Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
Charity number: 297107
Trustees’ report and financial statements For the year ended 31 July 2025
Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
The London Foundation for Banking & Finance
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 9 |
| Independent auditor's report on the financial statements | 10 - 13 |
| Statement of financial activities | 14 |
| Balance sheet | 15 |
| Statement of cash flows | 16 |
| Notes to the financial statements | 17 - 29 |
Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
The London Foundation for Banking & Finance
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 July 2025
| Trustees | Steven Haberman, Chair |
|---|---|
| Binta Darboe | |
| Sabrina Del Prete | |
| Shelley Doorey-Williams, ex-officio (resigned 1 July 2025) | |
| Paul Gordon | |
| David Kennedy | |
| Philip O'Shea | |
| Arjan Van Den Berkmortel | |
| Stephen Mann (appointed 1 July 2025) | |
| Quentin Nason (appointed 1 July 2025) | |
| Stephen Darrington (appointed 1 July 2025) | |
| Charity registered no. 297107 Principal office 1st Floor 40 Gracechurch Street London EC3V 0BT Chief executive officer Shelley Doorey-Williams Independent auditor Menzies LLP Chartered Accountants Registered Auditors Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Bankers HSBC UK Bank plc 9 Rose Lane Canterbury Kent CT1 2JP Solicitors Eversheds Sutherland (International) LLP One Wood Street London EC2V 7WS Accountants Kreston Reeves LLP 37 St Margaret's Street Canterbury Kent CT1 2TU Investment Managers Cazenove Capital 1 London Wall Place London EC2Y 5AU Rathbones Investment Management 30 Gresham Street London EC2V 7QN |
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Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
The London Foundation for Banking & Finance
Trustees' report For the year ended 31 July 2025
Welcome to The London Foundation for Banking & Finance (LFBF), formerly known as The London Institute of Banking and Finance, a financial education charity incorporated by Royal Charter.
Our objective
Our charitable objective is the advancement of knowledge of and education in financial services and to carry out research and publish the useful results of such research for the benefit of the public. The changes we seek to make are to improve levels of financial literacy and enablement as well as support those working within or considering a career in the financial services industry.
Our history
Our story began in March 1879, when a group of bank workers came together to establish leadership and professional practice principles for the industry. They created the first Institute of Bankers in England and Wales to offer educational resources to anyone working in the sector.
Over the years, the organisation developed its own industry-leading qualifications to create a gold standard of banking and financial education and established itself as a leading voice in the financial services world, providing invaluable insights into all areas of the industry and promoting the highest standards of professional competency.
In our more recent history, we completed a transaction with a large university group in 2023 to divest of our financial education qualifications and programmes, and direct education assets.
Our strategy
The funds received from the transaction in 2023 enable us to fund projects to support financial education and inclusion, to provide support for people from underrepresented groups looking to develop careers in the financial services industry and to undertake research for the public good. Given the scope of the transaction we initiated a strategic review which included commissioning two pieces of research to inform our long-term strategy. Our refreshed strategy will be published in late 2025.
Our significant activities
Our core activities to fulfil the charity's objectives for the public benefit are as follows:
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Grant financial awards to students wishing to pursue a career in financial services. This helps to achieve our objective of the advancement of knowledge of and education in financial services. In 2025 we continued to oversee a scholarship programme which provides financial support for students from disadvantaged backgrounds.
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Fund projects to support financial education. In 2025, in addition to our research launch, we hosted two significant events to bring together those working in the field of financial capability. The first was a leaders' lunch where the guest speaker presented about an award winning programme from South America. The second was the UK's first gala awards event which we hosted in partnership with the Money Awareness and Inclusion Awards. This event recognized and celebrated innovative programmes in financial education, inclusion and literacy. The event, believed to be the first of its kind in the UK was attended by over one hundred guests from the banking, finance, voluntary and charity sectors.
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Recognise the highest level of professional competence by awarding chartered status to individuals who have demonstrated their commitment to continued education and professional excellence. This helps to achieve our objective of the advancement of knowledge of and education in financial services as membership offers access to ongoing learning and development. In 2025, we conferred Chartered Status upon numerous financial services professionals who had demonstrated their commitment to continued education and professional excellence. In 2025 we hosted a first event by the think tank we acquired in the financial year 2024. The event theme was exploring risk and opportunities in Artificial Intelligence.
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The London Foundation for Banking & Finance
Trustees' report (continued) For the year ended 31 July 2025
- Commissioning research in the field of financial education for the benefit of the public. This helps us to achieve our objective of publishing useful results for the benefit of the public. In 2025, we published a significant piece of research called Accelerating Progress: Financial Capability in the UK, a landmark new study of financial education in the UK examining what is working and made recommendations about what more could be done to accelerate progress. It also highlighted key challenges around the volume, quality, and accessibility of financial literacy programmes. The report was launched at Bayes Business School to an audience of key stakeholders in the financial education arena.
Plans for the future
Our objective is just as relevant, perhaps even more so, today as it has been in our long history. During the year we have continued to create positive impact by undertaking the core activities to fulfil our charitable objectives. As stated in our report last year, in late 2023 we embarked on a strategic review that included conducting research and evidence-based evaluation of the areas in which we operate. We have now published two pieces of research, The Young Persons’ Mone Index 23/24 and Accelerating Progress: Financial Capability for the UK. The findings and conclusions from these pieces of research have enabled us to develop our strategy as well as how to track and report our success against our stated objectives.
We will publish our refreshed strategy befitting of our newly independent status in late 2025.
Thank you for your interest in The London Foundation for Banking & Finance.
Achievements and performance
Financial Review – Results for the Year to 31 July 2025
There was a surplus for the year of £328,239 as shown in the statement of financial activities on page 14.
During the last financial year, a decision was made that LIBF Learning Limited could be voluntarily struck off as it was no longer required. LIBF Learning Limited has now been struck off. The Institute of Financial Services Limited continues to be a dormant company.
The general fund is the primary fund against which underlying financial performance is measured. Previously we generated a surplus to produce sufficient cash to support strategic objectives. In the previous financial year there were no income- generating activities. However, as part of our refreshed strategy going forward we are now active in producing sponsored research, which generates some income.
Restricted funds include: The Grunfeld Fund, which supports the education of people working in banking and financial services in London; the Alumni and Scholarship Fund incorporating Principality Building Society funding previously donated to support financial education for children in schools in Wales and the C. Hoare & Co Scholarship Programme Fund. During the year, the delivery of financial education in schools in Wales was completed and the funds donated by Principality Building Society were paid to the delivery organisation, A small surplus remains in the restricted funds from Principality Building Society.
Going Concern
Following the sale of its operations and assets on 31 March 2023, the charity continues to hold substantial funds. The Trustees have considered the financial projections and cashflow forecasts to be able to continue in operation for the foreseeable future. Therefore they have adopted the going concern basis for the preparation of these financial statements.
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The London Foundation for Banking & Finance
Trustees' report (continued) For the year ended 31 July 2025
Reserves Policy
Total funds at 31 July 2025 stood at £17.4m.
Funds are split between unrestricted and restricted and as at 31 July 2025 these amounted to £16.9m and £0.5m respectively. The current level of unrestricted reserves is significant as a result of the sale of educational business in 2023 which generated a profit on sale for the charity of £11.5m. These reserves will ensure that the charity can provide significant support to its charitable purpose for some time to come.
During the year the charity started to operationalize elements of its strategy, hiring its first leadership team since the sale of assets in 2023. This saw cash requirements increase, but these remain modest. It is anticipated that the reserves will remain high relative to the annual spend requirement and will be sufficient to finance the charitable activities for a number of years.
The trustees divide the funds held into:
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1) Working capital – immediate requirements
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2) Liquidity reserve – 2-5 year expenditure requirements
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3) Investment portfolio – post 5 year requirement.
These are based on the immediacy of the need and have differing investment strategies – ranging from cash holdings, money market funds to equity investments planned to generate returns in excess of inflation. During the year there was a move away from treasury deposits.
As stated last year, the Investment Committee undertook a thorough review of our investment management arrangements, culminating in the adoption of an Investment Policy setting out the division and treatment of funds, with differing time horizons and investment strategies. Furthermore, the review led to a decision to appoint a new external Investment Manager, Cazenove Capital, to manage the funds in line with the Investment Policy and befitting of the size of reserves relative to anticipated cash requirements. Cazenove Capital were appointed as our main investment manager and funds were placed with them in January 2025 and further funds were placed with them in February 2025. The Investment Committee decided to retain the existing investment manager, Rathbones and there have been no changes to the investment portfolio held with them.
The trustees consider the reserve requirements of the restricted funds separately from the unrestricted funds. The income from these restricted funds is generated from the donations received and invested. These funds are held for specific scholarship and grant making programmes funded by them. The funds retained at 31 July 2025 can be seen in the Notes to the financial statements where the purpose and background is described.
The trustees intend to continue to award scholarships and grants with the purpose specified by the donors as outlined in the Notes referenced above.
The charity holds no functional assets which represent a commitment of the reserves.
Investments
At 31 July 2025, the charity held fixed-asset investments in managed funds with a market value of £11,032,370 (compared with £504,788 in 2024).
The Trustees delegate the discretionary powers of management of our fixed-asset investments to investment managers Cazenove Capital and Rathbones. The investment objectives are set out above.
Our bank balances are held in cash and during the year had included a range of fixed-term deposits with HSBC.
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The London Foundation for Banking & Finance
Trustees' report (continued) For the year ended 31 July 2025
Risk management
During the year we terminated a Service Level Agreement between The London Foundation for Banking & Finance and LIBF Ltd. This was achieved by undertaking various initiatives and arrangements to enable the charity to become increasingly independent and therefore the Service Level Agreement was no longer required. The Risk Register is reviewed on an ongoing basis and has been updated to reflect the termination of the Service Level Agreement.
We continue to work closely with LIBF Ltd (who changed their name to Walbrook Institute Ltd) to ensure we have a strong working relationship in order to serve and support our Chartered Members. The ongoing operations to support Chartered Members are delivered under a Chartered Membership Agreement with Walbrook Institute Ltd
Statement of Corporate Governance
The governing body of The London Foundation for Banking & Finance is the Board of Governors, which comprises the Chair, the Chief Executive and up to 15 appointed members. As Governors, members of the Board of Governors have a single overarching responsibility, which is to ensure that we fulfil our object. In addition, the members of the Board of Governors are the Trustees of the charity.
Corporate Governance
We have adopted the Charity Governance Code published by the Charity Governance Code Steering Group (a cross-sector collaboration with an independent chair). The code is not mandatory, but we have decided to adopt it.
Constitution
The London Foundation for Banking & Finance was established in 1879 as the Institute of Bankers and has latterly used the working names Institute of Financial Services, ifs School of Finance, ifs University College and most recently The London Institute of Banking and Finance. It was incorporated by Royal Charter in February 1987 and registered as a charity in June 1987. Amendments to the Charter followed in February 2000, December 2003, July 2006, May 2008, July 2010, September 2016 and September 2023. These included formally changing the name and changes to the governance. In September 2024, we received confirmation from The Charities Commission that they had accepted our application to them to change the name to The London Foundation for Banking & Finance. At the time of writing, the name change is yet to be reflected in the public register of charities, hence our name still appears as The London Institute of Banking and Finance.
Charter
The Charter sets out our objects and powers. It requires us to establish a Board of Governors, who are the Trustees.
The object for which we are constituted is the advancement of knowledge of, and education in, financial services as the Board of Governors may determine from time to time, and to carry out research and publish the useful results of such research for the benefit of the public.
The Trustees are cognisant of the Charity Commission guidance on public benefit and, in particular, guidance for fee-charging charities. The Trustees are satisfied with the steps they have taken in this regard.
Board of Governors (Trustees)
Members of the Board of Governors include senior personnel within the financial services and educational sectors who ‘donate’ their expertise, experience and limited time on a voluntary basis to act as Governors.
The primary responsibility of the Board is to oversee the charity’s strategic direction and monitor the progress through regular, timely reporting, including reports from all of the sub-committees and reviews of key performance indicators. The Board also oversees the management of the finances, property and all business affairs.
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The London Foundation for Banking & Finance
Trustees' report (continued) For the year ended 31 July 2025
All new Governors are provided with a detailed induction pack when they are appointed and there is a programme of ongoing training for Governors to assist them with carrying out their roles.
During the year, three new trustees were appointed and Shelley Doorey-Williams resigned from her role as trustee but remained as Chief Executive.
Statement of Responsibilities of the Board of Governors (Trustees)
The Governors are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the Governors to prepare financial statements for each financial year. The Governors have to prepare the financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law), including FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland. The Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of our state of affairs, and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Governors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities Statement of Recommended Practice (FRS102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain our transactions, disclose with reasonable accuracy at any time our financial position and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of our Charter and Statutes. They are also responsible for safeguarding our assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Governors are responsible for the maintenance and integrity of the corporate and financial information included on our website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Board meets at least four times a year and receives regular reports from management on our operational aspects, including minutes from all of the sub-committees. At least one of the meetings includes a review of the strategy.
Through leadership of the Board, the Chair plays a key role in our business, ensuring that we are well connected with our stakeholders. The Chair promotes the well-being and efficient operation of the Board, and ensures that members work together effectively and have confidence in the procedures laid down for the conduct of business. The Chair ensures that committees play a central role in the proper conduct of the Board’s business by exercising delegated powers and reporting back to the Board appropriately. The Chair should not be drawn into the day-to-day executive management.
Day-to-day responsibility is delegated to the Chief Executive. The Chief Executive is responsible to the Board of Governors for business and financial affairs, and for advising the Board on strategic direction.
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The London Foundation for Banking & Finance
Trustees' report (continued) For the year ended 31 July 2025
Board of Governors (Trustees)
The Trustees as at 31 July 2025 are as follows:
Steven Haberman (Chair)
Steven is currently Professor of Actuarial Science at Bayes (formerly Cass) Business School, City, University of London. From 2002 to 2012, he was Deputy Dean and Director of Bayes (formerly Cass) Business School, and then Dean for three years to the end of 2015.
Steven graduated in mathematics at the University of Cambridge. He qualified as a Fellow of the Institute of Actuaries in 1975, and obtained his PhD and DSc in actuarial science from City University. He is also an Honorary Fellow of the Italian Institute of Actuaries.
Steven has worked at Prudential Assurance and for the Government Actuary’s Department, and has been a member of the Council of the Institute and Faculty of Actuaries (for two terms). He has also been a member of TheCityUK Advisory Council, Governor of the City of London Academy Islington, and a member of the External Advisory Panel to the Morris Review of the UK Actuarial Profession, as well as a founder member of the Financial Reporting Council's Board for Actuarial Standards. He has acted as a consultant to Deutsche Bank, Swiss Re, the Financial Services Authority and the National Audit Office, among others.
He is currently a member of Legal & General's Longevity Science Panel.
He has co-authored 5 books and has written over 190 papers on a wide range of topics, including mortality and morbidity models, annuities, insurance pricing and pensions. His papers have won research prizes from the Institute of Actuaries (UK) and Society of Actuaries (US).
Other members of the Board of Governors (Trustees) are:
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Stephen Darrington**
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Binta Darboe
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Sabrina Del Prete
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Shelley Doorey-Williams*
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Paul Gordon
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David Kennedy
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Stephen Mann^**
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Quentin Nason**
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Philip O’Shea
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Arjan van den Berkmortel
^Stephen Mann will become Chair of the Board of Governors on 20 November 2025.
*This Trustee resigned as trustee on 1 July 2025 but remains in the role as Chief Executive and will remain on the Board of Governors.
No trustees, other than Shelley Doorey-Williams, resigned during the year.
** These trustees were appointed on 1 July 2025.
Audit and Risk Committee
The basic responsibility of the Audit and Risk Committee, which meets at least twice a year, is to satisfy itself as far as it can that the annual accounts follow approved accounting principles and give an accurate account of our affairs in as comprehensible a way as possible. It must satisfy itself that the external auditors have no cause for disquiet about any aspect of the accounts or of our control and audit procedures. The Committee also monitors the risk management and internal control processes and provides the Board of Governors with an annual report of its work. The Audit and Risk Committee is chaired by a member of the Board of Governors.
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The London Foundation for Banking & Finance
Trustees' report (continued) For the year ended 31 July 2025
Members of the Audit and Risk Committee are:
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Stephen Darrington*
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David Kennedy (Chair)
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Paul Gordon
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Philip O’Shea
*Stephen Darrington became Chair of the Audit and Risk Committee on 30 September 2025.
Nominations and Remuneration Committee
The Chair of the Board of Governors chairs the Nominations and Remuneration Committee, which meets at least once a year. It is responsible for making recommendations to the Board of Governors on the appointment of Governors, the Chair of the Board, the Chief Executive and Chairs of Committees.
The Committee determines and approves a framework and consistent policy on remuneration and pension arrangements. It is specifically responsible for setting the terms of service of the Chief Executive and Secretary to the Board and considers, where necessary and subject to the legislation and regulations applying to charitable bodies, any remuneration for the Chairs of the Board and the Audit and Risk Committee.
Members of the Nominations and Remuneration Committee are:
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Steven Haberman (Chair)
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Arjan van den Berkmortel
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Binta Darboe
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Sabrina del Prete
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Stephen Mann*
*Stephen Mann will become Chair of the Nominations and Remuneration Committee on 20 November 2025.
Chartered Membership Committee
Due to our newly independent status, our activities in relation to the conferring of Charted Status are managed in partnership with LIBF Ltd (the purchasing organisation in the transaction in March 2023). In order to facilitate this process, we established a new sub-committee of the Board of Governors after the end of the financial year, called the Chartered Membership Committee. They play a lead role in reviewing recommendations and deciding upon which individuals to confer Charted Status to.
Members of the Chartered Membership Committee are:
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Phil O’Shea (Chair)
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David Kennedy
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Claire Harding (representing LIBF Ltd now called Walbrook Institute Ltd)
Investment Committee
The Investment Committee’s role is one of strategic direction and oversight of the charity’s investment assets.
The investment portfolio represents an important asset for the charity, with investment income representing a significant part of annual total income. The Committee fulfils an essential role in the long-term stewardship of these assets in order to best further the aims of the charity.
The Committee determines, implements and reviews an investment strategy to deliver our agreed investment objectives as follows:
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to at least maintain the real value of the investment portfolio over the long term;
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to generate a consistent and sustainable return to fund annual expenditure;
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to align return expectations and ‘pay out’ strategy with budget requirements to deliver the investment objectives within an acceptable level of risk.
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The London Foundation for Banking & Finance
Trustees' report (continued) For the year ended 31 July 2025
The Investment Committee is responsible for establishing a detailed Investment Policy, within the powers conferred under our governing documents and incorporation under the Royal Charter, and relevant legislation and guidance as per The Charities Commission. The Investment Policy was established in the context of our overall strategy and to fulfil our charitable objectives.
The Investment Policy sets out the investment objectives, risk tolerance, liquidity requirements, time horizon, responsible investment policy and operational arrangements for implementation, monitoring and reporting.
Members of the Investment Committee are:
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Arjan van den Berkmortel (Chair)
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Paul Gordon
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Binta Darboe
Disclosure of information to auditors
Each of the persons who are trustees at the time when this Trustees' Report is approved has confirmed that:
• so far as the trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware, and
• the trustee has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Charity's auditors are aware of that information.
Auditor
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Steven Haberman
Chair of the Board of Governors (Trustees) Date: 20-Nov-2025
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The London Foundation for Banking & Finance
Independent auditor's report to the Members of The London Foundation for Banking & Finance
Opinion
We have audited the financial statements of The London Foundation for Banking & Finance (the 'charity') for the year ended 31 July 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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The London Foundation for Banking & Finance
Independent auditor's report to the Members of The London Foundation for Banking & Finance (continued)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for 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 preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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The London Foundation for Banking & Finance
Independent auditor's report to the Members of The London Foundation for Banking & Finance (continued)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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, including fraud, are instances 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 procedures are capable of detecting irregularities, including fraud is detailed below:
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The charity is subject to laws and regulations that directly affect the financial statements including financial
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reporting legislation. We determined that the following laws and regulations were most significant including the Charities Act 2011 and GDPR. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
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We understood how the charity is complying with those legal and regulatory frameworks by making
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inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
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The engagement partner assessed whether the engagement team collectively had the appropriate
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competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur. As a result of the above procedures, we considered that the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the posting of fraudulent journal entries and timing of revenue recognition.
Audit procedures performed by the engagement team and component auditors included:
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Identifying and assessing the design effectiveness of controls management has in place to prevent and
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detect fraud;
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Understanding how those charged with governance considered and addressed the potential for override of
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controls or other inappropriate influence over the financial reporting process;
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Challenging assumptions and judgments made by management in its significant accounting estimates;
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Identifying and testing journal entries, in particular any journal entries posted with unusual account
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combinations;
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Reviewing and verifying the basis on which income is recognised in the accounts
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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The London Foundation for Banking & Finance
Independent auditor's report to the Members of The London Foundation for Banking & Finance (continued)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Menzies LLP
Chartered Accountants Statutory Auditor
Magna House 18-32 London Road
Staines-Upon-Thames
TW18 4BP
Date: 20-Nov-2025
Menzies LLP is eligible to act as auditor in line with Section 1212 of the Companies Act 2006.
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Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
The London Foundation for Banking & Finance
Statement of financial activities For the year ended 31 July 2025
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2025 £ - - 12,825 12,825 178,537 178,537 (165,712) 16,281 (149,431) 642,455 (149,431) 493,024 |
Unrestricted funds 2025 £ 502 60,083 514,044 574,629 556,566 556,566 18,063 459,607 477,670 16,455,324 477,670 16,932,994 |
Total funds 2025 £ 502 60,083 526,869 587,454 735,103 735,103 (147,649) 475,888 328,239 17,097,779 328,239 17,426,018 |
Total funds 2024 £ - 51,955 697,259 749,214 |
|---|---|---|---|---|
| 261,987 261,987 |
||||
| 487,227 29,701 516,928 |
||||
| 16,580,851 516,928 17,097,779 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 17 to 29 form part of these financial statements.
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Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
The London Foundation for Banking & Finance
Balance sheet As at 31 July 2025
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 13 Investments 14 Cash at bank and in hand 15 Current liabilities Creditors: amounts falling due within one year 16 Net current assets Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
43,511 - 6,420,015 6,463,526 (76,293) |
2025 £ 6,414 11,032,371 11,038,785 6,387,233 17,426,018 493,024 16,932,994 17,426,018 |
463,395 10,000,000 6,271,257 16,734,652 (142,620) |
2024 £ 956 504,791 |
|---|---|---|---|---|
| 505,747 16,592,032 |
||||
| 17,097,779 | ||||
| 642,455 16,455,324 |
||||
| 17,097,779 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Steven Haberman Chair Date: 20-Nov-2025
The notes on pages 17 to 29 form part of these financial statements.
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The London Foundation for Banking & Finance
Statement of cash flows For the year ended 31 July 2025
| Note Cash flows from operating activities Net cash generated by operating activities 19 Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Transfer of fixed term deposits Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 20 The notes on pages 17 to 29 form part of these financial statements |
2025 £ (318,896) 526,869 (7,523) 4,120 (10,055,812) 10,000,000 467,654 148,758 6,271,257 6,420,015 |
2024 £ (938,447) 697,259 (1,319) 978 (13,360) 5,000,000 5,683,558 4,745,111 1,526,146 6,271,257 |
|---|---|---|
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
1. General information
The London Foundation for Banking & Finance is a registered charity incorporated in England and Wales by Royal Charter (RC000719). Its principal office is 1st Floor, 40 Gracechurch Street, London EC3V 0BT.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity is a parent charity. Consolidated financial statements have not been prepared on the basis that all of the charity's subsidiary companies were dormant throughout the year.
The London Foundation for Banking & Finance meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The charity is holding substantial funds. The Trustees have considered the financial projections and cashflow forecasts and are satisfied that there will be sufficient funds for the charity to be able to continue in operation for the foreseeable future. Therefore they have adopted the going concern basis for the preparation of these financial statements.
2.3 Income
Investment income is included on a receivable basis.
Donations are included in the financial statements on the basis of amounts received.
All other incoming resources are included in income and expenditure when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Gift Aid is recognised as a distribution at the point that a specific obligation has been created.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
2. Accounting policies (continued)
2.5 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.6 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Computer equipment - 33% on a straight line basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of less than three months from the date of acquisition or opening of the deposit or similar account.
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.11 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Charity has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into prior to the date of transition of the standard to continue to be charged over the period to the first market rent review rather than the term of the lease.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Donations | 502 | 502 | - |
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
4. Income from charitable activities
| Unrestricted funds 2025 £ Chartered membership fees 60,083 Total 2024 51,955 |
Total funds 2025 £ 60,083 51,955 |
Total funds 2024 £ 51,955 |
|---|---|---|
5. Investment income
| Dividends Interest Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ 12,810 232,347 15 281,697 12,825 514,044 13,360 683,899 |
Total funds 2025 £ 245,157 281,712 526,869 697,259 |
Total funds 2024 £ - 697,259 697,259 |
|---|---|---|---|
6. Analysis of expenditure on charitable activities
Summary by fund type
| Staff costs Other operating expenditure Depreciation Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ - 227,113 178,537 327,388 - 2,065 178,537 556,566 18,979 243,008 |
Total 2025 £ 227,113 505,925 2,065 735,103 261,987 |
Total 2024 £ 54,230 207,394 363 261,987 |
|---|---|---|---|
Of the total expenditure on charitable activities in the year, £402,932 (2024 - £93,355) relates to direct costs and £332,171 (2024 - £168,632) relates to support costs.
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
7. Auditor's remuneration
The auditor's remuneration amounts to an auditor fee of £15,000 (2024 - £14,500).
8. Staff costs
| Wages and salaries Social security costs Pension costs |
2025 £ 181,865 21,269 19,483 222,617 |
2024 £ 45,589 4,994 3,647 |
|---|---|---|
| 54,230 |
The average number of persons employed by the Charity during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| Employees | 4 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
Remuneration paid to key management personnel during the year was £222,617 (2024 - £54,230)
9. Trustees' remuneration and expenses
During the year, one of the Trustees, Shelley Doorey-Williams, received remuneration of £54,120 (2024 - 45,589) in respect of her role as the charity's Chief Executive Officer with pension contributions of £6,765 (2024 - £3,647) being made until her resignation as a Trustee on 1 July 2025. No remuneration (2024 - £NIL) was received in respect of her role as a Trustee.
No other Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 31 July 2025, expenses totalling £897 were reimbursed or paid directly to 3 Trustees (2024 - £NIL) in respect of travel and subsistence costs.
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
| 10. Tangible fixed assets Cost or valuation At 1 August 2024 Additions At 31 July 2025 Depreciation At 1 August 2024 Charge for the year At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024 |
Computer equipment £ 1,319 7,523 |
|---|---|
| 8,842 | |
| 363 2,065 |
|
| 2,428 | |
| 6,414 | |
| 956 |
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Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
11. Fixed asset investments
| Investments | Investments | |||
|---|---|---|---|---|
| in | ||||
| subsidiary | Managed | |||
| companies | funds | Total | ||
| £ | £ | £ | ||
| Cost or valuation | ||||
| At 1 August 2024 | 3 | 504,788 | 504,791 | |
| Additions | - | 10,055,812 | 10,055,812 | |
| Disposals | (2) | (4,118) | (4,120) | |
| Revaluations | - | 475,888 | 475,888 | |
| At 31 July 2025 | 1 | 11,032,370 | 11,032,371 | |
| Managed funds were managed during the year by Rathbones and | Cazenove. Fees | are charged | ||
| separately to the Charity and deducted from the investment portfolio. | ||||
| At 31 July 2025, the original cost of the Managed funds was £10,499,528 | (2024 - £447,738). | |||
| The Managed Funds were held in the following classes of investments: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Equities | 8,334,944 | 504,788 | ||
| Bonds | 1,052,023 | - | ||
| Alternatives | 1,330,978 | - | ||
| Cash | 314,425 | - | ||
| 11,032,370 | 504,788 |
Managed funds were managed during the year by Rathbones and Cazenove. Fees are charged separately to the Charity and deducted from the investment portfolio.
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
12. Principal subsidiaries
The following were subsidiary undertakings of the Charity during the year:
| Names | Company | Incorporated | Nature of | Class of | Holding |
|---|---|---|---|---|---|
| number | Business | shares | |||
| LIBF Learning Limited | 02087869 | England and Wales | Dormant | £1 Ordinary | 100% |
| Institute of Financial Services | 03637677 | England and Wales | Dormant | £1 Ordinary | 100% |
| Limited |
During the year, LIBF Learning Limited was dissolved.
| 13. Debtors Due within one year Other debtors Prepayments and accrued income 14. Current asset investments Fixed term deposits 15. Cash at bank and in hand Current account Liquidity reserve |
2025 £ 10,118 33,393 43,511 2025 £ - 2025 £ 219,288 6,200,727 6,420,015 |
2024 £ 51,955 411,440 |
|---|---|---|
| 463,395 | ||
| 2024 £ 10,000,000 |
||
| 2024 £ 6,271,257 - 6,271,257 |
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
16. Creditors: Amounts falling due within one year
| Trade payables Other taxation and social security Other creditors and accruals Deferred income (see below) Resources deferred during the year |
2025 £ 14,190 8,581 37,272 16,250 76,293 2025 £ 16,250 |
2024 £ 14,640 28,480 99,500 - |
|---|---|---|
| 142,620 | ||
| 2024 £ - |
Income received in respect of a report that had not been produced by 31 July 2025 has been deferred to be recognised in the next financial year.
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Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
17. Statement of funds
Statement of funds - current year
| Balance at 1 August 2024 £ Unrestricted funds General Fund 16,455,324 Restricted funds Alumni and Scholarship Fund 344,263 Bursary Fund 149,382 Grunfeld Fund 27,979 Strudwick Prize Fund 3,644 C. Hoare & Co. Scholarship Fund 117,187 642,455 Total of funds 17,097,779 |
Income £ 574,629 4,687 4,277 706 - 3,155 12,825 587,454 |
Expenditure £ (556,566) (163,892) (343) (57) - (14,245) (178,537) (735,103) |
Gains/ (Losses) £ Balance at 31 July 2025 £ 459,607 16,932,994 5,951 191,009 5,429 158,745 896 29,524 - 3,644 4,005 110,102 16,281 493,024 475,888 17,426,018 |
Gains/ (Losses) £ Balance at 31 July 2025 £ 459,607 16,932,994 5,951 191,009 5,429 158,745 896 29,524 - 3,644 4,005 110,102 16,281 493,024 475,888 17,426,018 |
|---|---|---|---|---|
| 191,009 158,745 29,524 3,644 110,102 493,024 |
||||
| 17,426,018 |
The Alumni and Scholarship Fund gives past students the opportunity to participate in this vision and support diverse future generations of financial services professionals. The primary purpose of the fund is to provide support for students undertaking the charity's full-time undergraduate degree programmes. Principality Building Society provided £166,434 funding to LIBF for the delivery of financial education qualifications in Wales. This funding was transferred to LFBF as part of the restricted fund of £344,263 for Alumni and Scholarships shown in the balance sheet as at 31 July 2024. LIBF/Walbrook Institute provided a detailed breakdown of the students who were able to take advantage of this funding, which amounted to a charge against that funding of £163,508. Transfer of these funds back to LIBF/Walbrook was approved by Principality and the Board of LFBF; Principality also approved the remaining balance of £2,926 to be retained by LFBF as part of funding for future financial capability programmes.
The Bursary Fund provides means-tested assistance to both full and part-time students.
The Grunfeld Fund was received by the charity from the Henry Grunfeld Foundation in March 1999 on the undertaking that it would fulfil the foundation’s existing obligations and hold the balance of the fund for the purposes of the education of persons working in banking and financial services in London.
The Strudwick Prize Fund was received as bequest under the will of Mr HEH Strudwick, FCIB on the undertaking that the £30,000 be used to support a prize in his name.
The C. Hoare & Co. Scholarship Fund is derived from funding provided by C. Hoare & Co. One Hoare’s Scholarship is available each year for students beginning their second year of Higher Education study. The award is worth £7,000 per year (with a maximum of two years). Certain criteria apply for the selection of students for the Scholarship Awards. Students are assessed against those criteria and recommendations are made to and approved by the Scholarships and Bursaries Group. Since the inception of the Fund, four students have received the Scholarship Award.
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Docusign Envelope ID: CE05D2B7-2B29-44B7-BFA7-0412EA8B409C
The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Fund Restricted funds Alumni and Scholarship Fund Bursary Fund Grunfeld Fund Strudwick Prize Fund C. Hoare & Co. Scholarship Fund Total of funds |
Balance at 1 August 2023 £ 15,962,479 453,716 135,349 25,663 3,644 - 618,372 16,580,851 |
Income £ 735,854 8,170 4,455 735 - - 13,360 749,214 |
Expenditure £ (243,009) (18,598) (326) (54) - - (18,978) (261,987) |
Transfers in/out £ - (117,187) - - - 117,187 - - |
Gains/ (Losses) £ - 18,162 9,904 1,635 - - 29,701 29,701 |
Balance at 31 July 2024 £ 16,455,324 |
|---|---|---|---|---|---|---|
| 344,263 149,382 27,979 3,644 117,187 642,455 |
||||||
| 17,097,779 |
18. Analysis of net assets between funds Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2025 Unrestricted funds 2025 £ £ - 6,414 532,863 10,499,508 (39,839) 6,503,365 - (76,293) 493,024 16,932,994 |
Total funds 2025 £ 6,414 11,032,371 6,463,526 (76,293) 17,426,018 |
|---|---|---|
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2024 £ - 504,791 137,664 - 642,455 |
Unrestricted funds 2024 £ 956 - 16,596,988 (142,620) 16,455,324 |
Total funds 2024 £ 956 504,791 16,734,652 (142,620) 17,097,779 |
|---|---|---|---|
19. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation, profit on sale and amortisation (Gains) / losses on investments Dividends, interests and rents from investments Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash used in operating activities 20. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2025 £ 328,239 2,065 (475,888) (526,869) 419,884 (66,327) (318,896) 2025 £ 6,420,015 6,420,015 |
2024 £ 516,928 363 (29,701) (697,259) (358,509) (370,269) (938,447) 2024 £ 6,271,257 6,271,257 |
|---|---|---|
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The London Foundation for Banking & Finance
Notes to the financial statements For the year ended 31 July 2025
21. Analysis of changes in net debt
| Cash at bank and in hand Fixed term deposits |
At 1 August 2024 £ 6,271,257 10,000,000 16,271,257 |
Cash flows £ 148,758 (10,000,000) (9,851,242) |
At 31 July 2025 £ 6,420,015 - 6,420,015 |
|---|---|---|---|
22. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £18,303 (2024 - £3,647).
23. Operating lease commitments
At 31 July 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2025 £ 35,760 3,000 38,760 |
2024 £ 30,360 2,760 |
|---|---|---|
| 33,120 |
24. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 July 2025.
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We are The London Foundation for Banking & Finance, a charity incorporated by Royal Charter dedicated to supporting knowledge and lifelong education in financial services.
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