply them conslstently: ObseNe the methods and principles in the Charltles SORP 2019 IFR5 1021 Make judgement5 and estimate5 that are reasonable and prudent,. State whether applicable accounting 5tandard5 have been followed, Subject to any material departures disc105ed and explained in the financial statements,. Prepare the financial statement5 on the going concern basis unles5 It is inappropriate to assume that the charity will be able to continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accurary at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charities IAccounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsyble for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. The Trustees are responsible for the malntenance and Integrlty of the Charity and financial information included on Ihe Charivs website. Legislation in the Untted Kingdom governing the preparation and dissemlnation of financial Statements may differ from legislation in otherjuri5dictions. CHARITY GOVERNANCE CODE The SECF seeks to use the principles of leadership, integrity, decision-makin8. board effectiveness, diversitv, openness and accountability as included in the Charity Governance Code to ensure high Standards of governance and to support continuous improvement. The Charities Code was updated in November 2025 and the Trustees will review and implement any changes required in 2026. GDPR The Trustees, PTivacy Policy can be viewed on the website at www.secfund.or .uk rivac TRUSTEES, REPORT (Coned) SAFEGUARDING POLICY The TrustÉes maintain a Safeguarding Policy. Thi5 was last reviewed at the FebrLbary 2025 meeting and no amendments were made to the Policy. FINANCIAL SUB-COMMl￿EE Iformerly Financial Controls Group) The Financial Sub-committee was maintained durin8 the year to monitor the Fund's financial controls with particular reference to contingency plannlng forthe preparation of the Trustees, Report and Flnancial Statements. Terms of Reference were reviewed at the 16 September 2025 meetlng, and the amended version was circulated to the Trustees followingthe 13 November 2025 Trustee meeting. No amendmerht5 were made to the Trustee and Consultant Expense Policy during the year. PUBUC BENEFIT REQUIREMENT The Trustees believe that this reFX)rt fulfils the requirements of their legal duty in summarising the objects, main activities and achievements of the charity in the year under review in accordan￿ with section 17 of the Charitie5 Act 2011. On behalf of the Trustees ". VG2FDEASNT... F'way ew Chair D.. VR6NVIWONZG... ams 27 May 2026 Trustee 27 May 2026 INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE STOCK EXCHANGE CLERKS FUND Opinion We have audited the financial statements of The Stock Exchange Clerk5 Fund for the year ended 31 December 2025 which comprise the Statements of Financial Activities, the Balance Sheet and the related note5. The financial reporting framework that has been applied in the preparation is applicable law and United Kin8dom Accounting Standards, including Ffls 102 Yhe Financial Reporting Standard appllcable In the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practice) In our opinion the financial statements.. give a true and fair vlew of the state of the chariiV5 affairs as at 31 December 2025 and of its incoming resources and application of resources in the year then ended,. have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practice have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our respon5ibilitie5 under those 5tandard5 arè further described In the Auditorfs responsibilities for the audit of the financial statements sectitsn of our report. We are independent of the charity in accordan￿ with the ethical requifements that are relevant to our audit of the financlal statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial staternents, we have con¢￿ded th* the trustees, use of the going concern basi5 of accounting in the preparation of the financia5 statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties ￿lating to events or condltlons that, Individual￿ or collectivety. may cast significant doubt on the charfty's abllity to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbilities and the responsibi1Sties of the trustees with respect to 80in8 concem are described in the relevant sectlons of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, Èxcept to the extent otherwise explicitly stated in our report, we do not express any form of assurance concluslon thereon. In connection with our audit of the financial statements, our responsibility is to ￿ad the other information and, in doing so, consider whether the other information is materially incon51Stent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mlsstated. If we identify such material incon515tencie5 or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statemerkts or a matèrial misstatement of the other information. If, based on the work we have performed, we conclude that there is a materlal misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. INDEPENDENT AUDITORS REPORT Con't TO THE TRUSTEES OF THE STOCK EXCHANGE CLERKS FUND Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reportsl Regulations 2008 require us to report to you if. in our opinion: the Information given in thè financial statements is inconsistent in any material respect with the trustees, report.. or sufficlent accounting records have not been kept,. or the fTnanclal statements are not in agreement with the accounting records.. or we have not received all the information and explanation5 we require lor our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the prepaiation of financial statements that are free from material mi5St3tement. whether due to fraud or error. In preparlng the financlal statements, the trustees are responsible for asse55ing the charit￿$ ability to contrnue as a going cOn￿rn. disclosing. as applicable, matters ￿lated to going concern and using the going concern basis of accounting unless the trustees etther intend to liquidate the charity OY to cease operations, or have no realisti Iternative but to do so. Audiiorfs responslbllitles for the audit ol the flnanclal statements We have been appointed as auditor under section 145 of the Ch8Thties Att 2011 and report in accordance with the Act and relevant regulations made or havin8 effect thereunder. Our objettives are to obtain reasonable assurance about whether the flnanclal statements as a whole are free from rnaterial misstatement, whether due to fraud or error, and to issue an audltorfs report that Includes our opinlon. Reasonable assurance is a high level of assurance but ys rbot a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mis5taternents can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, includin8 fraud, are instan￿5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detecting irregularities. including fraud is detailed below.. Based on our discussions with the charit(5 management and the Trustees, we Identff*d that the following laws and regulation5 are significant to the entity: Those laws and regulation5 considered to have a direct effect on the financlal statements include UK financial reporting standards and Charity Law. Those laws and regulatlons for which non