CHARITY REGISTRATION NUMBER: 312507 Worrall and Fuller Exhibition Fund Financial Statements 31 March 2025 TL Chartered accountants& statutory audltor 36 Dene Road Northwood Middlesex HA6 2DA Worrall and Fuller Exhibition Fund Flnancial Statements Year ended 31 March 2025 Page Trustees, annual report Independent auditorfs report to the mernbers Statement of financial activities Statement of financial position Notes to Ihe financial slalements 10 11 Worrall and Fuller Exhlbltion Fund Trustees. Annual Report Year ended 31 March 2025 The trusiees present Ihdr report and the financial stalements of the charity for the year ended 31 March 2025. Reference and admlnlstratlve deiallg Reglstered charlly name Worrau and Fuller Exhibilion Fund Chaylty reglstrallon number 312507 Prlnclpal offlce The irusiees Mrs A Anderson Mrs N Brooker Mr A Dicks Mr A Dunn Mr J Kent Rav J Noble Mr A Wilson Audilor Hardcastle Burton Chartered accountants & statutory auditor 36 Dene Road Northwood Middlesex HA6 2DA Bankers HSBC PIC 74 Gosw811 Road Clerkenwell London EC1V 7DA Worrall and Fuller Exhibition Fund Trustees. Annual Report (conllnued) Year ended 31 March 2025 Stru￿Ure, governanc& and management Governlng Document The Charity is now govemed by its Conslitution dated 1956. Goveming Body The Charity has one governing body as outfined on page one wlth movements duTing the year beiTrJ detalled near the end of thls report. Recruitmeni and Training of Officers The Charitys elected Govemors are appointed at a Governors, meeting on the basis of nominations from existing Governors. Personal compeience, speclallst skllls and local availability are the most Important factors in the choice of the new Governors. Existing Governors and the Clerk of the Governors provlde Induciions and Iralning to new Governors. Organisation Managemenl The Governors, as trustees of the Charity, are legalky responsible for overall rnanagement and control of the Charity. They meei at leasl three times a year. The work ol implementlng their policies and the day to day management of the Charity is delegated lo the Clerk to Ihe Governors who attends Govemors, meetings.The acting Clerk to the Governors is Sarah Verrinder. Risk Management The Governors are responsible for the management of risks faced by the Charity. Risks are idenlrfied, assessed and controls established throughout the year. The key controls used by Ihe Charity are:. Formal agendas for all Committee and Board activty - Clear grant-making criteria applied consistently Clear aulhorlsallon and approval levels Vetting procedures as required by law for the protection of vulnerabte p8ople- Compllance with GDPR and regular monitorlng ol Implemenlatlon Obleciives and aciivltlas Charitable Objects To distribule funds to th8 most suitable and deSe￿ing candidates for grants thereby enhancing their education, wlth a preference for those resldlng in, being educated in, or whose parents during the preceding year had their business or employment in the Parish of St Luke's Worrall and Fuller Exhibition Fund Trustees, Annual Report (conllnued) Year ended 31 March 2025 Achlevoments and performance Review of the Years Activitles This year, Ihe focus has been on increasing the spread of educational grants wiihin the powers of the Governors and the Governors are satisfied that this has been achieved. Education grants totalled £48,031 (2024: £37,667). In addition to this grants were mad8 to the following projects:. Blossoming families for the next three years at £25,000 annualty. in toial £75,000. Iwo further payments of £25,000 each to be made In 2026 and 2027. St Lukes Primary School for Swimming Lessons for the next 5 years at £6,000 annually, in totd £30,000. Four lurther paymenis of £6,000 each to be mad8 from 2026 to 2029. Investm8nt P8rforman¢e agalnst Objectives The Charivs income and fixed interest funds have increased in value this year by £2,996.692 (2024:Galn of £58,749). This ￿￿S due to the net proceeds from Ihe sale of tand less a reductlon of £189,366 Sn the market value of investments. Flnanclal revlew Operating Performance The Charity made an operating profit of £2,966,691 (2024 £39,459). The Charity aims to make a smdl operating surplus during the year. Reserrfes Policy The Chaiity's reseNes stand at £3,780,056 {2024: £783,365 ). The Charlty alms to malntain the underlying value of ts assets while spending the annual income on grants. Inveslment Policy and Objectives The Charity aims to maximise the total investment retum within the oblectives of malntalnlng Income. while continuing to preserve the value of its investments. The day to day management of the Charitys investments are handled by ihe CCLA. Sale of Land The Charity has sold part ol the land that it owned in Ninfield, Wealden District Councll. A number of consultants were appointed to complete this sale. The intention is to use the proceeds of the sale to enable the Charity to expand its work in supportlng chlldren In education In the Charitys area of benefit. The proceeds amounted to £4,215,000 and related expenses %Yere £962,171 gi￿￿ng net proceeds £3,252,829. Plans for future periods Plans The Charfty plans to contlnue the activities oulllned above in forthcoming years. Truslee8' ro$pon8ibllltles statement The irusiees are responsible for preparlng the truste8s' report and the financial statements In accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢￿pted A¢¢ounling Practice). Worrall and Fuller Exhlbition Fund Trustees. Annual Report (conNnu•d) Year ended 31 March 2025 The law applicable to charltles in England and Wales requlres the charity trustees to prepare financial stalements for each year which give a true and fair vlew of the state of affairs of the chaiity and of the incoming resourGes and application of resources, of the charliy for that period. In preparing ihese financial statements, the trustees are required to: select suitable accounting policies and Ihen apply them consistently; observe the methods and prlnclples Sn the appllcable Charltles SORP; make judgments and accounllng esiimates ihat are reasonable and prudent; siaie whether appllcable UK Accountlng Standards have been followed, subject to any materlal departures disclosed and explained in th8 flnanclal statements; prepare the financSal siatements on the golng concern basls unless It Is inapproprlate to presum8 that the charity wlll continue In buslness. The trustees are responslble for keeplng adequate accountlng records that are sufflclent to show and explaln the charltvs transactions and d58close with reasonable accuracy at any tlme the financlal positlon of the charlty and enable them to ensure that the flnancial statements comply wlth the Charities Act 2011. the appllcable Charltles (Accounts and Reports) Regulatlons, and the provisions of the Trust Deed. They are also responslble for safeguardlng the assets of Ihe charity and hence for taklng reasonable steps lor tha prevention and detection of fraud and other Irregularities. The truslees, annual ieport was approved on 26 Augusl 2025 and slgned on behalf of the board of trustees by: Mrs N Brooker Trustee Worrall and Fuller Exhibition Fund Independent Auditor's Report to the Members of Worrall and Fuller Exhlbltion Fund Year ended 31 March 2025 Oplnlon We have audiied the financial st￿ements of Worrall arnl Fuller Exhibitson Fund (the charity) for the year ended 31 March 2025 which corn￿e the Stateme￿ of tinaniial aciivities, statement of financial position and Ihe relaled rK)tes, including a summary of significanl accounling pollcies. The financial reporling framework that has been applied in their preparation is applicable law and United Kingdom Accwnting Standards, including FRS 102 The Fnancial Reporting Slandard appllcabl8 In the UK and Republlc of Ireland (United Klngdom Generally Accepied Amntlng Practlce). In our opinlon the flnancial Siatements". gNe a tru8 and lalr of the state of the charityls affairs as at 31 March 2025 and of Its Incomlng resources and application ol resources, induding its income and expenditure, for the year Ihen ended; have been properly prepared in accordance with Uniied Kingdorn Generalty Accepied Accountlng have been prepared In accordance w41h the requlrements of the Charltles Act 2011. 8asls tor oplnlon We conducied our audil in accorda￿ Intemational Standards on Audlllng (UK) IISAS (UK)) and applicable law. Our responsbilities under those standards are further described in the audito¢s responsibilitles for the audlt of the fInar￿la1 siaiemeths sectbn of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant io our athdit of the financlal statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our othei elhical responsltslities in accordance with Ihese requiremenls. We believe that Ihe audlt evidence we hav8 obialned Is sufflclent and appropriate io provide a basls for our opinion. Concluslons relatlng io golng ￿ncern In audSting ihe financial statements, we have concluded Ihat trustees. use of the golng Co￿arn basls of accounting Sn the prepara￿on of the finandal statements Is approwlate. Based on the work we have performed, we have not identilied any material uncertaintles relatlng to events or conditions that. indivKlually or collectivety, may cast significant doubt on the charitys abillty to contlnue as a golng concern for a perlod of at least Iwelve months from when the financlal staiements are athhorised for Issue. Our responsibilities and tha r8sponslbilhles of th8 trustees wlth respect to going concem are describ8d In the relevant seciions of Ihls report. Worrall and Fuller Exhibition Fund Independent Auditor's Report to Ihe Members of Worrall and Fuller Exhlblllon Fund {¢onllnu6d) Year ended 31 March 2025 Other Informatlon The other information comprises the infomlatlon included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the exlent otherwise explicitly stated in our report, we do not express any form of assurance conclusion ther80n. In connection with our audit of the financial statemenls, our responsbilty is to read the other information and, In doing so, consider whether the other information Is malerially inconsistent with Ihe financial statements or our knO￿edge obtained in the audlt or otherwise appears to be maierialty misstated. If we idenlify such material inconsistencies or appa￿nt material missiatements, we are required to delermine whether there is a material misstatement in Ihe financial statements or a materlal mlsstatement of the Other Information. If, based on the work w8 have performed, we condude that there Is a materlal mSsstatement of thls other infomiation. VR are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon In the light of Ihe knowledge and understanding of the charity and its environment obtained in the course of the audiL we have noi ideniified rnaterial misslatements in the trustees, repo Wa have nothing to report in respect of the following matters In relation to which the Charities Act 2011 requires us to report to you if, In our opinion: the Infomiation glven In the trustees, report is Inconslstent In any material respect wilh Ihe financial slatements; or adequate accountlng records have not been kept; or the financrdl statements are nol in agreement with the accounting records and returns; or we have not received all the infomiation and explanations we require for our audit. Responslbllllles of trustees As explained more fully in the trustees, responsibilities statement, Ihe truslees are responsibte for the preparalion of the financial statements and for being satisfied that they give a true and fair vlew, and for such internal control as th8 trustees determine is necessary to enable the preparation of financial statemenls that are free from material misstatement, wheiher due to fraud or error. In preparing the financial stat8m8nts, the trustees are responsible for assesslng the charftys ability lo continue as a going concern, disclosing, as applicable, matters related to going concem and using Ihe going concern basis of accounting unless the Irustees either intend to liquidate the charity or to cease operations, or have no realistic altemative bul to do so. Worrall and Fuller Exhibition Fund Independenl Auditor's Report to Ihe Members of Worrall and Fuller Exhlbltion Fund Year erKled 31 March 2025 Audltotrs responsibllltles for Ihe audrt of the f1m￿la1 slatements r obje￿iveS are io oixain reasonabk assurance about whether the financial statements as a whole are free from material missiatemenl, whether due to fraud or error, and to issue an auditorfs report thal includes our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee tha1 an audit conducied in accordance Mth ISAS (UIQ will aknys detect a materiat misstatement whan il extsts. Misstatements can arise from fraud Of error and are considered material rf. indmdually or in Ihe aggregate, they could reasonably be expected lo influanca the economlc dec#sions of users taken on the basis ol Ihese financial statements. Irregularities. inclLKling fraLMI, are instances of noThmpany is subfrect to laws and regulations directly aff 8Cting the financial statements induding financial reporting legislation arKI iaxation legislation which we assessed compliance as part of our review of related financial statement items. This includes the Charities Act 2011 and Companias Act 2006 as referenced above. Other laws and regulations of which compliarra was considered higher risk (as non -compliance could lead lo material misstalement of the financial statements) included anti brt)ery regulalions, employment law, health and safety legislation and data protection regulations. We considered areas which could be most susceptible to fraud or misslatement. which indud8d the use of journals and suspensa accounts and managemenl overrKle controls. Our audit work has be8n performed to ensure that those areas have been tested on a sample basis. ()wing to the inherent limitations of an audit, Ihere is an unavoidable risk that we may not have detected a malerial misstatement within the financial slatements while pertonning our audit in accordance with aFplicable audit starnlards. Irregularilies may involve a collusion, forgery, intentional omissions. misrepresentations or override of intemal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance with all laws ￿ regulations. As part of an audit in accordance ISAS (UIQ, we exercise professional judgment arKI maintsln professional scept￿IsM throLKJhout the audit. We akn: Identify and assess the risks of material misstatement of ts financial statements. whether due to fraud or error, design and perform audit procedures responsiv8 to those risks. and obtain audil evldence that Is sufflcient and appropriate to provide a basis for our opinion. The risk of nol detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inlentional omissions, misrq)resentations, or the override of intemal control. Oblain an understandirKJ of intsrnal control relevant to the audrt In order to design audlt proceduras that are apwowiate in tha circumslances, but not for Ihe purpose of expressiNJ an opinion on the effectiveness of the intemal control. Worrall and Fuller Exhibition Fund Independent Auditor's Report to the Members of Worrall and Fuller Exhibitlon Fund (eonllnued) Year ended 31 March 2025 Evaluate the appropriateness ol accounting policies used and the reasonableness of accounting estimates and related disclosures mad8 by the trustees. Conclude on the appropriaieness of Ihe trustees, use of the going concern basis ol accountlThJ and, based on the audit evidence obtained, whelher a material uncertainty exists related to events or conditions that may cast significant doubt on the chaiiws ability to conlinue as a going concern. If we conclude that a material uncertainty exists, we are required io draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence oblained up to th8 date of our audltor's réport. However, future events or conditions may cause the charity to cease to continue as a going conGern. Evaluate the overall presentatlon, structure and content of the financial statements, inclurfing the dI￿lOsures, and whether the flnancial statements represent the undertying transactions and events in a manner that achieves fair presentatton. We communicate with those charged with governance regardlng, among other matters, the planned scope and timing of the audtt and slgnificant autht findings, including any signiftcant deficiencies in intemal control thal we Idenllfy durlng our audlt. Uge of our report This report is made solely to th8 charitls members. as a body, in accordance with s8Ction 144 of the Charities Act 2011 and regulations made under section 154 of that Acl. Our audit work has been undertaken so Ihat we might state to the charitVs members those matters we are required lo state to them in an auditofs report and for no other purpose. To the fullesl extent permitted by law, we do nol accept or assume responslbillty to anyone other than the charity and the charty's members as a body, for our audit work, for this report, or for the opinions we have formed. Mrs M J Anthony FCA {Senior Statutory Auditor) For and on behalf ol Hardcastle Burton Chartered accountants & statutory audltor 36 Dene Road Northwood Middlesex HA6 2DA 26 August 2025 Worrall and Fuller Exhlbition Fund Statemenl of Flnanclal Actlvltles Year ended 31 March 2025 2025 Unrestricted funds Total funds Total funds 2024 Note Income and endowments Oonations and legacies Charilable activities Investment income Other income 3,146 4,215,000 90,016 5,554 4.310,570 4,215,000 90.016 5.554 4.310.570 19.146 671 Total Income 22,963 Expendlture ExperKliture on charitable aclivilies Total expendllure 8.9 1,124,512 1,124,512 1,124,512 1,124.512 42,252 42,252 Net (losses)Igalns on investments 10 (189,366) (189,366) 58,748 Net Income and net movemenl In funds 2,996,692 2,996,692 39,459 Reconclllatlon of lunds Total funds brought forward Totsl lunds urrled forward 783.365 3,780,057 783.365 3,780,057 743,906 783,365 The statement of financlal activities Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The noles on pages 11 to 15 forni part of these flnanclal statemenl Worrall and Fuller Exhibition Fund Slatemenl of Financial Positlon 31 March 2025 2025 2024 Nolo Flxed assets Tangible fixed assets Investments 13 14 70.000 3,711,188 3,781,188 70,000 700,554 770,554 Current a88818 Debtors Cash at bank and In hand 15 8,064 67,163 75,227 146 14,357 14,503 Credllors: amounts falllng due wllhln ona year Nei currenl Ilabllllle8 76,358 1,692 <1,131) 3,780,057 3,780,057 12,811 783,365 783.365 Total a88et8 le88 currnnt Il•blllt1•8 Not a88•t• Fundj of Iho charlty Unrestrlcted funds 3,780,057 3.780,057 783,365 783,365 Total charlty fund8 17 These flnanclal statements were approved by tho board of trustees arKI authorlsed for Issue on 28 August 2025, and are slgned on behalf of the board by: Mrs N Brooker Trustee Mr A Dicks Trustee The notos on pag8s 1110 15 fomi part ol Iheso Ilnanclal slalemenls. 10- Worrall and Fuller Exhibition Fund Noles to the Financlal Ststements Year ended 31 March 2025 Goneral Informthn The charlty Is a public benefft entity and a registered charity in England and Wafes and is unincorporated. The addiess of tho wincipal office is St Luke's Center. 90 Central Street, London, EC1V 8AJ. Statement of compllance These financial staternenis have been prepared in compliance wlth FRS 102, The Flnancial Reportlng Standard appllcable In the UK and the Republ￿ of Ireland., the Statement of Recommended Praclice appllcable to charlties pr8wing their accounts In accordance with the Financial Rwrtlng Standard applicable in ts UK and Rewbllc ol IrelarKI {FRS 102) (Charilles SORP (FRS 102)) and Ihe Charities knt 2011. counllng pollcl08 Ba818 of preparltlon The fina￿la1 statements have been prepar￿ on the hisiorieAI cost basls. as modlfled by the revaluation of certain financial assets and liabilitles and investment properties measured at falr value through income or exp8fKliture. The financial statements are prepared In sterHrKJ, whlch Is the furKllonal currency ol the entity. Golng concwn There are no material uncertainties about the ¢tstys abllSty to contlnue. Incomlng re80urce• All incomiThJ resources are included in Ihe statement of financial activities when entltlement has passed to the charlty; It is probable that the economlc benefits associated with Ihe iransaclion will flow ta charity arml the amount can be reliabty measured. The lollowing speclflc pollcEes are applled 10 partiGular Gaiegorles of Income: Income Ir(xn donations or grants bs recognlsed when tsre is evidence ol entltlement io ihe gift, receipt is probable arKI its amount can b8 measured rellably. legacy Income Is recognlsed when receiFI is arKI enlldwnent Is estab15shed. Income from donated goods Is measured at th& fair value of Ihe goods unless thSs is impractical lo measure rellably. in whlch cas8 the value Is derlved from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when recelved If the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of seThices Is recognrsed ￿￿th th8 ddivery of the contracted service. This is classified as unrestricted funds unless there Ss a contractual requirement for it to be spent on a pathjlar wrpose and returned if unspent. In which case it may be regarded as restricted. 11 Worrall and Fuller Exhibition Fund Notes to the Flnancial Statements (Conum￿) Year ended 31 March 2tr25 Accountlng pollcles (¢￿tswedI Expenditure is recognised on an accrnals basis as a liability is incurred. Expendlture Indudes any VAT which cannot b8 fully recovered. and is classified under headings of the statement of rinancial activities to which it relates: expenditure on ralslng funds Includes the costs of all furKlralslng activliies, events. non- charitable trading actrvitses, and the sale of donaied goods. 8XP8nditure on charitable activities i￿ludeS all costs incurred by a charity In undertaking activitles that further its charltable aims lor the benefll of its beneficiaries, including ihose support costs and costs relating lo the governance of ihe charity apportloned to charitable actlvltles. 0th8r experKlitur8 Includes all expendlture thal Is neithw relaied to ralslng funds foi the charty nor part of its expenrfrture on charitable aclivrtkns. All costs are aifocated to exp￿￿ltUre categories rellectiry tho use of the resource. Direct costs att￿￿table io a single actw are allocated dlreclly lo that activity. Shared coslg are apportloned between th8 activities they contrib￿8 kn on a reasonable, Iusirfiabb arKI consSstent basls. Tanglble assets All flx8d assets are Inltlalty recorded ai cosL Inve8tments Unllsted equhty Investments are inltslly rec¢xd8d at cosi, and subsequenty measured at talr value. If fair value cannot be relithy measured, awts are measured at cost less impaimient. Listed investments are measured ai fair value changes In fair value belng recognised In Sncome or expenditure. Donatlons and Iogxles Unrestitt8d Total Funds Unrestricted Total Funds Funds FuThJs 2024 Donatlons Donatk)ns 3,146 3,146 Charfiable a¢tlvltle8 Unrestricted Totsi Fund8 Unrastricled Total Funds Funds 2025 Funds 2024 Income from sale ol larKI 4,215,000 4.215.000 12- Worrall and Fuller Exhibltion Fund Notes to the Financlal Statements (contlnuedj Year ended 31 March 2025 Inveslment Income Unrestricted TO1￿ Funds Unresiricted Total Funds FurKIs 2025 FurKIs 2024 Income from COIF Income shares Bank interest receivable 90,014 90,014 19,143 19,143 90,016 90.016 19,146 19,146 Other Income Unrestrfcted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Rent receivable 5,554 671 671 Expendlture on Charitable athiviiies by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Activity type 1 Support costs 160,532 963,980 160,532 963,980 1.124.512 37,667 4,585 42,252 37,667 4.585 42,252 1.124.512 Expendllure on charftable actlvllles by a¢llvlty type Activities undertaken directly Support costs Tolal funds 2025 Total fund 2024 Acllvlty type 1 Governance costs 160,532 160.532 963.980 1,124,512 37,667 4,585 42,252 963,980 963,980 160,532 10. Net {losse$)Igalns on Investments Unrestricted TO1￿ Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gainsl{losses) on listed inveslments (189.366) (189.366) 58.748 58,748 11. Staff costs The average head count of employees during the year was Nil {2024: Nil). No employee received employee benefits of more than £60.OIX) during Ihe year {2024: Nil}. 13- Worrall and Fuller Exhlbition Fund Noles to the Flnancial Stalements (eonthiuedj Year ended 31 March 2025 12. Trugtse remuneratlon and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees 13. Tanglble flxed assets Land and bulldlngs Cost At 1 Aprll 2024 and 31 March 2025 Depreclatlon At 1 Aprll 2024 and 31 March 2025 Carrylng amounl At 31 March 2025 70.000 70,000 70,000 At 31 March 2024 14. Inv•81monl8 Other Investmentg Cost or valuatlon At 1 April 2024 Addltlons Other movements 700.554 3.200,000 {189,366) 3.711,188 At 31 March 2025 Impalrment At 1 Ap￿1 2024 and 31 March 2025 Carrylng amount At 31 March 2025 3,711,188 700,554 At 31 March 2024 All Investments 8hown above are held at valuatlon. 15. Debtor8 2025 2024 Other debtors 8.064 146 16. Credltors: amounts lalllng due wllhln one year 2025 2024 Accruals and deferred income Other credltors 75,100 1,258 76.358 620 1,072 1,692 14- Worrall and Fuller Exhlbitlon Fund Notes to the Financlal Statements (conllnuo Year ended 31 March 2025 17. Analysls of tharttable funds Unr08trfcted lunds At 1 April 2024 Gains and31 March 202 losses Irthme Expenditure General lur 783.365 4,310,570 (1,124,512) (189,366) 3,780,057 At Gains and 31 March 202 losses 1 Awll 2023 Income ExperKliture General funds 743,906 (42252) $8,748 783,365 15-